tv Worldwide Exchange CNBC April 24, 2018 5:00am-6:00am EDT
you are looking live at new york city's times square it is 5:00 a.m here are your top five at 5:00 number one, breaking corporate news the "wall street journal" reporting that china's uber competitor in talks for an ipo with a potential valuation of more than $80 billion. alphabet shares slightly in the green after reporting a beat on the top and bottom lines. former president george h.w. bush in intensive care in a houston hospital. four, president trump hosting french president emanuel macron at the white house. the two will hold a joint news
conference later today. five, the ceo of united airlines getting a big pay cut when is the last time you heard something like that? it's tuesday, april 24th "worldwide exchange" begins right now. ♪ good morning welcome from wherever in the world you're watching. i'm brian sullivan it's a busy tuesday with a ton of news to get to. first your morning money setup comes first. stock futures indicating a slightly higher open the dow implied open, about 102 points early and the futures thinly traded at this hour. a jump of about 100 on the dow ten-year yields have backed off a bit yesterday at this time we were talking about that key psychological 3% mark. the yield on the benchmark
ten-year, 2.96%. we will talk more about the bond yields and their effect on mortgage rates and housing in a few minutes. if you care about real estate, you will want to hear about that if you care about driving, watch out. oil creeping back towards $70. your top business story is developing as we speak one of the world's biggest ridesharing companies could be planning an ipo. let's get to arjun kharpal with more yes. the "wall street journal" reporting that this ipo could happen as early as this year and could value the company between 70 billion and $80 bill yoen, making it one of the biggest tech ipos this year. where are they at in the process? we understand the early stages of talks there's no definite plan as to when they could ipo or if it will happen. indeed there's no listing venue as of yet. the company is also potentially considering issuing some
convertible bonds in order to raise money. why does this company need money? they're facing rising competition in china from another ride hailing service and also aggressively expanding across the world didi is not new to competitive threats. it saw off uber in 2016 when it bought uber's ridesharing service in china the company has been looking at other regions beyond its home market it invested in a company called 99 in brazil and requires this cash to continue on its aggressive expansion there's another opportunity for didi, that's that uber has been retreating from international emerging markets it recently sold its southeast asian business to grab in singapore. that leaves the door open for another company like didi to
come in. >> this would be one of the biggest ipos in human history. >> absolutely. it would be huge if you look at some of the technology companies coming out of china, what's quite interesting is that there are a number of companies in the pop line one of the world's largest smartphone players in the world is considering an ipo of 1$100 bui billion. you saw baidu. so a lot of pent-up demand for chinese tech companies that have hundreds of millions of users and growing at a fast pace the other big money story is google, their parent company afsh beati af alphabet beating on the top and bottom line. it was a wild market post-trading let's bring in dan ives.
the stock rose yesterday when the numbers came out i looked last night before i went to bed, the stock was down 8 %. now up fractionally again. why the back and forth on google's numbers >> a lot of moving parts and nervousness going into and through earnings take a step back, last quarter was a soft quarter stocks underperformed significantly. this quarter advertising is a positive step in the right direction. regulatory worries and sort of in this new world. but they're doing it at a cost in terms of expenses i think expenses continue to rise capex is increasing. tac costs came in higher than expected, traffic acquisition costs. what they spend to get business in a rough way, that went up >> that went up. >> and margins compressed. >> margins compressed.
the knee jerk was positive you digested that. the expense profile was higher than expected. but net-net, this will continue to be a battleground stock between the bears and the bulls. you will have some metrics positives. advertising is a big positive. gdpr may put some of those concerns to rest it is coming at a cost >> the other thing about google, too, they have a huge investment in uber. we talked about this didi ipo. uber's valuation moved, so google had to adjust its internal valuation for its big stake in uber. did it not >> yeah. >> that helped the quarter >> when you looked at the actual eps, it was a massive beat part of it was new accounting changes. at uber, that's about a $3 billion gain they got. it's been a home run out of the park for them. that's where now the transparency on alphabet google between nest and uber.
you're seeing more transparency in the model, which is a double edge sword if that didi ipo in china goes off, goes off well and raises the value of ridesharing, theoretically uber's valuation could go up again which would help alphabet. >> originally invested 250 million, now a $3 billion increase that's a tailwind for them >> just called them alphabet even though i said i wouldn't. >> the big sohn conference was in new york. leslie picker has the highlights >> tech and long tech was a common trend among many presentations. chamath palihapitiya touted box, known more as a cloud story company. his stake is that it was best positioned to capitalize on the artificial intelligence trend. box closed up 11% higher after
chamath palihapitiya's presentation and two investors pitched long in food delivery companies alex captain of cat rock capital pitched takeaway.com which is the amsterdam listed version of grub husband glenn catcher of light streak pointed to palo alto as a way to capitalize on a cyberwar, which he said is the next financial crisis then jeff gundlach suggesting that investors go long xop, an oil and gas etf, but this is the key, short facebook. he highlighted the regulation overhang as a factor and said there is never one cockroach in the kitchen, meaning he thinks facebook will have more to apologize for in the future. >> got to love the always
outspoken jeff gundlach comparing facebook to cockroach. what i do make of that i won't ask you to talk about oil, but short facebook? cockroaches? >> i would say zuckerberg and facebook passed the first test, but there's no doubt the earnings tomorrow will be key. specifically around regulatory concerns you still have the eu. it will be a winding road, a battle going ahead that's why facebook, the big black cloud is regulatory. i think they passed the first step but they will have to navigate this. that's the worry we think 1 billion to $2 billion of advertising revenue is at risk, but it's about containing that that's the risk of the story >> i know there was a reaction on box the stock soared after that presentation but what was the reaction on gundlach's cockroach comment
>> the stock itself did not move too much he definitely highlighted the technical analysis around that one. showing the 200-day moving average. interesting pair with oil and gas. he's been known to pair these trades it was emerging markets versus s.a.p., he suggested to lever that he did point to technical analysis as his justification for pointing those two together. the stock on either end did not move too much based on that presentation but they're big behemoths relative to what you're seeing with box and some other grubhub and other recommendations from yesterday. >> leslie picker, always a pleasure to have you on. dan, last final comment. when you say short a stock like facebook, you have to be careful. that's a massive company it's hard to move the needle it's in a couple hundred etfs. >> yeah. that's a tough sort of sled right there. i think this is one where
near-term nothing moves higher do they have longer term issues? yeah but that's one shorting facebook is sort of getting in front of a truck here just given the risk out there. if you're at home, be careful. dan ives, thank you. eric chemi has the other big corporate stories this morning >> s.a.p. is reporting better than expected first quarter earnings results helped by its cloud services s.a.p. is raising the outlook for the year shares of td ameritrade are lower despite the broker posting second quarter results that beat forecasts. the company saw record revenue which offset losses. cadence design is reporting first quarter results that topped estimates cadence sees second quarter revenue above analyst's
forecasts. whirlpool is trimming its full-year outlook citing lower global revenue growth and higher raw material prices. let's see what happens with steel tariffs going forward. an fda panel is recommending that regulateders only approve a lower dose of an arthritis drug created by eli lilly >> eric, thank you on deck, the future of sears. what the ceo's latest move could mean for the retailer and investors. here in china sales of american-made cars and suvs are growing, even though the models cost thousands of dollars more than comparable editions sold in the u.s. i'm phil lebeau, what happens if china anchges its auto trade policy that story coming up on "worldwide exchange.
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when only certain people can get it. let's fix that. let's give this guy gig- really? and these kids, and these guys, him, ah. oh hello. that lady, these houses! yes, yes and yes. and don't forget about them. uh huh, sure. still yes! xfinity delivers gig speed to more homes than anyone. now you can get it, too. welcome to the party. welcome back and good morning. let's check your global money picture. we'll go to asia mixed trade. uk up 0.3% germany up the same. france down entirely, 0.01%. in asia, a better story. all three major index there's in the green. shanghai up nearly 2%. hong kong up more than 1%. japan up nearly 1%
the beijing auto show kicking off this week. what else but trade tensions are front and center phil lebeau is live in beijing, china for you this morning >> good morning from bay jieijb. as you look at the traffic behind me, it's not hard to see the auto market is going stronger than ever here in asia and china. in part because there are more vehicles built in the united states and shipped over to china than we've seen in a number of years. look at the growth over the last ten years. last year almost 270,000 vehicles were built in the united states and then shipped to china where they were sold. so where do things stand when it comes to trade tariffs and the trade barriers here in china when it comes to autos the current tariff is 25%. in early april when president trump sent out some tweets saying we may have to initiate some stronger tariffs on a
number of products, china said how about if we raise the tariff to 50% on u.s. built models? a few days later president xi in china said let's compromise. let's see if there's a way of lowering the auto tariffs. the significant difference in how much people pay in china for a comparable model than in the u.s., the bmw x-5 starts at 57,000 in the united states. if you want to buy one here, you're paying more than $120,000 tesla model s, 80,000 in the united states, here more than 131,000. don't forget tesla has 17% of its worldwide sales in china last year. that number continues to grow. it will be interesting to see if the discussion happening here in this country about eliminating
joint ventures, the requirement for that, that would be a huge boost to tesla if that comes through. tesla then would not need to hire a local joint venture partner. that's something that would benefit tesla if that happens in the next year or two >> let's move to airlines. you have a story that's news in part because it's not something we hear much, which is a ceo taking a pay cut >> right the proxy statement came out from united airlines earlier this morning he's getting his pay cut, roughly in half. he will be paid a little under $10 million. far less than he was paid previously look at what united went through last year. operationally it improved in a number of areas. but they had some huge black eyes the dr. dao being dragged off of a plane incident that was a nightmare on the
public relations front for united this is still a company not matching its peers overall when it comes to metrics like profit margins, profitabilities that's why oscar munoz is not r mortgage and your home we'll be right back. pack in even more adventure with audible. with the largest selection of audiobooks. audible lets you follow plot twists off the beaten track. or discover magic when you hit the open road. with the free audible app, your stories go wherever you do. and for just $14.95 a month you get a credit, good for any audiobook. if you don't like it exchange it any time. no questions asked. you can also roll your credits to the next month if you don't use them. so take audible with you this summer... on the road... on the trail... or to the beach. start a 30-day trial and your first audiobook is free.
that the dow should have another decent day today the implied open up 91 points. the s&p and nasdaq implied open higher as well the cryptos a big winner bitcoin back up above 9,000. ether up nearly 6% litecoin up nearly 6%. the billionaire manager who owns sears is willing to make a deal eddie lampert is willing to buy kenmore after not finding buyers interested in those assets joining us is jan kniffen. so he's trying to sell part of sears, the xhaen company he con to himself >> he owns 40% of sears. he's their debt holder, so, yes, he an sears are one.
does that pass the smell test, seming yo i selling your own company back to yourself >> would take a lot of lawyers, however, they've been marketing these properties for two years, they claim, nobody has stepped up to the plate, which tells you what the real perceived value is he has stepped up saying i'll buy a billion in stores, give you 500 million for sears direct and home improvement and probably another 500 million for kenmore. we used to think kenmore was worth a billion. let's say you got 1.7, 2$2.2 billion throwing into sears, and then these assets moving, sears burns about 1.7 billion a year in cash, but that cash flow burn goes up. >> this accelerates the cash flow -- >> they have to pay aren't on those stores so, yes. when we used to start -- when we
used to talk about sears, they were trading for $198 a share. they had 130 stoeshmany stores. cutting your way to cash flow has not worked if they do this, they'll get by for another period of time, but as i say all the time, they sell assets, they take the money and push it up the flue. >> they may have a benevolent landlord that may have the best interest of sears at heart >> a benevolent landlord is only good if you have customers in the store that pay the rent. >> you go around to these malls, you are a 30-year department store executive, is there any
indication to you that the core business of sears improved or stabilized at all? >> no. they were down 16% or so in total, store for store sales last time they reported. they were down about 12 at kmart, but 18 at sears they're both terrible businesses they're deteriorating, not improving. there's nobody in the stores to help you the housekeeping in the stores is bad >> how long can they hold on >> if they keep pumping money in, they can hold on forever eventually you run out of things to sell. >> tough story an american -- maybe not anymore, but an american icon throughout the retail history. >> we all were in the big store -- >> they were the original amazon everyone screamed that sears, this mail order thing is going to put all the mom and pops out of business. they were the original amazon. let's check on what's happening outside of the world of business with phillip mena in
new york good morning former president george h.w. bush has been hospitalized after contracting an infection that spread to his blood. he was admitted sunday, just a day after the funeral for his wife of 73 years his spokesman reports the 93-year-old is responding well to medical treatment at houston methodist hospital and appears to be recovering. canadian law enforcement forces say they arrested a 25-year-old man who rammed a van into pedestrians killing 10 and injuring 15. the suspect is due in court later this morning authorities say the attack was deliberate and that mental illness not terrorism is the leading motive. and progress for secretary of state nominee mike pompeo the senate foreign relations committee approved his nomination along a party line vote after republican rand paul switched his vote at the last minute the full senate will vote on pompeo's nomination by the end
of the week. brian? >> phillip, thank you. still ahead, the french president headed to the white house. we'll tell you what to watch in this meeting with the president. and a long national nightmare is finally coming to a close. the monkey selfie lawsuit is officially over. yes. a court had to rule on whether a monkey can sue over a picture it took of itself we're not kidding. handsome guy we're back after this. jimmy's gotten used to his whole room smelling like sweaty odors. yup, he's gone noseblind.
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president trump hosting the french president today at the white house. we'll let you know what's on the agenda. and rates on the rise, that could have an impact on your mortgage and the value of your home. and real monkey business a court ruling on a primate picture that has all of us going bananas today. details as "worldwide exchange" carries on ♪ >> nothing says 5:30 in the morning like the foo fighters. welcome back thanks for being with us on cnbc i'm brian sullivan we'll get to that monkey story in a minute. right now here's how your money and investments look halfway through the 5:00 a.m. hour, stock futures indicating another good day for equities. futures have been gaining steam. the big money stock to watch today will be google's alphabet
after a wild ride after hours, up on earnings, fell on cost fears, now back slightly higher. analysts trying to figure it out. if you google big day in washington, today will likely come up. because president trump is hosting the french president for a state visit. eamon javers has all the details on what will be the big negotiation topics >> good morning. big negotiation today and also a big state dinner, the first official set piece state dinner of the trump presidency today it's all about negotiations on a couple important key topics, one of which is the iran nuclear deal they'll also talk about syria. on trade, they'll talk about tariffs and international agreements that the president has balked at. we'll see where all that goes throughout the course of the day. they began yesterday, emanuel macron and his wife arriving at
the white house. then helicoptering over to mount vernon, which is the estate of george washington. they looked at the place a nice backdrop for the formal meeting between the two leaders and their wives. on his arrival, emanuel macron yesterday laid out what he expected to see during this state visit. >> during this state visit we will have the opportunity to discuss a lot of bilateral issues, and to discuss about our security, about trade, and a lot of other issues that are important for our countries and beyond our two countries this is a great honor. i think a very important state visit given the moment of our current environment. >> now, one of the things that macron hopes to do is use his warm, personal relationship with donald trump to persuade the
american president to stay in the iran deal. you remember that the president has set a may 12th deadline to fix the iran deal or get out of it the french would very much like the u.s. side to stay in the deal if possible to strengthen it we'll see whether he can persuade the president to do that of course all of that complicates the north koreaen talks. the president is heading off at some point over the next month or so for a sitdown with kim jong-un. the question is if the u.s. president pulls out of the iran deal, what message does that send the north koreans about the viability of any deal they might strike with the americans? a lot on the plate today for these two leaders to hash through. it will be a big day in washington >> it certainly is, thank you very much. let's talk about what is at stake in that trump/macron summit joining us is christian malard, consultant for i24 news. >> good morning. >> good morning. thanks for joining us.
is there a feeling overseas that emanuel macron will be able to use his relationship with the president to achieve some of these goals, particularly with iran >> well, definitely. myself having lived three years in iran, i learned about this regime under khomeini. more strength with macron being tough with this regime you cannot trust them. people say they have stopped their nuclear program. i'm not convinced of that. they've been preventing the iia inspectors to go to very sensitive fields, military fields it's a problem macron thinks that if the united states withdraws from the deal with iran, that it will isolate iran and it will be more complicated. at the same time macron considers himself today the spokesman for europe europe wants the deal to go on
this is why it will be hard for macron to convince donald trump to remain in the nuclear deal. but at the same time i know that the europeans, they have had discussions eventually with the american side. and probably they might come to a compromise concerning the strengthening of sanctions if the iranians don't stop that ballistic missile program. and if they expend influence over the middle east as we have been witnessing for the last few months and years so it would probably be the toughest discussion today between macron and trump >> given popularity polls over in france, i think it's safe to think the french people think their president is crazy, if you will, for having this kind of relationship with the u.s. president. is there a belief that part of this is a strategy the charm offensive?
>> it's clear the way macron tries to talk to donald trump. go smoothly, make him understand he might be right globally, but he might be wrong but he says it in a way that might be understood by donald trump i think the french would probably say don't get aligned too much on donald trump, because he is unpredictable. it's what a lot of people think about trump in france. at the same time recently after they have been all together, the french, british and americans on chemical arms in syria against the bashar al assad regime, i think that the french public opinion understands that france and united states have to be united to face the challenges we have in front of us, especially in the middle east with the
iranians, with the turkish, with the russians, with the syrians, we have to be on the same side christian malard, pleasure we'll have you on soon thank you very much. >> thanks, brian >> you didn't know i swcould spa french, did you, eric chemi? >> i wonder if that could have been one of the five top stories. no french being spoken here. a strange case to be decided in a federal court. a monkey stumbled upon a wildlife camera and snapped selfies which the photographer then published peta sued claiming the photographer infringed on the monkey's copyright because it had taken the pictures the federal court ruled that the monkey and all other animals lacked standing to hold
copyrights >> people are going this can't be real. it's real. it was the 9th circuit there's a real issue here. they were trying to prove primates have rights in a way. >> right >> they do, but the judge said just no copyright. >> you have other rights the photos look good. >> if you're a primate artist, you can't protect the works. >> you can create the work, you can't prevent other people from selling it and making money off of it. >> i wonder if they would know look at this photo i'm so distracted. the photos are behind your head. >> it's creepy, actually a high school golf tournament in michigan was interrupted by the wrong kind of birdie check out these images the fourcome from bliss field high school had play interrupted by an angry goose. neither the boys nor the goose
were injured in the incident the goose was not hurt i wonder if there's copyright issues with those photos >> i don't know. what happened to that guy? was he running away from the goose that -- this guy here this high schooler, nice kid. he will not have a good day today. >> no. >> national pictures of him running away, falling down in his terrored-flight from a vicious blood sucking goose. >> on a lighter note we're on royal baby name watch prince william and kate introducing their son to the world yesterday. the little prince has yet to be named. there's a few favorites. arthur is one. albert, phillip after the little boy's great grandfather. i love this, because in england you bet on everything. this is all gambling material for everyone in the uk to bet on these names. >> how about pierre.
pete >> macron? >> pete? prince pete. >> i don't know if that will work >> naruda. and finally in the world of sports, unexpected trash talking if you want to call it that during game four between the jazz and the thunder thunder star russell westbrook picked up his fourth foul in the second quarter of last night's game and was treated to a taunt from former presidential candidate mitt romney. there you see him holding up the number four. not clear if romney had influence on the game. the jazz won 113-96. the jazz are up 3-1 over the thunder. if that's the best that romney can do in terms of talking trash -- the four? >> bring that back up. you have to love the fact that mitt romney has got the jersey over the dress shirt >> the stripped button down dress shirt. >> here's the question, how many uniforms do the -- the other night they were wearing orange do they just use all the colors.
>> it's an nba thing nike, the swoosh is on westbrook's shirt. >> they used to be purple and white. now orange and green >> all the teams have like four different jerseys now. >> you turn on british soccer on nbc sports, you go who is playing. >> can't tell. the third kit is a totally different color. >> i never see the team name, i always see emirates. >> they sponsor everything. still ahead, much more ahead on "worldwide exchange." your rbi what american city has the most successful women here's a hint, it's on the east coast. as we head out, let's look at some big names reporting today. a lot of corporate earnings. cramer will be ready with the coffee you will be busy all week long back after this. been jimmy's longest.
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some companies like ibm probably would have seen a bit better earnings but expectations coming into the quarter were high as well. pretty good in a normal quarter is excellent >> the big issue now, earnings pretty good, the 3% yield mark i understand it's just a number, is there any credence to the idea that 3% is worse than 2.99%? >> i think you're right. 3 is just a psychological and technical number more importantly for investors in the equity markets, it's at the pace of the ten-year moving higher 100 basis points increase in a short period of time will have a different effect on equity markets versus a span over 18 months >> what is your biggest concern? earnings are good.
you're not worried about that. 3% yield, doesn't spook you much what is the key thing for you in making sure your clients money is not only protected but continues to grow? >> absolutely. i think it's about the pace. of the ten-year moving higher. if we see the ten-year moving through the 3% level, and going to 3.5%, i think i'll be more concerned. given the stronger economic numbers, stronger earnings, i think it's all pretty okay for the markets now. however post earnings season, you will go back to what was causing concerns for the market preearni pre-earnings trump, mueller investigations, trade in china geopolitical issues, iran's nuclear deal on may 12th is coming up. not to forget the midterm elections heating up towards the
summer period. all of those things post earnings that will come back into focus and that will cause volatility but at federated, towards year-end, we think the ten-year will be around 3.25% level with s&p around 3,100 so there's upside but volatility through jot t throughout the summer period >> linda, thank you very much. we are on rate watch we talked about the ten-year flirting so close to the 3% mark what does that mean for your money? what does that mean for mortgages? we'll connect the dots between yields, mortgage rates and housing. and the city of success, the american city where women are the most successful. stick ou tarndo get that city's name
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mr. wonderful, kevin o'leary is in the house, sitting in for joe. barry stern is with us we have ceos galore. eli lilly, sotheby's, and starting at 6:00 a.m., we have six dow components reporting we'll bring you numbers and instant analysis that's what we have on "squawk box" coming up >> quickly, thank becky. i won the bet. i didn't need coffee she brought me swedish fish. my favorite. i have already eaten half the thing. >> excellent >> brian, you won the bet. fair and square. >> she has a mic >> i was wrong you won the bet. we are on rate watch the ten-year yield inching closer to 3% what do those rates mean for housing? diana olick has more >> it means rates jumped to the
highest level in four years yesterday because they follow the ten-year treasury yield. it's not really the current rate which is still low, but the fact that rates are on the move higher again and that scares home buyers. the 30-year fixed shot up to start the year and then sat and even came down a bit last week it turned up again and the expectation is that it will keep rises so we went to an open house in philadelphia to gauge buyers the $600,000 home had two offers by sunday, and buyers were much more worried about finding a house they could afford in this market than rates. but a lender on site said high prices and high rates have buyers stretching on the mortgage and putting less done >> once you get to the 500,000, 600,000, 700,000 price range, it
w used to be 20% down, now it's more like 5% >> the underwriting is still tight. the risk is if prices fall, but that can happen. >> we want to bring in mike frantoni i understand this will not destroy housing. nobody is saying that. is there a fear as rates creep up, people who are thinking of moving will make put that off because they're locked into a mortgage at 3.5%, 3.75, and they can't afford to move and pay more in the mortgage >> last week our data showed 30-year mortgage rates at 4.6. the ten-year up, we see 4.7. we think the rates will be at 5% at the end of this year and 5.5%
next year. that's enough to cool off the refinance market, but for home buyers that won't really slow down the momentum. the main constraint is not rates or access to credit but the lack of units on the market inventory is so tight. >> isn't it the first-time buyer who is stretched only the margins trying to get in there for the first time that any rate move will hurt them? when they're competing in bidding wars, how will that first-time buyer get into the market >> that last part is the point, they're in bidding wars. there's not entry level homes on the market we are seeing builders pick up pace so housing starts on the single family side up about 5% this year we expect new home sales, up last months and we'll get that news this morning. the rate rise we're seeing is not enough to impact demand.
and the demodemographics the wave of millennials that are increasing housing demand, it is a lot of first time buyers, it is a bit of a headwind to have rates rising, but i don't think that will overcome the favorable job market and demographics. >> how is credit availability? >> it's gotten better. low down payment loans are much more wide spread you are seeing things like debt to income ratios increasing. at the same time -- >> but we're not getting dumb again, are we? >> no, we're holding on to some discipline the product space is still very conservative and traditional fix-rate loans, arms with periods of 5 to 7 years. not products that led to big payment shocks >> with demand so high, you talk about these bidding wars, is it at all possible that house prices would cool down in the
next year and so when you do have people putting less skin in the game in the adjustable rate loans, not anything like the last housing crisis, but people could get in trouble because prices won't be going up quite as quickly as they are now >> let me agree with this part right now home prices are going up at more than twice the rate of income growth that's not sustainable our hope is that you get more listings, and deceleration in price growth, something like 3%, 4% to get there, it's not really a question of demand, it's more supply, getting more units on the market i worry with home prices increasing, you will run out of buyers, you'll get a drop in transaction volume rather than a drop in prices >> thank you both very much. based on where you two are, you
will like this next story. let's wrap it up with the morning rbi. what city in america can say it's the best for working women? smart asset used data on things like percent of women with degrees, median earnings of women, percent of women-owned businesses and working we who earn at least $75,000 a year the winner right outside where diana is arlington, virginia. median income just over 80,000 39% of the businesses are women-owned. if you care, coming in second, scottsdale, arizona, followed by madison, wisconsin arlington arlington, virginia, random and important. good on you, arlington another win for virginia orwi ehae.very much for watching "wlddexcng i'll send it over to the "squawk" team.
good morning a big earnings alert quarterly report quartz from so cards are coming up. a lot of questions we'll dig through. the united ceo taking a pay cut after several high-profile public relations disasters it's tuesday, april 24, 2018 "squawk box" begins now. ♪ ♪ >> live from new york where business never sleeps, this is "squawk box." good morning welcome to "squawk box" here on cnbc we are live from the flaz dnasdq market site in times square.
i'm becky quick along with andrew ross sorkin joe is off today filling in, we have kevin o'leary. he will be with us -- >> you should bring us some wonderful earnings, mr. wonderful. >> i love bringing wonderful earnings >> let's see >> eli lilly hitting on our show this morning we have a lot to come. let's check with the u.s. equity futures. already you see the dow looking at triple digit gains. the dow indicated up by 101 points s&p up by 13 the nasdaq is up by 48 comes after a mixed day of trading yesterday. the dow ended down by 14 points. it was the fourth dain