this cuban situation for the last 50 years. i think this gives you a chance to strength are or relationship with our neighbors. >> good for baseball too. >> true. . good monday morning. welcome to "squawk on the street." i'm here with jim cramer. david faber is uptown at 13 demon tore's active investors. he'll -- enjoy the quiet morning. it will be a busy week. oil is up nearly 2% and the ten year is right around 195. apple watch sales, estimates coming in this morning. the story strong demand and

pretty tight supply. weeble have faber's inclusive interview, and another upgrade for netflix, this time it's ubs. we're going to walk you through that call. first up apple pre-orders are surging. they received almost 1 million orders on friday according to slice intelligence. no comment on they numbers from a third party. this took one day. >> look basically a sight unseen fabulous ads, and i think what this says is long run, because if there's a million early adopters without even people just figuring how to sync, i would say this is not a 2016 phenomenon. by that time everyone will know you have to have this as a

device. you know what? people under 25 carl they've never had this device. suddenly they're going to wear it because it's part of their ecosystem. those of us older who have a watch, we're trying to figure it out. younger people have figured it out. they need it. >> piper jaffray, everyone is trying to do their work. b of a is a little higher than that. even if they sell eighth year is a, the conversation always returns to how hard it would be to meaningfully impact revenue. >> when you're dealing with a company this size, it will be a while until we're focused on this. i continue to wonder and think that it's all about creating the new -- well, an ecosystem for this watch within the larger apple system. it will take years, jim, conceivably. i suppose this is a good start, but it's only that, a start.

maybe i should have the watch to go with the pc with the tablet the iphone. it will also be a gift. i think people have to recognize this is the first price point, you don't have to hook up with verizon, you don't need a plan. all you need is here is the watch, here's the band. go buy five other bands itself and make it the ultimate accessory. my generation felt the watch was an accessory that looked good. new generation doesn't even regard it as an accessory. suddenly they'll have a reason to look at the wrist and it's the apple watch. >> interesting. pacific crest, if apple sells to

5% of the installed iphone base that's already more than half of the $200-plus watch market in general, which is an amazing statistic. >> i think what people have to do is recognize that the watch is only one part. you'll get the watch. you'll go to your itunes you'll buy the apps but more importantly you'll buy five pants. you'll want it for difficult occasions, saying you're going to the bachelor party in atlantis, and you want a totally different banding that going to say, a wedding in new york. >> i can already see you laying out plans for the device. as a coda reuters reported that apple would in fact break out number at 8:30 eastern time. that clearly did not happen. >> i don't want them to do that. guys, here's the way you play the watch. in 2017 you tell us how much of the world is interested. david, what this says to me is

then it doesn't even matter. i do care much more about apple pay. they've got to make that easier for providers and restaurants, retailers to embrace. that's their next step. that is the needle mover for 2015 fourth quarter. >> yeah. apple pay is a potential a very powerful business for them jim. i think that's true but we still have a lot of questions as to your acceptance of major retailers and resistance at this point seemingly because they want to keep control of the customer, i guess, which is something we also saw when it came to the music business. apple of course won that war. >> the war is walmart. the war is target. at what point will the target customer who is at college say, listen, wallet? here's my wallet. well, we don't take that. oh okay you know who does?

and there will be another retailer. target can't lose a sale because they don't take the apple phone. >> we'll watch that this morning. also watching shares of qualcomm, janus seeking a breakup, we'll have a live interview with the founder of jana. we're also seeing some action in the premarket. >> carl, listen this is a very large ception, the largest i can remember jana having taken. it follows a couple months of conversations, while it's not as though they'll be doing anything near term. in fact the window for such nomination has passed. it does give them time to engage in the catalog.

they're not necessarily advocating for a split. they're saying we want to you transparently look at the benefits and the costs of a split and tell us what you find. they're also saying the cost structure is too high and they also want to see more capital returned in a more rapid fashion. remember, it wasn't very long ago qualcomm told us about as enormous buyback. nonetheless, it does appear that jana at least wants to see a return of capital even more quickly. the company i think will push ban. i'm going to have an opportunity to ask mr. rossenstein about them when we sit down about an hour from now. >> many companies are too fat, because there are no activists. had qualcomm won the apple business and not lost it to apple competitor samsung, the

it -- would have been like this thank you very much for an $85 stock, and i'm glad we're going to $100 you screw it up, don't get it suddenly the get a knock on the door. which is what most people are dough, or faux index fund but from a guy that says listen just because you lost that business doesn't mean we have to sit out until next year. this is the ceo big pressured by the fans to win this year and not just tolerate no playoffs. is it the right thing to do? i like making the playoffs. >> that said your advice has never been to buy a to be strictly because an activist is involved. >> no because for all you know qualcomm has seen this plan over and over they developed a plan they knew of it they thought of it themselves and they said we would rather just get apple next year and then we go to 100. david, you have told me over and over again, there are no new

plans, there are no things that the activists have thought of that the management hasn't. is this one of those instances? >> it is very infrequent that's true, that a company has brought something from an activist that they haven't considered in the past. that doesn't mean think shouldn't be forced to reconsider it our their consideration is not necessarily one that aligns with the shareholder base, but in this case think 15 years ago they did consider splittic the compete and they revisited again i think in an 2005 2006. while jana will not be coming up to the board anytime soon they are being somewhat aggressive in terms of their strategy here including the media roll-out. mr. rossen stein presenting at this conference just finishing up about 20 minutes or so ago with his presentation as to why he thinks qualcomm could be at

least 50% higher in the brief time i had to speak to him prior to his presentation what it could be. it doesn't mean by the way it will be. they've had success, by the way, jana at mcgraw-hill with the split a couple others but there are examples when a split-up has not been the right way to go. >> i'm always if worried about the timkin and suddenly why you kept the two parts together, which was the service side say, is not enough to give the other said just goes by the wayside. i question whether qualcomm is just a great american company that this quarter didn't do it -- but i also respect janus so much there are very few activists who when they get involved i don't say, wow, a lot of good points. jana has such a good record i have to say to myself if that

stock comes in back to where it was, because the hoopla dies down, maybe. >> david, what else is going to come up in the conference today. we're going to be sitting done moment tear with the garden of trien, the focus will be dupont, we're one month away from the meeting for the vote. this is one contentious proxy fight. talking about rosenstein not long after that. keith meister -- it's so amazing when i talk about these names. and how fast their assets have grown. and jeff smith, talking about a lot of his new ideas, not to mention was going on at darden. what they've done pretty well. i listen to you for low gasoline prices. >> sometimes you get the wind at

your back. you know what i want to be with dupont? notched down friendly. it's not adhomefhominun, david, the acrimony is too great? >> i think it may be a little late for that. depossibility withdrew its offer of with you nominee, at least. they're a month out, this is important. it's only waged one proxy fight in its history, of course with heinz where it was successful so a lot riding on this for them. not to mention, of course an almost $2 billion position in the stock, though they have already done fairly well which goes to the argument that we've had and we've had talked about, of course it can prove more

difficult times when a company is doing well to get shareholders to agree that it could be doing even better. >> i look for a mag nam muss situation. everybody wins get away from this nothing of license, i know the lead director wasn't happy with us. everybody gets in a room. we all -- and then just kind of peace not at any price, but peace with win. i sure would like thinks people who are all great people to get together and figure out some fantastic ways. >> david, i'll broker it if i have to. i'm a man of peace.

>> the -- you always bring it down, jim. when you walk in a room jim, thing really calm down. [ laughter ] >> all right. well gandhi and i, you know the dalai lama has game, i think. they can go higher provided they break bread, you've got some good ideas, you know, we've got new directors. it just doesn't have to end so badly f. >> guys thanks a lot. when we come back netflix gets another boost today. we'll talk about which one. also ahead, sprint's new moves aimed at beating the competition in the wireless wars. a live interview with the ceo. relatively muted action s&p going for the fourth in a row, something it's not done since the latter half of january. more, when we come back. after all, healthier doesn't happen

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not flicks on the rise in the premarket, ubs upgrading the streaming company, raising the target from 370 up to 565. ubs says the current stock price

is an attractive point, they have all these worries about whether they can contain content, jim, is in their view not a problem. >> i agree. the secret to netflix is worldwide people have always love our content that we develop, and younger people they just don't watch when we do. they watch netflix, they catch up on all the things that you and i know. netflix is a shared -- a shared community. it's not an ecosystem as much as a shared community. i have to deep defaulting to what younger people do, but it's my kids but what should we do? bhashd we look on netflix? we do not look on individual i don't on demand or what might be in the tv box. we say, hey, look i saw this great thing on netflix. that's what they do. it's a worldwide conversation.

>> going to a buy, when it's essentially 15 bucks from the 480 it topped out at? >> well nobody is perfect, just like when my kids downto the "some like it hot" at the end. i like the quarter, i think that people have to recognize this is not an inexpensive stocks. netflix is worth, i don't know five times spotify, without a problem, but netflix is stuck being a public company, and it has to get to a private valuation. i think this product is so much bigger than the market cap. >> speaking of the spotify valuation, pandora up in the premarket on the heels of that. hillary clinton has finally made it official. >> i'm getting ready to do something too. i'm running for president. >> the former secretary of state

announceing her second bit for the presidency. she says quote, the deck is still tacked forstacked for the people at the top. and we'll talk more about this jim, as we get into the summer. >> i think hillary clinton is known as a person who talks to top business people. i hear people framing her that she's friendly with people on wall street. she talks to everybody. i think there will be a joint conversation with company that is create jobs. that's the american way to talk small business. we need to think big business why? big business is losing jobs to overseas if she can break through the orthodoxy of globalization at the sackry for a -- she's going to change the discussion. we have to stop exporting our jobs and importing their pollution. the candidate who talks about

that platform, is candidate -- >> yeah we'll talk more about that and productive in post-recession, whether m & a is a siphon of weakness or strength. we'll have the mad dash and countdown to the opening bell. 36 members of the s&p reporting earnings this week. it really begins tomorrow. a lot more from the nyse in a moment. if you're looking for a car that drives you... ...and takes the wheel right from your very hands... ...this isn't that car. the first and only car with direct adaptive steering. ♪ the 328 horsepower q50 from infiniti.

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just about six minutes until the opening bell. unh reports this thursday, and in front of that? >> jeffries says buy it. here's the issue, if the wrong -- if the right is even better than they think. i think unh has a great business model. this is one i say yes, even up here. start small, let it come in the rest of the day, do some buying. i think this company is on fire. >> what's the matrix here? premiums? >> medical loss just the notion of a transformation making great acquisition, breaking away from the pack and by the way, dow stock, this is becoming a de facto name for portfolio managers everywhere who want health care managed. this is what they own, and they're going to keep buying because think think it's worth up here. >> we'll find out. wash me through fresh pet.

>> organ and natural pet foods. people love their pets. we're always trying to feed them what is good for them. >> this is what fresh pet does. this is a 60% of the flow to short, which is insaid. they had a really good quarter. >> and goldman gives it to the people who are already long. so you better cover ahead of the deal because the deal will be so squistly bought up that you -- your head will spin. nice company. >> what do you make of the argument this is an inherently discriminatory cost? right? it is on problem i have is i don't like the pet food in the refrigerator next to foods, but

there are some people who aren't as discriminatory when they grab something in the middle of the night. they're selling to the biggest box retailers. you know you try to finish it give the pets -- just so it doesn't look like a salami but you start making sandwiches -- >> icebox man. we'll get you the opening bell in about four minutes. don't go away. the e-class has 11 intelligent driver-assist systems. it recognizes pedestrians and alerts you. warns you about incoming cross-traffic. cameras and radar detect dangers you don't. and it can even stop by itself. so in this crash test, one thing's missing: a crash. the 2015 e-class. see your authorized dealer for exceptional offers through mercedes-benz financial services.

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you're watching "squawk on the street" live from the -- earnings this week really begins tomorrow. jpmorgan p. johnson & johnson, intel. that's just tomorrow along with a lot of economic data. ppi later in the week retail

sales, housing starts and cpi finally on friday. let's get a look at the opening bell the s&p at the top of your screen. down here at the big board, it's new york city f.c. a major league soccer club and new york's fine it's sports franchise -- and blue nile doing the honors at the nasdaq. jim is back after a bachelor's weekend in the bahamas, his voice hanging in there. we missed on friday because of the ge news and a lot of people wonder what you do now. others say it's going to go back to sleep. >> no this is a material higher. i have been waiting for jeff immelt to do this. i wanted bold action not piecemeal action. i told him this i don't know a decade ago, if you give me a pure play in the industrial with the firepower and the brilliant at the different levels, you have a 35 $40

stock. i think that's what's going to happen. this would be the industrial on core holding i think this company has a great balance sheet, it can pick and choose of what it wants to buy. i applaud them for taking what is -- what they're doing is they have this big bond which is all the real estate. you know what? it's the top of the market for bonds. they're selling. i think this is a fabulous move. you will see portfolio managers saying, you know what? i saw i sold my emerson. i sold my blah blah blah industrial, and i bought ge because they have a dividend that's the best and they can go higher. >> on that point, even credit squeeze think they'll buy back every share, it will be a buyback where they'll get a moment that

maybe they can't buy because a window this closed. they tie think were at a loss. how do you value a great health care business that can get better? how do you value an oil service business that maybe they could make huge now that all the prices are down and the answer is as if you value it as if it's the great growth industrial. >> jeff immelt talking to faber on friday about why they made the move now. take a listen. >> right now i think two things have happened recently. one is you have a perfect market to be selling financial service assets. you have slow growth low interest rates, lots of liquidity, people searching for yield. i think the financial oversight board has said there's an off-ramp for companies who are systemically significant to kind of get off as they had runk. we think this is good for the

system, good for the regulatory world, and that's been more or less recent. now is the time to do it. >> one bullish argument on that off-ramp is once they exit this decidingation, you can't add leverage to the industrial side and that would power growth. who needs the government looking at your business? how about a pure play industrial that just says you know what? i sigh military spending worldwide growing. i see other countries need more aero aerospace. and you know what? i'll leverage myself to long-term trends. that's what i see ge doing. >> we covered netflix in the upgrade. qualcomm we covered at the top of the other. the third is unh, and not far behind is underarmour. jordan spieth winning the masters over the weekend, the second youngest in history, an will only wear the underarmour

logo through the year 2025. >> i was in a situation when i watched many people watch in many different venues. there were people that were proud they were wearing underarmour. i haven't seen people proud they're wearing kpmj. honestly. and kevin plank, i remember the day he did it, he said do you know this guy? i said no. >> i thought, that's even better. we have people who didn't know golf, talk about a guy, look at him and then buy underarmour. just like stefan curry, plank good going where others haven't. hi is a hole in one, that guy. >> amazing they put money on spieth, who almost single handedly gotten them goo golf.

>> never write off nike. nike is going for performance, and plank is going for fitness. they are both huge markets. at this moment i prefer fitness over performance apple back above 128. i think it's going to help apple iphone sales. i think it's literally going to go the other way, because you need the watch. >> and i think you'll see a spike in iphone. i don't see a lot of people talking about that. this could be the big boost for 2016 iphone sauce good luck samsung. good luck blackberry.

to say let's just go by $5 million. you will see this watch be the ultimate device to save lives, and it will make you want a phone. it's a win. >> that would be interesting. obviously it doesn't cannibalize the phone. >> how big would that be? no one is talking about it. i think that's what -- >> sandisk, which does report later in the week after the past four to five weeks. >> i'm sure there's one right now who's saying an activist get the darn product right. like qualcomm. sandisk has fallen behind. i want to own sandisk, but enough with this second-tier company if they can't beat the third guy, you know what? just forgot about an analyst, go

find another horse to bet on. jetblue, by the way, almost 20 bucks now. airlines are turning into an interesting story. we got the results of the annual airline quality rating. phil lebeau is at chicago's o'hare. good morning, phil. >> good morning, carl. we have the top and worst rated airlines among the 12 that are rated by wichita state university and embry riddle. at the top of the list virgin america, followed by hawaiian delta moves up to number three, rated as the most improved and jetblue at number four. converselity bottom of the list three regional envoy/american eagle as the worst, express jet, skywest and at number nine the worst rated full-service nationwide airline is united airlines. you might be saying to yourself there you go. if you had united as an investor, would your performance

reflect that? no united versus virgin america over the last six months no comparison united up almost 50%, easily outperforming virgin america. back to you. >> phil thank you very much. >> i have to tell you. right now, spirit air, he's saying how could continental be that bad. we at least try. we try to be bad. we're going lowest costs from here to there. they're trying to get, he was laughing this morning, having a good belly laugh. some people writes that 9 unit of pricing is beginning to soften year on year. >> the stocks reflect people stopping flying all together. that's not happening. 9 companies will have so much cash that they can turn into utilities, because they are regulated like utilities,

meaning. just worry about how, if we still have a lot of travel you know what? it's just going to get better and better as more planes come in. >> stocks obviously reflecting that today. dow is up about seven points. welcome back bob. >> good morning, guys. mixed morning here but not a mixed morning over in asia. i have been leading with china for a week, week and a half thousand this is hong kong. shanghai with another shallry the shenzhen also up. that's sort of the nasdaq of china, despike the fa can't that exports decline in march. that was a real disappointment. so obviously there's a number of things going on here.

take a look here. they are talking about record numbers of retail investors opening accounts in china last march. 4 million opened in march. there's a whole influx of average people investing in the stock market and you could say that's good news or bad news. that's definitely what's moving things. this is mainland china, the biggest etf. up 30% just since is the beginning of march, so a lot of interest there and at least on this side as well. speaking of some of the disappointments with gold we have a very small merger this

morning very symbolic of the idea that these small guys are having troubles. it's a small deal but a lot of these companies can't make money. sectors right now, energy is leading, tech, health care and financials exxon is the big problem there. just look at some of the big moves here. most of them are trading to the up side. carl, back to you. >> thank you very much. oil is off of the high but still up about 1 punz. jackie deangelis is at the nymex. >> that's right. we're seeing oil up about 53%. traders saying this is short covering. we did fin strong on friday. having said that. crude really can't find that much direction if we were seeing selling pressure we would see the same kind of action in the

rereverse. new positions, the highest we have seen weekly since 2011. at the same time gas prices are actually falling. they're down five cents in the last three weeks, the national average around $2.45. refiners and retailers are chasing demand here but that could change as the summer driving season heats up. when we return nelson peltz making the case. the dow is up some 20 points. don't go away. i care deeply about the gulf. i grew up in louisiana.

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we're here to make healthier happen. optum. healthier is here. welcome back. we are hearing from some of the biggest activists active today,

yes. you can't say that twice, can you? i'm joined by ed garner cofounder of trion. but, of course due pond is what i think you'll be speaking about perhaps later today, and is certainly a focus. one month until the meeting. >> may 13th. >> one month from today. >> yeah. >> is it going to go to a vote? >> i think it will. i think it will. the decision for shareholders is really deciding between the triontri trian's plans, and we do it where they become the best in class margins, and sales growth

and they're not that today. five every the seven businesses that makeup up what you and i think of all dupont are underperforming. we'll get that fixed, and we'll do it by fixing the bloated, expensive bureaucratic corporate overhead and corporate structure, and i just want to make one other point. the decision for shareholders is a decision between that trian's plan and management's plan. if management were here they could say they're executing high growth and high value. what is not there is high conviction. the ceo sold the majority of her shares, and those were options for the most part that doesn't expire until '16 and '17. >> so that's a reflection in a lack of confidence in her own plan. >> i think you're seeing a ceo saying for my money, i have no confidence in my plan.

at trian, we have two million invested, we have high conviction we can generate that kind of shareholder value. when you compare that to a ceo who's basically monetized her equity position. i think the reason we give management teams equity in the first place is so their interests align with shareholders, not so that they sell the shares prematurely. >> well dupont for its part is certainly going to say the things it has been saying which the board believes the plans can result in less competitive company, for weaker -- that you have a value destructive agenda that carries extensive risks. estimated ongoing increased costs of a billion annually. you'll destroy their innovation platform limb name revenue and margin drivers, and on and so. >> wow, there's a lot of rhetoric there. let me at the you what reality is.

reality is that in december 2013 i met with sandy culver the lead director and the ceo in a hotel room in washington, d.c. at that meeting -- we've been in the stock for nine months and hadn't said a word publicly hadn't talked to other shareholders, hadn't talked to research analysts. we were trying to find common ground with the management team and the board. by this point they had announced a separation of performance chemicals chemicals, a shared buyback, and they said, are you happy? i want no because at trian we don't think you fixed the costs. you're going to continue to miss the numbers, continue to step in the same pothole that you've been stepping in. they said we disagree, we're now going to start hitting the numbers and sandy cutler said we'll hold the management team

accountable and you should hold us accountable for now hitting our numbers. and of course in 2014 they announced they would miss materially at which point we solid sandy and said, the way to solve this we could by passive any longer we'll take one seat on the board. we have a long track record of being constructive as board members. >> originally that was you, and became mr. pelse. >> they told us to go away when i broached the subject of i would go on no one has to get off the board, they said no. at which point we said what about nelson? and they said we want anybody but nelson. that's how we ended up where we are. >> we're going to run out of time quickly so let me fast forward. they had bill george most recently, he's quoted "new york

times" says the proposal is troubling because it mirrors a trend that -- is your plan going to gut the ability to do research? >> completely flawed. the reality is trian, we typically are spending significant amounts of money to build the businesses we invest in. nelson went on the boor of monday mondolease, building billions. look at wendy's we've been in there for a decades. we've spent at fortune building new stores renovating stores upgrading the menu but we want to make sure we're getting a return. at trian, we're looking to grow the top line but we need to get a return. at dupont, a couple fun facts. they have spent $5 billion on

r&d over the last five years. it's cost them billions. they came out with a product. they did 7 million of sales, and it cost them a billion, because it was killing trees. they came out with another product that violated a monsanto patent. something is wrong on the r&d front. something is wrong with a trian principal on the board working with perfect inspection. we'll get to the bottom of it and we'll get it fixed. >> you've offered to have two on the spin-off. real quickly, ed you have a month left. do you think you're going to win? and how important did the proxy advisory firm become? >> proxy rules don't allow me to predict an outcome, but let me say this. we're very confident. >> it's hard for me to sense momentum. >> we're very confident. we've had great meetings with

the institutions that own dupont. so we're very confident and believe we will add a ton the value once we're inside the boardroom. the problem, david, is what i have seen is that this board has -- this management team as an information advantage over the board, and i don't think the board nods what's going on. do you think the board knew that ellen kullman was going to sell the majority of her stock? i know for a fact when i met with sandy in 2013 he had no idea that the performance coatings, which they sold he had no idea that the business they sold with 340 million of edid i today actually with 570. i had he had no idea. that shows -- >> i'm afraid we're out of time.

ed garden c.i.o. cofounder of trian. thank you. >> thank you. >> back to you guys. one month for the annual meeting we'll get to jim in just a moment. don't go away. [ male announcer ] your love for trading never stops. so open an account with schwab. and when a market move affects, say a cloud computing stock you're holding, we can help you decide what to do. with tools that help you see how market activity is affecting your positions. so when the time comes to decide whether to scale in or scale out... you can make your move wherever you are. and start working on your next big idea. ♪ ♪

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first i want to apologize for my scratchy voice. i notice it's hard to listen to. intel that stock was able to fly. stocks come down since then. broadcom is an inexpensive company. and my gift to brian is you are freed to spend 30 mill quote-unquote to do this maybe even 35 because intel knees to be a great american growth company and what's on mad tonight? >> psg. people who do ice hockey know it. the most important thing is they do la crosse. you and i will want to own a team when we're finished. >> jim brown, the football great, also a la crosse crazy. >>.

>> "mad money." when we come back david's exclusive with jana. we'll see you in a moment. \s ♪ help an oil company overcome minus 47 degree temps, 5 foot ice, and 16 foot waves, to safely keep crude oil

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good monday morning. welcome back to "squawk on the street." i'm with sara eisen and simon hobbs. david is alive at 13-d monitoring the active investors summit. more from david in just a few moments. in the meantime markets are holding up here 42 points after a weak premarket. s&p going for four in a row, something it's not done since january, and also wiped out all of is the march --. >> let's get the road map for the next 60 minutes. the race for 2016 is heating up with hillary clinton officially announcing marco rubio expected to announce later today. >> plus a big week for bank earnings. it is the second worst in the s&p so far. will first quarter results help turn things around. >> the china stock market shrugging off that dismatt data. is it a bubble? do you need to care in goldman's

chief asian equity strategist will join us live. >> a huge lineup. faber will talk exclusively with jana's barry rosen stein. >> keep an eye on these markets, the dow is higher today, not a lot of action but it is a big week of earnings coming up. banks kicking it off with jpmorgan and wells fargo said to report tomorrow. should investors brass is for a volatile quarter of earnings? joining us is founder tom lee and raymond james chief economist scott brown. tom, i've been to be feeling goods, it seems the past of least resistance is higher are you nervous at all? >> you know i'm actually optimistic for both. i think i've been a little

disappointed with the tenor of the data but the markets have been rising in the face of that. it's very reassuring. expectations have really come down for q1 earnings. i think visibility has to be a lot better so i think we're going to have a stretch of a couple months where the data will be good and the markets will act well into it. scott. >> do you agree with that? do you think we'll shake off the weak effects, namely the winter weather, the poor congestion other temporary factors here? >> yeah i think obviously there are a lot of factors, depressing growth in the first quarter, but we should see a rebound, notably a drop in the gasoline prices should really light a fire under the consumer. we anticipate that xwumer spending will be a lot stronger. now we and we may begin to see

that in many of this week's reports. >> "wall street journal" had a good piece about the consumer discretionary stocks have been pretty much on fire on this bet that has yet to come to fruition, and oil prices are headed back higher. that could also hurt the rally in those stocks. >> i think if you had to do the pluses and minuses, it's on balance a very good environment for consumer stocks. the labor mark's tight nen the amount of substitution means i think we have a big tail wind. i think the journal had a -- >> off the books. >> right. if you foreclose during the crisis. >> that's right. i met a klein last week whose

one of his best friends just dropped. so i think there is a real effect. >> it was real strong you and i were discussing off-camera about how that was in the wake of the fed. we talked a lot about that. as far as the market positioning is concerned, what happens when you get very small rises in interest rates to certain sectors, perhaps in high dividend etfs, basically collecting the dividend. last week was the market was up 1.7%. reits actually dropped by 2.7%. i know they may have specific stuff that's going on with blackstone and so forth, but are you aware of certain sectors that will move disproportionately? >> absolutely. when interest rates go up some industries and some stocks are receivers of higher rates.

tech because of inflationary -- there's companies that will be vulnerable to higher rates. i think reits are okay because they have some inflation protection, but you're right, crowded, bond proxy trades dividend traits. >> but people are borrowing on margins to be sitting in them at the moment. >> that's right. again, there's -- it's not just -- etf margin you know there's a lot of levered companies that if they have floating rate debt will be vulnerable. i think you can be bearish. >> scott, you want to weigh in here, as we prepare for some of the first interest rate increases cuckoo -- >> i think it's interesting, if you look at a lot of fed officials comments particularly the governors, many are singing from the same pages, that is

they expect condition toss warrant a rate increase by the end of the year. that's assuming we'll see the rebound in growth but more importantly the fed officials have also said there's almost too much focus on the timing of the initial rate increase. many officials are thinking this is likely to be gradual. if you look at the fed funds futures market they're pricing at a much more gradual path of tightening even than most fed officials. >> which is what sort of the message you've been hearing from the fed as well. thank you, gentlemen, with the dow up 33 points, tom and scott, good to see you. so finally hillary clinton announcing she will run for president in 2016 and of course marco rubio is expected to announce his presidential bid later in miami. our chief washington

correspondent john harwood joins us now with more. i suppose you see your life for the next 18 months stretching ahead of you, john? >> i do. the only people in the country not laser focused on jordan spieth and his final round of the masters yesterday were political reporters looking for when they were going to tweet and release the video of hillary clinton's announcement. finally they did it in the middle of the afternoon. it emphasized her focus on ordinary people with her candidate being somewhat of an afterthought in this video. take a look. >> i've started a new career recently. this is a fifth generation company, which means a lot to me. this company was founded on hard work and it really feels good to be a part of that. >> i'm getting ready to do something too. i'm running for president. >> now, that was how hillary clinton announced she then subsequently took out on a drive -- i should say a ride. i don't think she's driving

herself. she hasn't driven in 20 years, for her campaign in iowa. first, the advantages are, one, she's got a tremendous amount of experience at first lady senator, secretary of state. all of that gives credibility. second of all, she has dominance within that party. the shrinkage of white voters. she has some challenges of first of all, hillary clinton is not a political natural. that's why there was so much focus on the choreography of this race. secondly she's got to worry about getting caught on the wrong side of a future/past debate, and finally voters want change. marco rubio's announcement tonight, young, fresh face shows the perils.

she gets in a race with mark i don't rubio, it will be a challenge as well as others in the republican field. >> better get your rest now, john. the hard work is just beginning. >> exactly putting pressure on qualcomm today, asking the company to consider a breakup. david faber will speak with jana's barry rosenstein when "squawk on the street" comes right back. it gets talked about... ♪ ♪ ♪ so you can live the way you live, and enjoy all the rewards. chase sapphire preferred. so you can. automotive innovation starts... right here. with a control pad that can read your handwriting, a wide-screen multimedia center, and a head-up display for enhanced driver focus.

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visit today, active, passive investor summit. indeed sarah, perhaps the sinusmaker of this morning. i am joined by barry rosenstein founder of jana to your investors, which we also have a copy of. >> we have our ways apparently. why are you doing this? >> well we've made our biggest commitment to a company we believe that is tremendous value and tremendous potential. high-quality company, dominant company in its space, in the fast-growing cell phone, mork smart phone space, and trading at a big discount to its value.

net of cash and they've got many, many avenues of value creation available. >> you have a number of them in your letter. at least introducing the idea of unlocking -- and these are your words, value of perhaps splitting the two businesses basically the intellectual property. why is that something you think would be a favorable outcome? >> just to be clear. we've had very constructive discussions with this company. we are convinced that the board and the management recognize there are issues. we're convinced that they are trying to do the right things and we're optimistic that they're going to. you know we have advocated a number of steps not just to split up. in fact you know what we think they ought to do is traz parent

review of the businesses and determine whether or not it makes sense to do a partial or a full split. we are not definitively saying they should split it up. >> you know in the past i know they have considered some things. i know management at least on this issue in the past have communicated the idea these two businesses belong together in part because of the financial strength that the patent portfolio, for lack of a better term, giving to the ability to do r&d on the chip side. i think they would say on china they benefited from the two companies being together as they dealt with regulators to try to overcome, as they eventually did, the issues they faced in that country. would you accept if they came out with a determination that said they're better off together? >> yeah probably. look we want them to do transparent analysis. you look at the valuation here.

this company's multiple is d-rated by 30% in the last three years while the nasdaq 100 has gone up 40%. what it leaves you with if you were to value the license business at a market multiple and keep in mind it's a dominant player in space, with 87% margins, you know it generates 6 billion. just put a market multiple. that leaves you the chip business with a negative valuation. obviously it's not worth negative value. it generation 3 billion of ebit annually. so we think they need to look at it, figure out what they can do to close the value gap. >> something else you talk about, at least in your letter is the idea of accelerating what are already significant repurchases of stock. they announced 15 million buyback only a few weeks ago essentially, 10 billion this year, this is a company that's already returning 75% of the free cash flow to shareholders. in fact i think it was in fiscal

2013, returned 93%, barry. you can't ask po more than that of a tech company. >> this company stood out among tech companies, net cash of 30% of the market cap sitting in cash. so, you know that's -- even for a tech company, that's a lot. >> no longer the case. >> we think the 15 million repurchase authorization is the right amount. we think they need to accelerate it and do it before the benefit of the value creation steps we're outlining. >> but i want to understand. do you want them to lever up even more. >> we advocated they do a repurchase of 15 billion. they have announced 10 billion asr. we think they ought to get the 10 billion done.

>> based on trading volume in four to six months and they certainly want to get it done before the stock starts to move as a result of the value creation steps. >> although as you well know companies are certainly always talking about having the financial arsenal to compete, making sure their balance sheet is appropriate to get the rating they want. >> david, do you really think if they return 15 billion out of 30 billion of net cash so they're left with 15 billion not including the free cash flow that's not enough to be investment grade? or to pursue growth opportunities? >> not necessarily, no. not necessarily. the window for nominating directors, obviously that's not lost on you. i think it reopens november of this year. do you see yourself going down the road of a proxy fight, or

are you sticking with the strategy of publicizing -- >> i can't tell you what's going to happen a year from now, but we've had very constructive discussions with the company. i would be surprised if we can't come to some common ground. i think they're looking at things the right way. you know as you well know we've had a lot of success over the years prosecutes quote, activist, you know positions without getting into big battles with companies. >> yes you have. in fact one comes to mind which is walgreens. where you are now on the board. >> yes. >> are you happy with the strategy walgreens is following? by the way, the last conference call, they seemed to very aggressively guide people towards the idea they want to do an acquisition. is the acquisition in walgreen's future? >> you don't want me to share that, do you? the walgreen's situation is terrific. you have a board that's well meaning, that recognized there were problems and they needed to address them.

they invited me to go on the board. when i suggested they needed some representation from people with health care experience and cost-cutting experience. they welcomed it which is why we didn't have any fight. they agreed to three people on the board. >> that's a lot of people. >> but they're looking at things the right way. >> from your perspective. >> the stock is up 50% in the last several months. there's true change afoot. this is opportunities on the cost side there's opportunities on the capitalal indication side, and i think you're going to see this company continue to do pretty exciting things. you know we're partnered with one of the great entrepreneurs of all time, who when i met him two years ago, right after the meeting, i called my partner and said we're going to back this guy. >> why? >> he is fantastic. this is a guy who's a self-made guy, built his family's tiny

wholesale drug business into a behemoth, and merged it into walgreens. he has a personal stake of something like 17 18 billion, and this is the guy -- >> he's even richer than you are. >> i know. it kills me. [ laughter ] >> by the way, speaking of that you did a recent transaction that monetized a part of your firm. >> yeah. >> something that a lot of people can be envious of these businesses built around a person. oftentimes when a person says see ya later, there's nothing to be gained. why did you sell 20% to that unit? >> we've been approached over the years many times by many groups. this finally made sense. not only is it an attractive financial deal we brought in dial, xhs a division of newberg

are berman. it's a blue chip around 250 billion in assets. we viewed it as a -- you know a stamp of approval in an institutionalization of act visit. and, you know it gave us an opportunity to bring in a passive partner, but at the same time increase our exposure to our firm we invested 100% of the after-tax proceeds back into the fund and created a pool for all of our employees from top to bottom. everybody now has a greater stake in the funds, and invests over years, so it's a retention tool. we thought it made sense. >> is it less likely to get overly active or hostile in a sense, because other associated with a long only shot. does jana have to sort of pull back -- you're very mild-mannered, but i know the other side. you can get pretty nasty when you have to. >> do you think i'm going to

allow that to change our business model? >> i don't know. i wonder. >> stay tuned. they're purely passive. they have nothing to do with how we actually run the business. >> finally with qualcomm why the choice to make any of it public? stay under the radar, you've been have i constructive dialogue. >> we would have preferred to do that, but we filed for confidentiality treatment with our 13-f. it became public. it was going to become public so we felt what we needed to do was to characterize the conversations correctly, which are constructive and, it was going to become public anyway. >> barry, thank you for your time. >> my pleasure david. >> simon, back to you. >> thank you very much. on a programming note if that's the style of interview you like with those sorts of being investors cnbc's own deliversal fa conference is coming up on july 15th.

to rental score go to deliveringalpha.com. on goldman's chief asia equities strategist will weigh in next on cnbc.

joinings this morning, what a treat. goldman's tim moe is in town and joins us on post 9. welcome. >> thank you data and market goes up. how long can this go on? >> a couple things. one, we are very much in a -- what we've been calling a bad economy/good market environment. the playbook is earnings get better, stock market goes up. we're more of a europe equivalent where you have a difficult economy and equity assets are responding. our investment thesis has

basically been three factors, one a five-year bear market. two, you've got the prospect for significant easen as we have seen today. we have expect's for lowers interest rates. the currency might even moderate somewhat. the third thing, which is very important, is the impact over form. we think that will be a positive factor for the market longer term, which is what is beginning to be discounted today. >> you're based in hong kong. the f.t. had a big article noting more volume going through the hong kong market on thursday than london paris and frankfurt combined. what you're not reflecting is the fever you have locally, and the way they're trading. give us some color on that. >> can i give you an astounding statistic? if you look at the a-shares the

shares traded onshore in china, they've been turning over about 250, 280 billion u.s. dollars daily in the last couple weeks. the overall aggregate trade varies but somewhere between 40 and 60 billion a day. the market cap is 22 trillion in round numbers. the a-shares even after the tremendous shah -- so basically you've got the capitalization of a china stock market which is about one third of the u.s. right? but is trading four times what the u.s. is trading. that means on an equality basis, china is trading 12 times, you know relative to its capitalization with the u.s. >> so the stock market -- i don't know what it is if we can see a chart, 80%? >> about 45. 100 from the low, and the -- >> so at a time when the export sector is slowing, and there's clearly a problem with real

estate and those loans could go back, i understand the way you're logically going through it but is this a bubble? is there systemic risk here? >> our quick answer would be no. i know the immediate reaction would be i'm sort of flag waves, and i sit in hong kong and i'm if you would with euphoria. so we are trying to maintain a level head. it certainly is getting frosty but it is net levels that you think it would be systemic risk. as of two days ago, on friday we do a weekly publication. the forward p.e. ratio was 11.8 times earnings for the a-shared it was 14.8. the push back could be the big banks are super cheap, but you take that on the, you at about two points to the index. so maybe 14 times earnings. for the a-shares because the

banks are a smaller proportion, you add maybe one point. now, snows are not crazy levels. parts of china are trading the small cap stocks are trading 80 100 times. that's truly frosty but the key issue here is the tenet called anchors. people have been anchored on the devaluation that happened five years of bear market. before this started, the starting point was eight times earning, because no one believed the book. now as people feel less concerned about left-tailed crisis risk then you get a normalization, and that's compressed by admittedly fred frenetic retailed activity. is that a bubble that will crash the system. could we get there? possibly but not yet.

>> we have hank paulson on tomorrow, and he talks about china dealing with the reckoning in his view all have to be dealt with. do you agree with that? >> yes, absolutely. one thing you should watch is there was a 1 trillion asset shift from bank loans to municipal bonds. that's the beginning of an important reinstrumenting, which if done directly may be the beginning of the workout process, which is very much needed, as you just mentioned. >> good to have you. tim, please come back. tim moe talking about asia pacific straight ahead financials are the second worst performers in the s&p 500, down 2%. so what should investors be expecting? could the sector turn around? more on that after the break.

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good morning, everyone. here is your cnbc news update. a trade commission led by penny pritz and elizabeth cherwood randall is meeting with the chinese premier. north korean state tv broadcasting a huge rally by soldiers coming before the 103rd birthday for the founder

of the country. a lamborghini, part of an exotic car raising attraction crashed into a guardrail killing a passenger who was a disney employee and injuring the driver. police say the driver failed to maneuver the high powered vehicle through the course. it lets fans del drivers or passengers for a fee of up to $400 can yay west jumped into a lake in armenia, and dozens of fabs apparently thought they should, too. west's security staff quickly moved to get him out of the water. he was performing at a free concert in the armenian capital where he's been visiting with his wife kim kardashian. you any know what he's going to do. back to you guys. tomorrow we have jpmorgan

and wells fargo, then bank of america, merrill on wednesday, and completing -- and goldman with earnings on thursday. let's bring in david conrad head of u.s. banking research. good morning. >> good morning. >> not only do you think that jpmorgan is going to come in with earnings above what -- substantially above what the street is expecting, maybe seven cents according to your calculations. you also believe we're at the beginning of a rotation into names like jpmorgan and citi and out of the wells fargo. just talk us through that if you would. >> it's sort of an interesting quarter. it was refreshing this quarter that we didn't cut trading numbers, we actually raised trading numbers for the quarter, which i can't frankly remember the last time we raised numbers there, so we're getting a firm footing on trading now, which i think will ultimately help the multiple, but we're seeing a lot

of leverage benefits. for names like citi and jpmorgan, we're looking at 7% growth in operating core earnings but with wells fargo, we're flat there, and i think the flattening yield curve is part of it for wells fargo, but operating leverage has been a bit challenging there. when you think about wells fargo, they just have a high hurdle or tough comparison from last year due to non-core gains. >> so you think as a stock price citigroup will do well? jpmorgan will do well. it's not just wells fargo, though that you think will underperform, but also bank of america. why is that? >> bank of america has been in a tough spot. that's been a thesis for investors who wanted absolute reduction expenses but also as an interest rate play. the fed has been slow to move on the short end of the curve. bank of america is more susceptible, because half their sensitivities are on the long

end. the other thing with bank of america this quarter, there's a couple unique aspects to them that they'll get hit on mark to market adjustments, as well as option expenses in the first quarter. >> whoos best positioned david to take advantage of the resurgence in deal activity that we have seen in the first quarter? >> the answer there is goldman sachs. we're expecting revenues in m & a from goldman sachs to be north of $800 million. the number two players is morgan stanley. they're almost double the number two competitor. >> yeah i guess the bigger issue is as of friday from general electric, david, we now have whatever it is $16 a billion of financial assets on the block for people commercial leasing and lending mortgage and consumer financing. who buys that? what are we going to see over the next six months? is there any way in which shareholders or investors can take advantage of that? >> well actually wells fargo

had an interesting deal. they picked up around 10 billion of the assets which i think is accretive for them a nice transaction, but i think the rest of it might be dispersed among hedge fund private equity, and the like. that would be my guess. >> there was a lot of editorial comments as well that effectively gee -- one of the reasons that ge was forced ko exit banks was because of the additional regulation. whether it was a good or bad things, the regulators pushed them so far and earnings were so depressed. do you take a view on that overall? >> i think post-crisis, and with a higher regulatory environment we'll see a lot of mixes and changes. we've seen that with the university banks as well. citi created a good bank/bad bank and effect ifrly has -- so i'm not necessarily, you know

in the camp to call for a breakup of the universal banks at this point, but i think you can't look down the road in this environment, perhaps with a jpmorgan and chase brand that operates separately but i don't think we're quite there. >> dame konrad joining us. thank you when we come back an exclusive interview with keith meister of corevex. and david faber will bring that to us when "squawk on the street" continues.

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we're going to do more on trading tradingnation.com. and more "squawk on the street" right after this. ve affects, say a cloud computing stock you're holding, we can help you decide what to do. with tools that help you see how market activity is affecting your positions. so when the time comes

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13d monitor active/passive conference and keith meisner is here with me. now you have officer $7 billion thank you for being here. let me ask you the first question which is simply is there so much activism it becomes harder to finished targets? i've some startling statistics that it face an activist assault. are we running out of targets? >> thanks for being here. great to be here. look act viv is -- the noise behind us in the conference it's all people want to talk about. why is that? i think it works. i think active investors have been very successful. i think to companies' credits, for the most part they have engaged with activists, tried to

see the forest through the trees, and think about taking an owner's perspective to help create value. it doesn't mean every situation ends with activists and management working together but in many situations you hear about expressen as idea getting that management on board to buy into the idea and then implementing it. so before i joined i listened to one of the presentations and heard about the successes with air products about the success at canadian pacific. success breeds success. if activists are able to help create value, two things happen one they get more capital to invest, but more companies look around and say how do we become the internal activist? i hear lots of ceos say i'm the new kreismt off the mcdonald's, i'm going an internal activist. that's actually really really positive. in part is there too much

activism? maybe. could it be like the private equity gave in '06 and '07, and there were conferences like this. >> it's not like private equity has gone out of business but not at the size we saw then. that's an interesting -- >> i think it's a fair observation, but look at the private equity firms that survived through that period of time and time the apollos, the blackstones, their brands and franchises are bigger and better than ever. they made some great investments, some less great investments, worked through, and they're creating lots of value investing capital will activism change? of course it will but the general concept of value investors having ideas, partnering with companies with companies, i don't think that's a fad. i think that's a multidecade thing. how it gets expressed at different times, i think that's the piece that change. >> partnering that's what i keep hearing, but you've had

some nasty fights. it's not as though when i hear you at my door's i'm all kumbaya. >> i won't apologize for expressing our opinions but we actually try to avoid fights. in three of the other situations, we joined boards on a friendly basis, went on the board in the case of williams rail corp adt, and hopefully work constructively with each of the boards to varying degrees of success in implementing plans. in several companies they were acquire acquired krerkz corporation of america converted to a reit we helped signet acquire zale's filled department national spin off as a tracker. so in most of those situations we were hopefully -- where we thought the management and the board were good actors so this concept that activism, as much

as the media wants to label it good guise against buy guys i thole we're all on the same team. sometimes there's a benefit for seeing the forist through the trees, and helping to engage and helping effect change. >> all right. but that's my original question. i mean you're sitting here today without anything new for me. ed garden is talking dupont. jeff smith seems to come up with a new idea all the time. are you running out new ideas. if i change my ideas all the time, i'm short term. so we have or five largest positions are all companies with we have 13ds on where we've been investors for multiple years. so at signet they're thinking smart about capital allocation. fidelity national accompanied black night, investing in data

and annual illustratics around housing recovery. so we have a lot of great ideas. they just don't happen to all be new ideas, or we want to invest in great businesses going through change. i'm thrilled to inact this. am i going to do anything as an activist? of course not. i think i have an activist ceo. i have someone doing what i want done. >> quickly on activist. the acquisition, grown enormously and has been a favorite. were they to never do an acquisition, could you be comfortable? >> in the case of activist yes, they brought a handful of great companies. they have a first rate management team and the businesses are going to grow. the now the special sauce is capital allocation. whether they're able to find additional acquisitions or after deleveraging to an appropriate target they take excess cash flow, that's a tactic. the key piece for whether it's

activist or whether it's charter, whether it's a platform especially products, these businesses that you can say are leverage buildoffs or rolloffs is managements that get capital allocation allocation. we want them to take money and allocate more capital and they're a really good mouse trap, their business. if you can access borrow money, and invest to growth have synergies, get the benefits in scale, that's a wonderful thing. in the case of activist they have a core growth from their businesses maybe it's low double digits. maybe they can grow at low double digits. through capital allocation they can increase that growth rate by making up 500 basis points. so when the company ultimately is very disciplined about putting out a target leverage ratio, staying at that target ratio, guys like me give them credit for that. it's not a 12% make up the proverbial business it's not a 12% grower it's a 17% grower they'll stay at 3.5% the leverage, they'll buy companies, they'll buy back stock, what

happens, you get the benefit of increased growth then you also get a higher p multiple. the peg ratio, if it stays at one and goes from 12.5 times to 17 times. that's a very virtueous circle. part of why activism is done so well in the last several years is the markets are really really hospitable and accommodating to good companies doing thoughtful capital allocation. the winner's win, and the losers get big targets. and the losers get big targets where a company like fisherman, do the right things look at the value. and guys can invest and hopefully say to the management say to boards make the big decision change how you think about capital allocation. the virtue of sierkcycle. >> thanks for joining. keith meister, back to you. >> up next on the program, a change of pace. look at this. this $48 million new york city

triplex, three floor apartments has three panic rooms, a giant cigar room and it is owned by a saudi prince. we will take you inside when this show comes back. (trader vo) watching. waiting. for that moment, when right place meets right time. and when i find it, i go for it. (announcer vo) at scottrade, we share your passion for trading. that's why we give you the edge, with innovative charting and trading features, plus powerful mobile apps. and now, get up to a two-thousand-dollar cash bonus when you roll over your 401k or ira accounts. details at scottrade.com/retire. it's more than a network and the cloud. it's reliable uptime. and multi-layered security. it's how you stay connected to each other and to your customers. with centurylink you get advanced technology solutions, including an industry leading broadband network, and cloud and hosting services - all with dedicated responsive support.

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the super rich takes us inside a new york apartment fit for a prince. robert frank takes us inside. >> after a very stressful day, you come down here eat some sushi. then turn your sushi bar into a tv. get in here off little ja cue zi then you go and smoke a cigar. this is the cigar room. this room closes off and basically creates a vacuum suck like a spaceship, then has built in ventilators so the cigar smoke never leaves this room. you're talking millions of dollars just in wiring and audio and visual in window treatments. anywhere in the world, and you could say, i want to open up the doors to my gym, and because we're here we'll do that. and automatic. look how cool that is. >> tune in tomorrow night for a new episode, of course of secret lives of the super rich. 10:00 p.m. on cnbc.

let's go to john with a look at what's coming up next. >> good morning, sarah. too much to tell you about in all, sprint's ceo will join us to talk about their new in-home service, all that and more coming up on squawk alley, tune in. e to take a pill? and why stop what you're doing to find a bathroom? with cialis for daily use, you don't have to plan around either. it's the only daily tablet approved to treat erectile dysfunction so you can be ready anytime the moment is right. plus cialis treats the frustrating urinary symptoms of bph, like needing to go frequently, day or night. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain as it may cause an unsafe drop in blood pressure. do not drink alcohol in excess. side effects may include headache, upset stomach, delayed backache or muscle ache. to avoid long-term injury, get medical help right away for an erection lasting more than four hours. if you have any sudden decrease or loss in hearing or vision or any symptoms of an allergic reaction

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a.m. at qualcomm headquarters in san diego. 11:00 a.m. here on wall street "squawk alley" is live. ♪ good monday morning, welcome to "squawk alley." john steinberg, ceo of the daily mail. kaylee toul is out today public first up this morning, we have apple, according to research by slice intelligence about one million apple watches were preordered on friday. the first day they