it is 5:00 a.m. here at cnbc global headquarters and here is your "five@5." we he start with bhoouncing back. the stocks are coming back to near records. the great frost debate moves back. perhaps getting a leg up on the trade. berkshire trimming the stake in apple by 10 million shares. and far short of estimates

and we go international as japan loses the spot as the world's third largest economy. it's thursday, february 15th, 2024. you're watching "worldwide exchange" right here on cnbc. good morning and welcome to "worldwide exchange." i'm frank holland. let's start the day with the hourly check of the stock futures after a broad based rally for stocks yesterday. the nasdaq bounce back by more than 1%. take a look at futures right now. we are seeing each one of the major indices lower as this hour. s&p is down .10%. similar for nasdaq. we are keeping a close eye on small caps with the russell 2,000 finishing up 2.5%, but down for the year. leading the charge for the dow

head of the open, chevron and intel and 3m. rec chevron up 1%. we have to check the bond market. all hitting the highest level in two months. looking at the benchmark at 4.22. look at the energy market. specifically oil with the latest market report from the iaea. global oil demand growth is losing momentum in part due to the sharp slowdown in chinese consu consumption. look at the oil market which is in the red. wti down .50%. similar for brent crude which is down under .50%. let's look at the international market. japanese market closing above 38,000 for the first time since 1990. japan closing higher on the catch-up trade after the long holiday break.

and we see fresh data in the uk with the technical recession in the fourth quarter. the dax is up .50%. the cac 40 is tied for best performance this morning down here with the ftse mib up 1%. the ftse 100 is up fractionally at this hour. that's the overall set up. let's turn back to mega cap tech. another day and milestone getting bulldozed by nvidia. it is the day after nvidia passed amazon as it rides that wave of artificial intelligence demand. nvidia was the seventh largest company in the market cap a year ago. 12th two yearsago. it was outside the top 20 four years back. it may be the tide that lifts

all boats. nvidia's biggest percentage gain in two years. tech is booming, but investors are looking to limit exposure to the market caps. that includes mark avallone. mark, great to see you. >> good morning, frank. >> give us the reason why you are not into mega cap. earnings are 20% higher year over year. why is now the time to get away from the trade? >> frank, it is almost very hard for an asset allocator to get away from it. you have mega cap tech in the qqq and in the s&p. you have it in berkshire. if you are in the popular etf, you are 42% apple and microsoft. the challenge for us is how do we continue to invest in the

sector that we love and sector we have been talking about for years? we never lost faith in tech. the economy iss moving in that direction. >> mark, what is the concern? you are mentioning the xlk. it is out performing the market. the magnificent seven is tripling. you have to give me the concern. i understand it has a big concentration of two companies and it is still out performing. >> we love that because we're invested there. we don't want to be overconcentrated on one side of the boat. i'm old enough to remember the massive drops in 2000 and 2008 when certain sectors exceeded the market declines by multiple. that is prudent portfolio allocation which doesn't take client money and put it in the

handful of money and put it at risk. if that is the case, warren buffett would only own mega cap tech. it is a trade working now. you can benefit from it now. the potential declines in overto overvaluations can wreak havoc. >> diversification is always a good idea. valuations are stretched. you gave us tech and a.i. plays that are outside the mega cap tech names. some are surprising. you are flagging two hospitality names in the group. marriott and hilton. why are they benefitting from the a.i. efficiencies and tech boom we are seeing? >> our focus is tech-enabled companies. you can book your hotel and arrive and spend a couple of days and you can check out without interacting with any

person. the cost efficiencies that technology is getting not only from the reservation experience, but keyless entry c. covid has changed. cleaning and house keeping. you can reduce costs and companies with the run-up in hilton and multi-year run up in marriott. they heare very well run. the position to benefit from the traveling consumer is also lowering expenses from technology and leveraging that. that is the type of company that will succeed going forward. >> you are advocating for the etf. it has more diffiversificadiver. mark avallone, thank you. time for the check on the top corporate stories and big moves by big firms in the final

stretch of 2023 with silvana henao. silvana, good morning. >> frank, good morning. that is right. yesterday marked the deadline for the world's biggest stock funds to reveal portfolio moves. berkshire selling 10 million shares of apple in the final quarter of 2023. that is 1% of the overall holding in the company. berkshire trimming stake in paramount global by one-third to 63 million shares. the company asked regulators to keep a new stock purchase a secret for the second straight quarter. george soros taking stakes in jetblue and spirit airlines and sun country airlines. soros fund management increased doordash. and turning to stan

druckenmiller. dumping amazon and broad come in 2023 and adding shares of two gold miners. and both adding to stakes in alibaba with david tepper making it the top holding with a 50% position boost. jd.com is the second biggest holding. frank. big moves. >> silvana, thank you. we will turn attention to the national story outside of the world of business and latest in the deadly shooting during the kansas city chiefs super bowl victory parade. investors are looking for the motive in the shooting which left one person dead and others hurt. three people had been detained, but no suspects identified. in a statement, the chiefs said

all players, coaches and staff and family members were safe. the team was saddened by the senseless violence. president biden said the shooting should motivate voters to call on congress to take action around guns. we have more to come on "worldwide exchange," including the one word investors need to know today. why cisco is about to fall further behind after the latest earnings report. much more on berkshire's slightly smaller apple stake and debate on frost th fears. it may be the last choice for elon musk as he makes good on the promise to make good on the companies away from the income tax safe haven. we have a very busy hour when "worldwide exchange" returns. stay with us. ( ♪♪ ) partnering to unlock new ideas, to create new legacies, to transform a company, industry,

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welcome back to "worldwide exchange." time for the big money movers. we start with applovin with strong q 4 results. the company benefitting from strength around the holidays and growth in the ad market. it plans to boost stock with buyback program by more than $1 billion. you see shares up over 19%. trip advisor beating earnings and revenue estimates saying big revenue growth with the brands. trip noting the experience segment delivers 40% of the revenue. the stock is flat over the last year. under performing names that play

in the same spaces like booking holdings and yelp. shares up 5% this morning. shares of fastly are weakening. the company warning of the decline in revenue after missing expectations during q4. a slight decrease in the 12-month retention rate and high net loss figures. to put this pullback in context, fastly has been strong over the last year up 75%. it has gained 17% so far in february. shares are down in the pre-market almost 24%. we are watching cisco this morning which are lower in the pre-market. the company beat on earnings and revenue, but has soft guidance with revenue $1 billion short of estimates. reducing head count by 5% which is 4,000 jobs and the latest tech company to cut jobs. ceo chuck robbins says caution is the name of the game on "mad

money" last night. >> we saw more caution with the customers this quarter than the prior quarter which led to our teams expressing more caution. >> joining me now to discuss is matthew niktum at deutsche bank. >> thank you, frank. >> following that report, you see shares are down. you have a price target of $54. that implies upside of 10%. that is optimistic after this print. what are you seeing that investors are not seeing this morning? >> we've got a hold rating. we have been a little bit more tepid overall. as you think about sources of upside for the company, they talked about a.i. they referenced the order target for fiscal 2025. the data point last night was pipeline around a.i. is 3x at $1 billion target.

between that and the discounted valuation, that could be upside valuation. we were clear that the print last night would not be viewed too positively. this is the second guidance cut in as many quarters. momentum is not on cisco's side. >> it doesn't have a lot of momentum. i want to hit on one other point. they had a miss with the networking revenue. that seems concerning especially because chuck robbins has been out and saying cisco is part of the a.i. trade. what is this miss signifial to ? >> some is macro and some is customers which bought so much and delivered to them. we went through a supply chain crisis the last several years. cisco shipped to bigger customers. they have a lot of stuff waiting to be activated. there are pressure points which should ease into next year.

you have smaller pockets which have been weakening. there is not a lot of buying after awfull of the buying the t two years. >> cisco is saying the a.i. revenues are set to triple by 2025. also, a story we broke here on "worldwide exchange." cisco and nvidia teaming up with a.i. infrastructure. are those actually big deals for the companies? >> i would say right now it is still very early days. you have to remember cisco is a $55 billion business. they frame the target at a.i. at $1 billion in orders. they were talking about pipeline at 3x. what they will recognize is marginal numbers. is it a big deal today? no. will it be next year? unlikely. the nvidia partnership will help. it gives nvidia more

distribution with the broader customer set that cisco has. it is early days. i think we will see what happens next year. >> we have to wait. matthew, thank you. great to see you. coming up on "worldwide exchange," it was one of the biggest investment frauds in u.s. history and victims still suffering to this day. c scott cohn is

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with three of the banks accused of helping him. >> he has nothing else to do. he is trying to make his case for the courts ignoring the fact he is denying the victim re rec recovery. >> reporter: that is the court appointed receiver. he spent the last 15 years to unwind the fraud. stanford has until today to file his last shot in this and appeal to the u.s. supreme court. if it doesn't go anywhere, it will delay the payout for months. what does it mean to investors? they recovered 25 cents on the dollar. if this settlement goes through, it brings the number to 46

cents. compared to the madoff victims which have 75 cents on the dollar. frank. >> a sad story. the people who had retirement savings taken away, scott. your last point caught my ear. why desisparity for the recover of the madoff victims and stanford victims? >> reporter: part of it is stanford's bank is in antigua. part of that means that the investors are paying for all of the expenses of recovering the money. that comes out of that. the other issue, though, is that the investors are paying for the suit against the banks. lar largest of the banks is toronto dominion. in the madoff case, the justice department went after chase with the settlement.

this settlement is paid for by the investors. no aggressive action from the doj in the stanford case. >> scott cohn, thank you. coming up here on "worldwide exchange," meta makes changes at the board level. more "rlidwodwe exchange" coming up after this. what is cirkul? cirkul is the fuel you need to take flight. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul, available at walmart and drinkcirkul.com.

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the s&p recapturing the 5,000 mark. futures suggesting that rebound will continue. nvidia moving past another magnificent seven on the list. tech's continued dominance raising question hs around valuation. elon musk officially making good on the threat to the state of delaware and his future thth there. it is thursday, february 15th, 2024. are you you are watching "worldwide exchange" here on cnbc. welcome back. i'm frank holland. let's pick up the half hour check on u.s. stock futures on the back of the rally. futures in the green. it looks like the dow would open up 70 points higher at this hour. we are checking the stocks leading the action ahead of the open for the dow.

we are talking chevron and intel and 3m. chevron up 1%. across the board, walgreens boots alliance up 1%. we are watching the russell 2000 coming off the best day since mid-december finishing up 2.5%. up fractionally for the week. we will continue to watch the small caps. we are checking the bond market with the ten-year yield and 20-year yield. the ten-year yield at 4.22%. we are watching the oil market following the iaea market report that came out this morning. it says that global oil demand growth is losing momentum in part due to the slowdown in chinese consumption. wti down .50%. similar for brent crude. let's see how europe is shaping up as the trading day is under way. joumanna bercetche is in the london newsroom with more on the early action.

joumanna, good morning. good morning, frank. for the most part, we are seeing a risk-on day for european equities with the exception of the spanish index. uk index can gdp numbers disappointing. the uk has fallen into technical recession. contracting minus 0.3% for the year. that meant that further rate cuts are factored in. interest rate sectors are out performing. on the flip side, oil and gas companies are under performing. the dax is up .23%. we see the cac 40 up .80%. strong performance in autos with stellantis and renault. airbus is reporting a 65.4

billion euro in full year revenue boosted by strong orders. it delivered 735 commercial aircraft last year and expects to make 800 aircraft this year. the ceo told us the planemaker is focused on standards. >> they are of high degree of quality. it has been the case in the past and it will continue to be the case in the future. again, we are trying to find that right balance between demand and supply to deliver planes in accordance with expectations. that's our job. >> notice the emphasis on standards there. airbus had been benefitting from the woes facing boeing with the increase of the order takes for 2024 as well. the reaction has not been up. airbus is down 1.9%.

the last couple months, it has been a positive story. frank. >> joumanna, thank you. joumanna bercetche live in the london newsroom. turning back to stocks stateside. warren buffett took an exacto knife to the largest portfolio position in the final three months of 2023. according to the latest 13f filing, berkshire is trimming stake in apple by 10 million shares. that is just 1% holding for the company. the main focus is the magnificent seven. bank of america and others saying the trade is starting to look extremely crowded. joining me now is sara kunst. >> good morning. >> we're looking at the magnificent seven. let's start there. you say there is one stock that is actually frothy and others are foamy.

tell us which one is frothy and which are foamy and what is the difference? >> i like nvidia. i think that price right now is very, very, very hard to maintain. you see the pe ratio of 97. it dwarfs the peers. when you look at taiwan semiconductor with similar space. the company has been around for a long time and worked with nvidia and they are just doing so much better on the fundamentals. although they had a great year and great week this week, so far, they are far behind in terms of the price. i like nvidia. i don't think there is a problem with the company. i have been chicken little about the space as any a.i. will tell you for a year now. i am concerned because what goes up does eventually have to come down. >> that is frothy. 97 times forward earnings. that is frothy. why is foamy okay?

>> foamy reflects the broader market. the reality is things are up. we have so much cash sitting on the sidelines last year waiting for the big crashing down turn that knock on all of the wood that we avoided. we are at a point where people want to put that cash back in. the consumer has shown resilience behind anything we expected. people are getting back in the market and people are feeling good again. bitcoin breached 50,000. you will see the entire market go up a bit. a name going up while everything else is not necessarily bad. i think people right now are really, really looking for innovation. we see names from novo nordisk of the world go up because that is what people want to invest in. >> sarah, we are showing the audience of the mega cap tech of the market over the last year. you know, the equal wait is up

in the mid single digits. what does that say about the strength of the market? s&p 500 equal weight up 3.5% the last year. what does that say to you about the market and the lack of breadth in it and the direction it will take for the year? >> i like a wider rally. i like it when he everything is doing well and not just one sector, particularly a sector that relies on future and growth and hope and reality. the reality is there is a lot of names in that s&p 500 that are not as relevant and legacy names that have been public for a long time or staying public. if you are a small railroad that is public, maybe all of a sudden, this will not be the most relevant time for you. i don't think it is necessarily bad to see that narrative. i would like it to broaden out. >> we have to goatet out of her. berkshire trimming its position

in apple. big deal or little deal? >> i think anything that happens with apple feels big, but it is business as usual. it is a fantastic company that tends to do well. >> we have to leave it there. great to see you. thank you. time for the check on the top corporate stories with silvana henao. >> rank, good morning. meta is adding a ceo to the board. broa br broadcom is a key company to meta. meta spent $500 million from broadcom last year. meta names john arnold to the bo board. he is a former gas trader at enron. twilio started a business

segment. it bought the customer data platform in 2020. act vst activists have pushed twilio to ditch the company. and spacex had filed to move from delaware to texas. the move comes after the delaware judge voided elon musk's $56 billion pay package from tesla last month. last week, musk moved the corporate home from delaware to nevada. he had said he plans to ask shareholders to vote on moving the company to texas. musk disclosing he holds a stake of 20.5% in tesla as of december 31st. his ownership had dropped to around 13% early last year. frank. >> silvana, thank you very much. you know what? it is not just check that is

betting big on artificial intelligence. logistics company is launching a new tool aimed at unlocking supply chain eff efficiencies. the company says what you see here is the only technology of its kind. joining me now to discuss that and more is judy mcreynolds. good morning. it is great to see you. >> good morning. >> looking at the shares, you had earnings last week with the eps beat in addition to the news. shares are up double digits. what could this mean for the business going forward? >> we are pleased to be coming to market with this because it really does present a great growth opportunity. the work we have done with our customers moving freight for 100 years. we are an innovator and we listen to our customers and

understand the challenges they have and in particular the supply chain complexity and labor and safety issues as well as you reducing damages. those are the things our customers brought to us. >> speaking of customers, what are they telling you about the needs and what are they asking you to do for them? give us a picture of the current state of the freight market. this really struck me. your revenue per shipment was up 7%. the tonnage was down 7%. >> yes. we are impacted by what's going on in the macro. i think we talked about this before. we have a tie in to the industrial manufacturing sector. one of the reasons why it is so important and we are seeing some demand that is impacted by those

declines levels. we have great opportunities for our company to grow. we built great relationships with the market at $500 billion and growing. it helps us to address the challenges that customers are talking with us about. as i mentioned, they are wanting to be able to put in place autonomous forklifts inside the warehouses and distribution centers and manufacturing facilities in order to make that material movement more efficient. >> i think every company seems to be looking for efficiencies. we had guests on saying we are coming out of the freight recession. currently, we are in the middle of the lunar new year. there is not that much freight moving, not from china. are you still in the middle of the freight recession or are we pulling out of it? how does the rest of the year look once the market normalizing

following lunar new year? >> it is coming off a record of 2022. i feel we have been normal eizi. i was evncouraged by the pmi index in january. it is still not in growth territory. the new orders level was encouraging and in growth territory. hopefully those are signs of better things to come. again, the way we're approaching the market with the solution set that we have is really responsive regardless of the environment. we are looking at supply chain optimization with customers more often. you are right. customers are looking for answers that give them greater efficiencies and help them improve margins and get their product to market quicker. again, box smart autonomy is an

intelligent solution that can be put in place. >> you are using a lot of buzz words. what does this mean for your workers? you mention the system is creating efficiencies. for your employees and employees of warehouses and other transportation-related businesses, what does it mean long term? >> it means those workers are going to be better enabled. we really have great people at our company and i think our customers want to make the work force that works for them more efficient and working on those tougher challenges. >> even with less workers at the same time? >> say that again. >> does that mean you needl les workers? >> i think what we're focused on is customers and ourselves having trouble finding labor. we want to put together a

responsible use of a.i. and innovation that makes businesses more efficient. >> judy, thank you. great to see you. >> thank you. coming up here on "worldwide exchange," coinbase shares popping on the call of better days ahead for the crypto platform. plus, one of the country's largest cities taking action against social media companies. we're back with that story in a moment. ♪ something amazing is happening here. data is bringing creativity to life. that's because cdw showed animation studios new ways to maximize their infrastructure, then built a flexible dell technologies data solution. more automation led to greater efficiency, which means creativity stays the star of the show. make amazing happen. dell technologies and cdw.

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welcome back. time for the morning call sheet. jpmorgan chase moving the earnings to neutral. the move in crypto should sustain the activity levels and earnings power. morgan stanley downgrading cleveland cliffs. we should expect the auto sectors to lag. a price target increase on nvidia ahead of the earnings next week. pi pipler sandler seeing momentum building. shares of nvidia are flat in the pre-market. you see over the last year, up almost 225%. time for the global briefing. japan moving to third spot after

the country's gdp falling .50% last quarter. the nikkei nearing the highest level since 1990. the uk falling to the technical recession. activity in the services production and construction sector which is the main driver of the economy contracting in q4. we are watching shares of renault taking off after the carmaker proposed raising dif dent to over 2% a share. it swung to the net profit of $2.3 billion. you see shares are up over 6.5%. taiwan semi hitting the all-time high after morgan stanley moved the price target for nvidia. nvidia is the largest producer of advanced processors. shares are up almost 8%. coming up here on "worldwide exchange," the one word that

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join 18 million americans and take control of your financial future with a real time dashboard and real life conversations. empower. what's next. welcome back to "worldwide exchange." time for the "wex wrap-up." new york city suing social media companies. the lawsuit goes on to claim the companies violated the laws with the design of the addictive products. a spacex rocketheads to the moon. it would add a 50-year stretch of the unsuccessful moon landings for the u.s. and nvidia is becoming the third largest company in the u.s. now it sits behind apple and microsoft. nerdwallet ahead of the open with shares. the company posting a surprise

revenue loss, but remaining optimistic issuing upbeat q1 guidance. openai working on a search engine powered by bing. that will come into direct competition with google. and microsoft is investing $3.5 billion in germany with the focus on artificial intelligence. here is what to watch today. economic data head of the open with jobless claims and retail sales. we get reportingfrom shake shake and other companies. we get fed speak from chris cover waller and raphael bostic. looking at futures in the green and the dow is off the highs. green across the board. for more on the trading day ahead, let's bring in jenny harrington.

jenny, good morning. >> good morning, frank. >> give us a sense. what did you make of what we saw yesterday? it was a slight rebound following the cpi selloff. how do you view the markets following the two different days? >> okay. how i view the markets my word of the day. sorry if i'm jumping ahead. skittish. if we look at what happened with the selloff, that was severe. the way the market closed that day wasn't the entire story. the russell dipped 4%. i think people, including myself, are sitting out there and waiting for something to drop. i look at the market right now like it is priced to perfection. it can't afford an iota of disappointment. >> wow. i think that explains why your equity income portfolio is at 10% cash. we did a story yesterday.

jpmorgan chase stating people are at 4 %. you are at 10%. what are you waiting for with valuation? >> frankly, i could buy those today, but the valuations in the equity income strategy are different than the s&p 500. although they are a fraction of the s&p 500, i know if the market pulls back, i'm getting into those cheaper. with cash at 5.5%, i can sit and wait and be patient. going into today, i was really hoping for that cpi selloff to extend and i would get in. instead, i'm sitting and twiddling my thumbs. >> i know you are not twiddling your thumbs. why is free cash flow yield so important? >> i think as we get into the environment where growth is harder and harder to come by and

that's going to happen if interest rates stay at the levels right now, growth is harder to find. in that kind of environment, cash is king. whether it is free cash flow yield or turns to buy backs or dividends or companies bumping up the dividends, that becomes valuable. i thought it was fascinating seeing meta and uber start to issue a dividend and buyback shares. you saw the stocks, particularly compared to the other tech peers, you saw the stocks rally. we are minting cash. we are not selling out in the future story. we have cash and we're returning to the shareholders. >> free cash flow. valuable. before we let you go. pick is apptiv. you are sticking to forward pe under 10. give us the elevator pitch for

this stock. >> what they do is make sensors and software wiring for the electrification of cars. because it is electrification of cars, they rephave been pulled k 35% in the last year because it is considered ev. they have earnings growth in the next few years and it is under the radar. it is not the magnificent seven. i love it is off the radar. >> jenny, we have to leave it there. thank you. that's going to do it for us. one quick look at futures. green across t brdheoa. have a great day. ice works fast. ♪♪ heat makes it last. feel the power of contrast therapy. ♪♪ so you can rise from pain. icy hot. were you worried the wedding would be too much? nahhhh... (inner monologue) another destination wedding??

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good morning. stock futures pointing to more gains after yesterday's rebound. we will show you what's moving right now. whale watching. new investment moves revealed in regulatory filings last night and one investment that is kept secret for now. and cisco cutting jobs and turning more cautious into the latest quarterly guidance. we will show you what the ceo said about the moves. it's thursday, february 15th, 2024. "squawk box" begins right now.

good morning. welcome to "squawk box" here 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. good morning. day after valentine's day. we're here. >> we are? >> after the super bowl. day after valentine's day. >> a pattern. >> will you get to the nba all-star game? >> that will be interesting. we'll watch it. >> i'm thinking about the big east tournament. not because of xavier this year. last night, i had a four-way -- that sounds horrible. i had a four-way hit. maryland, uconn, clemson