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tv   Squawk Alley  CNBC  August 3, 2016 11:00am-12:01pm EDT

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welcome back. the federal reserve board today has ordered goldman sachs groups to pay a $36.3 million civil penalty for unauthorized use and disclosure of a confidential supervisory piece of information and order to implemented an enhanced program to ensure the proper use of confidential supervisory information. this is all stemming from a 2014 incident involving the former employee of the new york fed that worked at goldman sachs. also going on to say it's instituting enforcement proceedings against a former managing director and seeking to
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impose a fine and permanantly bar him from the banking industry stemming from their unauthorized use and disclosure of confidential supervisory information. my understanding is its not revealed in any of the particular documents but it's internal ratings of other banks. this was a rating of another bank. allegedly used in pitch meetings with clients and potential clients so this information just coming off of embargo now. we'll have to talk to them and see what their side of the story is but for now the news is goldman sachs reported to pay $36.3 million civil penalty. back to you. >> more from you later on that. thank you so much. meanwhile, it is just after 8:00 a.m. out west. 11:00 a.m. here on wall street and squawk alley is live.
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♪ >> good wednesday morning. welcome to squawk alley with you for the hour. on assignment in rio at the olympics and also joining us this morning out west, founder and ceo. our top story this morning, hewlett packard ceo meg whitman doubling down on comments she made regarding donald trump. here's a clip from that interview in march. >> i don't think that a trump presidency would be good for our business and i'm where i was
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three months ago. i am not supporting donald trump and under no circumstances will i support donald trump. his policies around free trade will be damaging to business aisha whole. >> let's get to john harwood in washington d.c. with the latest on that, john. >> it's a difficult time in the donald trump campaign but let me start with good news they just put out this morning. donald trump's campaign announced that between their efforts and the republican national committee they raised $80 million in the month of july. now that's not as much as the 100 million that mitt romney raised four years ago but it's not bad. 10 million behind the hillary clinton and democratic national committee effort. donald trump needs to catch up and he made some progress earlier he made a reference to raising $35 million and people thought he had not kept pace at all with hillary clinton. these numbers are earlier. he's falling behind in the polls.
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meg whitman put out a statement yesterday saying not only would she not support trump that she was going to raise money and talk to other republicans about supporting hillary clinton in the campaign. that is an indication of how fractured the republican party is right now. and i just got off the phone awhile ago with a prominent house republican that said it would be a mistake of historic proportions for the republican party to stay behind donald trump. said he is going to not vote for trump. that markets would collapse if donald trump and his protectionist policies were implemented. more evidence of troubled waters within the republican party and donald trump has to figure out whether he can calm them down. >> something you first reported on. watch to see how the morale within the trump campaign develops. we'll get right to our panel. jason, your take on meg
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whitman's comments. they're not necessarily new but it's called the highest profile defection within the republican party. >> it's completely logical to vote for hillary clinton if you're a republican. because she's much closer to gop positions than donald trump is. and he is a unique snow flake and his positions are scary so anybody in business because 2-thirds of revenue from many of the companies i'm involved with comes from overseas so it's terrorizing to think of donald trump being president and what it can do to technology companies and companies that trade outside of the united states. now of course the idea that you would go against your party is also just completely not happened in our lifetime so this is unprecedented territory but trump is a very unique candidate in that regard and there's a good chance he could win.
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the fact that he raised so much money, even though he's behind in the polls a little bit right now should be a big warning sign to people that are scared about his presidency. >> well, and this year of course many states in the united states are going to be contested david that have not been contested before. california is not one of them. but meg whitman's network is $2 billion. how much of that will she part with do you think? >> i don't think a lot but to be fair as we said she came out originally of course in support of christie when he was a candidate for the nominee for republican party but when he threw his support to trump she dramatically parted ways with christie and trump and was very critical of trump at that time. it's been an evolution. finally she is getting around to saying she would vote for hillary clinton. it's not clear how much money she would contribute herself but she is an porn voice and one that could gal sanize others to
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support and contribute. >> her political record is mixed. >> i don't know that he's trying to lend her political know how to this afternoon. we saw when they tried to have a fund-raiser, their work forces and employees are among the most international in any industry and it's just not great for your own kind of employee relations to be seen as backing somebody that is against globalization. >> we continue to see people in the republican party stand alone in this election. >> a 10% stake in the video streaming service hulu. it's valued at $583 million and
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reporting mixed results for the latest service but did raise it's profit guidance. that's raising the stock about 4% today. it was last year that we were proclaiming the death of linear tv. time warner seems to buck the trend there. at least today. >> yeah, there's three areas where live tv is super relevant obviously news, sports, huge category and this real time reality tv that unfolds weekly, those are are strong categories and live is pretty exciting on these new platforms like book and twitter so it's interesting time warner is taking 10%, it's a $5 billion valuation and it's a pretty horrible product. it will be a nice boost to have the over the top service and et cetera but linear tv has won the
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day. this binge watching is really what millennial and others seem to be drawn to but i wouldn't be surprised if we'll be talking about facebook, youtube and twitter having the live rights to clips but the ability to carrie things like cnn or cnbc or full games. this is where this is headed. they'll be even better because of the data about users. >> a few years ago hulu had a $2 billion evaluation. 5.8 billion. it's quite a jump from there. >> it is. subscriber rolls jumped also but most importantly is what the streaming service is going to look like. the condition of these networks overall from time warner. could be a fairly robust proposition. we have been watching very closely when we talk about cord cutting, what are the real tuns
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going to be for offering people something that they say okay i'm willing to get rid of my cable because i feel like my needs are being met and at what price point? we don't know but hulu is putting together a fairly compelling set of content and that's an important part of the story and time warner overall the numbers were good across the board there. it wasn't necessarily mixed. it was strong and guidance was strong. >> a slight miss. >> maybe. >> and how many services will you end up with if you're willing to cut the cord? the idea of having one solution that's going to replace everything it isn't a one for one. it's a pick and choose. >> and when he is asked about it he tries to focus on demand which is something they have invested very heavily in. >> right. particularly in hbo. >> one other story we have been watching all week, uber selling it's china operations raising it to around $35 billion. the deal raised questions about how hard it actually is for u.s.
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firms to compete successfully in the world's second biggest economy. jason, we have talked about uber for months in china as a situation that is singularly different. but if you are facebook or netflix or other companies that want to enter china, what lessons do you take away? >> yeah. so full disclosure, people know i was an investor in the first round of uber so i have a horse in this race. it's fantastic to see this move because it's disconcerting to watch two competitors in a major market where you don't have an advantage like china. a very challenging market and it's quite disconcerting. now we have taken what was the one critique i ever heard of uber's future and $2 billion in investment and turned it into a
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$7 billion stake and $1 billion investment so it's an absolutely fantastic outcome for uber to create $5 billion in value and get out of, you know, a dogfight that could result in a web van or cosmo like loss. i'll absolutely thrilled with this outcome. >> is it an admission of defeat? >> it's the silver medal. >> it's great. to have 20% of major companies in the same way and is it defeat or the biggest success we have ever seen in china?
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it's the latter. >> is it the one critique of uber? making it attractive here and we also saw some good usage numbers out of it. and including other services and the drivers are going to go where they get the most customers in the most business and drivers are voting to be with uber. it's a completely fluid market and uber provided the best economic return. i'm not worried about that at
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all. and profitability is the rallying cry and travis is one of the five best ceo's in the planet and executing at an extraordinary level. he is learning a lot. to go into china two or three years ago and create this much value. so i'm thrilled as an investor. >> putting up a fight at that cost in china is something only a private company would do. shareholders would never let them do that. perhaps a conversation for another day. it's always great to get your thoughts. >> it's great to be here. >> jason with >> let's get a check in on the markets. we have the dow trying to break it's streak of 8 straight losses. you see there slightly positive on the day. you have a little bit of a come back later in the day. shares of fitbit surging today.
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earnings estimates on the top and bottom lines. also up the guidance for the rest of the year. shares of kate spade are sinking. company reporting results lowering expectations. citing a weak retail landscape. near 52 week lows today. dragging down the likes of michael kors, coach, fossil even so this whole accessory space. >> the entire year's drop captured in one day right there. >> when we come back it's wind and solar versus oil and coal in the presidential election. how should you position your energy portfolio come november. a closer look up next. and compared to laptops and smartphones televisions are way too complicated to buy and use. we'll discuss. plus inside facebook's newest hardware laboratory where they're developing technology for the next decade. more squawk alley up next.
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the question for investors which candidate is better for your portfolio. standing by with some details. >> good morning to you david. the big question within energy now is in this critical time
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which candidate will have an impact on the stocks in the sector also on oil prices? now hillary clinton said she would focus on cleaner energy. she is talking about combatting climate change and focussing on alternatives. also, giving americans a range of energy options. she says no to keystone. she also says she wants to revitalize the coal energy but the perception is she will phase it out. donald trump says he would reduce our dependence on foreign oil and less restriction on drilling and he'd say yes to keystone and take a less harsh stance on climate regulation. now the perception now is that clinton would continue more of the current administration policies and that her plan would be a more gradual move away from foreign oil. energy independence through more drilling might pressure prices as the industry is already coping with over supply conditions.
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no one's policies are going to be implemented over night but the alternatives could benefit from clinton in terms of the coal miners they would probably do better under trump. when you look at the drillers, the jury is still out on this one. short-term clinton might be more supportive of oil prices but under the current administration we saw oil go close to $26 barrel earlier this year. longer term, trump's plan may help big oil more. back to you. >> thank you very much. well, breaking news on and walmart, courtney reagan now has the details. >> hey there, we have seeing a report cross from dow jones that walmart is in talks to buy is the company that was started by mark lorie. he was formerly the ceo and founders of and which was a part of amazon so we know he had a lot of experience under a very
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formidable competitor to wall street. that being amazon. it could be worth $3 million. that would be jet and this is citing sources that walmart may be in talks to buy for around $3 billion. >> that's a company that's conceivably done it. and it's been a gameifcation type detail where the lower the price may bt but we don't know much about the company as far as this has done other than we believe it hasn't done as well as some hoped it could do. >> we'll be watching that story. >> tinkering with their business
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model, and all you have to do is dangle a carrot. and doug mcmillan making a real effort there in terms of what they call omni channel. >> it's a customer base and walmart receives something that helps walmart. >> help them tw two day shipping. >> jet was losing a lot of money though trying to fulfill the requests. buying product where ever they could and giving it to people less than it cost them. >> we'll have more on that story when it develops. when we come back, television more complicated than tablets and smartphones.
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[announcer] is it a force of nature? or a sales event? the summer of audi sales event is here. get up to a $5,000 bonus on select audi models.
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>> what's the easiest way to go tv shopping. easy to go and he explores whether buying a tv is still too complicated. welcome, walt. >> good morning. >> whether you think it's the fault of the manufacturer of the tv or hooking up the pipes. >> it's the manufacturers of the tv. i'm not talking so much about hooking up the cable box and plugging it in. that's one cable. that's so hard. it's all of the various features they have now tapped in and imposes on them a responsibility that they didn't ever used to have 10 or 20 years ago where people just didn't ever get into
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the menu system. it's a big menu system. there's an input switching system because now people have a cable box and they have a roku and an apple tv and a fire tv or whatever and there's just a lot of stuff and the tv themselves have netflix on them and they're struggling with the user interface and the whole experience. >> given how many bells and whistles there are would you recommend someone interested in buying a tv go to a store and talk to a customer service representative to help understand what they're buying or do you think they'll still win on price if they buy online and that's worth it? >> well, i wound up buying something that was not the least expensive because it was recommended to me as being the best quality. other people will, depending on your budget, you'll go for price.
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of course you will. and what you say is perfectly sensible. go to the store and talk to an informed sales person and they show you how that user interface wor works. i found the store experience pretty bad. >> can you say where you went? >> yeah. i went to best buy and it was not great. they actually had tremendous trouble even demoing to me, how do you get to netflix and hulu and amazon on this tv which is one of its big selling points, how do you get to it and they have to go back and forth between two or three different floor models, flipping, turning, changing things before they could show me the menu and then they couldn't show me the actual picture from netflix so it wasn't a great experience i wouldn't say. the tv, picture is great.
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>> i was going to say that's where these companies feel they're competing is trying to give you the best picture and price as well. and see the frustration, folks at apple have seen about the tv experience and every step of the process and solve all of this for us. >> they loaded up the tv, what we used to call the tv set which sounds hope leslie old to me with all of these things. they're going to be moved into boxes that are largely going to be made by google and apple and amazon. we already have them but if they were allowed to carry, to be your cable box as well those
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companies have spent 20 years. ten years or whatever it is working on us, ui, they understand. people are familiar with it and i think that's probably this long-term salvation. >> we have an adhere that shows a father and daughter working on a tablet and it says so easy an adult can use it and i'm wondering if you think that we're getting older or the tvs are really getting that much harder to use. >> well you're not getting older. >> people think i'm a millennial but i'm an old soul. >> i am getting older but i am very, very depth because this is my job a complicated overly
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redundant user face and there's probably some of the competitors because they're using something that i still like very much and they have kind of unrecognizable on the tv. >> walt it's an understatement. not talking about you. just the populous in general but if you're buying a tv you should check out walt's piece. we'll see you soon. >> see you soon. >> meanwhile we just hit the european close in the u.k. and across continental europe. let's get to michelle at headquater with that. >> relatively flat session in europe. red and green and you don't see major moves in either direction. the banking sector rising for the first time in three sessions. shaking out the stress test and regulatory con certains.
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the stocks can't go down every day, right? let's show you the big movers. hsbc is one of the biggest gainers. $2.5 billion stock buy back. that follows the sale of the brazil unit last month and that buy back helping to lift the shares and the banks receive a 10% return. also on the rise 4.5%. loans fell sharply and stock now up 60% since that 18 year low we saw back in february and there's france participating in this bank rally today. second quarter profits rose. on the economic front, euro zone composite pmi rose, up 53.2. .3 above consensus and the euro is weaker against the dollar. it will cost you $1.11.
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ahead of tomorrow's big rate decision. more signs of the fall out from brexit. business activity index for the u. k. fell almost five points in july. 47.4. that's the fastest pace of contraction for the u.k. economy since 2009 during the financial crisis. a quarter point rate cut by the boe, foregone conclusion. right now the pound as you can see $1.33 weaker against the dollar this morning. kayla back to you. >> thank you, michelle. let's get to john harwood with developments on the story from the trump campaign. >> just wanted to provide a postscript in the last couple of hours about disarray within the trump campaign about the way the candidate is behaving right now. reports from chuck todd at nbc that the republican chairman and rudy and other allies, newt gingrich are planning a weekend
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intervention with the trump campaign with the assistance of donald trump's children. the children have been very influential mt. campaign. they were influential in the firing of the campaign manager and the replacement with paul manafort. they want to have a meeting to urgently convey to the candidate the need to impose discipline on his message and not pick needless fights this has been tried before and it hasn't been successful. >> all right. keep us updated. we appreciate you bringing us that story. john harwood in washington. still to come, 46 start ups in one day and which ones made the grade. which ones didn't? 500 start ups founder is up next. ♪
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>> it started tuesday afternoon and consumed some 1700 acres. it has caused the evacuation of 35 homes and the olympic torch arriving by boat today. it will pass through the city and end up at the olympic stadium in time for the opening ceremonies later this week. and that's our cnbc news update for this hour. let's get back to squawk alley. >> thanks so much. more than 40 companies hitched their businesses to investors.
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dave joins us to talk about the latest batch along with josh lipton. >> thank you, kayla and thank you for joining us this morning. >> good morning. thank you for having me. >> so more than 40 start ups at this demo day. what was the big trends and themes for this class. what was any specific technology that blew you away here? >> well, for us a lot of things we focus on are every day needs for people all over the world. a lot of our emphasis this is time services for business and also beauty and fashion. so surprisingly a lot of the online world is a great way for fashion companies to get the message out and certainly there's lots and lots of businesses adopting online technology. >> we talk about b to b software today. what was interesting is those are exactly the kinds of companies that are going public
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what do you think is attracting public market investors? >> money. >> one of our companies just went public recently and went quite well after the ipo. they deliver services for he helping them create messages on sms and platform and growing and getting close to profitability and they have been rewarded in the public market as a result. >> and you think about exits going up, how do you think about that and i do expect it to pick up a little bit and most of our companies probably 90% or more and the acquisition.
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and they have a portfolio and you know, a few of them are going to make it out and go public and primarily and made companies have to make more decisions about the next round of capital and now the private markets are stingier than last year. >> thank you for coming on. we appreciate it. >> you bet, thanks. >> kayla, back to you guys. >> thank you so much josh and thanks for bringing us that guest. up next how instagram is getting in on the action in rio. squawk alley will be right back.
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today on the halftime report so-called smart money. equities and bonds and investing in the market. handbags and heart rates a big miss for kate spade and trading today's movers and a 20% jump and one of warren buffet's favorite names. all straight ahead at the halftime report. we'll see you in 15. >> we'll tune in to see what the name is. appreciate it. >> rick santelli has the santelli exchange there. >> you all heard the expression margin of error. we're going to call this piece
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thor error of margin. when you listen to large institutional bond kings and guru's past present and maybe future you hear a common thread. there's an anxiety that the high price and low yield of high quality sovereigns and particularly treasuries may have a ticking time bomb with regard to longevity. so icon templated what exactly could alter the landscape? what black swans could cause this to change? and i'll be frank, i'm really hard pressed to come up with any except for i thought of one easy one. but margins are business and market activity so when business activities or banking activity or trading activity rises there needs to be more margin in the system and conversely gdp has
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been dismissed. it's a meaningless statistic. whether it's trading floors or electronic platforms or how many days the dow has been down and looking at the range and i don't think it's going to be a gauge that's going to give you any huge insights. it's a minor lagging indicator but it's a good one and low for awhile so let's keep that logic. treasuries and high quality global sovereigns are the preferred margin. why are they preferred margin? after the crisis regulators want it that way and consider this, you're competing with central banks that also hold high quality sovereigns. many think it's a big conspiracy if the fed or ecb can't find places to store more high quality sovereigns let the banks or high quality institutions and
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there's notions that isn't going to change but this box can change quickly because with activity down some of the margin hits the markets. think about what happened in the jgbs. it had 23 or 24 basis points of moveme movement. and maybe the biggest danger is something we stair at every day but haven't considered that a black swan might be just a little black duckling but the damage might be every bit as severe. kayla, back to you. >> rick santelli in chicago. thank you. still to come, instagram and facebook's big plans for the olympics. squawk alley will be right back. where, in all of this, is the stuff that matters? the stakes are so high, your finances, your future. how do you solve this?
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you don't. you partner with a firm that advises governments and the fortune 500, and, can deliver insight person to person, on what matters to you. morgan stanley.
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facebook and instagram partnering with nbc's olympics coverage of the games in rio. posts by celebrities and athletes incorporated into nbc's olympics coverage. for its part, nbc will produce a daily two-minute recap video for facebook users. this comes as traditional media struggles to meet audiences on social media and social media platforms looking to offer more content. stain grah instagram's global sports partnerships i didn't know there was until i read a little about
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you. what's the goal what you're trying to accomplish for instagram? >> if you think about the olympics and instagram, they're really a perfect marriage and we're excited to be working with nbc around bringing video content to the platform. over 165 million sports fans on instagram out of our 500 million that use the plat for. one in three people or instagram are sports fans, big sports fans. think about the athletes in rio, sharing great authentic behind-the-scenes content. our goal, bring sports fans closer to the action in rio. >> is there a sense that in doing so they're more likely to actually view the games on nbc? >> definitely. i think we view instagram and facebook and all of our family of platforms as a complement to the broadcast. certainly we're excited to have nbc sharing not only highlights, also behind-the-scenes clips serving as a complement and
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drive folks to tune into our broadcasts in realtime. >> how do you use that data and posts throughout the day figures which will be highest? because this olympics, unlike prior olympics, touted because of the main veenevents happenin primetime because the time zone isn't that different. recaps first thing in the morning? at night? how do you fig whir moure when likely to clip on it? >> instagram video channels aggregating the best content throughout the course of the games. whether here in the u.s. or if you're in the uk or australia, on the ground in rio, serving up the best content. see those on search and explore and data that points us in the direction of where we're seeing spikes in activity and which pieces are getting the most engagement and we want to serve those up to folks in realtime. >> brandon, we showed the most
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followed instagram users among athletes at the olympics, four nba eers and serena williams. what does it say about general dependence on celebrities and already known famous people to drive engagement as more of a peer-to-peer sharing platform? >> we see as i mentioned earlier athletes are the primary point of connection for sports fans on the platform. serena williams is a great example. one of the early adapters of instagram storied which we launched yesterday. taking fans behind the scenes as she was traveling to houston for team processing, getting her uniform, engaging with other olympians on the ground before heading into rio. we also see sports fans connect with each other on the platform. we think a lot of the tools we have whether instagram stories, or nomo posts, photo or video, allow fans to connect in realtime around these major sporting events. >> what about the use of hash tags?
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brandon? we learned a few days ago the u.s. olympic committee is cracking down on the official use of hash tags. does instagram have those restrictions? >> no restrictions that we put in place as of yet. we certainly expect athletes to share the great authentic behind-the-scenes content they normally do, but, yeah. no crackdown we've seen of our heard of thus far. >> your expectation the athletes will be particularly cooperative? expecting to get a lot of behind-the-skeen behind-the-scenes stuff in term te s of the olympics? >> yes, being they're authentic selves, down to travel, or preparation for the games. go on our search and explore tab featuring great content from athletes around the world getting ready to compete in rio. >> looking forward, of course, to the beginning of those games.
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friday night. the opening ceremonies. brandon, thank you for joining us. appreciate it. >> thank you. meanwhile, markets turning around in the third hour of trading currently down up 24 hoints. s&p and nasdaq fractionally higher as well. more "squawk alley" up next.
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a busy day in the markets, which are in positive territory after losing some ground after a surprise build in crude inventories that hit at 10:30 a.m. eastern time. mike, we are going to have a busy afternoon of earnings that we'll be watching. tesla, street expects a loss of 1.15 per share. particularly notable, the cash burn. >> absolutely. >> expectations. >> cash burn and adjustments to their production expectations which is always what you fixate on. of course, we have a little matter of a proposed merger with solar city. >> slight merger. of course, the company usually goes out on a limb on earnings calls and gives projections. analysts looking for that. and square, stocks down 21% this year, still above the ipo price. not saying much. the stock sold up heavily soon as the earnings call begins and
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investors worked through it. people will be asking ceo jack dorsey about the move, and twitter today, sharp intraday move on market chatter. of course, he likes to stay squarely focused on the company. >> on square. yeah. that criticism also if not a good quarter will continue about running two company, kayla. which continues to sort of be a question, at least, whether you can do that successfully. >> and then a lot of folks in the media space still watching time warner. hbo, perhaps didn't grow as much as the street was looking for, but raising that profit range for the full year by 5 cents certainly placated a lot of investors. >> and domestic affiliate feed growth good for time warner. overall, good quarter, and hulu investment of 10%. not enormous including dollar amount certainly got people's attention in terms of as they continue to focus on the future of tv as we like to say. what it will look like. >> big ones underperformed. looks cheap to a lot of people relative to what else is out there the fact that major
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sell-off began one year ago. >> exactly. >> a long, strange trip it's been. >> wow. >> david, thanks for joining us. thanks, as always. heading towards noontime on the east coast, over 0 to scott wapr and the "halftime report." all right, kayla. thanks. welcome to the "halftime report." i'm scott wapner. top trade this hour, pullback or push forward? it is the central question for investors these days, especially with the dow at rick of its longest losing streak in some five years. all of this as some of the biggest names in the business now from gundlach to gross, and within 1% of record levels, is the so-called smart money right? with us for the hour today, steve weiss, josh brown and jon and pete najarian. pete, this question to


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