tv Worldwide Exchange CNBC April 10, 2019 5:00am-6:00am EDT
breaking ipo news. new reports on how much stock uber plans to sell in its public debut. here's a hint. it could be the biggest tech ipo ever it is down to the wire for brexit european leaders about to kick off an emergency meeting in belgium. there are now just three days to go until the u.k. crashes out of the e.u. major fireworks on capitol hill. the testy exchange between treasury secretary mnuchin, and chairwoman maxine waters a big sign of the times. we'll tell you what country just unseated japan in the stock market rankings and london
calling. jetblue reportedly making a big push overseas. the details coming up on this wednesday, april 10th, as worldwide exchange begins right now. >> i'm brian sullivan. where the european union is about to kick off an emergency brexit meeting there are now just three days until the u.k. crashes out of the e.u. we're going to take you there live in moments, but, first, new details this morning on what just could be the largest technology ipo ever. let's get more on uber's big plans. frank holland with more on the ride-sharing company >>. >> uber will reportedly seek to sell $10 billion worth of its stock. the ride-hailing company will make its ipo registration
documents public as soon as tomorrow it will will kick off its road show uber seeking a valuation between $90 billion and $100 billion it could make it one of the biggest tech ipo's sources say most of the uber shares will be sold by the company. the rest by investors looking to cash out uber's ipo comes on the heels of its rival lyft yes, sir nasdaq debut. lyft shares have fallen more than 6% since going public mainly on profitability concerns uber has a wider ranging business it operates in more than 70 countries, offers food delivery and has a self-driving car unit. uber is expected to go public on the new york stock exchange on may 9th. back to you. >> franc, thank you. now to the markets u.s. futures right now pointing to a very slight rebound from yesterday's 1990 point dow decline. the s&p 500 and the dow industrials coming off their worst day since march 22nd
the index -- the bobd market the yield on that benchmark still hovering just around 2.5%. remember, the minutes of the latest fed meeting are out today. that could move bonds if they show a more dovish fed thinking. maybe more hawkish fed those minutes come out at 2:00 eastern time they certainly could move markets. in asia japan down about a half a percent. china rose very fractionally not a lot of movement there. europe now mostly higher of course, in europe all investors, all citizens, really, is on brexit so much they could change. speaking of that, major developments expected today as they hold a meeting in brussels as we are just now three days away from the u.k. leaving the e.u. cnbc's silvio is live in brussels with more on how the is 1th hour talks are going sylvia
in a draft document that we saw yesterday here in brussels this document says that the extension is going to be flexible so the u.k. will be allowed to leave the e.u. before a specific end date. however, this end date is not decided yet. this will happen tonight it's a decision that the 27 european leaders have to make. this makes an important point that during the extension, the u.k. and e.u. will not have any trade talks. there are two things to watch out today in brussels. first, how long is the extension going to be. zbloincht what are the different
positions of the european union parliamentary members. >> well, there are two schools of thought one that suggests that the extension should be long in order to avoid having meetings all the time to decide on repeated extensions, but then there are other countries that believe the extension should be short so then there's time pressure on the u.k. lawmakers to approve the withdrawal agreement. all in all, that's the -- the extension is still up in the air. we need to have the 27 leaders gather here in brussels to find out what is their common position and how long will this extension last >> so what is our timeline, sylvia is today the last possible day could they go another couple of days i mean, how long are they going to prolong these talks because, listen, here's the reality we talk about brexit all the time from the u.k.'s perspective. let's not forget, the e.u. may have something to lose here as
well when it comes to deciding on the second extension, this needs to happen tonight. the leaders will kbrant another extension tonight. >> sill have aa live in brussels thank you very much. now to the top stocks you need to be watching on this wednesday. we're talking blue jeans, gamble, and flying across the pond for the last of those first. jetblue may be gearing up to announce trans-atlantic service. the airline is holding an all hands meeting in new york,
according to an invitation obtained by cnbc jetblue could add flights to london and other european cities from new york and boston hubs. the company has declined to confirm today's meeting. stock two, shares of crown resorts, they are tumbling 9% in australia right now. this after wynn resorts backed out of takeover talks. wynn walked after details of its $7 billion offer became public and was leaked to an australian newspaper. stock three levi's swinging to a profit in its first quarter as a publicly traded company ever it did rise 7% on strong growth in retail stores and the on-line business if you want to hear more, by the way, levi chip bergh will be on stock alley today. let's talk more about levis and the overall state of retail. joining us now is jan nichols. >> you may like the product.
does that mean you have to like the stock? >> you don't have to like the sto stock. i thought today would be not much of an event on levis. >> they have not done much since the ipo. they're up and back. >> yeah, sure. as you dive in, before we move into other retail, what was the good, and what was maybe the not as good? levi's quarter what does that tell us >> they had really strong growth in women's >> what are they 80% >> what i don't leak about them is they're 80% male, and they're -- depending on that for their future they had good kbroet there they can continue that, and people will like them better the other thing is they had double digit growth on-line, and
they have to go direct to consumer if, in fact, they're going to get the kind of growth that the market is going to want to see for the stock to continue to work. those were two good points the women's business and the direct to consumer business. because the direct to consumer will also come with other gross margins as they continue to grow >> he went to the apple store, which was packed, but he didn't see a lot of people anywhere else what are you hearing from foot traffic? >> we've laughed about this apple thing for a long time. apple is a great store to have in your mall at $5,000 a square foot people go there and then they leave, and they don't go to the other stores >> they spend all their money there and don't have money to go buy anything else. >> that doesn't -- however, mall traffic right now is okay. mall traffic continues to fall every year that's going to be true again in 2019 we're seeing that right now, but it's not falling any faster than we thought it would.
business right now through the first quarter for most retail is pretty decent because the fourth quarter really wasn't that robust, and we've seen first quarter slow at the beginning because of the tax refunds not happening. now they've started to catch up, and so business has gotten a little better. the mall business itself, the mall is continuing to see single digit -- that's going to go on for a long time. when you go to the mall, what's there? footlocker is doing well >> they are. footlocker is doing well >> let's try to name something else in the mall that's doing well >> that's your job >> name something else that you are doing well in the mall can't just be apple. >> well, it's very hard because there's not much going on good in the mall, right we know that victoria secret has not been doing well in the mall. bath and body works is doing relatively well. in general, the mall-based stores are not where the action is the action is across from the
mall children case place, tj max, ross stores, burlington. guess where they are they're not in the mall. they're across the street. that's where the action is the action is coming still on-line, off price, and off mall >> mall-based retail is struggling a bit retail is not toast at all the consumer, as we all know, is really healthy wages are rising inflation is under control health care is not making it crazy this year. they are still better off on taxes than they were in 2017 all of those things are working the right way, and they are spending the consumer is healthy. it's just capturing that consumer and who is going to get it because it's still, like i say, going to on-line and off price and off mall much more than it is on. >> besides apple and maybe
footlocker, anybody else doing well right now that got your big brain focused on >> well, you know, macy's is doing better now than people thought they were going to do, and some people have come back to that stock and started talking about it kohl's is certainly doing better than people anticipated. if you have to look for things that are traditional retail that are also working on-line, those are two companies that look a little better right now than they've looked so far. in general, people are concentrating on those off mall retailers much more so than they are people that are tied to the mall >> jan rogers, always a pleasure >> thank you very much see you soon on deck, you'll hear the fiery exchange between steven mnuchin and maxine waters. speaking of heated testimony, gorman, moynihan, solomon. the top five bankers in america in the hot seat on capitol hill today. we'll give you a preview when we come back right after this
i can customize each line for each family member? yup. and since it comes with your internet, you can switch wireless carriers, and save hundreds of dollars a year. are you pullin' my leg? nope. you sure you're not pullin' my leg? i think it's your dog. oh it's him. good call. get the data options you need and still save hundreds of dollars... do you guys sell other dogs? now that's simple, easy, awesome. customize each line by paying for data by the gig or get unlimited. and now get $100 back when you buy a new lg. click, call, or visit a store today. the worldwide exchange team on point with the music today. good morning 5:15 speaking of crossfire, check this out from that building
yesterday. major fireworks on capitol hill. treasury secretary steven mnuchin testifying before the house financial services committee. watch this exchange. he got into with chairwoman maxine waters after the hearing went over its skenled time >> i thought it was respectful that you would let me leave at 5:15 >> you are free for leave any time you want. you may go any time you want. zplee was not required to stay look at that he got up and he left. mnuchin said he would rethink returning to the committee in the future if he is going to be treated poorly we'll hear much more about that on the exchange. steven mnuchin at 1:30 eastern time today
heading to washington today, they'll testify on how each has adapted since the financial crisis that's expected to come up 9:00 a.m. eastern time, and, of course, live and full coverage throughout the day right here on cnbc still to come on worldwide exchange, orders for saudi aramco's first ever bond drawing a record $100 billion worth of interest we'll speak to a former aramco executive about it next. later, the grim new numbers behind mesh's crumbling infrastructure the american road to transportation builders association out with the latest states with the worst percentage of bad bridges we'll count you down all hour. we'll start right now. the state with the fifth highest percent of structurally deficient bridges. pennsylvania more than 16% of that state's bridges are classified as structurally deficient we'll count you down four, three, two, one. we have ideas on how to fix the inf infrastructure when worldwide exchange returns
so what does the dishwasher do? cascade platinum does the work for you, prewashing and removing stuck-on foods, the first time. wow, that's clean! cascade platinum. zpaefrmt the most profitable company drawing record-breaking demand as it taps the international credit markets for the first time ever. saudi aramco seeing $100 billion in order interest for its $12 billion bond debut how does that change the game on aramco's valuation and any potential ipo? joining us now on the cnbc newsline is former saudi aramco executive saddam, currently the founder and president of
husseini energy. why do you believe there was such incredible demand for this bond >> well, good morning, brian i think the bond has confirmed the true value of aramco it's a company that has been a great success for many decades, but it hasn't been very well known, and the prospectus that came out with the bond has shown very clearly that it has exceptional financials, so both the emerging market that funds and the global investment grade investors, once they got all the facts together, i think they came to realize that this was an opportunity that they should jump on to that's why you have such a large oversubscription >> are you surprised they're not selling more than $12 billion in bonds? the -- we got to be clear. the interest is about $100 billion, but they're only going to sell $12 billion, so they're still going to be almost nine potential buyers for every one
who is left out. why not sell more debt >> that's a strategy that the financial experts and leaders in the kingdom will look into they may well be more debt-raising during the balance of the year. that can be excluded this is more than enough to kick start the very large and profound economic transformation of the kingdom it's built a lot of confidence in the kingdom they may well raise more debt, but for the time being in order to achieve its purpose which had been originally been $10 billion. as you say it's now 12 >> you know, the one thing about this bond offering, whether or not you care about bonds, is that it opened the books a little bit to saudi aramco, the world's most profitable company. where do you think their break-even point is? if you look at cash flow, and you look at their balance sheet from what we know, it appears that it could be around 35 to 45 a barrel
does that sound accurate to you? >> i don't have the detailed accounts of aramco aramco is a very profitable company, obviously, but at the same time you have to bear in mind that aramco does have to fund a large piece of the national budget of saudi arabia. it's financing about 68% of the national budget. it's not strictly speaking aramco's cost. it's a total requirement to satisfy global and supplies, but also to meet the kingdom's own financial requirements skpro thank you. >> all right seems like every day we're getting a big analyst call on disney, and we've got another one crossing right now maybe a little late to the party, but either way, vemo capital markets upgrading disney
to outperform and raising its target to $140 a share the stock hit $117.50. they like the star wars theme parks and the upcoming streaming service, disney plus now, this upgrade follows upgrades from cowan. we talked about that yesterday and moffitt nathanson earlier this week. a big week for disney. by the way, all ahead of their investor meeting, which kicks off tomorrow zpliefrmgt so much still to do, including the new numbers on the ipo that may cement its place as the world's biggest tech ipo magic gone in l.a. full story on the lakers the president's surprise departure. then counting you down to a pretty sad list. the states with the highest percentage of potentially dangerous bridges. number five? pennsylvania coming in at number four, south dakota 873 of its nearly 9,000 bridges are classified as structurally deficient. we'll count you down three, two,
we'll tell you what market just unseated japan as the third biggest market for your money in all the world. all that and much more as worldwide ek change rolls on right now. ♪ welcome back thank you for being with us on cnbc on a busy wednesday morning. exactly 5:28 a.m. eastern time as always, let's kick off the second half of the show with your executive recap frank holland is here with all the news you need to know. >> i'm right here, and here's what's leading cnbc.com right now. we start off with some ipo news. uber will seek to sell around $10 billion worth of its stock in the ipo the ride share will make its registration documents public on thursday, and that's according to people who are familiar with the matter an ipo this big would make uber one of the biggest tech ipo's of all time the largest since alibaba in 2014 uber is taking a valuation between $90 billion and $100 billion. that range was influenced by the poor performance of rival lyft
since its ipo last month the e.u. holding an emergency meeting in brussel ez today to decide whether to give a second extension for this brexit process we're now just three days away from the u.k. leading the e.u., and without an extension this friday, the u.k. could be headed for a hard brexit. theresa may reportedly has no new ideas to overcome the impasse. she is seeking an extension until june 30th. the e.u. is expected to offer a longer delay up to a year and that will come with conditions that meeting is scheduled for noon eastern a new route for jetblue. the low cost airline is gearing up to announce plans for its first cross-atlantic service as soon as tomorrow jetblue has scheduled viewing parties on wednesday with save the date emails featuring just a few hints about new roots like from new york to london. jetblue shares are up more than 2% in the premarket. brian, back to you >> right thank you very much. see you in a few minutes here's how your money and investments look halfway through the 5:00 a.m. hour in new york
the s&p 50000 snping that win streak the implied open up 32 points. a long way g to. you got the fed minutes coming out at 2:00 eastern time you got all the big bank ceos on capitol hill much can change. right now a little bit of green on the screen. let's talk more now about these markets and your money patrick, chief strategist at silver crest asset management. he joins us now. i don't know if you had nine for nine in your s&p pool, but if you did, you lost. patrick, it's still going to hit a heck of a year for the markets. to what do you attribute all that recent strength is it the fed's dovish dance is it optimism over trade? is it something else >> well, a lot of it's simply that we're seeing a rebound from a big, big sell-off. theb there was the expectation
that proved not to be the case there was a lot of concern about trade war between the u.s. and china that has at least been put on the shelf and they're denying to talk. and, leak you mentioned, there was concern about a hawkish fed, which is now turning dovish, and so, whatever other issues are out there in terms of slowing growth and soft patch for earnings, at least, you know, we don't -- we're not in a situation where the fed is -- looks like it's going to tip the economy over the edge. the fed is actually going to be patient. all those things add up to a more benign environment despite the fact that there are still plenty of things to be concerned about. >> like what >> well, we are entering -- we have a soft patch for earnings we're going to have to earn our way out of that. you know, brexit, i think we mentioned in your summary about the talks. it's very unclear where that et cetera going to end out. we could be at a hard brexit on friday or we could be looking at a one manufacture year
extension. all that uncertainty is hanging as a -- like a cloud over the u.k., and the e.u. we have slowing china. i mean, there's no lack of things to be concerned about the way i would put it and the way i put it in a quarterly note to clients just the other day is that i grew up in the midwest, in the united states, and i always knew the difference between tornado watch and a tornado warning. a watch is when, you know, conditions are potentially favorable to a tornado and you just keep your eyes out. a warning is when you see a funnel cloud we're not seeing -- when i go down the list of leading indicators for u.s. recession, which is really what caused a sell-off in the fourth quarter, you know, i don't see many indications of imminent -- >> with regard to brexit, three days to go we may not be at the house falling on the witch point just
yet, but people maybe can hear that tornado coming. they're playing it right to the edge, and it's very difficult to say whether -- it looks like the u. k. is going to ask for a short extension. if they crash out on friday, the way i view it as kind of like a natural disaster in the sense that there's a lot of short-term disruption whether or not that actually takes the u.k. economy off track, i mean, the u.k. has
been -- the u.k. economy has been pretty resilient despite all the uncertainty that brexit has created. >> let me ask you this way i'm not going to ask you to recommend individual stocks. i'm throwing apple out as an example. does apple care about brexit >> i think everybody zsh. >> does exxonmobil care about brexit >> i'm just saying i wonder if people are going to stop buying these huge cap u.s. companies because of brexit. what do you think? >> i don't think they're going to -- i don't think they're going to stop buying them because of a headline about brexit i think what could potentially cause headwinds to this market is that you have a slowdown in europe anything that rattles that cage, any additional shock is unwelcome. whether that be brexit, whether that be u.s. tariffs, which is another headline from yesterday against the e.u., and that could have an impact on earnings, and it's really earnings coming out of a soft fourth quarter going into a first quarter in which we
hope to see improvement. european earnings matter for u.s. ompanies, and so if that affects their earnings outlook or their earnings performance, that is what would impact this market thanks for joining us. we'll see you later. take care. it is time now for this morning's top trending stories frank holland is back with those. maybe the wizard of oz will be trending back. >> let's hope not. >> what else do we have? >> not that. we have a lot of trepding. let's start off with this. a new single day winning record on jeopardy for professional sports gambler james holzhauer we're going to tell you why we gave you that specific number in a second the previous record of $77,000 was set back in 2010 he was so confident in the final jeopardy category, he wagered the exact amount to make his winning total look like his
daughter's birthday, november 9, 2014 that is confidence >> did he get -- i didn't see it did he get every question right? what did the other two contestants have zero >> it was an eventful jeopardy he said happy birthday to a guy named bugger >> mcfarland >> the first record was set by virginia tech grad shout out to you >> right >> netflix is in early talks to buy the icon ek chinese theater. the deal would be worth tens of millions of dollars. owning this theater would allow netflix to showcase its films it wants to put up for oscar consideration without having to deal with traditional theater release windows. kind of interesting. this also comes a few weeks after we did another trending story about the doj sending a warning letter to the oscars, the academy about not including netflix films for consideration.
pretty interesting >> you're a west coast guy in a surprise announcement last night, i was shocked magic johnson is stepping down as president of the l.a. lakers. johnson said he told the media before he even told the owner that the decision comes after a really disappointing season from the lakers even though they signed lebron james. >> magic great guy, but he is running out of businesses. it's hard to be the president of an nba team and also have this billion dollar empire. he is part owner of the donnellers he has all these businesses. that's a full-time job >> he is worth -- this is actually a job he is a legend does he really want to grind it out every day and go to work reports are he wasn't doing it he says he wants to be an ambassador to the game and have a good time. who can blame him? >> all right coming up, the sorry tour. facebook still trying to repair its reputation
but is anything really changed in the big data company. later, we continue our countdown of the worst states in america for the number of bad bridges. number five was pennsylvania number four, south dakota. coming in at number three, the buckeye state. nearly 20% of ohio's bridges are classified as structurally deficient or in need of repair the top two on this list, some eaonowo x sait ahead. every year, our analysts visit thousands of companies, in a multitude of countries, where we get to know the people that drive a company's growth and gain new perspectives. that's why we go beyond the numbers. t. rowe price. invest with confidence.
welcome back good morning beautiful look there at hong kong where it is the early evening. let's get you caught up to speed on what is happening in the markets. the money following yesterday's 190 point decline that could rebound a bit. down quite open. not a lot up, but it is in the green or implied up. nangs and s&p also showing very fractional gains the bond market, the yield hovering around that 2.5% mark keep in mind the minutes of the last fed meeting are due out at 2:00 today they certainly have the power not just to move the bond market, but to move the stock market as well the hottest market remains hot again today. that is oil. every single day oil continues to creep higher. why you may ask? well, because inventories are coming down. iran sanctions are taking hold venezuela's production keeps coming down. global demand has remained steady more buyers than sellers
oil up again to 46.48 a barrel hard to believe it was already one year ago today that facebook ceo mark zuckerberg was grilled by congress with that company's data privacy fumbles since then zuckerberg and facebook coo sheryl sandberg have been on a year-long apology tour watch this >> it was my mistake, and i'm sorry. >> we are sorry we let so many people down. >> this was a major breach of trust, and i'm really sorry this happened >> we definitely know we're late we have said we're sorry, but sorry is not the point >> we didn't take a broad enough view of our responsibility that was a mistake i'm sorry for it >> we have acknowledged our mistakes we are listening we are learning, and we are making progress. >> facebook is also trying to evolve its approach to privacy over the past year a little in the eyes of many last month zuckerberg called for governments to regulate the
internet by limiting content, protect privacy, and maintain the integrity of elections has it worked at all let's talk about this and bring in cyrus he is head of investment research at globle data. cyrus, has anything changed at facebook the big data company in the last year >> i think this time it's different because politicians are elected by the people. it's politician that is appoint regulators, and the people are rising up, and they're saying enough is enough we want more regulation. i think regulation is coming it might be the e.u. that leads it or the u.k. as happened this week with the on-line arms bill, but the u.s. will be forced to follow and will be forced to regulate >> here's the thing. not a lot of the u.s. users
maybe use what's app around the world. that's how everybody communicates it's owned by facebook a month ago they rolled in that what's app is now going to -- which was known sort of for its privacy and encryption it's now going to be sort of connected to all the other facebook products. stuff like that ticks off facebook users does it not? >> i think it does i think if you look at this in perspective, we've always said for the last year of regulation will be big. >> when big tech was regulated 15 yoerz ago in the microsoft case it was all about anti-trust today, you know, big tech, regulation is more than anti-trust because big tech is destabilizing democracy by spreadzbloits the way you stop
competitors from getting that data >> before we -- we don't have time to get through the whole list it's a good list we'll put it on the web. is that going to tick advertisers off or make people leave facebook they keep raking in the advertising dollars. >> i think it will i this i it will have two impacts. the fist is it will have an impact -- first of all, it won't
have an impact across tech it will impact companies that have an ad funded business model. so might some of the publishers like the "new york times." within those who have an ad funded business model, facebook, google, twitter, et cetera compliance costs will go up, and here's the key more regulation is coming. california has proposed a digital dividend, which is that, you know, you tax the collectors of data like facebook, and you give that money back to the people or you use it to -- for better regulation. we expect some countries to introduce decentralized app. right now if you are a user, you want to leave facebook
facebook still has all of your da data the data should belong to consumers. we would expect some countries to bring in laws that say data blongsz to consumers if i leave facebook, i should be able to cut off facebook's access to my data if that data is stored in a decentralized app. >> you literally take your ball and go home and it leaves the platform a long way to go great discussion we appreciate you joining us see you again soon big story. still ahead, the market that just sent japan down a notch it is your morning rbi, and it's ahead. first, also long we have been counting down to the states with the highest percentage of structurally deficient bridges. it's a new list from infrastructure trait group number five, pennsylvania, and south dakota wild, wonderful, and need fixing what's the highest percentage? x nt.eahotond some ids w
fiitex 300 miles an hour, that's where i feel normal. having an annuity tells me my retirement is protected. learn more at retire your risk dot org. - anncr: as you grow older, -your brain naturally begins to change which may cause trouble with recall. - learning from him is great... when i can keep up! - anncr: thankfully, prevagen helps your brain and improves memory. - dad's got all the answers. - anncr: prevagen is now the number-one-selling brain health supplement in drug stores nationwide. - she outsmarts me every single time. - checkmate! you wanna play again? - anncr: prevagen. healthier brain. better life.
blue jeans, star wars, and red eyes top stocks, frank. >> first, let's tart off with the red eyes judge et blue may be gearing up to announce trans-atlantic service. they're holding an all hands on deck meeting in new york that's according to an invitation obtained by cnbc. jetblue could add flights to london and other cities from its new york and boston hubs the company has declined to confirm today's meeting. revenue rose 7% on strong growth at its retail stores and its on-line business you see this morning's stock is up more than 5%. stock number three, disney bmo upgraded the stock to outperform and raised its targets to 140 bmo likes disney's coming star wars theme parks and its upcoming streaming service disney plus.
the upgrade follows upgrades from cowan, moffitt and moffitt nathan's earlier this week those are stocks to watch. back to you. >> we are watching them. thank you very much, frank zbliefrmt according to a new ranking for the transportation association builders association. quickly recapping them, number five, keystone state, pennsylvania number four, south dakota. number three, iowa number two, west virginia. the state with the highest percentage of bad bridges? rhode island incredibly 23%, nearly one out of every four of its bridges are classified as deficient or in need of repair be careful out there in the rhode island and providence plantations
some states are starting to raise gas taxes. is there any sign that frain structure funding is going to any time soon? >> so the first subjects is that states could even rely on the fed for funding in the first place. >> alabama and ohio somehow politically were able to push through gas tax increases. i thought that was -- >> well, alabama is a big r state. that was pretty shocking you got to ask, okay, the dollars are starting to flow who benefits from this where are the dollars going to be spent it's really three main buckets it's starting with the bridges heavy materials are going to benefit from all three of those segues you have materials, mark marietta, u.s. concrete.
should we stop waiting for that? is this like waiting for government and just rely more on the states >> if anything is going to happen on the fed side, it should happen by august, but if it doesn't happen by august, all bets are off with that, states are going to have to focus and rely on funding from themselves. along with the bridges, roads, and water works. companies like forterra are going to rely on federal funding programs or interesting funding programs that are pushed by the states >> who is forterra, and what do they do. frta is the ticker >> forterra does a lot of the pipe and infrastructure related
to not just a residential side, but also quarterly just within your municipal water works >> they have been beaten like a rented mule. >> right now they're really primarily focused on just delivering execution really it's delivering on earnings right now and focussing on the operations. >> usually we don't mention companies with market caps lower, but the market cap has come down significantly, so i feel comfortable talking about forterra you mentioned martin marietta. when i think about roads and -- this is one of the biggest out there. >> yes >> how long do we -- do investors have to wait for something to kick into gear?
>>. >> that's bh you start -- i really do think that you are going to start seeing the free throw. >> we sometimes talk about things like iphone tales sales like it's a life or death issue. they're not. a bridge collapsing can be in fact, in your state, you live in tennessee -- there's the bridge in chattanooga. 23% of rhode island's bridges are classified as deficient. >> well, luxury for tennessee they did pass -- that increased their infrastructure funding by 30% last year. hopefully it will go towards that it took about a decade for states to stop waiting for the
fed. >> logical have visibility over the next -- >> let's hope for new ideas out there. some states look like they're kicking in catherine thompson, thompson research group, thank you. >> thank you time for your morning rbi. maybe this is a major sign of the times globally for the markets. hong kong just over to japan is the word's third biggest market. the close of today, a total value of hong kong stocks, 5.78 trillion u.s. dollars. that put it just above japan's 5.76 trillion dollars. of course, the hang seng, the hong kong index, has been on a tear this year it is up more than 16% while japan's nikkei is only up 8% not bad. certainly asian markets and chinese markets have been on fire congrats to the hang seng. you're all grown up.
breaking ipo news. reports reveal how much stock ub esh is planning to sell in the public debut it could be one of the biggest tech ipos ever disney shares are rising on the third upgrade from wall street in two days. we'll get you ready for tomorrow's big investor day when the company is going to unveil its plans to take on netflix and fireworks on capitol hill. we'll show you an uncomfortable exchange between treasury secretary steven mnuchin and chairwoman maxine waters it's wednesday, april 10th, 2019 "squawk box" begins right now.
good morning welcome to "squawk box" here on cnbc we're live from the max market site in times square i'm andrew ross sorkin, and melissa lee this morning and joe kernan let's see how the market is setting itself up for the morning. futures are pointing higher right now. let's show you dow looks like it would open up 42 points high are. s&p 500 up close to six points higher the nasdaq would open 13 points higher let's show you what's happened overnight in asia. snoo the shanghai deposit up let's show you what's going on in europe. european equities across the board are in the