you. >> another double-digit mover on earnings. in the meantime, happy birthday to "squawk alley." >> take it away, guys. >> good morning, it is 8:00 a.m. at apple headquarters in cupertino. 11:00 a.m. on wall street, where a year ago today "squawk alley" went live. >> it is almost 8:00 a.m. out west at facebook headquarters in menlo park, it is 8:00 a.m. at starbucks headquarters in seattle, washington. it is 8:00 a.m. at netflix headquarters, tesla headquarters, it's 8:00 a.m. at google headquarters, and apple headquarters in cupertino, cupertino. >> it is 8:00 a.m. at fitbit headquarters. >> almost midnight at alibaba headquarters in china. >> 5:00 p.m. at the mobile world congress in barcelona. >> 8:00 a.m. at cnbc's new one market headquarters. >> squawk alley is live. ♪ ♪

good tuesday morning, welcome to squawk alley on this tuesday, joining us this morning. nick billton, columnist for "the new york times" and kayla tausche who will talk to the ceo of grub hub later on and joining us at post 9, jon fortt. >> a year of carl's suits on "squawk alley" that was my big take-away from that montage. >> try the tie, it works. >> you work it better than i could. >> in apple, according to "the wall street journal." dropped plans to make a television more than a year ago. it was looking at new features such as ultrahd and cameras to let you make video calls, but ultimately executives did not think any of those features were compelling enough to enter the tv market. nick bilton you tweeted 100% correct and have additional reporting on the story. what do you know? >> i started reporting this in

2011 when i spoke to walter isaacson, the biographer for steve jobs. he told me that steve jobs wanted to make a television and he had come up with this idea that siri would be the way you would interact with it. he thought remote controls were hideous and i have to agree. they are pretty hideous. and he believed that the television experience was completely broken. and they have built dozens of proto types. i have talked to sources inside app that will have said that "the wall street journal" reported this part, too, that there was a clear prototype for a television that would be completely clear and sit on the wall and not look like a television there was a prototype that someone told me about that was completely touch screen. they had all of these different things, i think when it came down to it they realized that the market is a cut-throat and difficult market to get into. samsung sells three televisions a second. sony and look what's happened to them. i think apple just kind of realized this is not the right time to jump into this as a new

market. >> it's a tough business, just by the numbers, isn't it, nick? the margins are thin. look at the news today, apple is coming out with a $2,000 imac that people will happily by. if they had a $4,000 tv, people would say it was too expensive and they probably couldn't get the same margin dollars, they'd have all the support costs that a tv has. it's harder to support because you can't carry it into the store the way you can with a mac, right? >> that's completely correct. and other thing is, you have the margins. if you did a $4,000 apple tv. you'd have the million nerdy kids that buy everything apple. that's just a million people. apple is going after much bigger markets. i think the other thing is that the tv market, this is changing a little bit. but not enough. the tv market has traditionally people buy a tv once a decade. and with apple products, people buy a new iphone every year, buy a new ipad or laptop. they don't want to get into a

market where they're waiting ten years for their consumers to go out and spend $200 on a new device. >> that's sort of the ugliness of tablets, replacement psych sl longer. but nick, the argument about apple is that they have conditioned consumers to pay up for hardware in categories where they were not paying up previously. why is there no way they could have not made the economics work in tv? >> well i think they could have made the economics work in tv initially. but the problem is as you said with the tablets. they couldn't have made it work long-term. so what are they going to do to kind of, every year we have these new laptops and new the new mac book is this beautiful gold and the gray color and so on. that's going to incentivize people to buy, and it's a little bit thinner and the keyboard is a little cooler. what do you do with the television in that respect? if apple brought out what carl icahn was asking for, a 4k television that where the screen was beautiful and this and that,

are they going to make it thinner every year? we're at the point where these devices, essentially hanging on our wall all kind of look the same. what apple has realized, the apple tv device that they have, they can succeed in creating a really wonderful experience for consumers. and they don't need to necessarily make a box that hangs on the wall to do that. >> all right. gene munster, it's kind of a sad day, you were the big hold-out, still hoping for a television. but couldn't you say -- projects don't always die at apple. sometimes they just go good morning dormant. >> they did eventually come out with a tablet. how do you look at the tv from here? >> this is a tough day for me. it's -- it's a hard reality to accept and i think that is the reality of it. is that the tv is on hold. and i think as far as you know the bigger picture here is what is apple's strategy in the

living room? ultimately even though that the replacement cycle is long and there's probably not as much money to make on a per-unit basis, it's still a critical part of what we all do. so what do i make of all this today? is that i, i'm asking a bigger question which is -- what is their strategy in the living room? it could be augment and virtual reality. that could be a piece to it. but clearly the tv, them actually doing a design and actually creating a hub, there was a reason for that. i think the bigger question now is what's, what's the way forward in the living room. >> well gene, might the best strategy be no strategy at all? i remember 15 years ago, all the talk was about silicon valley is coming to the living room, the pc is going to take over the living room. i look at the living room today, there's a tv in there, not terribly influenced by the pc. there's set-top boxes, sure. but those have been turned into a fantastic business, it was all the stuff outside the living room that turned out to be a much better business.

>> i think you're right. you're probably on to something, if you look at the demographics younger than 30 years old. is the primary screen is their computer, their mobile phone and maybe the tomb television is not going to be the actual hub. maybe it is all of these other devices, collectively bringing them together. maybe that's the true catalyst, apple couldn't add the killer features to get people excited about it. that could be the simple answer there. i think the augmented and virtual reality theme is something we'll hear more about. we do believe apple is experimenting with that. so maybe there's something that could play into their broader strategy here. but that's years away and the problem i'm hearing from investors today is this letdown a little bit, that you know ultimately they want a product category to aspire to and this takes one of them off the table. >> gene you've done a mea culpa in your note this morning, is there a lesson here in sell side research? what were you basing your prediction on?

were you hearing from sources this was in the works, are there other predictions you're making that are based on those assumptions? >> we've traveled the world. we've talked to people very close at high levels at apple about this for the better part of a decade, we've had interactions with, i don't want to give names around it. but high-level people. i think that at the end of the day, we've talked to content owners, we know that something, it's a small consolation that they were aggressively looking at, at the end of the day. i was wrong. as far as our work and how we approach it as we just go at it that we have to be aggressive and do the digging. i think unfortunately if i would have replay this the last ten years, i can't, i would have probably drawn the same conclusions, it was such strong indications that they were building it. it just didn't see the light of the day. that's no excuse, but i stand, i think we approached it the right way. it just didn't turn out. >> nick bilton, does it say

anything about apple's discipline into the categories, i mean i can imagine a different company, just might have plowed ahead, saying we'll figure out the long-term economics later. >> gene -- >> sorry, i was -- >> nick, go ahead. >> first of all, gene, i want to give you a hug. i'm sure it's a rough morning. but i don't think that you were wrong. you know, we have all been reporting for years that apple was working on a television, because apple was working on a television and it just so happens that the company decided that they were going to shelf the product for now. and i don't necessarily think that it's a done deal forever. i think that i've done a lot of research into what the future of television might look like there are these theories that it's virtual reality. there are theories it's your mobile device. one of the theories coming out of places like m.i.t. is that your living room wall will become a television that will have flexible displays that you'll wrap around your room and the whole thing will become the

screen so maybe apple will be the one that makes that. we don't know. as the device that we think about today, as a television, i think that apple has, was plowing ahead with it and decided for now to shelf it. >> well gene munster and nick bilton, so long to the tv for now and so long to you guys. thanks so much for joining us. he called for apple at $240, do not miss scott wopner's exclusive interview with carl icahn. who did predict the tv in the next year or two. and for an automotive market for apple by the year 2020. coming up on the half in 50 minutes' time. meantime, check on the markets, flat action, dow is about flat, shares of walmart slipping after earnings and revenue miss estimates. same-store sales lower than expected. shares of netflix in the green after a firm pivotal research boosted the price target by 30% to $850 a share. touching a new all-time high this morning. when we come back it's bane good

year for grub hub, shares up 30% since may 2014. what's the recipe for growth going forward? the ceo will join us next. now that the apple watch is available, how can you make it your own? walt mossberg is here with a quick, easy guide to customization. and behind tinder's move to monetize its popular service, both co-founders are with us to break it down. [ male announcer ] your love for trading never stops. so if you get a trade idea about, say, organic food stocks, schwab can help. with a trading specialist just a tap away. what's on your mind, lisa? i'd like to talk about a trade idea. let's hear it. [ male announcer ] see how schwab can help light a way forward. so you can make your move, wherever you are. and start working on your next big idea. ♪

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♪ ♪ what do you think of start-ups, you may think of san francisco or new york. but here at the iconic conference, we're talking to entrepreneur who is are proud of their chicago roots. here with me is matt maloney, the ceo of grub hub. matt, great to have you. we're talking about the one-year anniversary of squawk a"squawk, you've been public for a little over a year and you were telling me about the environment of the ceo where all the companies want to stay private. what's new for sfu. >> getting out into public markets and showing the marketplace, all of our numbers has been able to allow us to drive forward and we see what we

want to do and we're creating the biggest marketplace for takeout in the whole country. and we've accelerated our growth. since going public. >> you know one of those innovations is a diversion from your traditional strategy, it's not restaurant takeout, it is kitchen takeout. or kitchen delivery. how do you pursue these new strategies as a public company? and are investors supportive of them? >> we look at the total market. which is extremely large for delivery and with all of the opportunities of restaurants and all the new products coming out. that addressable market is growing. the way we see ourselves is the largest marketplace for takeout and we're reducing the barriers for restaurant entrepreneurs to start their business and expand their business. >> you're hearing some restaurant owners say my kitchen can't deal with the capacity that is seamless or a grubhub would bring and i don't want to sign up for it because we would just be flooded with orders. it's a good problem to have. but does that allow competitors to win over those companies?

>> we're working with those restaurants to try to increase their space. so whether it's helping them find a new kitchen space, whether it's opening up a new restaurant or potentially like you just said, a delivery-only restaurant. we've seen this phenomenon, in multiple cities across the country and especially in new york city. where you have a kitchen that is entirely dedicated to delivery food only. there's no dining room and they produce outstanding food and it's only for delivery and they exist as an entire business on the grubhub platform. >> are there any restaurant brands doing this that viewers might recognize? >> there's many brands across the country. each one is a different menu. you can't go to a restaurant because they don't have a dining room. they're all across, there are certain services, i think maple is a new one in new york that does the same concept and they've raised money and built on the consumer front end. but they could have built it on top of grubhub like so many other entrepreneurs. 5.6 million active diners,

235,000 orders per day and we now do the delivery logist beings for many of our partners. >> the marquee deal that grubhub did was a merger with seamless, a merger of equals. there are a lot of start-ups in this space that are looking to eat your lunch. do you -- see a strategy in buying one of them to go forward? >> all of these ideas, it's a fascinating time to be in our industry. because of all the innovation and we really see the domestic market for takeout is $70 billion and these ideas are expanding that. you think about what uber is doing with a 15-minute delivery. that didn't exist before they started doing it. now we've been doing our own experiments around the 15-minute delivery and we've been able to satisfy the demand because we do our own delivery. >> can you work with uber or is uber going to be a competitor? >> ub certificate just a restaurant to me. they should be on our platform. we can drive tremendous volume

for these businesses and diners want to have the personalized service they can pull out of our pocket. >> our friend jim cramer says the deal he wants to see is yelp merging with grubhub, merging with post mates, creating the ultimate delivery machine. is that something that's even possible? >> well anything is possible, jim is a very smart guy. i would say that yelp? a definite period of flux and they're talking to people about what they're going to do in the future. i can't comment on any conversations we're having with them. but that would be a fascinating world. i would say that we are doing our own delivery for restaurants. hundreds, if not thousands across the country. and we're able to execute that last mile at a very high bar of service, we're able to keep the service experience very good for our diners, we're going to focus on that i don't think we necessarily need other partners to do that well. >> matt, it's always good to see you. >> great to talk to you. >> matt maloney is the ceo of grubhub, back to you at post 9. thanks for that, kayla.

up next, control your entire home from the palm of your hand. the ceo of home security company adt will tell us how it works, next.

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welcome back, security and automation company adt recently unveiled a partnership with lg to develop the first do it yourself device for the company as well as a product integration with nest so will integration in the home automation space push security into the future? we have the ceo of adt and joins us. now this strikes me as being potentially a game-changing moment for you guys. you were on cnbc a couple of years ago saying that one in five homes didn't have monitored home security and it appears now you're trying to capture some of those consumer who is still haven't jumped on board by not asking them to sign up for monitored home security. why?

>> absolutely, john. first of all, a correction, it's one in five today has a professionally monitored security system. so four in five who want security don't have that opportunity. i think it is a game changer for us, we've focused on the 20% of the market or 25 po 33 million households. there's another equally-sized market of people who care about security, but don't want the long-term contract or maybe can't afford $40 to $50 a month. i think this new partnership with lg will create a solution that really meets their needs and their afford ability. >> so naring, tell me about this from a business perspective. is your strategy to focus more on monetizing the small business end with a subscription and coming after the consumer with this. do you expect to be able to upsell the nonmonitored consumer into monitored in the longer-term as they perhaps purchase a home rather than rent and have more security concerns? how do you see this playing out? >> great question, john. i mean i look at this as kind of

the entry-level security product. it will be very simple, it's not what we call a diy, it's an all in one. all you've got to do is plug it in, connect it to your internet. download the app and you're off and running. if you got an internet connection and power, you can have professionally monitored security by adt. it will have a unique customer experience, purely mobile-driven and you know, hopefully your user experience will be something that carrying with them as they move to a bigger house, they'll opt for our pulse solution, a much more robust integrated solution. that has a lot more features and capabilities. but it should be a natural progression for them. >> i got to tell you i am an adt customer now. i'm also a nest customer. but in the past i was a front-point customer and i got to say there was some features of that do it yourself in their mobile oapp which i feel is a little better than adt has now. where do you think you have to go to bring it forward to serve

customer needs and mobile? >> we've got a new mobile app that's actually in a beta right now. i'm testing it along with several other people within the organization. it's just a much more intuitive interface. easier to operate. more of a title format. with -- tile format. with the new mobile app is what we'll be integrating the nest therm sta thermostat into. can you get the best of breed in a product perspective in an easy to use application. >> a lot of news regarding housing in terms of the macro. a look at what the starts did and permits did. are you more leveraged to new home construction or people renovating existing homes? >> i think we love to see the primary market grow so new home construction creates an opportunity for us to put new pulse systems and new traditional systems into these homes. either during the construction phase or soon after. i think when people move out of existing homes, remodeling

opportunities are great for us. as people move out of a house, you know we might see a a disconnect with a market leader with about 25% market share so if they're an adt customer, we could lose that. but we've got an opportunity to resell the house, as well as resell the customer where they're moving. >> all right. thank you very much. let's bring in simon hobbs, see what europe did as they're about to close, simon? >> this is a powerful rally in europe or in the eurozone if you look carefully. the european central bank has stamped its authority on the markets. and as a result, stocks and bonds have rallied and the yields have shot down. for the record, the uk is now into the period of deflation, consumer prices falling in april. for the first time in something like 55 years. puts the kibosh on the idea that the uk will be up there with the u.s. in raising interest rates. let's return to what is happening in the eurozone. the uk is not part of the eurozone.

basically the guy that's in charge of market operations at the european central bank, benoit c omoeure gave a speech which suggested that they will front-load the purchases. they fear a lack of liquidity presumably in july and august and they'll pick up the tag in september. not by coincidence you get the head of the bank of france, christian noyer, a member of the ecb suggesting that the european central bank may extend qe in order to insure it hits its 2% inflation target so two pieces of verbal intervention today from the ecb. majorly affecting the markets. look at what it's done to the euro. pushed it back down. fallen two u.s. cents on the session overall from those two statements. one of the reasons and this is me now, one of the reasons they may be doing that is reading between the lines of the noise coming out over greece.

according to simon derrick at bny melon. he knows a thing or two about news flow. he is suggesting that the negotiations with greece have stalled that may be why the ecb has come out to say what it has said at this particular time. coincidentally you get a news conference where angela merkel is meeting the french president, francois hollande. where they say they will be meeting the greek prime minister at the leaders' summit thursday/friday in latvia. i think what they're basically say something you've got until the end of the month to do a deal. the indication is they may read the riot act to the greek prime minister. back to you. >> we'll find out more shortly. simon, thanks a lot. how to customize your new apple watch. walt mossberg is here with be a easy guide. and we caught one the star of "unbreakable kimmy schmidt." >> it's neat talking to people who were able to watch the show

all in one fell swoop. i think that's very satisfying experience. i think that the viewers want to be in control of what they're watching and this offers that you know opportunity. >> we'll have plenty more from the web. including our interview with the co-founders of tinder later this hour. ♪ ♪ but what if you could see more of what you wanted to know? with fidelity's new active trader pro investing platform, the information that's important to you is all in one place, so finding more insight is easier. it's your idea powered by active trader pro. another way fidelity gives you a more powerful investing experience. call our specialists today to get up and running.

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your cnbc news update. paypal will refund consumers $15 minimum and pay a $10 million fine after the consumer financial protection bureau filed a complaint accusing paypal of illegally signing up consumers for an online credit product without their permission. british police say they've arrested seven men involved in major heist in london's jewelry district over the easter weekend. they were arrested when more than 200 police raided 12 homes in north london and kent. a group of women activist who is planned to walk across korea's dmz in a symbolic march for peace arrived in pyongyang today. the 30 women, including gloria steinem want to call attention to the tensions between north korea and south korea. bill clinton tweeted, does that user name stay with the office? with the #askingforafriend.

obama replied, the title comes with the house. and that's your cnbc news update at this hourt. back to "squawk alley." it's been a month since the first round of apple watches were shipped to consumers. so if you were one of the lucky ones to get your device or plan to get one soon, who do you make it you'res? joining us with the latest on how to customize your apple watch is re/code's co-executive editor walt mossberg. good morning to you. >> good morning. >> we had you on set opening weekend and you said you were going to give it a month. it's been about that. >> it has and i did my review of the month of wearing it last week and we talked about it. this week i decided based on

that, that what a lot of people don't know about it is that you really, to get the most out of it, you want to personalize it and customize it. what apps go on it, how do they alert you and so forth? you do most of that believe it or not through an app not on the watch. but on your iphone. and whatever you change on here gets reflected on the watch. >> so let's take that step by step. keeping in mind a lot of viewers might not have their hands on it quite yet. what's the most important thing to keep in mind? isst what they call glances? >> glance sas is a great one. one of the features of the watch is you can swipe up from the bottom of the screen and quickly see some information, the weather, stock price, your fitness progress. but you can, there are and there are 20 possible slots for those. and you can decide what you want to be in the glances. it ships with a certain number, you don't like those? you can get rid of them.

put other ones on and control all that from this app. >> walt it seems like the major issue might be notifications. the notifications ecosystem is a little bit out of control. i feel like some app makers feel like they have an incentive to drive a whole bunch of them. once you get the watch unless you've tweaked the notifications, the thing is going to drive you crazy, isn't it? >> yes. there's probably a minority of people who would be driven crazy by not getting every possible notification. but i agree with you, jon, i think most people will want to limit it to really important things. like in my case, if i get a text i want to be notified. if i get an email, i only really want to be notified by what apple calls vips, people you can set up with that category in their apple mail app. that's one of the things i've done and a lot of the other

apps, most of the apps i have on the watch i have used this to turn off the ability to notify me. just for the reasons you cited. >> walt, would you argue that you're using your watch mostly to receive incoming? or are you using it a lot to dictate a message back, text someone using them, sending them your heartbeat. that kind of stuff? >> i'm not sending many people my heartrate. after we get off the air i can do it for you, jon, if you really want. but on dictation as i said in my month-long tests last week, i thought it worked remarkably well and it's quite easy to respond to texts on the watch with dictation and quite accurate. i do do that and i initiate texts with dictation on the watch. though not as often as replying. i would say i reply to texts now more on the watch than on the phone because dictation works so well. >> i find myself doing that,

too. i wonder, walt, should apple fix this notifications issue in software? it seems to me like they could say how many notifications do you want to receive per hour, per day and then do a smart filter based on the ones you tend to receive and suggest to you how you should tweak your notification settings, a lot of people aren't going to have the patience to go through, turn this on, turn that off. could apple fix it another way? >> i love your idea, i'm calling tim cook right now to tell it to him. i'm serious, that's a really, that's a really smart idea. and you know, they probably could do it, this is a fledgling product, just getting off the ground and there's going to be a lot of additional smarts and additional features as we move along. >> how would you characterize the third-party stuff, walt? and how much does that have to improve to become truly compelling? >> it vary as lot, carl.

i found, i would say two-thirds of them look to me like they don't quite know what to do with the watch yet. one-third of them are really good. everything from major league baseball to uber, yahoo yahoo weather, those are all apps in my experience that i found do d add value on the watch and others don't which is one reason i have turned off taken away altogether the apps, some of the apps on the phone. >> but there's something, there's something else happening which is, you know apple has yet to issue the developer kit that lets you write directly to the watch. right now all of these are adjuncts to iphone apps and writing directly to the watch should allow for a richer experience. >> do you think we're going to, our eyes going to be opened a lot when we get to the developers conference in two and a half, three weeks?

>> they usually are. their developers conference, not every year, but two out of three years, i think you get a lot of interesting product information. and i assume we will, we will get that again. >> all right. walt mossberg with details on how to make the apple watch work even better for you, thanks for joining us as usual. >> people giving walt more time, saying he should have someone special in his life with whom to send his heartbeat. when we come back, six charged by espionage by the justice department, a look at what they're accused of stealing. but first, rick santelli. >> i'm watching the euro get tank, interest rates move up this is about what the ecb may or may not be doing with quantitative easing. you know what we're going to talk about after the break? central banking activists. is it good for the market?

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things we build and it'sit doesn't even fly.zing we build it in classrooms and exhibit halls, mentoring tomorrow's innovators. we build it raising roofs, preserving habitats and serving america's veterans. every day, thousands of boeing volunteers help make their communities the best they can be. building something better for all of us. coming up, carl icahn joining me in a cnbc exclusive interview with more on apple and his thoughts on the reports that the company won't enter the tv market and we'll talk about his $100 million investment in lyft and the markets and much more. plus blackrock's rick read certificate here and where he thinks rates could go from here

if the economy really is improving and story or retail from investor and former industry ceo symptom stenberg. we'll see you in 15 minutes. meanwhile six defendants including chinese professors have been charged with economic espionage by federal prosecutors. aman javers has the latest details about what that means. >> this indictment just insealed here today by the u.s. department of justice in it, they allege a wide-ranging and years-long conspiracy by a number of chinese nationals to get right to the heart of silicon valley. penetrating two companies in the united states, one that's headquartered duly in singapore and in san jose and penetrating another company called skyworks, that's based in massachusetts. the heart of the issue here, at both companies is technology surrounding cell phone signal filters. it's getting harder and harder in the current era for cell phones to filter out all the different signals in the air. both of these companies working

on procedures to filter that. according to the department of justice now, these chinese nationals were some of them employed by the companies, engaging in infiltrating that detailed information about how do do the process to china, filing patents in china and creating a chinese company to do exactly what those two companies do. now the doj saying that on saturday, a university professor was arrested upon entry to the united states in california. he was apparently coming here to attend a conference. the other five people charged here now, they say, they tell me are still in china. and may have to remain in china for quite some time now now that this indictment has been unsealed by the department of justice. >> amon, thank you so much. let's get to the cme group and rick santelli. >> you know we've talked many times about many in this kind of alice and wonderland

marketplace. i'm on a trading floor, one of the still that has human beings interacting with the process. a big part of it is electronic. going over to computer algorithms. but in the end, markets have to be fair, they have to be fair. overnight the story is coming out in drips and drabs, but it seems as though ecb executive board member benoit coeure, made comments, he was in the company of some large institutional hedge funds, somehow the word got out early. were supposed to put it up online or put the text or publish it. whatever the final story is, the market had a robust move. and what the story was really about was, that they have holidays in europe. you know, a lot of europeans take the month of august off. with regard to the 60 to 65 billion purchased every month in the form of quantitative easing by the ecb, they decided they needed to do more or after that

thin environment. and believe me, even when everybody is in the environment is too thin in the marketplace of global fix income, okay? picking winners and losers, the furthewe go and i understand we can make an assumption that all central bankers everywhere at the bottom of their heart want the economies to do better. but at some point it has to be about the economy. not having the transmission be large institutional players that move markets in directions that central banks want them to go. but that is the world we live in. it's no wonder there are fewer and fewer players. because unless you've one of the ones who has the ear in the right place you're held hostage to moves in the market. you are not in a fair advantaged scenario to understand or know in a timely fashion, to be fair and competitive in the marketplace. and another issue that's similar. i've had professor quinn on

several times and his notion is seasonal adjustments in the employed data create bad policy. they can get wide apart in terms of the real number versus what the seasonally adjusted number is even though they reconcile, the periods they don't is not a good thing. i don't hear talk about let's fix the seasonal adjustment in employment, because employment is going down. when i see other data points like cpi, listen, the average american doesn't agree with the output there, either. i don't see that under revision. but lo and behold, growth isn't enough. what's the first area they're looking at? seasonal adjustments to gdp. i question the motivation, the direction, and the intent. once again, to put the markets direction as the ultimate goal of central bankers. it should be about creating fair environment for everybody to trade. back to you. >> we trust you to ask the questions. up next, we talk about the

future of tv with the star of netflix hit "unbreakable kimmy schmidt." >> i think more subscription base tv will find its way into larger networks. i don't think the weekly format is going to go away. i think it will be a little bit of both. but i think probably more of the format that the model that netflix has. >> we're going to have more from the webbies, including an interview with co-founders of tinder on the other side of this break.

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take a look at the dow moments ago a record intraday high, 18328 is the high of the day so far. coming on the heels of the record high yesterday. it was march 2nd since we had a record. the fifth record for the dow this year. >> inching higher but new records whi the dow does that. last night marked the 19th annual webby awards, we caught up with the co-founders of tinder. they told us about tinder plus, the move to monetize the service and why they like what they see so far. about we're completely satisfied and i think pleasantly surprised with the results of tinder plus. we're learning. it's our first iteration around premium services and i think you know what we do know is we're

going to evolve it and we're going to add value to tinder plus over the coming years and you know hope for the best. i think we're very, very satisfied with the current results. >> tinder has big plan force wearables like the apple watch. here's the found another invented the swipe right mechanism has to say. >> we have a investigation on the apple watch that allows you to communicate with your existing watches. >> we do have the ability to swipe we'll continue to develop that to see thousand goes and it rate on that. >> we also asked shawn and jonathan about the future of tinder how they see the dating app evolving in the next decade. >> tinder is doing well when it comes to dating and solving problems like that. ultimately our vision for continued certificate that whenever you want to meet somebody new, it could be somebody right next to you, you sort of bust out tinder and start the connection.

we want tinder to be the start of every new friendship, relationship, connection, business relationship. i think you'll probably see that in the coming years. >> that would be a little sad if we stopped looking at each other and speaking. well, that's what i think, anyway. with quite a bit of speculation surrounding the valuation of the app, some analysts saying it's larger than the market cap of iac itself. which owns more than 60%. we couldn't leave without asking them if tinder is fairly valued. the app's co-founder said it was just right. carl? >> nice. when we come back starbucks and spotify coming together. details in a moment. part adventure.

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starbucks and music streaming service spotify coming together. baristas and customers can select songs played at starbucks shops, spotify subscribers will be able to earn points in starbucks loyalty program.

>> spotify will be purchasing stars from starbucks, they'll be insentive in your subscribers in the form of stars and there will be incrementality coming to starbucks customers, the first of many that we believe will create a significant new revenue source for the company. but most importantly incremen l incrementalty coming through other brabds and other companies. >> cramer made the point that loyalty becoming a much bigger piece of the pie. "star wars" is a gift that keeps giving. george lauks made more than $2.2 billion. 37 million disney share, not bad it comes on a day where we're talking about eicahn and his apple trade. possibly one of the greatest

trades of all-time. >> got to give george lucas credit for holding on to the disney stake. in spite of the fact they made it clear they weren't itching for his feedback on his movies. i think jarjar binks put them over the edge. >> steve jobs widow's stake $14 billion and change. >> the biggest merchandising franchise of all time. you can expect holiday season and beyond is going to keep cranking. >> meantime, dow with some moderate gains, we've talked about the record highs we've hit over the last couple of days. nine records for the s&p, five for the dow. if stocks are up, that's four in a row for the dow and the s&p. dow hasn't done that since february, the s&p hasn't done that since january and even more interesting, it's the first four-day streak in either direction, up or down, since the end of march. it's hard to get any of the

sustained moves either way. a lot of it is happening as home builders break out. some of the regional banks are breaking out, renewed confidence in the economy because of what housing starts did. >> it feels to me like the fastest turtle in the race. the volume is ififfy, the percentages aren't that huge. >> i think we're going to go to dom chu for a market flash. >> we're watching shares of red robin right now, up by about 10% after posting a big earnings beat. the burger chain says earnings rose $39% as more customers came to those restaurants and spent more money at those restaurants. the stock sup 26% this year. it continue as theme focusing on fast casual type dining establishments to see if there's value in those stocks. guys, back to you. >> thanks very much, dominick chu, carl icahn coming up with wopner on the half. the open letter to tim cook

yesterday, the calls for a television, the call for an automobile, the call for $240 a share. >> not to mention his new stake in lyft, what it does to his relationship with andreessen horowitz, a lot of things to talk to carl about. let's get to headquarters, wopner and the half. ♪ ♪ welcome to the halftime show, let's meet the starting lineup. steve weiss, joe terranova and jon and pete najarian are with us courtside. our game plan looks like this -- icahn unplugged the the billionaire investor is live and exclusive today on all things apple where the stock market may go from here. his investment in uber competitor lyft. and of course much more. weak mart, after its earnings fall short of the street again, what do the biggest retailer, what to do with the biggest retailer on the