tv Squawk Alley CNBC June 5, 2018 11:00am-12:00pm EDT
live ♪ ♪ good tuesday morning welcome to "squawk all i'm carl quintanilla with jon fortt on post nine of the new york stock exchange. morgan brennan has the morning off. busy day today for the likes of apple and amazon we begin with the news of starbucks executive chairman howard schultz leaving the company, stepping down from his role andrew sat down with him this morning on ""squawk box"." he joins us once again to wrap that up. good morning, andrew. >> good morning, carl. it was a big day in seattle, howard schultz stepping down
after his tenure after growing starbucks around the world the big question and issue is the speculation about what he's going to do next he has said that he will pursue, at least, exploring some form of public service, which has led to lots of questions as to whether he will run for president in 2020 he has said he did not make a decision yet but had a lot of views about public policy in this country take a listen. >> i've been engaged in a number of, i think, very important issues that are facing the country and trying to advance the cause of the national conversation about such things as iigration, as an example. let's just take that i don't think we've got a very humane policy. i think we need border security. but there is a lot of nontruths. as an example, two-thirds of the undocumented people that we're talking abouare people that have not crossed a border.
these are people that are here because their visa has expired that's one thing we talk aboutre. we are in a trade battle here that i do not understand our problem is not china our problem is here in the u.s we have a $21 trillion debt. these are things that are unsustainable. we have a budget process that is broken we've got a situation with veterans in which we talk about taking care of veterans, but th the va doesn't work and we have a tax policy, as you know, that i talked about a year ago when i was with you. i was very disappointed. corporate america did not need a tax cut to 21% when we could have done so much more for the people in the country. 45% ofple in america don't have $400 in the back for a crisis all of these, i think, are concerns of mine i can't be nailed down today on a specific of what i might or might not run for. i want to think about this through the lens of what it
means to be a great american citizen. i don't know what that means that the point but my concern for the country my concern for our standing in the world, the lack of dignity, the lack of respect, the vitriolic behavior coming from this administration, i think we can do much better. i think the political class, as a whole -- not only this administration -- has been reckless, specifically, with regard to $21 trillion in debt and not being as fiscally conservative as we need to be. we are going to pay for this in terms of the next generation and it's unfair. >> i want to read you -- thiis professor douglas brinkley at rice university. in the white house has not been good you basically have herbert hoover and donald trump. what do you make of that just the idea of having political experience. >> well, i think the rules of engagement for running the united states of america in a global society is very different than comparing it to hoover or
the current president. what i specifically mean bthat is we have serious problems that we have to address and i think the issues we are facing in terms of the dysfunction and polarization that exists within the government is really based on a systemic problem of ideology and i think we need a very different view of how the government and how the country should be run. and it's been a long time, i think, a long time, since anyone in government has walked in the shoes of the american people and done the things that would demonstrate the humanity of what is the values of the country and the guiding principles of the promise of america. >> do you think that president trump's presidency, his election, has changed the dynamic with which somebody like you could think about public service in a way that you couldn't before? >> it's an interesting question. there is a bifurcation
i want to say this respectfully so no one misunderstands i have run a company for 26 years as a fiduciary the current president ran a company for, what i understand, running a private company with -- i don't know if there was a board. i don't know what responsibilities he had to other shareholders bob iger has run a public company. when you're talking about a ceo in terms of public office, there is a very big difference between someone who has run a global entelike myself, who has traveled to china probably more than any oth ceo in thst ten years, who understands those issues, versus someone who has run a private company with very little fiduciary responsibility to other shareholders. i'm not t as good or bad, but it is a big difference. yes, president trump has given license to the fact that someone who is not a politician could potentially run for the presidency whether or not that has anything
to do with me remains to be seen. >> howard schultz, insisting he has made no decision about what he iing to do in the future, but, boy, did he sound like he might be testing out what he could sound like on the campaign trail, guys. it was a fascinating discussion. >> interesting idea, andrew, of him getting into politics. he sounds like republicans used to sound, i guess, about 20, 25 years ago, fiscal responsibility, tackling entitlements, democrats having moved too far to the left. i mean, this is not the language of somebody who is trying to get elected, though. how much talk has there been about the electability of these kinds of positions >> you know, it's a great question starbucks and howard have long been seen as being aligned with the democratic party but i think one of the comments that he made was just how far left theratic party has
gone and clearly how farright the republican party has gone. he could be described as a rist i think people would debate that you could argue that he is, squarely, in the middle. a lot of people talk about the country being in the middle. but it's very hard, especially if you got to the point of primaries how to make that work. but, you know, i think as we've seen in the past two years, given everything out of washington, all of our conventional wisdom about all of it, at least mine, i'll admit, has been wrong we'll have to see where this ends. >> andrew, obviously, he didn't declare his candidacy this morning. we understand that on a timeline, what would be the next event that would give you a clue as to his intentions? is it going to be something about fund-raising or filing in various states or something like that
>> you know, my sense this is just talking to people both around him but more broadly in the political world to the degree that people are going to announce a candidacy at any point, i think, is probably a year from now, before you're going to see people really announce themselves. and if you remember -- and i don't know if howard schultz would pursue this strategy, but, you know, michael bloomberg talk for the record a very long time about wanting to run, almost waiting, perps, too long i think there was sort of a sense, let's see how things shake out. if you're ceo, given the position that howard schultz has been in and the position that so many other ceos have been in if you want to go for it, you want to go to s kept mayor bloomberg from running we'll have to see sort of where things stands, who emerges first and potentially how the democratic party, republican party emerge before, perhaps, howard schultz but, as i said, we're going to
see. yep it's going to depend on the backdrop that's absolutely true andrew, great stuff again, as always andrew ross sorkin in seattle today. cnbc contributor, along with our own john harwood guys, good morning good to see you. >> good morning. >> jimmy, let's try to game this out. you can take it wherever you at would this look like ostensably how would he get through a primary and succeed to a general? >> there's not a political party for him right now. i can't imagine someone who, at one point, said they would run to the right of hillary clinton, who is talking about debt, deficits and entitlement reform, i don't see a place in the democratic party for someone tha he himself has acknowledged they're moving left. most of the party is already to the left of him. unless he is goio spent $250 million, probably, as an opening bid on an independent run, maybe
john has some idea i don't see where this shakes out for him. >> john harwood, it's kind of a strange world where you have a ceo with the track record of howard schultz yet you're saying think thera party for him. it's a brand everybody knows he has a track record of success. what does this say about the polarizing world of politics >> he is an extremely impressive guy. very articulate, well spoken in that conversatn with arew. he is right, he is a much, much different kind of person than donald trump in just putting the term business guy on each of them doesn't do justice and the difference between them.
but to jim's point, he is more of a democrat than a republican. but he's emphasizing issues like debt and deficit, which would make it hard to excite people in the democratic primary most people with a profile like howard schultz would be -- and the money, would be inclined like mike bloomberg to explore at we've seen wiindependents inn particular ross perot, who made the most credible third-party run we've seen in our lifetimes, it's more of an independent drawing from republicans and that's likely to be the market for independence in 2020, because there's so much disaffection with donald trump he remains popular within the republican party but there's a good number of republicans who would gravitate toward a more business-like alternative. and some of the themes that howard schultz hit about civility, decency and let's do
things that make sense, all those things are appealing i think it will be difficult for him. one thing i do know is when you have somebody like him who has a ton of money, if he's really interested in doing ithe's going to have consultants gravitating to him they can make a lot of money off howard schultz's campaign. >> to his point about heated rhetoric and civility, is that the language of modern politics? are ceos being surrounded by d reg fd, do they even speakl the way politicians are going to speak over the next ten years? >> well, he doesn't have that skill now, i think both in the language that he used -- maybe cnbc is fferent than if he was out on the campaign trail -- or i think the president has certainly changed the tone of politics and democrats -- listen, they're angry. they think the country is headed in the wrong direction if he's going to run as a democrat, that's going to have to change. the democrats want like a quadruple shot of espresso from
their presidential candidate right now he's more green tea. that would have to change. >> guys, let's just remember barack obama in 2008, he didn't run as an angry guy. he didn't sound radically different in talking about issues than howard schultz did he had the uplift in message about the american possibility but howard schultz was trying to describing some of those cords now, would he be an effective candidate on the stump nobody knows but it's not as if it's impossible for somebody with the tone of howard schultz to advance in politics. he's just got to figure out what his niche is one thing you can say about the democratic primary is completely wide open nobody has a clue who is going to emerge from the 15 or 20 democrats who were considering running right now. this is a field without a
front-runner so to that extent, howard schultz would at least have an opening opportunity. >> right. >> the president disinviting the eagles, who looked wishy washy about showing up to the white house and instead doing a celebration of america some on thgles speaking out, that some wanted to go and arguing they should have been able to. what is the impact of this move by the president, not only on the culture and the politics but also perhaps on the nfl itself this contrast between the nfl team that won the super bowl isn't going to be here instead we're going to celebrate the anthem, perhaps resurfaces those old wounds. >> this is the last thing the nfl really needs they have sort of this ongoing -- the future of the nfl, ongoing concussion issue, which is going to be terrie as far parents wanting their
kids tplay football. listen, for the cost of a couple of bears' tietce can a beautiful 60-inch television and watch the game from home they're trying to market patr t patrioti patriotism that's been a major theme. in the short term this is bad for the nfl. in the longer term, listen, i think there's something to the idea of living in a country where you t have massive amounts of political uncertainty, where you don't have -- where everything is not politicized. and if you run a business, even a business like the nfl or factory somewhere, you don't have to worry about being on the bad side of an elected leader that you'll get legislation against you or regulation or bad pr from a tweet. i don't think that's a great way to run a railroad. >> the nfl has a big problem because its fan base diverges from its player base and the players feel differently about this set of issues than the fans
the owners have gone with president trump and big parts of the fan base, but thaton top of the concussion issues and t other marketing issues that the nfl has been dealing with make thomhey don't need, as jimmy said. >> one last thing, john. the league did change their policy and i hate to use this phrase, but is there a sense that the president moved the goal post even after that? >> yes there's no question about it and the players are not happy about it and when the president keeps tweeting out, you can't hide in the locker room, there are a lot of players who are going to be upset by that. i don't know how they're going to react i don't know what they're going to do. certainly the example of colin kaepernick is not encouraging to a lot of people who want to protect their jobs but this is a vain of tension that is getting bigger and not smaller thanks tthe president. >> gentlemen, good discussion.
a lot going on today big questions that we don't know the answers to quite yet jimmy and john, we'll see you soon. >> thanks a lot. now to leslie picker, who has a market flash leslie to shares on allergan. attention they're higher on a letter from two investors, urging management at allergan for corporate governance shakeup it's one of several letters to e board of directors but this is the first one to be disclosed publicly it comes on the heels of the latest strategic review about a week ago where allergan said it would sell its women's health and infectious disease units they're down about 32%r so over the last year two investors say the strategic reviewsents a continuation of a, quote, untenable status quo. now, appaloosa and senate group are pushing for major changes
here a split of the ceo and chairman, both held by the same person a nean or ceo from outside the company, replace two additional directors on th board and upgrade management personnel in critical operating unit units. it's unclear whether either of those investors will be nominating their own candidate to the board we'll be monitoring this closely. back to you. >> leslie picker, thank you. when we return, a little bird told me this stock is soaring. catching twitter shares soaring this morning. later, tech rally. why amazon, apple and others are posting record highs more "squawk alley" after this
welcome back the nasdaq coming off a record close. names like apple and amazon e leading the way, posting record-closing highs of their own. and twitter jumps in trade as it replaces monsanto in the s&p 500. brent bill, managing director of the jeffries internet team and our own cnbc commentator mike santoli. brent, why are these particular stocks not just in faang, i would include microsoft as having a nice run, apple has done better than many expected
with the iphone slowdown is this the case of the strong getting stronger or is there a particular dynamic at work >> thanks for having me. i think the fundamentals remain exceptionally strong you're talking 20 to 30% growth rates across many of the names in internet that we cover. you also look at some of the traditional sectors that have weakened and tech has picked up the slack. lative valuations on facebook and google are at 12 times, a discount to the internet pee group. there's still room between 10% to 20% outside in many of these names, even considering the run so, overall, i think there's a combination of factors that are at work between tech inflows, which was a record last month, $7 billion of inflows, $26 billion flows in most of that wasn there are multiple factors that are at work right now. then you look at m & a
you look at microsoft with the github acquisition of $7 billion. these multiples are multiples we haven't seen for many years. so -- >> right. >> there's multiple aspects to this rally we think, again, for the bigger platforms, to your point, the big are going to get stronger, google, facebook, amazon and we think that ultimately the long-term road map looks fantastic there for those stories. for mid and small cap it's more mixed. >> right mike, it hasn't been smooth all the way up for these companies facebook, obviously, had cambridge analytica shock. microsoft has been allowed to buy github, that doesn't make a ton of money, seen as a strategic buy. apple had the iphone concerns that they seemed to have shrugged off. >> they were all quick gut checks when you look at what the overall market has been consumed with, in terms of fears, and went down the list, you would
say we've been most afraid of trade disruptions because of tariffs, costs of labor, cyclical growth not continuing slowdown in europe all those things affect the market other than tech n a defensive way tech has stoodut in that regard if you really want to own cheap stuff right now you're buying a portfolio of the disrupted you're buying ford motor company, gamestop, discovery communications and capital one financial, if you want to buy single-digit pe. too many investors look at that and say, wow, i can see what's wrong with those companies, or potentially long term. i can't really see what's wrong with these tech companies, especially the smaller jv ones that might get acquired even though they're too expensive or except for the fact that they're get toog expenting too expensiv >> is there a universe outside of fang that has all the attributes of protecting yourselves from banks and industrials but don't have the
crazy valuations of fang itself? where would you go first >> yeah, there are, carl iec and godaddy. iec is a collection of assets, playing a number of merging internet trends, match and dating angie and home adviser and thehs and then godaddy has been a name in midcap we've highlighted for many years it's super consistent. it's not going to flare up it's not going to flare down fantastic management team. we like the position they're in for small businesses those are two names that we like that are, in our view, are favorably valued iec trades at 11 times even. it has, in our opinion, north of 15% the next three years. >> i want to throw you what is perhaps a curve. i know you can hit them anyway what is the lesson of twitter? snap came on to the scene. hot stock. a lot of people wanted to jump into it.
>> yeah. >> if you had jumped into twitter at that point instead of snap you probably would have done pretty well. >> i think one of the lessons is, surviving long enough within an area that's growing really fast, you can kind of get your share. even if, of course, user growth and advertising growth has not even been close to anything like the overall market of facebook and google have captured but they've gotten just enough and have preserved, i think, their franchise. they're somewhat different you hang around long enough and you're going to get a $25 billion valuation even though it's only 1/20 of what facebook is it's a real number now. >> they've been saying that for a long time and it came true. >> maybe palm eer wishes he had stuck around. >> i was thinking it he's doing pretty well contessa brewer joins us once again from outside the
courthouse good morning again, contessa. >> reporter: harvey weinstein pled not guilty to two felony rape charges and a charge of criminal sex act his bail stays the same. out on $1 million bail he has to wear a monitoring he has already forked over his passport the lawyer in this case, his defense attorney asked the judge to separate this case into two separate trials. remember, this is based on the accounts of two different women, one from 2004, one from 2015 and brafman thinks they should be separated and evaluated by two different juries last week, ben brafman told us harveytein did n invent the casting couch. today in court the proser complained that the phrase casting couch makes light of the case brafman apologized and vowed not to use it again but insisted that weinstein's conduct may have been inappropriate but wasn't criminal. here is what brafman told us
after court today. >> rape is a terrible crime and he has denied these allegations and as terrible a crime as rape is, it is equally reprehensible to be accused of rape. since mr. weinstein has denied these allegations, that's where we are. >> reporter: now, dozens of women across the nation have accused harvey weinstein, many have filed civil complaints and not just against weinstein but against the companies that he was associated with. miramax, disney and the now bankrupt weinstein company by the way, some of these civil complaints also named the board members of thesepaniess well gloria allred, victims' rightsay she doesn't represent the two named victims on who these criminal charges are based but other new york alleged victims as well. she says she thinks in this case previous bad acts are going to play a large role in the justice. and she's urging people to come
forward. so is the d.a. by the way, if harvey weinstein is convicted of all of the charges here, he faces more than 50 years behind bars, guys. >> contessa, we'll rely on you to help us understand what's happening at the statereme court contessa brewer in manhattan get a check on where the markets stand as we go to break. dow adding to losses, down about 54 color of the components really describes the take today ibm, microsoft, apple in the green. morgan and utxn e d. ckn a moment you traded options. i'm not really a wall street guy. what's the hesitation? eh, it just feels too complicated, you know? well sure, at first, but jj can help you with that. jj, will you break it down for this gentleman? hey, ian. you know, at td ameritrade, we can walk you through your options trades step by step until you're comfortable. i could be up for that. that's taking options trading from wall st. to main st. hey guys, wanna play some pool? eh, i'm not really a pool guy. what's the hesitation? it's just complicated. step-by-step options trading support from td ameritrade
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good morning, everyone i'm sue herera here i cnbc news update. hundreds of people attended a funeral for the volcano victims killed by the eruption earlier this week, leaving 69 people dead, 300 injured about 2 million people have been affected aunspecified number are still missing two u.s. senators demanding
answers from facebook. in a letter to ceo mark zuckerberg, john thune and democratic senator bill nelson asked that zuckerberg answer questions about sharing user data with manuf and to answer them by june 18th. this comes after "the new york times" reported that facebook allowed companies like apple and samsung to have access to the data of users' friends without their explicit consent united airlines is attempting to streamline the boarding process after complaints from passengers, experimenting with eliminating three of its boarding groups, narrowing the system down to two. it is testing the changes at two of its biggest hub chicago's o'hare as well as lax. potentially big news for lovers of the international house of pancakes and who doesn't like pancakes?
i ihop sendi ining this cryptic tweet. we're flipping name to ihob. >> mcdonald's did flip their arches to celebrate women's day a few months ago. >> that's right. >> i'm not sure it has anything to do with that. >> i'm not sure. >> maybe biscuits? >> oh, maybe i don't know we'll find out soon. why change it? it's working but whatever. >> we're talking about it. thank you, sue. >> you got it. let's get to seema mody with the european close. >> it's an upbeat day for the global sector. semi conductors in europe among the biggest gainers led by asm international, sd microand austria-based asm. european sector, tech sector hitting a 17-year high, up about
10% year to date but still being outperformed by its u.s. counterpart. to currencies,iing pound weighing on thse 100 aft uk pmi came in better than expected, up more than a point to a reading of 54, even for the month of may royal bank scotland al adding to the ftse's weakness, uk government selling a 7.7% stake in the bank it bailed out a decade ago, losing more than 2 billion pounds on that scale new italian prime minister addressed his country's parliament, promising radical change, universal income for citizens and curbing imgration. debt reduction would be pursued through economic growth instead of austerity in response italian two-year yield rising in reaction to the comments from the prime minister 1%
shares of appl another all-time high, getting closer to that $1 trillion mark as ceo tim cook speaking after yesterday's wwdc note commenting on privacy and the consumer. >> i think the privacy thing has gotten totally out of control. and i think most people are not aware of who is tracking them, how much is being tracked and sort of the large amounts of detailed data that are out there about them >> joining us now, analyst steve milanovic. thanks for being with us this morning. >> sure. >>f all these announcements out at wwdc, the ones that jumped out at me are echosystem minded, that ios 12 will be supported on all phones that ios 11 also supported. this move to shut down
gies like facebook like buttons and comment buttons that track users across the web what does this show about apple's strategy for the coming cycle and where the profits are likely to come from? >> well, as you say, apple is a platform company it's a different type of platform than facebook or go google it's what we call innovation platform they monetize more through hardware but the developers and now services are extremely important to them. ooh think there are a couple of themes they're contrasting themselves to facebook and google, kind of anti-ads they can get away with that, given their business model augmented reality will fit into potential services and augmented hardware, new glasses in two or three years as well. and then performance they've tended to put in a lot of features over the year. they're doubling down on performance. lots of software improvements. and the developers seem to like
it. >> and so do you think we're at a point where there is more open warfare, at least strategically and philosophically between these giants this move by apple will directly impactacebs data-gathering ability, which could potentially at some point down the line affect its advertising business. should investors start to think in those terms when they see the moves thatthe companies make >> it does kind of appear that way. but they're really not direct competitors. apple is not, for the most part, competing with facebook. they're not really competing that much with google. in fact, they get huge payments from google. yes, google has a little bit of hardware, facebook has a little bit of hardware in virtual reality. apple, from a regulatory standpoint, doesn't want to get in the hot water that perhaps you've seen with facebook and fwo google i think they're going to try to use that in the future it hasn't yet been a real
competitive advantage for them as they move into areas like health care, people trusting apple to hold their data in an apple device and perhaps apple creating a platform, an interface between yo insurance companies and doctors, that could be a real advantage. it does appear they seem to be butting heads but for the most part i don't think that's the strategic rationale. >> it may not be stock moving. but these efforts to limit or tell you how much time you've spent on an app, how firm do you think those controls are on human behavior and is there any concern that it could come back to bite apple if it starts to limit the time spent on apple services >> well, people aren't spend in that much time on apple services yet. so i'm not too worried about it. in fact, some of our evidence lab work suggests once people start using apple services they increase their transaction volume over 20% a year they need to get more people using apple services in the first place, which is probably a little bit of a separate issue.
>> steve, what kind of ancillary winners did you see out of yesterday's event? we saw adobe cto on stage, talking about this new file format to enable augmented real whetheit comes to graphics rendering on mobile devices, whether it comes to platforms, encouraging new media types, w?re there other winners you >> you did mention adobe with the new format lego is up there as well you can play a lego game the relationship with developers is interesting talked about $100 billion being paid out to developers over time developers make a lot of money off platform apple is also putting out some of its own applications, which could squeeze t those developers, including measure, which allows you to measure things in augmented reality. it's a fine balance that they have to run as a platform company to make sure they're opening interfaces, getting
third parties to use the platform and keeping enough for themselves. >> watch os 5. not supporting the first generation of apple watches, even those gold models that cost -- gosh, i think it was $17,000, something like that what should we expect as a following? was there enough in software to drive the watch to a new level, do you think >> i think so. i have that original watch i certainly don't have the high-end one it's interesting a lot of people were skeptical about the watch initially and the watch was aimed at a lot of different things it's turned out to be more about health and fitness along the way, apple has become a monopolyist. i think it's only half of what it ultimately becomes. there's a lot more, particularly in health, that apple will be able to do they'll be in a strong position.
adding cellular capability with the last one was a pretty significant break through. you can see some of the phone functions begin to migrate over time. >> even introduced that walkie talkie feature man, that took me back to, what, 2002, nextel what's old is ain. thank you, steve milunovi kr h. >> i've noticed the watch on a lot of people lately have you >> yes, and the ear buds it's easier to see people's ears their their wrists i guess. >> that's true. why this year's super bowl champions will not be visiting the white house. first, rick santelli, what are you watching today >> we had pretty good data points interest rates aren't moving much they're a bit sticky the big number today $6,698,000
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let's head up to chicago and the santelli group where rick san telly has the santelli exchange. >> thank you, jon. one of the trader favorites. let's start with the ism this series started in july of '97. i would like to throw up on the reen a chart of how all that time has fared with regard to what these numbers have been released at, what levels
what i want to draw your attention to is the fact that on that chart, going back to the very beginning, there's only three reads 60 or higher and the last, i believe, it's been a while the last is probably around '05, i'm guessing the point is that we've been very close january was only a couple of decimal points away. and today's number was 58.6. so even though that isn't at 60, these very lofty reads there was one asterisk on this report let's throw it up on the screen. supply shuttering because of lack of drivers and equipment causing delays in multiple modes of transportation. the activity to adjust to this is not causing stockouts yet and
we are increasing inventory levels in anticipation of worsening conditions there's a number of market moving potential in that release. pay attention to inventories, especially wholesale inventorie f we're building but not selling we'llmentds. second number today that was a biggy, job openings. today, it was 6,698,000 we have really taken off the fact of the matter is, if you look at these numbers, here's how strong they have been we now have four in a row that are over 6 million okay and ten of the last 13 10 of the last 13 are above 6 million. that's very strong and it really augers the next question why aren't markets taking a better view of some of this data one, it's been spotty. two, there's a lot of things still going on in europe that makes flight to safety, push our yields down, and here's a quick trick traders on this floor is
watching this is ten-year note yields starting on may 1st. the range, 311 on the 17th of may, and the low, and this is really key, 2.78 on the 29th due to the italian flight to safety issues the midpoint of this is 2.95, basically yesterday's high we keep backing off on it. most traders suspect we're going to go through this, but they like to trade between the raindrops. that's a good pivot for the next several days carl, back to you. >> rick, thank you rick santelli in chicago for us this morning >> when we come back, eric chemi sin philadelphia with more on why the super bowl champion eagles will not be at the white house this year. >> that's right, carl. no love lost between president trump and the philadelphia eagles we're going to explain what happened ornhtveig when "squawk alley" returns
dow is off the lows of the session, but adding to its losses down about 80 points just a handful of components in the green, including apple along with ibm and microsoft back in a minute so no matter what you trade, or where you trade, you'll only pay $4.95. fidelity. open an account today. welcome to holiday inn! thank you! ♪ ♪ wait, i have something for you! every stay is a special stay at holiday inn.
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go long™. ♪ the president rescinding his white house invitation to the philadelphia eagles in the latest development in the ongoing nfl anthem controversy our eric chemi is covering that story in philadelphia and joins us with the latest hi, eric >> how are you doing we're in city of brotherly love, but there's no love lost, you can see this, the front page of multiple newspapers today, no love lost between the president and the eagles this is where other teams have been scheduled to go, if you were different champions like in the world series or college football, if they were scheduled, they came this is unique
they kerr scheduleto come. they were going to be ther three hours and st night, the president cancelled the visit when he realized that less than ten players were going to be there. but this is an issue that exactly the league wants to avoid. eagles owner jeff leury in a private meeting of owners said we can't let the league and the players get baited by the president. and president trump even told cowboys owner jerry jones this is a winning issue for him and the nfl is not going to win on this we talked to a lot of people outside the steps of the rocky statue today here's what they had to say. >> if they don't want to go as a team and they want to protest, then i think it's the right thing to do. they should stand for the national anthem. if they want to protest, i don't think that's the place to do it. >> as for trump, i mean, if you have ten show up, i would still invite them. that's just me but who wants to show up wants to show up, right? >> i'm kind of speechless. it comes to a point in this world why is this stuff still going on >> as you can see, this is a
league issue it's more than just the anthem it's all this politics that's getting involved the nfl, they want to be a ousiness about sports and footbat aba business about political divide back to you guys >> quite a war ords no between thyor of philly, for instance, who called the president fragile ego maniac obsessed with crowd size, and now a statement from sarah huckabee sanders sort of doing a tick-tock of how this came to be she said the white house tried to work with the eagles over the weekend to change the event format to accommodate a smaller group of players but in the end, she says the vast majority of the eagles team decided to abandon their fans. >> that's a tricky one there are about 1,000 fans who were going to come here. the eagles were going to do a lot of other events in d.c. beyond the white house visit no those are canceled. it remains to be seen what happens at 3:00. are the fans still coming? will president trump still have an event for them? that remains to be seen.
>> thank you, eric questions as to what this does to the future of teams visiting the white house at all >> that and there are also political implications pennsylvania is an important state. perhaps the area around pittsburgh, for a republican, more than the area around philadelphia, bustl. g the markets, too dow down 73. we'll see what the afternoon brings let's get to the half. and welcome to "the halftime report." i'm scott wapner our top trade this hour, tech's takeoff and whether it means the january highs and beyond are the next stop for your money with us, joe terranova, stephanie link, josh brown, jon najarian, and kevin o'leary. good to have you back with us. let's begin with the markets infocus remains on the nasdaq, setting the new closing high a day ago. josh, let's get your thoughts on what you think this means for where we go from here and whether we revisit that question i have asked