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tv   Worldwide Exchange  CNBC  May 2, 2018 5:00am-6:00am EDT

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good morning it's 5:00 a.m. at cnbc global headquarters, here are your five at 5:00. number one, apple shares in rally mode after the tech giant reported a giant earnings beat snap shares plunge after the company missed two key targets number three, xerox's ceo is making a call for an activist investor in carl icahn. the fed wraps up a two day meeting today. and number five, amazon with new prime perks at whole foods it's thursday, may 2, 2018
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"worldwide exchange" begins right now. ♪ good morning welcome to "worldwide exchange." i'm courtney reagan. brin brin brian sullivan is on assignment. let's check the market action. futures pointing to a higher open on the dow jones. implied higher by 38 points. nasdaq higher by 33 points the s&p 500 stands to open higher by more than 3 points first the big story of the day, apple. shares shooting higher after the company topped earnings expectations and announced a 0 $100 billion buyback let's get to arjun kharpal with more on apple's big quarter. >> good morning. let's dig into the key bits of the report here. that 1$100 billion share buyback
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investors were excited about that in this quarter apple gave back share holders 22$22.8 billion v buybacks, that's record sum for a quarter. so they continue to reward investors. that is keeping them happy about the stock. next key figure is iphones while the unit numbers were up 3%, revenue increased by 4%, which gives us a sense that customers were purchasing the higher priced iphones, that made tim cook excited on the earnings call, where he said customers were buying more iphone 10s than any other model each week in the quarter. not as gloomy as many feared another key part of the earnings report was the services revenue. this is increasingly important as that smartphone market slows down, apple needs to capitalize and sell services like music and apple pay and any other services that it might also invest in the total revenue figure as well
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was also in line with estimates. other things that drove that was china. apple typically struggled in the past couple years, but has seen a revival in that market 21% revenue rise in the quarter due to the i phone 10. another big product is the apple watch. that is in that other products category, which is up 38%. so it's showing apple is starting to make money off of some periphery devices guidance remains strong. that was another plus for investors. this quarter was about guidance. guidance was better than feared. apple went into this report with black clouds hanging over it, but investors did breathe a collective sigh of relief when they saw some of those results that's why you saw that after hours pop in shares. >> thank you very much i think that was a big reason the stock moved, that revenue guidance that was a nice surprise for the street to see that
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especially with the anticipation of these new generation of the x version to come, iphones in the fall where you see the slowing of the cycle ahead >> just in china as well everyone said china would slow down people would not buy as much there. there was smartphone saturation. all of that was maybe not fully put to rest, but allayed for a while now. >> china is such a competitive market they lost share there previo previously >> let's talk more about this. let's bring in david garrity david, as we talk about the results, the big key for a lot of people out there is revenues are still growing. iphones are still a big part of things, but not the only thing that apple does. what was the highlight for you and what you thought was -- or what you think is a report that at least wall street feels is a bullish one. >> i think certainly you have to look at what the services area provided, the 31% revenue growth year over year
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certainly within that, you are now looking at a business tracking about $36 billion a year larger than most s&p 500 companies. certainly with high margins. within that you have to look at the subscription businesses. you have 1.3 billion iphones out there in the installed base. in terms of subscriber numbers for apple music, you have 40 million people that's 4$4.8 billion a year out of this $36 billion number clearly with 1.3 billion smartphone and iphone owners, there's potential to grow this services business. away from that, looking at the wearables, people had written off the apple watch, but we see suddenly that wearables are up 50% year over year in revenue terms. so certainly the needle is improving for apple in a number of areas away from the iphone and we're still at early days given that the iphone represents about 60% of revenues in total >> that services number is important here
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you pointed out it jumped more than what we had seen previously as far as a growth rate is concerned. do you believe that was a one off or is this a segment for apple to continue to grow at 30% 31%, 35% going forward >> tim cook was talking about expanding into other areas, such as healthcare information that could be a services oriented business that could likely gain further traction we think there's a lot that can be done with services. from that standpoint the company, while they had come back a few years ago and said we'll be building this up, people did not necessarily take it to heart. with this traction, people have to look at services as being a more serious part of apple's business and one that balances out the overall portfolio. >> thank you very much for your thoughts on apple early this morning. a big market mover in today's trading. >> some other big movers we're watching
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snap's first quarter revenue missed forecasts as did growth in daily active users, this after the redesign of the app turned off long-time fans and users. the company acknowledged the redesign did hurt results, but it's sticking with the plans to keep content from friends separate from other publishers snap shares down 15% shutterfly reported a narrower first quarter loss and the revenue beat forecast. the company is raising its full-year guidance to reflect the acquisition of lifetouch which does school and yearbook photos shutterfly shares are up almost 11%. gilead's first quarter profit myself forecasts. shares of its hepatitis c drugs slumped nearly 60% amid increased competition. shares are off by more than 6% juniper networks first
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quarter results beat forekas the network equipmentmaker expects revenue to top forecasts. shares are up 3% early on. shares of yum china are slumping the fast food chain's first quarter profit topped estimates but sales came up slightly short. same-store sales rose by more than 3% led by kfc, sales at pizza hut were down 5% shares off 7% in extended trading. mondelez reporting better than expected first quarter earnings and revenue the snack foodmaker was helped by strong demand for oreo cookies. shares are up 1 opinion 5% i.5% trading. xerox says jeff jacobson is
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resigni resigning. icahn and deesen won a court order last week to temporarily block a deal merging xerox and fuji film. fuji film says xerox's new board is obligated to go through with the deal xerox shares are unchanged fuji film holding corp down 5% in retail news, sources tell cnbc amazon is planning more perks for prime members at whole foods. this does include 10% off already discounted items, free delivery in certain areas and 5% cash back when members use amazon's visa rewards card roughly 75% of whole food shoppers are also amazon prime members. less than 20% of total prime members shop at whole foods.
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perhaps a real untapped market demographic for whole foods and amazon together, now that whole foods is owned by amazon >> that means whole foods old loyalty program has been dissolved. amazon has made a formal offer to buy a 60% stake in f p flipkart the bid is on par with walmart's offer for the online store and includes a $2 billion breakup fee. last month it was said walmart would likely buy a stake in flipkart by the end of june. amazon has done a good job in india because of the foreign direct investment rules, they don't apply as strictly for online marketplace, which amazon runs but it does for walmart. so walmart only runs these 21 wholesale stores in india and has had a hard time sort of making inroads there, even though they point to it along with china as a growth market.
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>> a huge story. very big players to watch there. we're just getting started on "worldwide exchange." on deck, today's mystery chart this is the world's second best performing stock market this year you'll hear exclusively from the head of that country's exchange, that's straight ahead. and a travel alert to all of you frequent fliers and your furry friends. united made a change to its pet policy the full details when "worldwide exchange" returns. we use our phones and computers
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good morning it's time to reveal the mystery chart. we teased you before the break this is the world's second best performing stock market this year, it's saudi arabia with a rise of 13%. egypt is number one. let's get to hadley gamble live in riyadh with an exclusive interview with the head of the saudi stock exchange >> i am about to speak to the head of the saudi stock exchange, before that i want to give a taste of my interview with his excellency, the finance minister i asked him about higher oil prices and how he expects them to impact the reform process happening in the kingdom >> i assure you that there is a lot of excitement about reform when you see results you get more energy to just do more.
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you can see it's working it is helping the economy. so it's not really about the income income is one half of the story. fixing our income is one half of it the other half is making sure we will have a sustainable income and sustainable economy. we want to have an economy that generates jobs for our youth so there's a lot that is taking place. so the message is higher oil prices will not slow down reforms that the saudi economy desperately needs. i'm joined by the co of the stock market, the second best performing stock market globally what's happening next? we know the msci rating will come this summer it will come into effect next year what else are you doing? >> well, we're doing a lot of things in our reforms.
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this morning we announced the formation of the central clearinghouse in the saudi market which will involve settlement and clearing practices in the saudi financial market it's an infrastructural setup and requirements by all types of investors, in particular institutional investors. exciting news about opening up the market we're hoping for a positive decision by msci to continue the positive momentum that the saudi market has picked up since the beginning of this year, followed by the announcement of the ftse decision and inclusion >> all of this has to do with the potential listing of saudi aramco in the local market and then more broadly. what can you tell us about that? >> the saudi stock exchange is as excited as everybody else with the listing of saudi
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aramco it will change the saudi capital market overall, not just the exchange, as to the size, liquidity an performance the saudi stock exchange will take all necessary measures to welcome successful ipo by aramco we think the regulatory framework today is unique for such ideas and we're learning from everyone around us on what could be the requirements we're waiting for the decision by the governments on the location, the valuation, as well as venues. and we'll work accordingly to make this a successful ipo >> interms of what happens nex with the aramco ipo, can you give us an insight on how not just what this means for the local market, because this is the region's biggest economy,
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what kind of value ad does that mean for the liquidity situation? when i spoke to the finance minister, he was saying higher oil prices, we won't stop tapping international debt markets or the local markets, because we want that liquidity into the system. >> true. in once sense the saudi aramco ipo is almost doubling the size of the saudi market. that is definitely changing our position as far as size. now, as far as liquidity, saudi market has been historically proven market for liquidity when it's needed. so we're trading at 1$1.4 million. we have reached 10 billion u.s. dollars one day. so the capacity of the saudi market ten years ago was high. i think the capacity today is even higher.
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so the aramco ipo will change the markets. >> we have to leave it there guys, i will toss it back to you in new york. >> appreciate it, hadley good work out there in saudi arabia for us with the head of the saudi arabia stock exchange. today is another big day for earnings cvs health, mastercard, kraft heinz before the bell. after the close, tesla and spotify. the central bank wraps up its two-day meeting with a policy statement at 2:00 pp easte.m. e time let's talk a bit more about what to expect from the fed. joining us now is steven pete, director of international equities and investment management at janice henderson this is a meeting today that is expected to produce not a lot in terms of policy decisions, but
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maybe in terms of the overall feel for how interest rates are working what should we make of the fed in its current situation? >> well, great question to which i'm sure a lot of people will spend time analyzing the fed, but i'm not expecting anything dramatic i think the overall message or the overall impact is -- my suspicion is more of the same. so the jury is out globally in terms of where we stand in germs of global macro, which has been good probably going through a softer patch now. central banks, whether talking the fed, ecb or bank of england, one thing that unified them is one of caution so they're looking to be careful. i think the key watch word is baby steps they'll just do a little and see what happens, stand back, monitor an revisit >> something else that many investors around the world are
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monitoring, particularly here in the u.s., signs of inflation signs of inflation perhaps sneaking in faster than has we've seen in resen yecent year are your expectations about what we may hear from the fed on how closely they're watching that to get to their target rate of 2% >> i think on inflation, if you asked me three, six, nine months ago what the inflation outlook would have been in the united states, i would have been wrong. i would have expected the tightening labor market to actually be one of the byproducts of that to see inflation creeping into the system it's been stubborn, but not there. there's lots of theories put forward on this. we still think inflation will creep back in a bit but i think
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it will be modest. i think dramatic rises in inflation, we don't see that everyone will crawl over every data point, but i don't see a dramatic shift in inflation. there has to be some pressure at some point it's anybody's guess what data will reveal that >> steven, thank you so much for joining us on the show >> yep still ahead on "worldwide exchange," a power summit sitdown. brian sullivan talking the future of media entrepreneur byron allen. we'll bring you those comments straight ahead. and remember this guy? we have a big update on the man who became infamous for throwing a shoe at former president george w. bush stick around "worldwide exchange" will be right back
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from capital one. with it, i earn unlimited 2% cash back on everything i buy. everything. and that 2% cash back adds up to thousands of dollars each year... so i can keep growing my business in big leaps! what's in your wallet? welcome back to "worldwide exchange." i'm courtney reagan. brian sullivan is at the milkin institute global conference where he caught up with byron allen to talk everything from startups to the future of the web. >> when they say no, that's when you go to work we have to know. let's fix that get it done. this is an incredible time 100 years ago we had the industrial revolution. today we have the digital revolution >> i heard about this. >> yes
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>> something to do with cable tv, cords. a scissor -- >> this will create more millionaires, billionaires and gazillionaries than ever before >> i agree, but how? >> direct to the consumer. we have a relationship that's direct to the consumer i never let go of that idea. that's why ten years ago i started buying all the dot tvs i felt like dotcom was internet 1.0. but going forward it's going to be watch it. >> that full interview and more from brian sullivan in l.a. can be found on our website, cnbc.com let's check the other top headlines. frances rivera is live in new york with the latest good morning good morning to you. in an nbc exclusive, president trump's personal doctor of more than 35 years says his office was raided by three of trump's men shortly after the inauguration the incident happened after dr.
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harold bornstein revealed to the new york times that he prescribed a hair growth medication for president trump the white house denies the office was raided saying the medical unit took possession of mr. trump's records as is standard procedure. the journalist who famously threw a shoe at george w. bush is now running for president of iraq he served nine months in prison for the incident and pf chang's is connecting to its roots it will open its first restaurant in shanghai, china. it is serving american-style chinese dishes the ceo says the american palate resonates with locals. how about that for a round trip when it comes to chinese food going back to china for american chinese. >> makes sense to me >> i love it very circular.
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>> lettuce wraps thank you very much. still ahead on "worldwide exchange." more on apple's big earnings beat and exclusive comments from the ceo, tim cook. and later, peppa pig is on the outs the children's character just got banned in china. we'll tell y touhe reason why when "worldwide exchange" returns. jimmy's gotten used to his whole room smelling like sweaty odors. yup, he's gone noseblind. he thinks it smells fine, but his mom smells this... luckily for all your hard-to-wash fabrics... ...there's febreze fabric refresher. febreze doesn't just mask, it eliminates odors you've... ...gone noseblind to. and try febreze unstopables for fabric. with up to twice the fresh scent power, you'll want to try it... ...again and again and maybe just one more time.
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. tim cook on the record the apple's ceo speaking with
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cnbc after apple reported a big earnings beat. countdown to the fed, just hours away from the central bank's latest decision on rates. we'll tell you what to watch. and a travel alert for you frequent flyers and your furry friends. united just made a big change to its pet policy full details coming up it's wednesday, may 2, 2018. you're watching "worldwide exchange" on cnbc. welcome back to courtney "worldwide exchange," i'm courtney reagan. >> things are mixed at this point given apple's earnings beat we are seeing strength in the s&p, slated to open up about four points. the dow opening up by 59 points. the nasdaq up by 40.
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apple shares are higher after announcing a 1$100 billion stock buyback program. the company is also offering bullish guidance for the current quarter. apple's ceo tim cook spoke with josh lipton just last night. so josh lipton, what did he tell you about the business >> ahead of therapyings repo ss earnings report, investors were looking for what was happening with the iphone x. tim cook says the iphone x is his best seller, telling me iphone x was the most popular iphone each and every week of the quarter, that's on top of last quarter it was almost the most popular iphone each and every week since its launch cook delivered
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better-than-expected q3 revenue. i asked cook about trade tensions with china where he says he remains optimistic i think china and the u.s. have this unavoidable mutuality where the u.s. can only win if china wins, and china can only win if the u.s. wins. a potential challenge for apple going forward that some flag consumers are holding on to their iphones longer in some geographies. cook responding the most important thing is the iphone active install base has been growing double digit and is still growing double digit, including in the quarter we just finished cook is saying he has a huge install base of devices, he can keep selling services through those devices. services revenue up to 9$9.2
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billion. >> some comments tim cook made were interesting, concerning smart phone saturation he also said i don't buy the view that the market is saturated, i think the smartphone market is the best for a consumer company in the history of the world should investors be concerned about what many view as slowing iphone sales >> it is true when you look at that market there there are signs of saturation. look at the global forecast for iphone growth. cook is saying there's pockets of strength, not just for certain models, certain price points but also in certain geographies. that can continue to capitalize in the quarters ahead. >> apple saying they'll buy back 1$100 billion of stock, a big surprise, what did cook have to say about that
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>> i talked to analysts last night, they thought the buyback was basically in line, some of the people i was talking to said that's what they were looking for. we did not get a timetable of that he thinks the timetable is 2, 2.5 years. >> thank you very much appreciate it. big story for us today appreciate you being here. with us now is paul hickey a lot to look through. revenue guidance is strong for the summer, which i was impressed with since we always anticipate new products coming in the fall. tim cook saying the smartphone
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market is the best market to be in of course he'll say that the services, 100 million new subscribers over the last year those subscribers will stay in the apple eco sphere that continues the circle of life in apple products even if people are holding on to devices longer, when they replace those devices, they're going back to apple. apple retains users better than samsung and better than anyone >> you mentioned the apple ecosystem. it's big, it's the biggest company in the world it has ripple effects for so many players out there what is apple's role in the market given the influence it has in other businesses?
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>> you will see suppliers open higher today it's such a large company, such large revenues, apple is its own beast. the stock is set to open higher. as far as the market overall, individual stocks this earnings season, we have seen companies open higher and selloff throughout the day where as 2017 had an underlying bid to the market, we are seeing afsh overhead offer to the market this year until that pattern changes, you just want to exercise caution here the market is giving the message that most investors don't see. >> so interesting. they said it's so frustrating,
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because things are not going the way they should or things change midda midday >> it's almost like being a student in charlie brown's class. you here this waa waa waa and can't make news from it. >> let's put a point on this, what would you need to see technically, fundamentally, anything in the markets that makes you feel as though this is no longer a sell the market and gets back to buy the dip >> we want to see the pattern in the market change intraday, buying on weakness secondly sentiment in the market in january it got sold offsides.
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the average american was more bullish on the market than they have been since the start of the survey in the '80s a lot of that optimism has been warn off that's the first we've seen since the election in 2016 that's very encouraging in that respect. until this market, this pattern changes, we just want to wait. internals are not giving red flags that the market is not showing. we just need to see buying the dips rather than selling the rip rips >> time for the top trending stories. after several high profile pet mix-ups and deaths, united is scaling back its animal transportation services.
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the new policy will brand several breeds of dogs and cats including pugs and french bulldogs those changes do take effect june 18th. you can't blame them given the rash of bad press. >> you can't blame them, better safe than sorry. and the british show peppa pig is popular can wid with kid worldwide, but in china the car tro toon character has been associated with gangster lifestyles in adults it's now banned. peppa's crime? reports say the pig was spreading negative social influence. >> by jumping in muddy puddles >> your probably more of an expert with your little one. >> my daughter is only one, she
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loves watching peppa pig >> such a cute, british pig to me >> emotions run high in the nba playoffs, but spats usually happen between players that trend was broken last night during a game between the cleveland cavaliers and the toronto raptors. rapper drake decided to give the cavs kendrick perkins a piece of his mind drake began chirping at perkins from his usual courtside seat by half time and the confrontation ended only when perkins retreated to the locker room but drake continued his tirade after the game which ended in a 113-112 overtime victory for the cleveland cavaliers. >> you have to love your hometown teams your homestate teams >> yes >> still ahead on "worldwide exchange," a 2020 recession, brian sullivan catching up with guggenhe
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guggenheim's cio at the milkin conference we'll bring you those comments when "worldwide exchange" returns. - 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.
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before or during treatment, always tell your doctor if you think you have an infection or have flu-like symptoms or sores, have had cancer, or develop any new skin growths, or if anyone in your house needs or recently had a vaccine. alert your doctor of new or worsening problems, including headaches, seizures, confusion, and vision problems. these may be signs of a rare, potentially fatal brain condition. some serious allergic reactions can occur. do not take stelara® if you are allergic to any of its ingredients. we're fed up with your unpredictability. remission can start with stelara®. talk to your doctor today. janssen wants to help you explore cost support options for stelara®. welcome back to "worldwide exchange." i'm dominic chu. brian sullivan is at the milkin global conference, he caught up with scott minert who has a warning for your money >> you made a lot of waves with your piece that you came you the
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with and your subsequent interview with us on cnbc about the pos nlsibility of a drop in equities you're not saying the market also fall 40%. you're saying there's a likelihood of recession that historically or could cause that >> that's right. right now in the penultimate year before a recession, we think a recession is coming in 2020, that is typically a good year for equities. i said before that stocks will go up another 15, 20%. when recession arrives, and it will arrive, there will be a hard selloff in equities the longer the expansion that been, the harder the selloff will be. we think there will be a 40% decline once we reach the top. >> we would still have time to go this year >> that's right. i like to remind our clients,
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that barron von rothschild who said what is the secret to his great wealth, he said i sold early. there's strength in the equity market maybe an options play to be long stocks for a trade as the market strengthens, i would use it you have these different strategies are you worried that the stock market has not been responding very well to good earnings lately >> it's telling you something. it's telling you there's a lot of other noise and uncertainty in the market. given the tariffs discussion, you know, the uncertainty around a number of policies in washington, you know, that increases risk premium risk premium says you have to discount earnings at a higher
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rate as that discount rate goes up, prices fall. earnings are so strong so we're not seeing a decline in prices but we are seeing a decline in price earnings multiples ultimately those multiples are getting so cheap now that the stock market is becoming very attractive >> is it really? >> yeah. you're bullish on stocks now but fearful in a year and a half >> exactly >> we could make money for 12 some months? >> yes >> is a recession in 2020 inevitable on a practical level it is given the federal reserve is continuing to raise rates. the shape of the yield curve and long term rates have been sti sticky short-term rates have come up a lot. that's the pattern you see when
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we'll have a recession in the future that yield curve flattens over time, you know, i would expect that to continue as that continues i'll become more confident of this call. i say could we avoid this? yes, we could. recessions occur because the economy reaches constraints. the federal reserve has to raise interest rates, and i like to say every economic expansion does not die of old age. it dies because the federal reserve shoots it in the head. >> so a possible recession in the year 2020. if you want to know more, that full interview from brian sullivan and everything else out there from the milkin institute can be found on our website, cnbc.c cnbc.com. we're approaching the top of the hour the team is getting ready for
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"squawk box. joe kernen has a look at what's coming up. joe, did you see the cavs win last night >> i saw the score >> 113-112 >> it occurred to me, i won't complain, but we miss a lot on this schedule. >> i know. i would have liked to have seen that especially in overtime. i saw golden state won i'm watching these things. i'm interested in the philly boston series, too is dom still there it's a nice day. >> he's here he's here. he's waiting for "squawk box" to start. can't wait to see your show. >> it's still dark outside >> andrew got a hair cut we go together we stop by bed, bath & beyond, look at the duvets i thought that was impressive yesterday. the dow was down at one point almost 400 points. ended down 68. dragged up by the nasdaq
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which turned positive long before the dow started recovering there's this morning it will be all about apple today. apple, apple apple. it should be they say iphone sales are slowing. only sold 63 million of them only 1.3 billion iphones in use with people buying $30 of stuff per year in services we have the guy from journey on. not the guy that used to just wail with the ugly mullet, not that guy the keyboardist. don't stop believing i'm a believer in apple. when i text someone and they text me back, and it's green, i'm like who are you >> it's wild, right? >> you don't have an iphone? what's wrong with you.
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it's already -- i don't think they penetrated the market today. they're buying back stock. it will be tough to get to a trillion market cap. don't cut me off, dom. i don't care about time cues >> i got two iphones >> is that what you're doing >> you have a double -- you have one in each pocket >> church and state. >> she's got two iphones sorry. i hear the music go ahead >> we'll see you soon at the top of the hour. thank you. >> we'll see you later on. still ahead on "worldwide exchange," the fed in focus on wall street. the central bank wraps up its two day meeting. what you need to be watching this afternoon. and a busy day for earnings. pore's look at the big names rerting today. "worldwide exchange" returns after this break
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exchange." futures now pointing to a positive open due in large part to apple the s&p up by 4 points dow jones up by 50 points. nasdaq up by 41. joining us now is jurrien timmer are things as good as the market thinks they are? should we still be cautious? >> i think things are good but, you know, the market is driven by earnings and liquidity conditions not just about the earnings. earnings are booming first quarter estimates were at 17% going into the reporting season as high as that was, it wasn't enough two weeks in we're running at 23% annual growth for q1 earnings that's a spectacular number. the market doesn't always reward those kinds of numbers but the key factor driving markets has been liquidity
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conditions financial conditions are tightening the fed is on track to raise rates. and so the earnings and the liquidity components offset each other. that's why we're in a trading range. i suspect this trading range will continue for a while, which is certainly not the end of the world. we are approaching that late cycle phase where you start getting some offsets, and it kind of slows down the trajectory of the market, which had been straight up if that's the case, you are an investor and you've been watching the s&p 500 sitting around that 200-day moving average, what is your move here? what should we be investing in in may which has historically been tough >> i would be patient here the markets can't always go up in a straight line it's not healthy or the way the market history works so we went up for -- by 52% in two years, from early '16 to early '18.
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now we're doing nothing. that's okay. so for a long-term investor, i wouldn't change anything other than lowering my expectations and being patient. for the more tactically oriented investor, all the market has to do here is nothing and it will grow into its earnings so if the market just sits here and earnings are growing 20%, before you know it the pe awill be down to 15. the market sitting around, waiting for the next move from the fed. the dollar is strengthening a little bit we may see another sort of washout here in the next few months if you're a trader, that's interesting, because if that happens you're at a 15 multiple at that point. that's an attractive valuation >> got you jurrien timmer, thank you very much for joining us and bringing us your thoughts that is it for "worldwide
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exchange." big earnings day and tesla coming up after the bell >> big one from to the dollars in assets under care, and closer to home. spy sn white s "squawk box" is next hey, want the fastest internet?
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good morning apple shares in rally mode, and so goes the averages i'm looking for leadership, and apple, people are saying switch to value, not growth is that what apple is now? i don't know company posted a big earnings beat, strong guidance boosted its earnings program by 1$100 million. a lot of people use apple music. snapchat falling as much as 15% after the company missed two key targets, and the company just slammed for not protecting
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users privacy is starting a dating service perfect. facebook ceo says trust us with your love life it's wednesday, may 2, 2018. "squawk box" begins right now. ♪ live from new york where business never sleeps, this is "squawk box. ♪ good morning welcome to "squawk box" on cnbc. we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. let's look at the u.s. equity p futures. we are in the green. big boost coming after the market close because of apple. nasdaq right now is indicated to open up by 38 points the dow futures opening up by 50

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