in facebook headquarters, 11:00 a.m. here on wall street. and "squawk alley" is live. and welcome to "squawk alley." joining us, what a treed. haney nada is here. and a lot of other investors owe. jon fortt, kayla tausche with us as well. dow down about 82 points as energy pulls a lot of components lower. we want to approach the end of

the year with conversations about valuations haney. a lot of people are getting worried about some of these levels. we're going to get new fantasying news on uber as well. >> i think there is a valuation inflation going on in the market. by and large probably two x higher than it should be. however within there that there are some unicorns that that are actually undervalued. companies outperforming and i think are still undervalued. overall there is a valuation bubble on specifically case by case some are undervalued. secondari secondarily business is doing well. these are actually businesses that are doing well. >> what is it that quieted the chorus though. think back to april and david einhorn and richard chilton and loeb and yellen all saying the market and tech especially may have gotten over heated.

david einhorn in particular calling it a bubble. and even though we made up momentum we lost during that period there doesn't seem to be that same sentiment. >> there is a ton of cash coming in the market. people that want to invest in tech start-ups, the line is out the door. whether it's traditional hedge funds or mutual funds coming in the market you have strategic investors with big piles of cash and need to invest. that is probably driving the biggest valuation increases. >> given that what should investors expect to happen in tech right now? you look at microsoft, steve ballmer saying i don't think we should necessarily buy back the stock at these levels. that certainly seems to be a signal. also they are doing more big acquisition, it is a $200 million acquisition this year. should we expect to see them using their stock as currency more in 2015? and does that drive up valuations even more in certain sectors. >> i think you are going to see a lot of tech m and a. especially from the giants. also smaller companies are using

that capital to acquire other companies. there is a lot of m and a going on. at the same time some companies are going at this valuation let's just raise a pile of cash in case the market does fall and we need to have a war chest to grow. >> people -- investors in new york tend to lose their nerve a little earlier? how does that work? >> it's curious. to me there is a lot of entrepreneurs happening in new york. a lot of great small companies that have popped up. especially in media and advertising but they always seem to sell early. nobody's really stuck around to see the amount of disruption that could truly happen. and i don't know if it's because of the speed of money that happens in new york or what have you or the rampant optimism in silicon valley. >> hubris some would call it. >> you mark zuckerberg talking

changing the world. but now he really is. and i don't hear so much changing the world talk on the east coast. >> some of these founders are so -- like are we truly going to invest in this guy or this woman? their personalities, their belief in themselves is incredible. and truly that is one of the signs of a great entrepreneur. >> and the face facebook's zuckerberg is on the cover of time this morning. we also had interesting things reacting to apple ceo tim cook about ads. he said a frustration i have is a lot of people increasingly seem to equate a advertising model with somehow being out of line with customers. i think that is the most ridiculous concept. you think that because you are paying apple you aren't in alignment with them. if you were in alignment with them then they would make their

products a lot cheaper. >> there is also a debate about monetization strategies. facebook for a lot of our platform sls the most effective ad platform out there. because of the amount of data that facebook collects. whether own sites or acquired sites. they have a sense of what i like and what i don't like. when i see an ad about a product i want, the effectiveness is incredible. 10 x what any other. >> i don't believe -- >> it's all about the data. facebook being able to turn that data into relevaads at inventor conversion rates are incredible. they have increased that cost over time and i think they have done a good job of doing that. now it's probably 30% better yield on facebook than any other

platform. >> seems to me the debate here so much as there is one between the cook position and zuckerberg position is about trust. and who should the consumer trust to have their interest at heart? as an investor in alibaba that's got its own questions about how much we should trust its structure and the goods sold on it. how do you look at that philosophically going forward? >> that's a really hard question. trust is as an investor is really hard to come by. it takes a long time and a lot of effort. really you have to watch how they use the data. and how effective they are about not prying too far or creeping me out when i see an ad. so far i think they have done a good job walking the line, both apple and facebook. i don't think there is any truly evil companies out there that are out to get you. i's just a question of how creepy are you willing to take? and depending your honor generation your

generation. my mother and dad don't like sharing information while my kids have no problem with it. >> you have a great vantage point on companies operating in china with investment in alibaba. when we talk about facebook's ability to connect the entire world on that platform the big question mark is china. 1.3 billion and facebook is banned there. do you think at some point that reverses? how does facebook go at about getting a foothold there. >> i think mark has done an incredible job honoring the chinese officials that control the internet. the fact he speaks mandarin and he visits often is going to help a lot. my guess if there is any u.s. company that makes it into china i think they will be one of the first. >> interesting. finally microsoft shareholders approving a $84 million pay package for satya nadella.

it wasn't enough to -- the stock up about 30% so far this year. we were just talking with rick sherland who takes his target to 54 today. >> it's interesting about pay. when it comes to satya nadella. microsoft is a huge company. number two behind apple in tech now. when i look at apple and the way it compensates execs in these trenches every couple years. valued in the mid 60 millions it is hard to get too worked up about a pay package for nadella that is valued over multiple years at this level especially compared to how much a bill gates a steve ballmer made off this company. as an investor don't you want him to have a bunch of skin in the game compared to people that have come before him? but microsoft doing well. >> there was one shareder

yesterday very vocal about valuations and that is steve ballmer, now the largest independent shareholder in the stock sitting in the second row and tweeting i don't favor market --. specially versus other tech companies. when you see a stock like microsoft up 30%. at what point do you cool it on the buy back and plug that into cap backs instead. >> i never liked buybacks. a lot of shareholders, especially investors or funds like companies to say hey we're going to buy back oun ore stock with our own money because we think it is cheep. frankly that tells me they don't have anything to grow. you got to invest in your business. if it is not going to grow, give me cash back. >> -- >> or sell ibm? >> maybe. i don't know. that is a good question. on apple, they have so much cash though i don't know what they are going to do with it. they have a ton of cash.

maybe that is a good use. when you get to the point you have more cash than the u.s. government then you start giving it back. >> right. on microsoft, i don't know. if you are ballmer, are you insulted that the stock is up almost 50% since you left or happy because you own 300 million shares anyway. >> i'd be happy. i'd take the 300 million. >> so it makes it goo easier, doesn't it. haney, gooed to have you. please co-come back soon. >> let's get another check in on the markets. dow losing steam to tune of about 80 right now. the large part due to chevron and exxon slipping a it is larger crude market is down largely this morning as well. the market was looking for a sense of urgency from draghi in terms of the stimulus coming out ecb. didn't e really get that but nonetheless we're off the lows of the morning. right now s&p down half of one percent. and nasdaq coming a quarter of

one percent. shares of sears slipping as revenue and same store sales came in better than expected had company did post a wider quarterly lost than last year. that stock down about 3%. and shares of walmart also slipping. that stock getting down gradied to neutral at ubs. the firm says the downgrade is on a valuation basis. >> when we come back, if the allegations are true, apple was messing with your music on your old ibody. we' -- ibody. and amazon speaking out on importance of taking rigzs. founder of business insider will break it all down. and this week the president saying he wants to spend millions on body cameras for police. an issue taking on even greater importance in the grand jury decision after the death of eric garner here in new york.

"squawk alley" back in a minute.

welcome back to "squawk alley." shares of stars moving lower by

about 4% after our own david faber reported that cvs is not interested in acquiring the intricate media and entertainment company. as for cbs, down about 1% on the day. >> making news that david faber. did apple really delete non itunes music on your ipod? lo josh is live outside the courtroom in oakland california with more. >> reporter: well this is a big day in this case. when apple's top executives now take the stand. who we are going to hear from today. eddie cue is going to take the stand. he is going to testify about apple east competitors. phil shiller.

and steve jobs. all about this update in 2006 and how after that music from companies like rivals like real networks couldn't work on apple's devices. plaintiffs have said the only reason for the update was because apple's was trying to expand and maintain its monop y monopoly. apple was saying it was for security reasons. and you did see that play out yesterday when plaintiff's lawyers talked about how apple deleted files downloaded from other media players but apple security talked about those are precisely the kind of files that represent security risk. what is at stake in this trial in terms of dollars and sense. if antitrust violations are proven apple could be on the hook for 1 billion dollars. that does represent less than 1% of its cash pile which currently

stands at $155 billion. some have asked why apple doesn't just settle this case. lawyers say it really comes down to apple might just believe it has a really rock solid case or apple doesn't want to give into the plaintiffs regardless of the size of the damage because it doesn't want to encourage more suits. still we're going to hear a lot today. stay tuned. >> thanks josh. it is interesting. i feel like there is a lot of revisionist history happening in this conversation around apple and itunes. a lot of people don't remember part of the reason why apple was successful with the ipod and itunes sit created an end to end connection between server, itunes and ipod. that and only once apple started to be successful did the labels start to be oh maybe apple is getting too powerful.

so apple is really in a ten use situation here. >> do you think there is argument to be made they were keeping the computer and safe and i remember downloading music from lime wire and we all did it. is there an argument to be made there. >> i'm sure apple is trying to make it. folks like dvd john who were constantly trying to hack into itunes and the ipod but what is tough in a case like this. i've sat in a number of these trials including at the courthouse where josh is in oakland. the jury i think tends to think in terms of today's technology. has ha hard time remembering what things were like ten years ago technologically. the lawyers often struggle to create that picture of you know what? though we have this music today that we just download and the it is real file and plays well and doesn't have mallware, it wasn't always that. >> just pay the damages.

you are not going to notice it anyway. even if they triple it. >> a billion dollars here a billion dollars there. eventually it's real money. >> when we comb back it looks like uber's very bad pr week may have had noticeable impact on the company's bottom line. dad,thank you mom for said this oftprotecting my future.you.

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uber has filed a document with the state of de authorizing the sale of stock to investors. ubers valuation could hit that $40 billion market if all authorized shares are issued. remember we reported last week uber was planning a new round at a higher valuation. rumored to be involved, t roe

price. fidelity. if they do do that convertible bond that could be a sign than an ipo could be just around the bend. certainly interesting development. and speaking of uber it also appears they saw growth slow after all that news a few weeks ago. growth slowed by 3 and a half percent. competitor lyft grew by about 13%. uber still massive growth overall. same car -- sales overall for that week year over year grew 209%. so yes it slowed from 217% the week prior but that is still an incredible rate of growth. >> and ties into to what medallion prices had done here in new york. people wonder at what point they

have to be more explicit about their fundraising. how long uber can do this around the edges of traditional financing. >> one thing is clear if their revenue is as much of the some reports they will not be able to final confident confidentially. a slight ding in growth. but it is still unbelievable. >> here is a guy who says he was going to delete uber from his phone. >> did you? >> i didn't say i was going to delete it. i was going to download lyft and i have. and i haven't used either since then. we had haney nada on earlier. and he said -- i think it's because they are in the position now where people are still viewing them as the transportation service. they have this ambition to be a

lot more, more of a global lo s logistics. if they achieve that? >> -- >> unbelievable. simon hobbs is here to wrap up europe. >> it was rough from the beginning when we learned that the saudis were going to be cutting prices to the u.s. and asia that. took the oil sector down but the big news out of europe is disappointment from some at this ecb's news conference from draghi. the stock's dropped. a big leap in the euro as well. he basically said we are going to put the decision off until the new year. i think most people in europe expected that. a european court of jussen eti come before that. and they will be asking the bundesbank to buy bonds in germany. let's hope they are on board for that. you see the big move on the stock market as well. the other thing is perhaps some

of the market did think they would double down and buying corporate bonds so that is a miss for those people. clearly they believe they have to wait to see where they are going with inflation and where their present purchases lead them on inflating the balance sheet. as far as individual stocks are concerned a third profit upgrade. from ryanair. and i finally want to show you an advertisement about to take in spain. from the leading providerer of the sparkling wine. they have the ad vert selling --. clearly the political implication from the chairman is that spain too would be stronger if it stuck with the cat loanians for another hundred

years. cat loania. the christmas ad vert is emailed around the u.k. retailers. i have loads of links saying look at our christmas ad vert. people love it. >> maybe we should do one. >> economics, politics, advertising. mixed bag. >> "squawk alley" christmas ad vert. what do you think? >> this week's tech crowd battle between two indie go go camp pains gaining the attention of backers. jolla. that campaign is going head to head with the lantern. a solar powered internet receiver that can access the web for free by tapping into the global satellites. vote now. as always tomorrow we will

reveal your winner. both companies have already exceeded fundraising goals. when we come back, amazon's ceo jeff bezos defending the importance of bold experiments and ideas at business insiders ignition conference this week. henry blodget is with us to break it down in a moek moment. and president obama calling for police body cameras. you can bring back a lot of things from a trip around the world. but you can't always bring back customer data. because many customers don't like it when their data moves around. can i go now? if you're going to do business globally, you need a cloud that can keep your data where it needs to be. today, there's a new way to work

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amazon set to take on grub hub and seemless with the likes of its own delivery service. amazon's ceo spoke at the business insider ignition conference about the importance of the company making those big bets. >> if you are going to take bold bets there are going to be experiments and if they are experiments you don't know ahead of time whether they are going to work. experiments are by their very nature prone to failure. but big successes, a few big successes compensate for dozens and dozens of things that didn't work. >> henry blodget is the founder and editor ceo of business insider.

bezos is a investor in the business insider through his personal investment company. >> great to be here. >> what was the head line this week. >> i think that one is great. and it's such an inspiring attitude towards business and he talked about how the financial results are output of great products for great customers and having a great employee base. the idea of managing to a quarter is crazy. you can do it but it inverts what a great company should be in the market to do. and then he talked about failure. we in the country are so hard on failure in general. laughed at. the media jumps all over immaterial just like the fire phone chs phone, which came out and was a disappointment for amazon. and he said personal i have made billions of dollars of mistakes at amazon. and through those we have learned and they don't matter. because really what you want is out of 20 ideas you have, you want the three that work. we've got the three that work. and company is thriving and he

said stay tuned for more on the fire phone. that was the first one. we'll see more. >> none of these bets are bet the entire company or bet the ranch bets but people were nervous about the fire phone how capital intensive it was and how drais idrastic it appears. -- similarly a transformative deal for that company. there does seem to be a lot of different balls in the air for bezos and amazon with very different results. >> it is a critical point and he drew that distinction. he said emphatically i'm not saying bet the company. we would never do that. what i'm saying is be bold in the product bets that you make. as soon as those remarks hit twitter the silicon valley started coming in there is this fetish of the failure in silicon valley. my start-up failed so i'm great. it is terrible that it failed. but you learn from it and go and

build must products. and if you see the bottom line of the washington post that doesn't look so good. but the enthusiasm is great. that's attitude they have. it's just very unusual. >> i think the key question for an investor has to be are the types of risks amazon is taking right now of a different character? does he have a blind spot. when you risk hardware and inventory involved. maybe that is not bet the company but how many of those can you do before you have a shorter leash to take other important risks? the other thing he did was draw a big distinction between the type of investor that wants to invest in a company like amazon which is emphatically long-term and willing to take the short-term loss. and saying the folks who want to invest this company should never

be anywhere near us. they have in the past made very bold bets that have not worked and have demonstrated they will cut the cord of a certain amount of times it is not working. >> example? >> just a at of things he listed. amazon auctions. complete failure. z shops. pets.com. this is where he talks about billions of dollars wasted and they have cut the cord on a lot of o those. >> we always try to get you to be as impartial as you can be. >> that's what i told him. i hear you on all that. and i've ban amazon shareholder for 15 years. last quarter i still went gulp. because you -- and again, if you are going to make bets they are going dpob expensive. and not going to work. if you don't like that other attitude there are 6,999 other stocks you can own.

>> how do you know say you are grub hub or seemless how do you know if they are going to pose a rel long-term threat or not. >> i think you take them seriously instantly. but the bigger amazon gets the hard it is to put brand focus, create the awareness on a particular product or initiative. if you are grub hub you can build a whole brand around all you do. but amazon has shown over time it is putting big focus on these opportunities. >> grub hub is down today. the time piece this week where it paints a picture where it is going to funnel for everything you consume. that is the idea anyway. >> that's possible. same with uber. the idea is they are going to get into a lot of other things. a lot of these platforms can be used for other things and that is often in the valuation of

these stocks. >> when bezos talks about hey ignore the third quarter. that was a plip on the radar. the five and then year charts you would be doing pretty good. he chooses to point to those because it does look good. but back then they had fewer competitors, the marketplace online was different and there weren't as many big companies they had to go up against. they had the advantage in the market. and i'm wondering if you think that there are any companies out there to challenge amazon. >> i think a lot of companies have been. if you take a really long-term view. he said let me tell you about the big stock pullback. from 2000 to 2001 it went from 113 to 6. that was a big move. but no question they have always faced big competition. and in 1990s, it is a bookstore. they are going to be stomped out. walmart will turn on the internet and amazon will cease to exist.

>> sales taxes are going to crush them. >> exactly. there are always stores like that. he would be the first to say that. great competitors. alibaba, and google honing in. there are many things that could hurt them and it is their job to stay in front of that. >> on sirius when we looked at the ten year chart, up 608%. >> this is another thing. again the way he views it. if they deliver over the long-term on what they say they are going to deliver, which is not quarterly results. it is long-term big bet t stock will take care of itself. and having been an analyst we crave time with the ceos. all investors want time with the ceos. but the fact is you can actually work without that. you will still own the stock. i think so many companies spend so much -- >> really? you -- >> a sorry investors. >> you don't think the opacity of their metrics is a concern. >> a lot of people don't like

it. so they should invest in other things. but the big metrics that are there, the reason some investors do own amazon is they will say look we are confident that the core commerce business, producing a lot of cash. confident they will not squand ter the rest of the cash. and they will go forward. and there are no guarantees. the other thing jeff said that was refreshing, if you are not doing that as a company eventually all the others come and eat your lunch and you are forced to make a hail mary bet at the end that won't work. >> eventually with that kind of valuation people expect you to make some money. >> absolutely. >> henry, thanks. >> great to be here. >> when we come back the partnership between barnes & noble and microsoft appears to be at app end. while explain why. >> we have to do a postmortem on

the ecb, mario draghi and the press conference. then a bit of a surprise. and the magic number is 1 million. these days 1 million is minuscule. but not in the context of what i'm going to bring up. when? about after the break. cln

cln. coming up. the march to dow 18,000. is hitting that a good or bad

thing? we and the experts. and the analyst who downgraded walmart is with us to defend that call. and the someone is making a big move in our competition for trader of the year. we're going reveal it at noon. carl see you about 20. >> time to throwback. barnes & noble ending its agreement with microsoft over its nook ereader. the company is playing $125 million to buy out the remainder of microsoft's stake which was originally acquired in 2012. we're throwing back to the original nook. the first edition in 2009, cost $259. had wifi and 3 g. held up to 1500 ebooks and a 6 inch display. does that look primitive in retrospect. >> ereaders still look kind of

like that. all the heat seems to be around -- >> heat around the kindle. pun intended maybe. when nook struck this deal the hope for shareholders was microsoft would eventually buy out that part of the company. why you're seeing shares down this morning. remember they do still have an agreement with samsung. that is where the hope still remains. at some point when nook spins off could they also consider a sale. could this new structure make it easier? yes potentially but i think that you never want to see a potential buyer out of the fray for a situation like that. >> in the meantime dow is down about 76. let's check with rick. >> of course everybody is going wild trying to decipher mario draghi. but sometimes just leave it to the market. show an interday chart of euro

versus the dollar. you don't think this is a surprise. i heard a million people saying still don't see any detail. someone expected something right around the time at the conference we saw spike under 123. and then a rocket ship up to as you see often the chart, 124 and a half. that's a big rally. as the press conference started i thought you were going to' euro rally. i didn't think that magnitude. i don't know how this is going to turn out. i know historically quantitative easing type trades have been done by the ecb but in the end what germany wants to do and whether they need to be present nan affirmative response to any type of qe whether buying sovereigns or corporates, sure they could do it. but what does that do to the relationship? how does that effect the euro zone? that he has a these are open ended. nobody can answer. we can't anybody for certain

what is priced in on a raise for the united states. but the markets speak for themselves. what a remarkable trait. now we're going switch r gears a bit. one million is my magic number. it is not puny when it is a number of stock accounts opened in november based on rule changes that allow foreign investors to invest in mainland china stocks via funds that are domiciled in hong kong. one million equity accounts. holy cow. nothing exemplifies the notion that fundamentals are really out of vogue lately. whether comments yesterday that the argument is we're not getting the big boom type recovery because the fed didn't do enough, or is it what the fed is done does keep it from the things that booming. i'm in the latter camp.

yesterday record volume year date up 37%. now i want to show those charts as i'm talking because it really is quite incredible. and in the end it does explain how market logistics trump everything but for how how long is the question? what's really changed in china? and the last chart i'm going to leave you with is a 20 year yart. and just like the mee kay is while we're all bragging about these levels, look where they were mid october 2007. 6,092. i rest my case. back to you. >> thanks rick. always putting things in context for us. when we come back, wide spread trai outrage after a grand jury declined to diet police in the death of eric garner. on the heels of that situation and the michael brown case in ferguson, missouri we ask can police cameras really make a

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comcast business. built for business. protesters took to the streets here in new york after investigators decided not to indict officers who were

involved in the death of eric garner. >> we're grieving. again. a man who should be with us and isn't. that pain, that simple fact is felt again so sharply today. >> meanwhile the nypd has begun a body camera pilot program this week. you can see it here in this tweet the department put out yesterday just days after president obama called on congress for millions in founding to improve law enforcement training, including the use of body worn cameras. but what are the challenges? and could these cameras make a real difference? steve ward is founder and ceo of the v view which nypd has confirmed is one of two camera makers being tested right now. what kind of results can you point to from departments that might have already deployed these cameras? and any difference it is making

in policing? >> video technology has drastically reduced police complaints. and when they came in and you have video evidence of that complaint those complaints tend to go away. it is a staggering amount of information actually. >> steve, i on social media heard a lot of concern about the eric garner case because there was video taken from the third person point of view that showed what happened and people fear that when there is video like this that there is no indictment and does this mean that video doesn't make a difference? what is your reaction. >> i think video makes a difference in just about every case the police are involved in. the other side of the coin, where would we be if we didn't have the video and no indictment? we'd be in a much worse position with community members wondering what really happened. at least we had video there that led to the non indictment. >> walk us through what the

cameras are capable of and what happens to the footage? >> we make body worn cams that are easily worn and activated so the police can actually record 100% of their police activity in a given workday. >> and then what does the police department do with that video? >> our cameras come with a software program that allows police departments to store the video securely so police officers can't edit or delete the footage. it is all secure and done with digital signatures and encryption. the great things is that -- >> good. >> i was going to say the great thing is we've recently partnered with microsoft who has microsoft -- which that siegis capable cloud which meets the guidelines by the fbi.

>> interesting. tell me from a surveillance point of view, we're getting cameras all over the place. they are in cities. we're talking about people wearing them. are there any privacy issues? cultural issues that you run up against with this product that you think are important to highlight. >> culturally speaking everybody behaves better on video. and that is what we want really. we want police to overtly say they are recording so people they encounter are well behaved and more transparency there for the police as well. >> public opinion has changed around the understanding of a need for these device. how long do you think it takes for police departments to be able to afford to have these on every member of their department? >> great question. we have hundreds of agencies who have already tested our product and said they want to purchase but it comes down to budget. where do they find the money?

that's why we were really flattered the other day when the president came out and allocated funds for police departments to buy this technology. >> interesting. wonder if some citizens might want to invest in a body cam too. thank you for joining us. >> thank you. >> google has a new audience in mind. we'll tell you when we come back.

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uber is out with a blog post. confirming the company has raised a financing round of $1.2 billion. he says with additional capacity for strategic investments allowing them to make investments particularly in asia pacific region. which is interesting. we are six times bigger today than 12 months ago. six times. and grew faster this year than last. >> talk about being -- he says they want to be smarter and more humble. setting new standards in data privacy and give back to communities. it is going to be really

interesting. a very adult sounding letter or blog from travis. to see how they execute this and reform the image of the company. >> the priority of the funding doesn't seem to be there in this blog post. acknowledging it. confirming news in the market. where they could raise up to $1.8 blood ceillion. he talks about internal growth needed after the events of recent weeks showed him that change is need. >> growth has come with significant growing pains, acknowledging mistakes and learning from them are the first steps. we're collaborating across the company and seeking counsel from those who have gone through similar challenges to allow us to refine and change where needed. oblique reference to the controversies they have had not just the past month but all year. >> by not firing anybody in

these incidents travis seems to have taken a lot of this on himself and the onus is on him to drive change people with see. >> that's going to be talked a lot in the next couple days. to scott wapner now and the half. all right guys thanks welcome to the halftime show. let's met our starting lineup for today. stephanie link, mike murphy, pete najarian, liz ann saunders, and we also have paul richards of ubs, steve leisman right beside us as well. our game plan looks like this. downgrade in aisle six. ubs kupt cuts walmart. do traders agree. cashing in on