Skip to main content

tv   Squawk on the Street  CNBC  September 11, 2017 9:00am-11:00am EDT

9:00 am
>> we'll be there, bright and early, and then have, should be interesting. mnuchin. >> yes, stephen mnuchin, treasury secretary talk to him about a lot of things especially what's happening to the tax plan of interest to all of us a quick look at futures sharply higher all morning long. see now, dow futures up by close to 150 points. that does it for us today. join us tomorrow right now it's time for "squawk on the street. welcome to "squawk on the street." i'm carl quintanilla with david faber and jim cramer back at new york stock exchange. we're on the gulf coast. you can see direct sunlight first time in a couple days. even though irma is weakening making its way north, a lot of wind out of the west as we are on the dirty part of the storm big, tough recovery challenges this morning down here in southwest florida. namely, the painstaking process
9:01 am
of restoring power to 6 million people, getting gasoline back in these ports. jim and david, going to be a big story in port tampa bay later on today, which handles 37 million tons of cargo a year a third of all cargo that comes in and out of florida, 5,000 acres, the largest port in the state, in physical size. we're going to talk to the president of port tampa bay, paul anderson later in thelogis airlines and fdr saying specialty retail, 10% of their coverage universe is affected by irma versus only 2% in harvey. one more indication how large the wind field was in this storm. guys >> carl, thank you of course, carl's down there all weekend monitoring the storm, and going to be fully part of the show as he always is. >> right >> but bring us up to date on
9:02 am
all the things he just mentioned, jim i guess in some ways a sigh of relief, strangely enough. >> right, right. >> could seemingly have been worse. >> yeah. i mean -- >> seemingly could have been a lot worse. >> it is strange on the start of a week to see futures up big on the fact north korea did not fire a missile this weekend on their anniversary of their founding and that this real and terrible storm was not powerful nf to knock down stocks despite what carl said about retail. despite the big dig out. david, one of the reasons why is this is going to be a gigantic check to consumers this was a wind storm covered by insurance. houston was an auto storm. lots of autos destroyed covers by insurance, but not in terms of rain. that's the federal government. federal government coming in spending money insurers spending money, but if you look at stocks people bought the home depots of the world that are down is because florida
9:03 am
turned out to be really bad, not horrible >> not catastrophic, yes. >> look at futures this morning. jim referenced them. looking for a higher open this morning. you can see the dow, 150 at least in the plus column there as nasdaq and s&p also follow through with what might be significant gains at the open. european markets, of course, had been open for some time. they have also -- i believe, been in largely, in -- let me take a look here, actually. >> yeah. one of the things, this has been a frequent pattern, david. we have gone back to the days before the crisis. where when europe's up, we're up which is rather amazing, because there isn't really as much to do with europe as there was before the crisis because we spent so much time distancing ourselves there you go. >> a look at europe. back to carl, of course, and, carl, i mean, you know, you tell us you're on the ground catastrophic was the word used oftentimes did we perhaps in some ways
9:04 am
avoid that kind of a term being used now that the storm has passed >> oh, we avoided it in every way, yeah. i think, despite the pictures we saw in downtown miami over the weekend, i mean, look, no one's trying to discount any damage whatsoever but i have not heard the word catastrophe used at all today. it's more about relief it's about bringing down damage estimates. now, that said, there's still an ongoing discussion about two things, guys one is, port tampa bay and the entire tampa bay basin, and the degree to which that remains livable. not just this week or this month but for coming years if storms like this continue to happen and no surprise to you guys. the ongoing discussion about real estate in florida i mean, this is a state that's had double-digit population growth over the past five years. 1,000 people move here every day. they all want to be by the water. a lot of them forgo flood insurance as the price of that,
9:05 am
and to what degree does this storm color caution from would-be buyers? arguably, not that much today, but there's a lot to be discovered over the next, say, 72 hours >> you know, carl, you're in bonita springs one of the nicest neighborhoods in the country these houses that you looked at, i mean, roofs are still intact windows not blown out. i ask that, because it looks to me right now that there will not be the kind of tremendous damage on the west coast that would have meant a giant rebuild obviously damage to miami, but this will not be the huge spurt in the economy we thought it might be >> exactly right you know all of these multimillion dollar mansions we shot pictures yesterday just going through the neighborhoods trying to get befores and afters they're all concrete they've all got hurricane shutters they've got shatter-proof glass. they're called slab on gray. which means not necessarily
9:06 am
raised ten feet, the way you might see in other beachfront communities, but they're built to withstand a certain amount of surge, a certain amount of wind and the rrnts we've talked to this morning, jim, already walking up and down say the surge maybe got just over their sea wall just over their dune, but not much more after that now, they're still lacking power, and who knows how long that process will take fpl said it will be the most complex restoration probably in florida history, maybe u.s. history. that's an issue. in terms of the rebuild, i think you can use that old cliche, dodging a bullet >> carl, you know what's interesting. you can fill me in on this, but there are feel-good stories about this they had a terrible hurricane in 1992 it looks like that they learned what to do in terms of building. you had superstorm sandy, which made it so that people evacuated
9:07 am
and in a very smooth and orderly fashion. it seems like our country's kind of figured this stuff out post-katrina, post-hurricane andrew, postsuper storm sandy? >> i think that's right. absolutely dead-on about the code here. shingles now, got to have nails, not staples. those kinds of things. one more element, though there's a big debate in florida about how they handle the concept of climate change and rising seas. a lot of counties taking it upon themselves to improve drainage systems. something, some critics have said governor scott has not taken the lead on that that's going to be an ongoing debate, but on a microlevel, on a household level, you're absolutely right people live in safer houses and judging from this weekend, they're much more receptive to warnings like we got on friday >> yeah. and carl, you've been speaking, of course, we've been watching pictures of the storm.
9:08 am
they still are fairly dramatic in terms of the damage that was done to your point, flooding nowhere near we saw a couple weeks back in houston with harvey. >> why you'll see ensures up they won't have to pay out as much reinsurers up. interesting. you'll see the one that, one of the ones that stands out in the dow, travelers you know, the late jerry fishman, you knew him and i knew him, and probably i think one of the smartest people if not the smartest person in insurance told us he would never write again in florida after hurricane andrew yet he, of course, passed away, but the stock was probably the most hard-hit. i was thinking to myself when on vacation mr. fishman saw all of this coming he saw global warming, and what was happening at the beach i just periodically talk about great ceos who have passed who don't get credit who were visionaries in industries frankly we didn't have this. >> and climate change, carl mentioned it
9:09 am
it does continue to be a, a key here not necessarily for the frequency of the storms but they're intensity, at least is what the scientists seem to be pointing to. >> right. >> and so it's something they'll deal with in that area forever miami floods on a sunny day. >> yeah. i mean, one of the things that's happened around the country is that when you've had houston, you have florida, of course, mexi mexico, take earthquake, a belief something changed whatever it is, andy i think that the climate change deniers or climate -- people that don't believe in climate change, however you want to put it, think, it was a big storm. but those who focus on it say, you know what? maybe it's time to not have the beachhouse >> yeah. >> a high-quality problem tends to be for wealthy. >> not a focus of the current administration and certainly not for epa. move on to stocks, though, this morning. as you saw, we took a look at futures. we're on track for a fairly higher open. this, of course, after hurricane
9:10 am
irma, we said, hit florida less worse than expected. as well, north korea refrained from launching a missile over the weekend. there had been expectation that would be the case. kind of strange to come in and say, well, good news they didn't launch a missile >> well, i think there's a perception that, had they, well, there could have been instant consequences i think we've pretty much drawn a line i also -- i know i know >> insta consequences? do you believe there would have been >> well, i think so? no a lot of things they can still do they haven't done in some ways, i think, david, people think the chinese got to them now, i happen to think that the chinese are not our friend there, but did embarrass the chinese government pretty heavily. >> do you think the market is underplayed and/or underappreciated the risk that north korea represents >> yes yes, because i think that north korea -- you know, ambassador haley said it.
9:11 am
they seem to want a war. i mean, i've not seen this kind of behavior from any country in the world. they seem to want war of which i don't know why they think they would win. everybody loses. >> everybody well we're going to continue of course to stay on top of developments surrounding what is now tropical storm irma, plus more on today's movers we'll count you down to the opening bell another look at futures. where we are settles in for a nicely higher open more "squawk on the street" live from post nine when we come back ♪
9:12 am
can i get some help. watch his head. ♪ i'm so happy. ♪ whatever they went through, they went through together. welcome guys. life well planned. see what a raymond james financial advisor can do for you.
9:13 am
9:14 am
♪ tomorrow it's delivering alpha. don't miss an all-star roster including the treasury secretary, stephen mnuchin, jpmorgan chase ceo jamie dimon our own interview. >> yep. >> and "the ed show" star. >> and today we saw bank of america say, dupont is a must-buy barkley saying a must-sell. >> hmm and where do you come down must-buy >> what he did, this guy is a miracle man. you want to bet against ed green? kind of like betting against a -- >> and this pressure applied by
9:15 am
certain shareholders in terms of the allocation of the business units. runs specialty, to have larger than was currently the case. of course, a new board that just basically was put together when the deal closed. what was it a week and a half ago >> we got to find out where the key assets, like -- dell corning prize will go. and when a chance to split and split and split and split, we followed the peltz/coleman battle he lost the battle but won the war. >> yes. >> i think what's interesting, we could make news. >> right we had actually -- had peltz on last week. >> that was a great interview, can i just say that was a great interview when you asked that question, when you asked that question about the denigration of peltz, what the term i got to go and ask tonight to david taylor of procter & gamble, does it matter are there others involved? trying nelson peltz --
9:16 am
>> did you say you'll ask him that tonight >> yeah. from procter & gamble on to respond. talked about the procter & gamble proclamation but also to respond to you and sara the interview. good to book him. >> a great get i was happy to learn about it in realtime. >> well, i think it was meant to be a surprise, because people thought i was doing nothing but seg brating the eagles victory no i was booking and talking before, after, halftime, during the game >> david taylor, "mad money" tonight. talking a bit more about that. still to come, though, more from carl in florida on hurricane irma carl >> hey, david. yes. irma is weakening but making its way north giving its strongest punch to tampa we talk to the president of port tampa bay and we also remember this anniversary of 9/11 when "squawk on the street" continues.
9:17 am
people don't invest in stocks and bonds. they don't invest in alternatives or municipal strategies. what people really invest in
9:18 am
is what they hope to get out of life. but helping them get there means you can't approach investing from just one point of view. because it's only when you collaborate and cross-pollinate many points of view that something wonderful can happen. those people might just get what they want out of life. or they could get even more. listen up, heart disease. you too, unnecessary er visits. and hey, unmanaged depression, don't get too comfortable. we're talking to you, cost inefficiencies, and data without insights. and fragmented care, stop getting in the way of patient recovery and pay attention. every single one of you is on our list. at optum, we're partnering across the health system to tackle its biggest challenges.
9:19 am
about to observe a moment of silence honoring victims, families, survivors of course, of the september 11th attacks 16 years ago, jim funny. my daughter who is 12 asked about it yesterday we talked about it, but he said what were you doing on that day? it brings you right back to that moment i, of course, was in new jersey. about to start our show. >> right i was down here. >> with the late marcontaanes, h an incredible job on that day, more importantly, remember so many people we both knew. >> we did, and i think that everybody must go to the museum. everyone must go to the 9/11 museum the reason why is because you will see the world before and
9:20 am
after. an amazing room where you literally see what -- like the minute before. >> yeah. >> and i know i'd like to cut to this now. >> yeah. it's a powerful and moving memorial, of course. quite a few years in the making. you can see people there as they are every year what really is a burial site [ bell tolls ] [ silence [ bell tolls ] [ silence
9:21 am
[ silence [ bell tolls ] my dell small business advisor
9:22 am
has gotten to know our business so well that is feels like he's a part of our team. with one phone call, he sets me up with tailored products and services. and when my advisor is focused on my tech, i can focus on my small business. ♪ a dell advisor can help you
9:23 am
choose the right products with powerful intel® core™ processors. ♪
9:24 am
all right. got about six minutes until we get started for trading here another week, of course, jim, and a week with cramer back. good to have you back. >> thank you. >> do a little mad dash. >> research-heavy day frankly. i'd say, let's say the good and the bad. the good is, rbc has got the best note out so far about the top ten expectations heading into the highly anticipated 9/10 launch of the apple anniversary
9:25 am
phone. a lot of people talking about the charging, longer term. i think we're all tired of our phones dying out that's very positive you see that stock jumping now, david, john inch, one of my absolute favorite analysts reiterates sell deutsche bank on general electric david, the cut numbers from $1.85 to $1.55 2018. >> what's going on here now? >> power's not good. >> right. >> not that good oil and gas. not that good. aerospace -- good. health care good cost-cutting happening the dividend remains a priority, but, david, a priority not a must >> well, the dividend yield at a stock of 23.82 is a little over 4% now you would imagine, i can hear brokers out there with some clients on fixed incomes or saying, hey, this is it. good time to buy ge.
9:26 am
4% yield. >> and the answer is, when i read the research, it's too early. >> too early >> wait for the reset in november i think mr. flannery's -- he had a meeting this morning where he basically said, listen no more boca ra cohn conference or this kind of just running the company business as usual. costs have to be cut same time, david, when you hear a number that is as low as $1.55 and no one's disputing that? i think the dividend being a priority is important, but, david, you know what i'm not hearing? >> no. what >> i'm not hearing that it is -- just hearing that remains a priority. >> i remember during the crisis, last time it was cut, dramatic day. then again, so many different outlines. >> and -- >> almost missed it. >> i remember that flannery got a bad hand. >> a bad hand, yeah.
9:27 am
we're going to speak that tomorrow onstage, ed green runs dupont. dow dupont, but -- they are a big holder in ge one would imagine they are not particularly happy with the stock price, although they've had a change in management they wanted. >> right. >> want to hold them accountable for cutting those costs but flannery seems happy to be held accountable. >> i think flannery is, all systems go, but i think the company is all systems stuck i think thatjeff inmel made bets getting out of finance buying oil at the top. david, almost unforgivable to mention those things but i said "almost" because they have to be mentioned, and flannery can only -- david when you're given a two, four, five, six, seven -- you know, you're not going to draw an inside straight. he can't he can only do so much with this incredibly bad hand. >> right
9:28 am
right. >> incredibly bad hand. >> roughly 16 years ago mr. immelt began as the ceo. >> an incredible unsustainable hand. >> and came in as you said before -- >> i think the man who gave him, who was very tough, the man who ran ge, jack welch, spent time with david taylor at proctor, and proctor seems to be in a tnp mode against mr. peltz tnp being, "take no prisoners. >> i think it's fair to say the level of hostility or at least -- a little bit more passion. >> passion. >> passion has risen on both sides. >> yeah -- >> mr. taylor later today. a new fight letter out by procter & gamble all about one board seat don't forget just one. >> an expensive battle i think mr. taylor is going to answer a lot of the-- the things that were raised on, in
9:29 am
your interview with mr. peltz and a lot of it is in this note. which is basically, all the -- >> going right for tsr. >> total shareholder return. and they're looking the last couple of years saying, p & g, 28%. peers -- peltz not serving on board. not quite sure what that means >> and these are all very -- david, you can stretch time frames you can put numbers together i think that the numbers that mr. taylor's offering this morning say that, why would we want to bring in mr. peltz i think mr. peltz has done a huge amount of homework. has been already, could be, has been already a fire under the stock. but my problem here, david, is that mr. taylor has done a pretty good job since he joined. became the ceo became the ceo >> you hear applause building,
9:30 am
of course, here at the nyc on a somber day for us. 16th anniversary of the attack on our nation on 9/11 which, of course, has been -- we will have another moment i believe as well a bit later in respect is the opening bell take a look at the s&p 500 realtime with our headquarters, and as you saw. we'll get that 16th anniversary of those attacks on 9/11. and organizations calling for a national day of unity, service rang the bell here at the nyc. the nasdaq, new york police, fire and widows children's benefit fund. >> those who contribute know that that money all goes, unthat believable amounts. >> don't ever want to forget 343 firefighters i think rushing in to the buildings while everybody else is rushing out. >> yeah. i mean -- first responders -- i don't know man, it's just hard to think about, and i saw the beacon last night coming back from the, from
9:31 am
the eagles' game, and i looked at it and said, oh, yeah >> yeah. >> i did a special last year on the anniversary, and the rebuild has been amazing it never, though, will replace -- just a nice comeback, but from a -- something that happened to our country that we must keep in front of us. >> the darkest day in the history of our city, certainly, of our city. >> arguably, i would say, arguably, the republic, other than pearl harbor. >> you mentioned apple in your mad dash start there. up over 1% anticipation building for tomorrow $1,000 phone it's funny i went in recently and didn't even ask what the actual price of the phone was. >> that's a big issue. >> because of the equipment installment plan just what's the monthly payment? >> and i think that'ses case around the world except for in countries that don't offer that
9:32 am
kind of credit talking about india. but it is a -- this is a dicey trade, and a great investment. it's a dicey trade to get ahead, because always going to be people who say, you know, we built that and that's all of these feechers that turned out to be the features we expected and then like the 7, the people want the features. i mean -- you know, i have one of these extra battery life things do i not have -- i don't want to carry it around. >> but this new phone has a battery life they seem to address a lot of the issues. >> right. >> always going to be people, where's apple's creativity >> those who use the 7 -- my wife uses 7 plus use the 7, we watch things on it the creativity is that it's become so indispensable, that there isn't anything else in your life other than your relatives that you hold more dear if you lost that phone -- david -- >> priceless itpriceless and some people would like to lose their relatives at least
9:33 am
for a short amount of time. >> i was away a week and tried not to do twitter. i did. because i decided i liked my wife more than i liked people reading me on twitter which was a push until we -- i mean -- good thing that i made that decision. >> i'm glad. >> push is probably an inaccurate term. not artful it's not artful. >> on friday, jim, allergan, a company you and i broeoth know bret saunders, highly unusual deal involving its patents for a key drug restasis for dry eyes. >> did you break that story? >> i did not i did not. i did tweet and meg tirrell was on it. i did speak to bret saunders, because it was highly unusual. what did they do an indian tribe, got a lawyer. from princeton a guy who said, you know, we got to come up with in you ways to raise revenue and it does appear given previous law that
9:34 am
universities are not, when they take on a patent portfolio, are not being, are considered to be outside of jurisdiction of this apr, this patent review process. quick patent review process put in place a few years ago. >>y talked double jeopardy >> yes he said -- so they -- they -- well, they didn't even sell. they paid the indian tribe to take these patents, the ip and then they will have all the royalties from it. at allergan, but essentially sheltered through a legal loophole, put in a safe box, or even a lock box. >> a lock box. >> the intellectual property from one of their key drugs for a patent that it will not be available to go after in this ipr process. waxman, generics yes. >> lawsuits, still very much in play it does show how important restasis is. 10% of the business. david you know what?
9:35 am
sovereign state. it's always been proven to be -- >> that's the key here the indian tribe, native american tribe is said to be a sovereign state and, therefore, not able to be penetrated through this process. >> it's been worth, what, eight points to the stock. the big challenge is restasis. one of the reasons why people don't believe that the stock is cheap. you've got -- an analyst at goldman sachs who has been very powerful in her denigration of the situation and has been winning. has been winning >> and patents until 2024. >> right. >> saunders said to me, listen, we were just in federal court dealing with challenges under hatch waxman and a week later file under this ipr process as well it's double jeopardy his point. others say simply a legal loophole used to circumvent the -- the patent process. >> and people are critical. >> patent challenge process. >> but i think you'll see it
9:36 am
if everybody goes with it it's going to matter because there are so many patents. >> equally important -- >> yes. >> teva. >> the ceo don't gergforget, allergan owns. a prospective loss allergan sold at the top, its gentlem generics but got a state in the company, amazingly, did a lot to destroy value. i should have broken out the wall of shame but there was no ceo. >> came out talked about the difficulty having in the u.s. generic market what did they do? cut the dividend did a lot of other things that scared the people, and when the stock dramatically fell. a new ceo announced. a dane i believe. >> terrible stock. >> and justified going up 12.5% this morning >> no. >> no? >> because if mr. saunders wants
9:37 am
to sell his stake, he's got to do a little unload here, but the fact is, that this stock was at 50 and what a disaster i mean, there's been so many other stocks that have been terrific david, the comeback in a lot of stocks today is obscuring the decline of home depot. and home depot had a very good run betting on a massive rebuild on the east side from miami all the way to the upper part of, yeah, jacksonville saint augustine. that didn't happen i would say, what people don't understand is that home depot is there. and you will get checks. and you will take chose checks and go to home depot the sell-off of home depot i understand because run-up, but do not abandon that stock. at a certain point you want to step in. owing corning, downgraded. again, talking roofing you're talking about the fundamental of a house, and
9:38 am
where i'm going here, tworm, asked me what's the key to the this market? >> okay. >> caterpillar -- >> caterpillar what? >> analyst meeting china better the freight i've watched that go up uri up not a client they don't buy cat machines, but, remember, there is a rebuild now in the two fastest areas of our country >> right texas and florida. >> and they have money and the states have money and we may forget that there is another entity besides the federal government there are states that are wealthy and growing and you will get roads rebuilt, which means you'll get caterpillar, u.s. concrete, uri. those advances aren't long >> finally, jim in a week in which you were out we watched some of the -- media distribution companies, if i want to call them that, and media companies all pummeled lied by our parent company comcast. also by the way, a significant
9:39 am
presence in the state of florida. that's a concern >> they did bring up storms. >> and video subscribers leaving to the tune of 100,000 to 150,000 over the quarter and a lot of competition. >> full disclosure, worked for them own stock. >> yes. >> david, they did reiterate the number lost in that whole kerfuffle is the reiteration number, disney had a duff tay, also you had a great day. just unbelievable reporting. i took that morning off to watch you, and took the morning off to watch you with mr. peltz both of these interviews were incredible and very newsworthy, but your coverage of the -- i felt it was the day the tv died. but it's really a cape. >> yeah. it's all the same concerns by the way, it wasn't necessarily based on the fact pattern. which doesn't seem to be people cord-cutting as much as just
9:40 am
going to more attractive packages from at&t. >> look, i have wi-fi. that's a comcast, xfinity. >> by the way, the president -- back at the pentagon, in observance of 9/11 let's live in. ♪ by the dawn's early light what so proudly we hailed at the twilight's last gleaming ♪ whose broad stripes and bright stars through the perilous fight ♪ or the ramparts we watched were so gallantly streaming ♪ and the rockets red glare ♪ the bombs bursting in air ♪ gave proof through the night that our flag was still there ♪ ♪ o say does that star-spangled banner yet wave ♪
9:41 am
or the land of the free ♪ ♪ and the home of the brave >> announcer: ladies and gentlemen, the united states air force chief of chaplains, major general donaldy coston all right, we're watching, of course, the ceremony at the pentagon, which was also a target and hit on 9/11, 16 years ago today. >> yes when i went to the museum, you look up people in your town. time stopped time stopped this is -- a solemn day. that was a beautiful, clear day. >> yep. >> everybody remembers where they were, but you need the next
9:42 am
generation, like you said about your daughter. the next generation must know about this in the same with, the day that lived in infamy my father joined up the next day. you got to remember. got to remember. >> yep and we do. and so does bob pisani, of course w is on the floor now. more on what is moving this morning, bob, as we watch the recitation of names as well as ground zero. >> i was there on that day along with you mark haines what is beautiful to me, today, folks, just watching the rebuilding that's gone on downtown take jim's advice. everyone should go see the memorial, go see the names of the people who died engraved around the -- the waterfalls it's moving, and it's al moving how much of the economy has recovered down here. this is really a vibrant area downtown much different than it was 16 years ago. talk about the markets today we're in the middle of a rally a couple factors associated with that number one i think most
9:43 am
important, less fallout than fear from irma moving to the up side after a couple very rough weeks, and also let's talk about the absence of any weapons tests in north korea. that also factored in today's rally as well. look at the s&p 500. tell you what's truly remarkable about the markets. i've been away a couple weeks. we really only moved down fractionally in the last week on these concerns about hurricane irma, and now we've had a big rally, because there's an absence of a catastrophic, a truly catastrophic, hurricane that occurred and essentially folks were at new highs on the s&p 500. those old highs close to around 2480 so this is part of that resilience in the market we keep talking about. sectors today on the bond yields coming back, a rough couple weeks for banks that are moving back laggards, semiconductors doing a little better. b biotech, lagging understandable nagly, reinsurance names raly when things aren't quite as bad
9:44 am
as people predicted are all up everest, munich, on the up side. hurricane-related stocks, progressive, chubb, modestly to the upside and cruise lines are, lisle royal caribbean as well. jim mentioned home depot, loews. not surprising after the rally last week. martin marietta, and modestly on the plus side you can see. thanksgiving had a tough couple of weeks higher yields are bouncing back. regional names, bb & t, suntrust up side. recent ipos traded well last week that are related to the home business, floor and decor, for example. lots of businesses potentially gelled windows and doors maker. they all rallied nicely. basically flat today to slightly the down side. speaking of ipos, a controversial one later this
9:45 am
week social capital coming. this is going to be an interesting one, because it's basically a spat a special purpose acquisition company. it doesn't own anything. it's specifically being set up by a tech entrepreneur a very well-known tech au entrepreneur go out, buy companies that haven't gone public yet potential ipos out there non-ipos, essentially unicorns trouble going public because a lot of people think they're overvalued the public markets will lower their prices this company thinks they can go out and buy them at reasonable prices the question is, you're trusting the company to go out and buy them at reasonable prices. we'll see. only one price on it $10. because they don't own anything yet. they're going to go out and buy things literally a blank check. $500 million that's on thursday david, that's going to be a very interesting company. they've been trying to figure out for a while how to break the log jam associated with the unicorns haven't been able to do that
9:46 am
because a valuation gap what they want and the public per seerchs these companies should be worth see if this company can nair toe that valuation gap back to you. >> thank you bob pisani out to carl now in bonita springs, florida find out what's going on there he has a guest as well carl >> david, thank you very much. as you know, one of the big operational challenges in this recovery in southwest florida, in fact all of florida, getting gasoline back into the state through the ports. the ceo and president of port tampa bay, paul anderson joins us on the phone. paul, thanks so much for your time. >> carl, happy to be with you. >> we're getting word from you that you're going to begin the process, i think, of getting fuel from tankers on to trucks can you tell me more about that and describe what a big deal that s. >> yeah, carl. first, i want to let everybody know that the port came through
9:47 am
the storm, almost a miracle. we have very, very minor damage. the eye passed right over here about 2:30 last night. i was here on a ship we are moving as of 8:00 this morning, citgo has begun truck operations the rest of the oil companies at their fuel terminals are doing inspections, or will have already done them, and they also can begin moving truckloads to the central florida, southwest florida area i've spoken with the secretary of transportation for florida. the roads are clear. our team here, we're back in early this morning checking the port out, and while the ship channel is still not open, we have begun tanker truck operations to refuel gas stations, and to about an 8 million person region here in central florida.
9:48 am
>> so although your universe is the port itself, just for our viewers, any idea on timeline, when that begins to hit retail fronts >> well, it depends on -- on the destination of each tanker truck. it could be if they're going to orlando, could be an hour and a half going to ocala, could be an hour, an hour and 15 minutes the closer counties in our region, within hours, should be receiving trucks now, i just want everybody to keep in mind that that's one of the fuel companies that's been able to start moving some trucks the others will start coming online as they clear their terminal operations within our 5,000 acre port complex here >> paul, the mayor of tampa was on, our sister network, msnbc this morning he said it felt like we were expecting a punch to the face,
9:49 am
and it ended up being a glancing blow i wonder if the port feels the same and does the degree of caution change as we get towards the tail end of hurricane season after what irma threatened to do >> well, first, i agree with our mayor. we were very, very fortunate this storm had it not gone over land, stayed a little bit along the coastline, a little further west, we would have had much bigger problems this morning yes. i think it's prudent when you live anywhere on the gulf coast or southeast united states, particularly in florida, you always keep your guard up. using the boxing analogy you have to be prepared. we have trained for this time and time and time again. we have been very fortunate to receive a lot of assets for the last several years grants from homeland security, to help us prepare for such a
9:50 am
storm, and we can never just -- let our guard down you have to be prepared for this and i think thousands of people here, emergency responders -- >> paul -- let me -- let me interrupt you. paul, thank you for that thank you very much for your time, paul anderson. i want to take viewers to the president. >> -- members of the armed forces, first responders and most importantly to the families and to the survivors, it's an honor to join you on this very, very solemn occasion this is an occasion that is extraordinary, and it will always be extraordinary. before we begin, i'd like to send our nation's prayers to everyone in the path of hurricanes irma and to everyone suffering through the devastation of hurricane harvey. these are storms of catastrophic
9:51 am
severity and we're marshalling the full resources of the federal government to help our fellow americans in florida, alabama, georgia, texas, louisiana, tennessee, and all of those wonderful places and states in harmal way harm's way. when americans are in need, americans pull together, and we are one country. and when we face hardship, we emerge closer, stronger, and more determined than ever. we're gathered here today to remember a morning that started very much like this one. parents dropped off their children at school travelers stood in line at airports, and getting ready to board flights. here at the pentagon, and at offices all across the country, people began their early meetings then our whole world changed
9:52 am
america was under attack first at the world trade center. then here at the pentagon. and then in pennsylvania the horror and anguish of that dark day were seared into our national memory forever. it was the worst attack on our country since pearl harbor and even worse, because this was an attack on civilians innocent men, women and children whose lives were taken so needlessly for the families with us on this anniversary, we know that not a single day goes by when you don't think about the loved one stolen from your life. today our entire nation grieves with you, and with every family of those 2,977 innocent souls who were murdered by terrorists
9:53 am
16 years ago, each family here today represents a son or daughter, a sister or brother, a mother or father who was taken from you on that terrible, terrible day but no force on earth can ever take away your memories. or diminish your love or break your will to endure and carry on and go forward though we can never erase your pain or bring back those you lost, we can honor their sacrifice by pledging our resolve to do whatever we must to keep our people safe. [ applause ] on that day not only did the world change, but we all
9:54 am
changed. our eyes were opened to the depths of the evil we face but in that hour of darkness, we also came together with renewed purpose. our differences never looked so small. our common bonds never felt so strong the sacrifice grounds on which we stand today are a monument to our national unity and to our strength for more than seven decades, the pentagon has stood as a global symbol of american might not only because of the great power it contained within these halls, but because of the incredible character of the people who fill them they secure our freedom. they defend our flag, and they
9:55 am
support our courageous troops all around the world among the 184 brave americans who perished on these grounds, were young enlisted service members, dedicated civil servants who had worked here for decades and veterans who served our nation in korea, in vietnam and in the middle east all of them loved this country, and pledged their very lives to protect it that september morning each of those brave americans died as they had lived, as heroes. doing their duty and protecting us and our country we mourn them. we honor them, and we pledge to never, ever forget them. [ applause ]
9:56 am
we also remember and cherish the lives of the beloved americans who boarded flight 77 at dulles airport that morning every one of them had a family, a story and beautiful dreams each of them had people they loved and who loved them back. and they all left behind a deep emptiness that their warmth and grace once filled so fully and so beautifully the living, breathing soul of america wept with grief for every life taken on that day we shed our tears in their memory, pledged our devotion in their honor, and turned our sorrow into an unstepable resolve to achieve justice in their name the terrorists who attacked us thought they could incite fear
9:57 am
and weaken our spirit, but america cannot be intimidated, and those who try will soon join the long list of vanquished enemies who dared to test our mettle [ applause ] in the years after september 11th, more than 5 million young men and women have joined the ranks of our great military to defend our country against barbaric forces of evil and destruction. american forces are relentlessly pursuing and destroying the enemies all civilized people ensuring that these are horrible, horrible enemies, enemies like we've never seen before but we're ensuring that they never again have a safe haven to launch attacks against our country.
9:58 am
we are making plain to these savage killers that there is no dark corner beyond our reach no sanctuary beyond our grasp, and nowhere to hide anywhere on this very large earth. since 9/11, nearly 7,000 service members have given their lives fighting terrorists around the globe. some of them rest just beyond this fence in the shrine to our nation's heroes on the grounds of arlington national cemetery they came from all backgrounds, all races, all faiths, but they were all there to dedicate their lives, and they defend our one great american flag. [ applause ]
9:59 am
they and every person who puts on the uniform has the love and gratitude of our entire nation today as we stand on this hallowed ground we are reminded of the timeless truth that when america is united, no force on earth can break us apart no force on the morning of 9/11, pentagon police officers -- police officer isaac hopal and a special person, was one of the many heroes whose love for his fellow americans knew no bounds. he was a mile away when he got the call over his radio that a plane had crashed into the pentagon he sped to the scene and raced
10:00 am
into smoke and fire. few people would have done it. he ducked under live electrical wires and trudged through puddles of jet fuel only steps away from sparks and from vicious flame. in the pitch black he began calling out people in need of help isaac heard faint voices and he wanted to answer those faint voices one by one he carried people out of the burning rubble. he kept going back in to the smoldering darkness, calling out to anyone who could hear, anyone who was alive. he saved as many as 20 people who had followed his voice he carried 8 himself
10:01 am
for nearly 36 hours isaac kept on saving lives, serving our nation and protecting our safety in our hour of need. and today isaac continues to do exactly that isaac still works at the pentagon now as a sergeant. he's on duty right now and he's joined us here today for the ceremony and this morning all of us and all of america thank isaac for his service. where is isaac [ applause ] thank you. thank you, isaac thank you.
10:02 am
>> to isaac and to every first responders and survivor of the attack you carry on the legacy of the friends you lost, you keep alive the memory of those who perished and you make america proud. very, very proud to the family members with us today, i know that it's with a pained and heavy heart that you come back to this place, but by doing so, by choosing to persevere through the grief, the sorrow, you honor your heroes. you renew our courage and you strengthen all of us you really do. you strengthen all of us here on the west side of the pentagon, terrorists tried to break our resolve. it's not going to happen
10:03 am
but where they left a mark with fire and rubble, americans raised the stars and stripes, our beautiful flag that for more than two centuries have graced our ships, flown in our skies and led our brave heros to victory after victory in battle. the flag that binds us all together as americans who cherish our values and protect our way of life. the flag that reminds us today of who we are, what we stand for and why we fight woven into that beautiful flag is the story of our resolve. we have overcome every challenge. every single challenge every one of them. we've triumphed over every evil and remained united as one nation under god
10:04 am
america does not bend. we do not waver, and we will never, ever yield. so here at this memorial with hearts both sad and deterred, we honor every hero who keeps us safer and free and we pledge to work together to fight together and to overcome together every enemy and obstacle that's ever in our path. our values will endure our people will thrive our nation will prevail, and the memory of our loved ones will never, ever die. thank you. may god bless you. may god forever bless the great united states of america thank you very much.
10:05 am
[ applause ] thank you. thank you. >> that was president trump. of course, on the anniversary of the attacks on 9/11 at the pentagon making remarks. let's go to carl now, who has been reporting,of course from bonita springs, florida, on the damage that is out there, and what hasn't been done as well as a result of hurricane irma carl >> good morning to you, david, and good morning to all of our viewers. welcome back to "squawk on the street," of course i'll carl quintanilla in bonita beach. jon fortt and sara eisen back in new york and irma's effects not just on florida, but georgia, south carolina potentially north carolina and points north of georgia. get to dave biggors at hq. >> exactly right, carl looking at clouds expanding out ahead of this and rainfall as well as the system continues to fall apart what tropical storm irma looks like now
10:06 am
a loop of satellite. you can actually see the cloud shield expanding into portions of virginia. heavy rainfall falling throughout portions of georgia, south carolina, north carolina a break in rain throughout porss of florida, but still a lot in the way of wind packing in a lot of water on the east coast and we've seen flooding. the over the next couple of hours. a tropical storm now 70 mile-per-hour winds moving to the north-northwest at 18 miles an hour wonting to weaken working towards land midday tomorrow, not be surprised if the tropical storm dissipated to a tropical depression the latest on irma back to you. >> david, thank very much for that david and sara back at post nine just talked to the president of the, port of tampa bay a few moments ago whose headline, we'll start moving gasoline, refined products on to trucks and may be a matter of hours before we see gasoline in
10:07 am
stations in florida depending on the county they're going to, but that's a big deal. we ourselves have had to be judicious the way we moved around obviously, we have no idea where we'll get gas. how much of a line may be there. what traffic is like between here and there but that's one big step forward on that recovery the other, of course, remains power. 6 million floridians without power, and that's going to be a longer process as the winds are still pretty gusty and those winds have to die down mr. utility workers can get up in their bucket trucks and remove palm tree leaves from those power lines. >> carl, i mean it is a step towards normalcy as you say. heard anything about some of the other big ports? port of miami, i in the biggest in the region. port canaveral, huge for the cruise lines in terms of getting back on track? i believe no cruises are going out through the end of today but have you heard anything else in term of getting economic
10:08 am
activity back online >> no. well, we're at gulf coast. our concern has been port tampa bay which is the largest port in the state by physical size they account for about a third of all cargo in and out of florida. so we're going to watch to see what their recovery is like. the president spend the night on an ice breaker watching the emergency operations so we'll be watching for crews-related eschew herb issuet of there the airlines and cruise lines, played it pretty smart norwegian brought boats home early, and let passengers off. american tried to get flights out as of 5:00 tonight before miami international said, no dice but one thing about the storm. we've missed a big p.r. -- >> economy, florida fourth biggest in the country and
10:09 am
tourism their number one industry beyond the cruises, theme parks. also i believe remain closed through -- any word on that? seaworld, university studios, walt disney world? this is a major source of job creation and, i guess not high season but still important. >> yes just got word from disney world only closed six times in their 40-plus year history never lost power but sustained high winds, and disney world will remain closed today i believe universal, that of our parent company, remains closed today as well. get to contessa brewer, and see what's happening on the atlantic side contessa's in fort lauderdale. hey, contessa? >> actually, carl, i've moved using some of our precious gas resources down to miami. we're in the brickle neighborhood where some 35,000 people live in this financial capital of miami to say nothing of the big named businesses that are here and up
10:10 am
and down the streets, wells fargo, morgan stanley, deloitte employees who come to check out damage are likely to see downed trees and spotty service with the spotlights, and then i want to show you one of the big towers under construction. a common sight in miami. this is the panorama tower and we got reports during the storm that construction debris was flying off of that tower, and nearly hitting the people below. look at this a huge plate glass window or door shattering on the ground below. and here's the ocean bank, also had damage to its windows over here, and most notably on the street and the thing passersby keep coming to see, a big tree that bts ig tree uprooted and overturned part of getting miami back to business, a big storm surge along brickle avenue there is water damage and has to be abscessed before the buildings can reopen for business definitely talked to employees eager to get back to work and
10:11 am
the place is busy. it is hopping with sightseers down here trying to get a look at the damage irma caused, carl. >> and south to miami. >> sara, back to you. >> what were the roads like? >> listen, i-95 was completely clear. lots of traffic. with the exception of a northbound lane that had some flooding, and people can just whizzing right into it causing water to splash everywhere the real danger. let me trn you around once again. at this intersection of brickle and southeast 10th street. this intersection has a working stoplight but many don't in places there are police officers who stop people from driving through. making left-hand turns other place, it's a free for all. watch out. >> contessa, thank you for that report and showing us the scene there in miami this morning. contessa brewer. for more joinedserino.
10:12 am
thanks for coming on. >> good morning. good to be here. >> word this morning appears to be some relief that the worst of the fears and the forecast didn't come to fruition in florida, but clearly there's extensive property damage and localized damage all over the state how would you assess the situation this morning >> from what we've been able to see, there's still actually some search and rescue going on in the northern part of the states, that's where priorities are, take care of search and rescue in the high waters up there. but as you see, southern areas, some of the areas now still without power. that's going to be the main concern. the people that don't have power. 6 million people, in hearing it's not going to be days, in cases weeks in certain areas before people get power back that's going to be a main concern. also for the people that are in shelters. >> why does it take so long? >> a lot of damage to some infrastructure in what we're hearing and the understanding. not as simple as just putting a
10:13 am
few wires back reports i've heard from some electric officials in fact there has been significant damage. maybe one of the largest rebuilds of an electrical system they've ever had >> clearly, federal funds are going to be put to the test again after hurricane harvey, but does the wind damage here versus some of the extreme flooding we saw in houston put more of the burden on the insurers and reinsurers versus the federal government >> yes the wind, depending, if the people have insurance. some people have no insurance at all and can call fema for help at the 1-800 number. they can get help there, if they have no insurance. the people with insurance will hopefully be covered by that the first thing they should do, contact their insurance as soon as they're able to right now people still need to stay in. it's still areas around the state with downed lines, power lines. people have to be careful. let the crews get in, once the winds die down a bit, to let the
10:14 am
trucks get in to take care of getting the power back on. also for the people that need to get out and to start to clear the debris away so people can come back. >> just in terms of that court and the build. the latest measure by congress approved along with raising the debt creels, preventing a government shutdown provided about $15.25 billion for disaster relief. between what you've seen of harvey in texas and what you've seen in florida making its way up to georgia, is it that enough >> for the short term. the initial search and rescues initial get people back on their feet initially the long term, it's going to be more than that for example, with sandy, it was $60 billion just for sandy never mind this is irma and on top of harvey. much more moving forward i've heard estimates for just irma in thes 20ds billion to $40 billion and harvey in the similar range as well. going to be a long increase,
10:15 am
just in the federal parts to rebuild part of the disaster relief fund for public assistance, repair the roads, et cetera. >> you talked before about some of the damage to the power lines and utilities infrastructure what are you hearing about property damage? we know more than 6 million people were evacuated. hundreds of shelters opened up are they going to be able to get back to their homes, and are their homes in decent enough shape to come back to? >> well, one of the things you're concerned about and people get concerned about is the fact that areas we haven't heard anything from. no communications. no communications does not mean it's good. sometimes that can be bad. not knowing what it's going on people getting back into their homes, each local city and each local county are going to have to determine when it's safe to go back into that community. because each community will be different. the damage that they've had on how quickly they can get back. one thing that for the people who are in the shelters, i know the governor put out a call and got a lot of volunteers.
10:16 am
9/11 today we have to remember is also a day of service it's a day that people can go around and help each other over a period of time, a lot of people that got into this line of work. young folks got in because of what happened on 9/11. it's important to remember a day of service that you can do things the governor asked for things, for people to donate blood in addition to donating blood, donate cash as well to help people get back on their feet. >> leave it on that nice note. thank you for joining us. >> thank you rich serino, former fema deputy administratoadministrato. when we come back, one day away from cnbc's delivering alpha conference how the best investor ideas are performing one year later. and a quick look at stocks at this hour got a broad-based rally going on nearly 1% gains for the s&p and dow. nasdaq up 1.2% good enough to make up all of last week's losses. "squawk on the street" will be right back.
10:17 am
not rebalancing your portfolio. pursuing your passion, not reacting to market downturns. focused on what you love, not how your money will last through retirement. let us help you with those decisions, and get on with your life. we make it easier to plan for retirement with day one target date funds
10:18 am
from prudential. look forward to your 401k plan.
10:19 am
track your pack. set a curfew, or two. make dinner-time device free. [ music stops ] [ music plays again ] a smarter way to wifi is awesome. introducing xfinity xfi. amazing speed, coverage and control. change the way you wifi. xfinity. the future of awesome. y. >> announcer: 7 cal fa conference tomorrow. and how last year was performing we keep track. tell us. >> we do bill miller delivered his presentation with a quote last
10:20 am
year leon troske decades after this death wercht like this -- proof of his farsightedness none of his predictions have come true in that vain, most of predictions were narrowly nearsighted although some still need time to play out. miller's best pick was amazon. he said it would grow 25% to 30% a year the next three to five years. amazon gained 29% since the day before last year's delivering alpha. he also urged investors to go long the s&p 500, up 17% since then and short the ten-year u.s. treasury and yields are about 40 basis points higher. one of miller's picks may be a bit more farsighted. valiant. taking opposite bets on the stage. miller long. chainos short. and his record wasn't perfect. he urged investors to short
10:21 am
tesla due to corporate governance concerns surroundingettes merger with solar city and tesla jumped 84% robert bishop of asset management counted a long play in tech resources. a canadian mining stock that skyrocketed 45% since. this year chainos is back to present tomorrow delivering at alpha and other legendary investors include leon cooperman, jeffrey smith and mick mcguire, guys >> all right looking forward to hearing specifics. i would note, david, you'll agree, a theme of negativity and pessimism at last year's delivering alpha the markets for the most part performed well on that surprise election of trump and other positives. >> they have interesting to hear that jim and i, of course, have done that panel a number of years the best ideas i appreciate leslie going back and actually filling us in ow they actually did.
10:22 am
delivered of eed some alpha. and jim i talked to, alibaba, incredible year since the year question that interview. >> and so -- a bet against that, which didn't -- >> there was chainos is one not his idea, but very negative. much more in the way of ideas and themes from delivering alpha. complete coverage starting tomorrow. back to our storm coverage atlanta sunder its first ever tropical storm alert diana olick what can you tell us >> about two hours from the brunt of the storm but now up to 922 canceled flights here in atlanta, and i just have to keep showing this picture when have you ever seen a monday morning at the busiest airport by passenger volume in the world look like this don't you wish it looked like this every single day? actually closed down one of the taxiways to park planes when
10:23 am
they feel they have to store planes somewhere that aren't going up and say it will take at least two days after the storm passes to get everything back up and running again to get people where they need to go. a lot of people stranded here couple of days all hotels full. atlanta, of course, is a major corporate hub. we just got news in from keogh, a base in southern georgia canceled all production today and tomorrow the only kia plant in america. also coca-cola, of course. known for atlanta. working to position beverages in key locations in georgia, florida, atlanta based employees, though, asked to work from home. same with novellus and mercedes, ice herusa here wg at hole. home depot sdamp response going strong and headquarters open although asking employees to use their own judgment whether to go out. whether it's safe again. expecting more cancellations still about an hour and a half
10:24 am
away from the start of the storm here in atlanta. you can expect a lot more cancellations to come. back to you. >> sort of looks like a ghost town there compared to what if usually looks like diana one of the busiest airports in the country, right >> yes there's more staff seems more staff than actual people one of the hardest parts, we came in at 4:30 this morning the place was packed pre people trying to get out very early on the first flights out lines pretty long at 4:30 in the morning. overnight employees found out atlanta closed down their entire transportation system, metro system and saying, how am i supposed to get home really difficult for folks working here at the airport. some will stay through the day and get back on the night shift tonight. >> all right diana, thank you very much reporting live from atlanta, georgia. where tropical storm irma is set to hit. >> yes thankfully, only a tropical storm at this point. when we come back, art cashin joins us with reflections
10:25 am
on this 9/11 anniversary and stocks at this hour. you can see we are higher. as we listen to the recitation of names annual occurrence right near us, what is ground zero. "squawk on the street" will be rit ckghba it can detect a threat using ai, and respond 60 times faster.
10:26 am
it lets you know where your data lives, down to the very server. it keeps your insights from prying eyes, so they're used by no one else but you. it is... the cloud. the ibm cloud. the cloud that's built for your business. designed for your data. secure to the core. the ibm cloud is the cloud for enterprise. yours. the ibm cloud is the cloud for enterprise. what?pony neighing] hey gary. oh. what's with the dog-sized horse? i'm crazy stressed trying to figure out this complex trade so i brought in my comfort pony, warren, to help me deal. isn't that right warren? well, you could get support from thinkorswim's in-app chat. it lets you chat and share your screen directly with a live person right from the app, so you don't need a comfort pony. oh, so what about my motivational meerkat? in-app chat on thinkorswim. only at td ameritrade.
10:27 am
10:28 am
all right. a broader rally in markets this morning. back to them s&p up about .86%. bring in art cashin director of floor operations joining us at post nine. always a solemn day it is. >> 16 years but doesn't take long to go back immediately and think about that day and all the people i know probably, we both lost in terms of friends and/or former colleagues. >> yes i'll tell you, the thing most amazing to me was when originally it hit, there were estimates that upwards of 10,000 to 13,000 people might be
10:29 am
killed that, of course, we lost about 3,000. [ bell tolls ] >> but the real reason that that was, was because those 340-some-odd firemen went in, got people out again and again kept racing back, running up the stairs to send people down the stairs and it was -- a shock to me at the time i was chairman of an organization here called the fallen heroes fund, and we had put that together to give $20,000 within a day or two of police or firemen who died in the line of duty, and -- suddenly after i -- grateful i and my son who worked here at the time got home safely, and just before i went to bed i said, oh, my god i owe $6 million and we went out and started campaigning. the specialist community was very good and within three days got the $6 million we needed to
10:30 am
take care of the fallen firemen and policemen, and it was -- a very telling time, but without their courage, we would have lost a great deal more people. >> a lot more. as we said, rushing into the buildings when everybody else was rushing out and helping them let's talk about our markets as well this morning. >> okay. >> kind of a funny thing you come in. people are rejoicing at the fact of no missile launch from north korea. >> it is and there's another part to that story. that the u.s. seems to have tempered down the u.n. procedures that they were going put in it doesn't look like they're going directly to the oil embargo. now some thinking, are we going to get moderate here will there be a chance to sit down and talk, perhaps the fact he didn't let loose with the missile and that we tempered our proposal made it there.
10:31 am
the other sigh of relief is that the initial look at devastation is not as great from the storm. >> yep. >> which allows for a rally in the insurers, but what a lot of people forget, it's not just so much it would hit insurers but they might have to liquidate equity portfolios to raise the money to pay that all. failed to be as catastrophic that risk of selling began to come off the table adding to the sigh of relief rally we v. and the economy will take a short-term hit as the results of hurricanes harvey and irma and may put the fed on the sidelines for a year as the markets's expecting but the federal reserve saying otherwise. >> i think definitely on the sideline i don't think they will hike again, and i think they will be perhaps even very moderate in shrinking the balance sheet. you know, we've never quite done this before.
10:32 am
so i think they're going to dip a toe in the water see how hot the water is, and then wait before they dip another toe. so -- i think the fed is on hold as far as rates and slow as far as the balance sheet goes. >> art, thank you for joining us. >> my pleasure. >> always a difficult day for all of us down here. with 16 years having passed. art cashin from ubs. a lot more on hurricane irma and talk to the mayors of both st. pete and boca raton. and thousands who were in the storm's path are still without power. talking to the ceo of tampa electric after the break whe we'll be right back. when a critical patient is far from the hospital, the hospital must come to the patient. stay with me, mr. parker. the at&t network is helping first responders connect with medical teams in near real time... stay with me, mr. parker. ...saving time when it matters most.
10:33 am
stay with me, mrs. parker. that's the power of and. ♪ it's not just a car, it's your daily treat. ♪ go ahead, spoil yourself. the es and es hybrid. experience amazing.
10:34 am
good morning, everyone i'm sue herera your cnbc news update at this hour a weckened and still dangerous irma a dangerous storm pushing inland storm surge flooding in
10:35 am
jacksonville exceeding a frorecd from 1965 a foot more. and benjamin "bibi" netanyahu says he will meet president trump next week in new york addressing the u.n.'s general assembly. >> i look forward to our meeting. to my meeting with president trump, my friend, in the united states, in new york. and i want to take this opportunity to wish all our friends in the united states, that they emerge safe and sound from these -- difficult times. >> back here at home, president trump leading a national moment of silence on the anniversary of the september 11th terror attacks. he and the first lady melania trump joined with staffers on the south lawn to mark the moment when the first plane struck the world trade center 16 years ago. and that it's the news update send it over to you, carl.
10:36 am
>> sue, thank you very much. we're here on the gulf coast watching the aftermath of irma and recovery efforts today sara, a couple good things happened, obviously. first and most important is that the storm surge that we thought was going to come off this gulf coast was not as bad as expected they talked 10 to 15 feet. would have been about here as it was, we got maybe 5 to 6 feet very moderate. didn't get over very many seawalls all good news. the other good news, about 160 miles down this way, at the port of tampa, where they say they're going to start moving gasoline from tankers on to trucks and get some gasoline product back into the gas stations around the state so people can start moving around very limiting and disabling, not to be able to get back to your house, if you don't know if you're going to get gas. if you don't know if you can actually get there a couple good things happening we are paying very close attention to the water its going
10:37 am
to bring to georgia. and i don't know if you've seen, sara, the flooding in jacksonville is very severe as the surge over there on the atlantic side worked its way into all of those canals and tributaries and lagoons. so they're still dealing with a lot of surge on that end but on this end, a lot ofwhethe dollar home or not, they got off easy. >> amazing to see the span of the storm hitting coast to coast. are people able to get back to their homes? those in shelters or who evacuated? i'm sure they have to assess whether the roads are safe >> we've seen quite a few residents out, i would argue this morning but also seen some police. they've been walking up and down driving up and down. talking to residents so i don't think they're
10:38 am
necessarily telling people to get lost but as of early this morning, they had told us, look, we haven't declared these bridges safe use caution. we won't kick you off your live shot i think access is getting better a lot faster than i would have expected i'm looking at a road maybe 50 yards down the way there's a car every, maybe, 30 seconds. so that's encouraging. >> yeah. absolutely our carl quintanilla reporting from bonita springs. the mayor from one of the towns in irma's path at one point over the weekend was actually bracing for a direct hit we want to welcome now the mayor of st. petersburg, florida rick kriseman. mr. masyor, thank you for consulting in. >> thank you for having me on your show today. >> looks like you managed to escape the worst of the forecast that was a direct hit, but talk about the impact you did feel in st. petersburg, we should tell our audience is on the west part of florida part of the tampa bay,
10:39 am
metropolitan area? >> we were certainly preparing for what we thought was going to be a very dangerous and unpredictable storm and preparing for the worst and hoping for the best, and we got fortunate, in that our hopes mostly came true we're not aware of any lives lost as a result of the store. our number one priority. right now we're assessing damage got a lot of trees down, debris in the roads a lot of power lines are down. that certainly means that the danger to our community isn't, hasn't gone away yet most of our roads right now are passable we do have some that still are, are blocked, and we're working to clear those but i think right now for most of our residents, the big effort issue is power outage. in our county, duke energy has lost about close to 400,000 people without power, and they are obviously doing everything
10:40 am
they can as quicklyas possible to restore that power for everyone >> yes what sort of damage have you seen to the public utilities including power? how long will it take to get back online? >> it's hard to know how long it's going to take, to be able to get everyone back up and powered up again you know, they're working as quickly as they can from the standpoint of, of our utilities and our water, sewer, our utility plants all came through the storm in really good shape so we don't have any issues, thankfully and that respect, it's really, from a utility standpoint, power is still the biggest challenge to help get people back to a sense of normalcy. >> what about local business are they back open in st. pete >> there are some who are slowly starting to reopen, and those are primarily those who still were fortunate enough to not lose power during the storm.
10:41 am
but there's still a pretty large swath of our city that is without power. so for anyone that has a business that is in that area that doesn't have power, they won't be able to open until power does get restored to them we still want people to stay off the roads as much as possible until we've had an opportunity to get in, clear debris. because there's no power we have traffic signals that aren't operating, and so it really makes it a lot more dangerous to be on our roads. we're kind of asking people still, even though we've lifted our curfew, we're asking people to stay off the roads as much as possible. >> we hope those folks heed those warnings thanks for joining us with an update, mr. mayor. >> thanks for having me on again. appreciate it. >> mayor rick kriseman, mayor of st. petersburg, florida. and happening in orlando, a huge tourist industry. nbc's katie beck is there live
10:42 am
for an update. katie, good morning. >> reporter: good morning. yes. we are actually in a roving suv that has cameras on it we are in downtown orlando this is a look at the main thoroughfare here through downtown orlando it is very quiet here this morning. there is still a curfew in effect here until 6:00 tonight, and it looks like that is largely being adhere to at this point. it is eerie to see a downtown financial center completely shut down this is sort of how all of the streets have been looking around orlando. we did sort of tour around the theme park area as well on international drive. all of the theme parks in orlando have been shut down yesterday and today, which means all of those families, all of those vacationers and tourists have been basically hunkered down in hotels in orlando, but not able to obviously go outside and not able to go to theme parks. so it is sort of eerie to be in a place that usually has so much activity and hustle and bustle
10:43 am
and seeing everything sort of come to a screeching halt. as far as winds, we did see some very strong winds last night, when the eye of irma was passing over orlando sometime between midnight and 2:00 a.m we do see downed debris and downed tree limbs. obviously a good number of people in the central florida area, about 600,000 at this point, still without power but those winds did pass through as the storm moved north and now there's sort of just gusts in the 50 to 60 mile-an-hour range, but pretty much clear conditions here in orlando, and obviously, a financial district basically a ghost land back to you. >> all right thank you. let's get back to carl now, who's in bonita springs florida. carl >> hey, david. talking about the problem of power restoration all morning long we want to bring in gordon gillette ceo of tampa electric.
10:44 am
gordon, thanks for your time this morning. >> glad to be with you >> at this point, how many customers out of power, and given the situation this morning, how difficult will it be how long will it take to get that restoration going >> well, we serve the tampa side of tampa bay, and over into the next county to the east. we've got about 700,000 customers. of which we are initially estimating, we have 310,000 out. so about 45% of our customers are without power. we're assessing today by land and by helicopter. to make sure we have a full assessment of the number of customers that are out but our numbers, fortunately, are a little lower in terms of percent. about 6.3 million customers in the state out, or about 63%. in terms of restoration, we are going to be -- dispatching our
10:45 am
native crews today about 700. 3,200 additional foreign crews will join them tomorrow and we expect a restoration that will take not hours but days, but we don't think weeks. >> we were talking this morning about that process, and the degree to which winds need to subside before the workers in those bucket trucks can get up and start assessing power lines. how difficult will that be, given where the winds are right now? any idea >> well, we've already started at this point. our threshold is 40 mile-an-hour sustained winds. we don't have people working, but below that, we can start working. so we started bringing crews in at 7:00 this morning so we are in the field making those assessments now. >> i wonder -- given some of the scenarios that
10:46 am
were drawn for storm surge on the gulf coast, some of the doomsday scenarios people were writing about tampa bay what did the worst-case scenario look like to you about 36 hours ago >> well, we were actually quite fortunate in regards to storm surge, because the eye actually passed to the east of tampa. and so we saw about a five to eight-foot storm surge and had high tide this morning at 5:00, but at our power plants, it didn't even get above ground letter level. our power plants are nine feet above sea level so storm surge was not an issue for us. >> a lot of people all around the country are grateful for that gord gordon gillette thank you for your time. chief of tampa electric.
10:47 am
sara, over to you. >> carl, come back to you in a moment. when we come back on "squawk on the street," we continue our breaking news coverage of hurricane irma and the impact. a quick look at stocks at this hour the rally continues. we are seeing about 1% gains for the s&p and the nasdaq every group in the s&p is actually higher led by technology and financials. we'll be right back.
10:48 am
10:49 am
are any of the five most richly valued stocks in the s&p 500 worth your hard-earned dollars? find out at tradingnation@cnbc.com more "squawk on the street" coming up.
10:50 am
dow is up 217, making it the best day since april back to rick santelli with the santelli exchange. good morning, rick >> good morning. i'd like to welcome my first guest. peter, thank you for taking the
10:51 am
time it's a solemn day on so many levels, whether it's the anniversary of 9/11 or the human toll, even if irma was less than expected, is all just horrible let's put the human element aside, though, for one minute and speak to the notion of how irma and harvey are going to effect data. will they effect the fed that was most likely not going to come up with the third tightening anyway? your thoughts? >> particularly in the auto sector, oil and gas sector, building materials, construction, home building. we're going to, obviously, see a push and pull of the negative, obviously, in what was lost, the positive in what will be rebuilt. i don't think it's going to move the needle in terms of the fed they seem to be dead set on quantitative tightening next week i think a lot of that is going to be dependent on where the market is and respect to how it handles the quantitative tightening i think the fed still wants to
10:52 am
gradually raise rates and bill dudley told us that last week. i think they were finding some excuse whether they are waiting until next year instead of december, we'll have to wait and see, but next week the balance sheet is going to start getting smaller >> with regard to the foreign exchange activity, which has been robust, the euro currency spending a good deal of time over 120, now it's back under. your thoughts on, a, why the euro has been so strong, and, b, is this really about quantitative tightening and the ecb and if it is, do you think they are as close as our fed to addressing their balance sheet >> i think there's no question they are going to be tapering starting in january, just for pure logistical reasons. they said to us they are sticking to their capital key criteria, which means if they stay on the current pace, they are going to run out of german bonds to buy early next year and if they start leaning towards other countries, there's a whole
10:53 am
political issue. yes, i think they are going to be tapering. the dollar weakness, the euro strength is a combination of that, poll picks, growth at 2% as the fed is tightening policy, so worries about what that means for growth here and real rates in the u.s. that are still basically around zero, so there's not this compelling reason to be buying for the dollar and i think the positioning got way too extreme on the bull side last year and we're seeing a dramatic reversion of the mean here >> interest rates are up a handful of basis points on the long end, but they haven't moved in a couple of hours the downside of rates has been very passive feeling your final thoughts on the direction of big moves and interest rates >> i think the growth depressant of central bank tightening is going to keep a lid on long-term rates. on the flip side, i'm worried about the european bond market reaction, the ecb tapering that is going to be a huge negative for european bonds, rise in
10:54 am
european yields, that could draft u.s. rates and japanese rates higher so that's going to be the tug of war. >> i think your last comment is the one that all investors looking to invest in the market should pay attention to, and not only that, but, of course, the idea if they run out of securities, the japanese turn to other sectors like stocks, so we need to really pay close attention. peter, thank you sarah, back to you >> all right, rick, thank you very much. when we come back we're going to continue our breaking coverage of hurricane irma. carl is there on the west coast of florida with an update. we'll also keep you apprised of a rally we're seeing in the stock market it's the financials and technology group leading the charge and financials is getting help from the insurers and the reinsurers so they are actually the biggest winners on the back of hurricane irma, also getting help from higher treasury yields we'll be right back. kevin, meet your father.
10:55 am
kevin kevin kevin kevin kevin kevin kevin kevin kevin kevin trusted advice for life. kevin, how's your mom? life well planned. see what a raymond james financial advisor can do for you. for tech advice. dell small business advisor with one phone call, i get products that suit my needs and i get back to business. ♪ [he has a new business teaching lessons.
10:56 am
rodney wanted to know how his business was doing... ...so he got quickbooks. it organizes all his accounts, so he can see his bottom line. ahhh...that's a profit. know where you stand instantly. visit quickbooks-dot-com.
10:57 am
an update now, ackman seeking three additional directors on adp's board when
10:58 am
the annual meeting is convened on the 7th of november the record date, though, for that annual meeting took place on the 8th of september. and importantly ackman was in a position to be able to convert to what would have been an 8.3% stake in the common. why is that important? well, you want to own as much common as you can, conceivably, because you can then vote in the annual meeting but what i can tell you is at this point, and in effect what will be the case is, ackman only converted enough to have a 2% or roughly 9 million share stake in adp's common, meaning those are the shares he will be able to vote, not a full 8.3% stake. he continues to hold the derivatives, which will give him an economic benefit should the stock move higher. it does appear, of course, part of this may have been as a result of the money he would have had to have parted with in order to have done a conversion to the full 8.3% common stake.
10:59 am
some people telling me it could have been as much as a $2 billion number required of him to get to that stake instead he will be at 2%, continue to have his derivative position, and continue to fight for those three seats on the board, but it is interesting to note that what had been said and expected by many investors to be an 8.3% common stake, certainly adp thought he might go that road, will not be. it will only be those 9 million shares, roughly 2% of the company. he's still, obviously, encouraging others to vote with him. let's get over to dom now and check on financials. dom? >> david, we are watching a lot of those financials right now. the best performing sector in the s&p 500, along with technology, fighting for the best levels here this is all about whether or not these financials are being led by insurers and many of these large insurers are doing the heavy lifting.
11:00 am
xcel group, travelers group, some of the biggest leaders in the financial sector as the worries about the damage done by hurricane irma start to ease a bit. still a devastating storm, but estimates are less than they had been prior to this weekend, so watch those financials as these storm tracking estimates start to play out. that does it for this hour of "squawk on the street. let's send it back down on the street for the start of "squawk alley. >> welcome to "squawk alley. 11:00 a.m. on wall street. bonita springs, florida, i'm here in new york carl, straight to you first for a setup. >> reporter: yeah, thank you very much. i'm here at bonita beach on the gulf coast as we continue to watch these winds come out from the west on the dirty side of this storm of course, you and john ford back at post nine, david vickers at

54 Views

info Stream Only

Uploaded by TV Archive on