unpredictable weather and that's going to continue. no one is going to harness the weather, chamath. >> a reader is asking anti-trust issues on amazon, do you think they'll ever be won? >> no. >> it's great having you here. >> psychopath. make sure you join us tomorrow. "squawk on the street" is next. >> good thursday morning. welcome to "squawk on the street." stocks coming off their worst two days and three months. europe's holding in, some marks there closed for the holidays. claims did pop a bit but the big story is oil moving hire on the wildfires in canada and violence

in libya. ali baba on the move this morning. noted short seller jim chenos saying he's betting against the company. >> he's also shorting tesla. we're going to hear what elan musk had to say. >> donald trump not pull anything punches as usual on squawk this morning. his harsh words for janet yellen. >> and j.d. has outbased. >> i go over the ali baba -- i think the real takeaway is

china, consumer spending is very good. that's my feeling. you think that's too brought, brought takeaway? >> ah, no. i mean, listen, this is the cleanest gauge you can get of consumer spending. the move to mobile, by the way, is really incredible and pronounced. now that, of course, is just something we've seen across the board when it comes to commerce, e-commer e-commerce. but the numbers were stark. they're now at 70% of china commerce retail revenue generated via mobile. >> you can see how it's pulling everything up. look, i think alibaba, for americans, it's just yahoo!. something's going on there. no! >> 34 million. it adds up, 5 bucks on alibaba.

>> they could buy yelp. >> i don't think that's going to happen. if you recall there's actually a specific committee on the board of directors, also includes jeff smith that is selling the core business of yahoo!. >> we don't know because if britt hill becomes chairman like he is now, don't write off the idea that this company's going to be a growth company again, making a series of acquisitions, including the two i just said. >> i'm going to write that down. >> no, i'm writing it off. >> you said don't write off that and -- >> i don't think that's going to happen, jim. >> david? >> i got to tell you, i know rick and i think that rick's got a plan. >> this would be if they don't find the value for the sale of the core business.

>> they don't find the value, they'll turn it over to rick and they'll all say what were we doing selling at 37? >> don't laugh. will you give me a break? the stock then doubles. >> quite a road you're going down with yahoo!. >> i'm keeping hope alive. >> ever since scott's name appeared in that press release you've been saying -- >> i like this guy rick hill, i think he'll cure the problems with the sec. i think that company can be a turn company. you watch that. that's the blueprint after tesla. what could happen to yahoo!? >> we'll have plenty of time to discuss yahoo! between now and mid-june -- >> i thought you were going to say mid show. >> your point being it is nicely reflective of perhaps real strength in the consumer economy in china.

and i guess that was above what people anticipated. an increase of $22 billion, 22% year over year. >> i think there's a dovetail. i think the chinese consumer is much stronger. we got confused by all the chinese hoarding of some of these commodities. maybe there's a place to put, it maybe not. >> moving on to tesla, revenues in line. the electric car maker said it's on track to deliver up to 90,000 vehicles this year and planning production of cars two years ahead of schedule. >> i feel confident about the top line number but the mix internally is -- it's difficult to figure that out. maybe it's something like 100 to

$150,000 and then 3 to 400,000 of -- i don't know. it's really hard to say. >> the loss is double last year's. they've given up on cash flow positive in 16. they just lost their manufacturing and production chiefs. >> all right, this was -- he's getting away with financial murder, okay? i got to tell you, he's boasting for the seemingly impossible. i put in the word seemingly because i don't want to call him a liar. 500 cars? phil lebeau this morning was giving you an idea how inconceivable this is. it's like you better be sending in your money now. here's the new car, come on down, buy new cars. he did that one and then of

course in the great quote, we have to raise some combination of equity and debt to make sure the company has a good buffer of cash on hand. if these subsidies ever went away, he's losing $19,000 per car. not enough. how about a million cars? wouldn't we love to be able to say anything? wouldn't that be fabulous? i go home, i tell the wife we're going to buy ten houses. how about one house? >> so what is the financial -- are you saying it can't be done? >> they didn't even make this quarter's numbers. >> what can be done is keeping the faith in the believers and selling stock. >> and debt. >> and keep doing it. and they've been doing it. >> but you know what? this guy is allowed to do anything. tim cook, he actually lowers

because he having chinese slowing and he's instantly pillared. what do they call that? human ambien. >> what does he want him to do, come to the set, put a strap to my head, strap a vest on me and blow me up because i picked the stock of the century. >> that's not nice, human ambien. >> i wonder when you talk about a 2020 target at tesla, what i talk to people about is the rise of the autonomous vehicle. i'm sorry, when you start going out eight, ten year and start doing discounted cash flow valuations, you have to think about the fact we're going to get these autonomous vehicles or semi-autonomous vehicles out there, people aren't going to buy as many cars.

millennials aren't buying as many cars. >> this guy can say anything. >> demand overall, whether it be for ford, tesla, gm or toyota, it going to be for conceivably a lot less automobiles? 15 years. even 2020. >> i'm exhausted by my conference call. bus he says he's sleeping in the factories. mr. smith goes to washington, henry ford, ben franklin, let's put them all together. let's put him on the 50! i never liked grant. >> i'm saying people will touch the stock because the missing issue of all the negativity i just gave is demand is off the charts and demand controls what people think of a company. >> well, they make a car that a lot of people seem to want to own. >> right now. >> absolutely. there's a good thing.

>> i'm saying if you have demand, then people are willing to spend and the fact is there is tremendous demand. >> because of of the subsidies? >> it's cool as all get out. >> 400,000 orders for this. >> yeah. i want a tesla. >> what do you think the number will be in '18? >> maybe he can make 200,000 cars. maybe, if everything goes right. at one point on the conference call, he's like do you really mean -- there's this voice in the wilderness, his name is phil lebow. >> don't forget the battery factor, power generation part of this? morgan stanley? >> you have ever heard of -- i google hyperbole, there he is. you can't just do that. but he can do it.

who's going to go to elon musk and say that's absurd? are you going to go to elon musk and say it's absurd? >> he's landing reused rockets in the middle of the earth. >> and he's got the hyper loop, i'll go to florida in ten minutes. >> he implied i was just a simulation of his. a simulation. >> that's why you're upset. >> there's a million guys he simulates of me. >> it's impossible to simulate you. >> maybe i am a simulation of him. i may be a simulation but i'm off the reservation. >> come on, he's one of the greatest creators of our time.

come on. >> and exclusive with barry diller. wait until you hear his take on donald trump. speaking of which, we'll get to trump and his appearance this morning talking about janet yellen. for "squawk on the street" in a minute. tokyo-style ramen noodles. freshly made in the japanese tradition, each batch is small. special. unique...

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presumptive gop presidential nominee donald trump speaking out on "squawk" this morning on everything from the white house, to economy, to the fed. here he is talking about national debt. >> what do we do with all the money we owe everybody when rates go up and all of a sudden we have to pay 2 points more, 2, 3, 4, 5 points more. we have to be very careful. i am the king of debt. i love debt, i love playing with it but you're talking about something that's very, very fragile and has to be handled very, very carefully. we do have to rebuild our infrastructure and one of the things that we should be doing is really buying back debt, doing a great job with it but we have to fund in some way the

infrastructure. >> big statement, bold statement. he's been saying this for a while. >> i can't just say now that it's trump that i don't agree with it. i agree with everything he said. >> issuing debt at these prices to fund infrastructure would seemingly be a very good investment for the country to make. >> wouldn't you buy a liberty bond? >> when you look at mr. trump's tax plan and this is why we have an election but at the rates are 0, 10, 20, 25, eliminating corporate taxes at 15%, there will be a significant debate about whether that will bring more or less revenue in, increase the deficit or not, what that will really mean, and will we be in a position where congress will want to support additional spending, which has not been the case, as we know? >> well, yeah. i mean, i think there's a lot of times the hyperbole right now, both sides, i think that because bernie sanders is still in the

race, he'll be in the race well until after november, right? >> he'll keep running. >> december. >> she's so far to the left now on tax. it's like under one guy it's not worth working at all. on the other guy it's worth working -- >> you have said for some time we should be issuing longer dated debt. you've been talking about that for years. >> i had that conversation with tim geithner. he's my buddy. anyone who has not had a mortgage on your house, you should refinance because you're going to look back when rates go up and you're going to say i can't believe -- >> he talked about the carter years and how painful it was to be in a highly leveraged -- >> if you're a saver, you're going to be paying it off, every month you're going to net positive. it's such a great deal. >> and interest rates stay at

this rate forever. >> most of the guys it's like, look, i'm get a put on the end of the world. wasn't there a guy who said we're all doomed anyway? >> it's a great cause but -- >> trump was asked about janet yellen and his thoughts about her and rates in general? >> when her time is up i would most likely replace her because i think it would be appropriate. she's a low interest rate person and she's always been a low interest rate person and i must be honest, i'm a low interest rate person. if we raise interest rates and the dollar starts getting too strong, we're going to have some very major problems. >> said he probably would replace her, though, because

she's not a republican. >> it was very odd because he said i agree with her but i'm going to replace her. a hundred year bond offering would be well received, even by the millennials. he could make that bold statement. he would say i love that idea. i love you, i love it. i see there would be love and i'm going to suggest it to him because there be love, a lot of love. >> regardless of who wins, we do embark on a huge infrastructure spend. >> wouldn't that be great? >> it would be great. and necessary. so stop the chinese from coming over here and laughing at us, as they do, oh, your roads are terrible. >> our rail. >> our air traffic control system. >> you know who has a great road system now? >> mexico.

>> no! >> mexico's got dynamite roads in between. i'll take you to the state where my place is in, you can eat off those roads. >> see what donald trump has to say about that. >> on cinco demayo. >> we talked about your beer preferences. >> did you see corona's up 22% for bud. david, this is cinco de mayo. >> when we come back, we'll get the opening bell. we'll get cramer's mad dash.

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this is quite a switch because l brandsbe had been doing well. there's a management shuffle at victoria's secret but this is jarring. it's a reminder that if it's in the mall, it's just really getting mauled, man. >> at what point, for get the retailers in the mall, at what point do we start to talk about the mall owners? simon properties, doing fine. >> they're doing well because they don't build a lot of new malls. the make-up of the mall is switching to things that are not

apparel, to something you have to get, whether it be something for your pets. look at this. >> you think this is primarily the result of fewer people going to the mall and even fewer buying stuff once they get there? >> i don't know. i don't shop there, i'm not as aware what is going on. i'm more of allah about the perla guy, as you can imagine. >> that's class. that's classy stuff. >> thank you. day after hump day. so any way, dick's negative piece to sell, i thought that would be wrong. sports authority liquidated. i was surprised at that. there's just a lot of retail i am very concerned about. but if these guys are having trouble, macy's, careful. sears, david, i think that could be questionable.

>> i think that's fair to say. >> maybe no one will go and then what will happen? >> i'm not sure. >> they can close a lot of stores and do well. >> the more stores they close, the better they'll do. it's going to be $100 stock again. we have the opening bell right after this.

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>> talking with sara this morning, you got to have that dollar stock going higher. >> is this a turn? >> a lot of the good story is the dollar calming down. we don't want to lose that. we need that for these industrials for the consumer

package good. this dollar's got to start coming down. >> it's not having any real impact on crude today. >> no. >> fires in canada. 80,000 people forced to flee. >> and the footage, it's obviously -- look, it's an odd confluence of supply when everyone absolutely thinks the supply, that was the big issue. suddenly you're going to need it. if that part of canada shuts down, that's very big. >> and at the big bell this morning and goebbels warming resources at the nasdaq. ormat at the s&p 500.

>> i don't want to see that they made the numbers by cutting back on marketing in r & d. i want to see the numbers made by acceleration of revenue, ala bristol myers. merck is going the opposite of bristol myers. >> they do raise their full year just a touch. part of that once again on easier 4x -- >> i'm no go. that's why we can't lose that prop. if you look at the quarters that pfizer talked about a weaker dollar. we need a weaker dollar to be able to make the numbers and raise numbers in the future. if we lose this day three, we can't lose that, that's the major theme. >> meanwhile, whole foods beats by 3 cents. though revenue missed, they cut their guide as cutting these produce prices isn't driving sales. comps down three. >> i wasn't crazy about that quarter. they are rolling out 365.

there's a lot of excitement on the conference call about 365. just because i'm a creature about the -- there's a lot to like in terms of buyback. but if you're just looking at how a typical retailer does do well, they didn't have it. stocks inexpensive based on a real turn if you get one. look, same-store sales, they were ul a little bit for the previous. just not a great quarter. >> shares of alibaba, that is taking yahoo! along with it, given the 15% ownership yahoo! has in it, leaving behind an investment-regulated company. they generated $8 billion in free cash flow on 2016.

looking at a blog here from joe cy, also saying that the chinese households have aggregate net cash reserves of over $4.6 trillion, citing what they believe will be continued ability for the chinese to spend money, particularly on the platform that alibaba gives them. >> tim cook talked about that. china will have hiccups. i know china was trying to reign in the party and people think it's impossible to have an actual dictatorship do as well as a democracy in terms of growth. i question that. >> and people talked about credit risk once again flood being the country with easy money. doesn't bother you? >> no. they're still much tighter than

almost everybody. they've shown a propensity to cool things off when things go crazy. they have a huge pollution problem, they're losing a million people to respiratory illness. they do have reserves. the stock market, we talked about it being cataclysmic. this stock market does nothing. >> when you bar commentators from discussing negative things from the economy. >> remove various media from the country at a moment's notice. >> as joey brown says in "some like it hot," nobody's perfect. >> nobody's perfect. one of probably the best single ending lines -- >> one of the greatest movies ever made. >> and they're using some of that free cash flow to fund

businesses, such as all cloud, one of the largest cloud businesses in the world. as for china, kyle basso, i was talking to him the other day, ed milken will have to use reserves to bulk up the banks, sti particularly as they make the move to industrial currency. >> some people will get the auto sales this month thinking they're not that good. i want that ball of freight to come back up, four straight downs after a remarkable run. we know they were hoarding iron. i can't be as bearish as everybody else. the iris new conference, did anybody say i really like china here?

yet somebody like trip adviser -- short cap. there as more to it. short cummings don't have that ring. short cap. >> ziynga, some of these are short etsy. >> i think etsy is going higher. zynga has disappointed a lot of people. zynga and groupon, it might be too early for both of those. >> thinking of disappointment, maybe i missed it, have we

talked fit bit at all? >> no. >> it was down 13%. they had to spend a lot of money to drive the sales growth. >> james park, bless him, i love him, like trump, love him, love him to death, love him, love him, love him, he's got to stop forecasting. they beat -- they did 10 cents. they said they were going to do 0 to 2 cents when they cut the last time when they drove the stock down. they now beat the bad forecast but then they give a new forecast. we were looking for 26 cents. they cut it from 8 to 11 cents. now they have to stop forecasting because they don't know how to forecast. they really don't. they don't! they make a good device but their forecasting is the worst i've ever seen. and so they've lost a lot of credibility even within the context of having a device that sells well, it's number one on amazon and is frankly kind of

reinventing health care. but they cannot forecast and that stock is where it is in part because people think it's a commodity. i think it's not as commoditized. i said to james privately and publicly, you're not a private company. you're a public company. play by the rules or say nothing. they're shooting themselves right in the surge. >> fox shares are down. >> yeah. >> by the way, very much different than most of the sector, which is up yesterday. you know, the market digested earnings from both cbs and time warner, both of which were received positively. discovery also had a good quarter. fox not as much so. operating income, $1.88 billion. that was up 12%. but the numbers not quite

meeting what some had hoped for from the company. >> and what is it really because time warner was so good and i went over that time warner call again and it was a good call. >> 3% top line growth for time warner, 10% at cbs. here you had 6% top line growth but -- >> that's not bad. >> no, it's not bad. they put some fair live aggressive financial targets out there at fox. >> you got to really understand business. >>. >> 42 cents beats by 2. zazlov talking about the rights. >> cbs, wow.

the commencement speech at bucknell. >> we got a halt on -- the fda finalized a rule on e-cigarettes. >> cost. >> i saw merlo this weekend. he's a good guy! by the way, i'm ordering some of the pino noir from the ceo of cypress. i had a bottle, it's not bad. just in terms of wine. trying to keep people broad. we don't want to go narrow, we want to broaden. we haven't talked about the gin

market. people lost a lot of money in gin futures. let's get to bob pass ani. >> let just look at the here. those are the ones that are flying, we have libya issues going on, energy stocks are on fire here. materials and industrials up. look at the high beta energy names, all these names really move big any time you get any move in oil, chesapeakes, southwestern, diamond offshore, everything up roughly 3% right now. meantime there's only 10, 12 companies on retail sales anymore but they were all disappointing. you guys were talking about the retail sales situation costco

was flat. zoomies was disappointing. i think the problem -- i know you mentioned l brands. the victoria secret miss was very in theable. we were expecting it to be up and the beauty business, the non-lingerie part of a. you just can't say this is an l brand particular problem with retail right now. in the meantime, the markets were not really reacting overall to the now clear trump/clinton showdown. there's been some discussion in the last two or three days about the banks and what's going on because the banks are notably underperforming the rest of the markets right now. there has been some speculation that with bernie sanders hanging on, he may be seeking to down

the road extract appointment of progressive friendly regulators. this is one of the only areas i'm receiving any speculation about the elections a at all right now. maybe, maybe not. think and again, that's what matters. we're if you come up to the screen here, down 4.6%, march 3/1st down 2.6%. this means we are probably going to be in the negative territory again for the second quarter. that would be five consecutive quarters. we had five with the first quarter, no five with the second quarter. three weeks ago i was speculating maybe we could get close to positive for the second quarter and that would change the overall tone. the other big issue is s&p valuations. 17 times forward earnings, that's a full valuation.

it was talked about at the zone conference yesterday. sl slow, a tough number to get over at this point when you're dealing with full valuations. right now the dow up 27 points. >> thanks so much, bob. let's get to rick santelli in chicago at the cme. >> good morning, carl. we've seen a lot less volatility in the foreign exchange markets. the dynamic wasn't necessarily the direction. it was the path in which it took that direction. the foreign exchange is not supposed to act like soy beans, not supposed to act like a kmedity, but it is. and that makes every investor nervous. the lowest form of calibration on the food chain is the local look at one week of tens.

boy, these rangers they are compressing but they're compressing back down. testifies this could indeed be the third session that we're not making lower lows comping back to january of 2015. and finally, maybe we don't talk about the jgbs as much as we do the generic notion of negative rates in japan but as the more the talk is, those '04/'05 negative basises turn to turn back down in the double digits, the we're getting awful close. negative interest rates are pretty much negative. and if you look at any of your financial institutions and their profitability, it's integral to

economic success. negative rates are their kryptonite. back to you, david. >> thank you very much, rick santelli. now to a couple of quick takeover tries. sanofi, they make it clear they're ready to act by written consent. it really leafs medivation open to stay with sanofi.

they did amend their bylaws. once it gets cleared they set a record day. any time it's 60 days and they get 60% of shareholders to say we agree, they can throw the board out and replace the board with one they like. we'll see whether the company seems more likely that it says, okay, we're going to put ourselves up for sale. acting by consent has been the key weapon. also want to come back to tribune, which reported earnings after the bell and then told gannett saying we don't think

your offer is 5.6 ebidta, we think it's closer to 4.6. there are some question marks whether those are true multiples or not. when you go and cite the sales of "financial times," that's clearly a reach. for its part gannett respond saying tribune's board of directors never intended to engage with us necessitating we make our plans public. they can't do much here. annual meeting's coming up. they can wait a your and try to replace the board then and get some pressure from shareholders. i'm going to be joined by michael ferro in the next hour,

the chairman of tribune. >> when i saw this deal, i thought one-time chance to get out, tribune, take it. take it. i don't think the tribune -- you don't want to own tribune stock if gannett walks away. >> coming up, an exclusive with barry diller. back in a minute. i'm only in my 60's. i've got a nice long life ahead. big plans. so when i found out medicare doesn't pay all my medical expenses, i looked at my options. then i got a medicare supplement insurance plan.

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always discreet. let's take a look at shares of square. pretty nice gain. coming up, jack dorsey.

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together, we're building a better california. in a day when -- i focus on craft heinz. they had 1% organic growth,

which was quite good. they had better than expected shipments, they're doing a lot of good business. a lot of good food service business. this has been an extremely disappointing quarter before. i was concerned they would blow it again. they surely didn't. this was remarkable. they did a good job at a time when a lot of companies are screwing you. whole foods represents the opposite of kraft heinz. you have whole foods doing well and on the other hand kraft heinz doing well. >> what's on "mad" tonight? >> animal health is one of the best businesses in the world,

zoetis. bug, i buy bug anything. anything bug wants he gets and the best health care. >> it's family, jim. >> i don't even like them. i'm not a dog person. >> six cats at one point. including iverson, who was a circus cat. >> we'll see you tonight, jim. we try to throw as much as we can. >> and we're not done yet.

good thursday morning. welcome back to "squawk on the street." i the market's coming off the worst couple of days in a few months. s&p down 4 of 5. oil rebounding despite a stronger dollar. >> alibaba, shares on the rise

as the internet giant saw its profits triple. >> and tesla expects delivery its models through to come late 2017. >> and tribune rejecting gannett. >> coming up, an exclusive interview with barry diller, as expedia celebrates 20 years in the business. >> alibaba reported earnings above those analysts anticipated. the move to mobile is not complete but it's been significant to say the least.

71% of chinese commercial retail revenue generated through mobile, the company generating about 8 billion in free cash flow for the year. and one of the leaders of the company, joe cy, saying we think there's a lot more to come with $4.6 trillion in chinese savings still available in the country itself. shares of alibaba and as is typically the case, yahoo! with 15% ownership of the stock also having a good morning. and the chinese market place was up some 24% year over year and they got active buyers to increase from 423 million from 4 -- 407 million. so the growth still in tact.

>> and some with amazon, pressuring the gross margin. what's different here is it is very much an advertising that you see accelerating. >> the smaller merchants on the platform. that is the key way that they get people to come is by spending money on the platform to attract them, to your point. it's always worth pointing out. we've got the high end, well known world wide brand and then the platform that you mention where advertising is a part of it. >> later we'll talk to barry diller, who 15 years ago bought expedia for around $1 billion as a structural story and now it's worth if you include the spin-outs about $25 billion.

>> sara? >> i think it's interesting that baba and those that do business in the u.s. continue to defy the chinese global concerns. relating to the consumer is strong. alibaba gets caught up in front of the macro economic headlines. the stock is flat over the last year. a lot of that were big tumbles over the weakness concerns. but joe cy talking about the strength of the chinese consumer. tim cook telling cramer i've never been more optimistic, the middle class is booming, starbucks seeing 18% revenue group in china, nike seeing 27% revenue growth in china in the quarter. >> almost a year ago when the chinese stock market really started to have some significant declines there was a lot of concern perhaps that that would hit the pocketbook of the consumer. to your point that has not

seemed to happen. yum is another name that's managed to get things turned and to a certain extent. that may have been brand issues with kfc. it is the key measure for alibaba to michigan yeeasure th the chinese consumer. >> interest rate, and debt of the dollar. >> i'm a low interest rate person. if we raise interest rates and if the dollar starts getting too strong, we're going to have some very major problems. when the dollar started going up recently, you looked at what happened and we're going to lose all our business. it's wonderful. it's a funny thing. i love the concept of a strong dollar and in many respects i like a strong dollar but when you look at the havoc that a strong dollar causes, and i can

tell you, i have friends in china, all they do is watch the dollar. they love to see it go up. they just love to see that dollar go up. so while there are certain benefits, it sounds better to have a strong dollar than it actually is. what do we do when we have all the money we owe everybody and the rates go up and we have to pay at 2, 3, 5 points more? it's a real dilemma. i am the king of debt. i do love debt. i love playing with it but of course now you're talking about, you know, you're talking about something that's very, very fragile. >> joining us to talk about his appearance and the race in

general, ed rogers. >> here we are, we've got the most unpopular republican who is going to run against the most unpopular democrat, an unprecedented race. challenges for trump are obvious. these wildly unpopular with women, hispanics and other subgroups. hillary has a problem with men, she's a lackluster performer, don doesn't have any enthusiasm. this is going to come down to shouting hillary versus insulting trump. that may be more than the people want to hear or the voters deserve but, hey, a lot of times in elections, by the way, when there's a lot of heat and venom from the campaigns, turnout actually goes up, not down. so fasten your seat belt. it's going to be really interesting and really intense. >> do democrats know how to run against trump?

>> i say no. republicans didn't know how to run against him. trump is something new. trump takes the fight to the democrats and his opponents to places where they don't anticipate, so the democrats are ready with their game plan and their game plan is to spend about a billion dollar to vilify the republican not knminee, no matter who it is but in trump's case, he'll counterpunch in a way that's considered personal, perhaps out of bounds that, will keep hillary on her back foot. so i don't concede the point that trump's high negatives today means that hillary will win in november. the race is not that static. a lot's going to happen between now and then. >> and we're looking at a lot of polls, as you say, that show hillary ahead. >> sure. >> trump behind in states where romney won, both candidates who

have been around a long time. but it sounds like you're saying the polls today are overstating the degree to which trump is behind the 8 ball? >> there's no question trump has put himself in a big hole through his own behavior and his own whackiness. that said, he can change the dynamics. he is a candidate that can't be untd e underestimated and can't be predicted. it is wrong to take the polls and extrapolate out to november. it will not work that way. >> we hope you'll stick around for a moment. we'll be talking with you along with larry kudlow. >> after the break, we're going to play with you simon's exclusive interview with the media mogul himself, barry diller. "squawk on the street" will be right back with the dow up 64 points.

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>> expedia celebrating its 20th birthday with a market valuation of $17 billion, nowadays the online travel giant operates more than 200 booking sites in 75 countries. led by barry diller, it is known as a serial acquirer of rivals. a subsidiary of microsoft, it had just been given its own brand anymore as a revolutionary

way to research and book travel at the time. barry diller bought expedia.com shortly after 9/11. we caught up with barry diller yesterday afternoon. >> actually, the leader was travelocity at the time. that was the first one that went in but expedia came in and undercut them essentially. and so i saw it and i went to steve balmer at microsoft and say you guys don't want this thing. it's public because the guy who is ran it convinced you you should have your own currency, it's a waste of time, i'll buy your position and he said yes and we did it literally closed the deal and on september 11th, the world changed. travel ceased to exist for that

next few weeks. we could not go forward with the deal because we had a material adverse change thing and we sat and said should we do it? and somebody said if there's life there's travel and it's true. and we bought it. >> what does airbnb do to you? maybe it will take on the hotel history as well? >> airbnb and home away are going to take pieces out of standard vertical motel business, right? but they're not going to take it all away. people are going to still -- hotels provide what we know of as hotel, a building with 20

floors and 200 rooms or 40 floors and 500 rooms and whatever it is and all the services that go into that. that's appealing to business travelers, of course, and a lot of leisure travelers in urban centers. if you want a vacation, you got four kid and you don't want to be stuck in two rooms in this big vertical things, you have other alternatives. a lot of people say airbnb will take away from hotels. it will take some but not it's not going to take their business away. >> you took a very decision, fundamentally different in that you would have one technology platform. it took time and it took a lot of money. and some say you almost lost your ceo in that process. it was quite painful, want it? >> it was horrible.

we had not really invested in technology. what happens in most of these internet companies is everybody works 24 hours, seven days a week to get audience, et cetera. they don't pay much attention to infrastructure. so we had to change our entire infrastructure to be able to actually deliver our services. that took a huge amount of capital, at least $1.5 billion, $1.7 billion of actual tech capital to achieve that. now we have the ability to buy orbits, to buy travelocity, to integrate them in our service. so it turned out to be a good investment but like all that stuff, it's painful. >> why don't you spend those billions advertising the brands that you have? >> well, because the thing is,

first of all, we can't advertise more, we don't think. we advertise i think somewhat efficient efficiently? did you get total efficiency with advertising? are you a fool? so buying fwlanbrand that have traffic and putting this many into our system, it's very good economics. and also, each of the brand has a resonance of its own and one brand does not serve all, we believe. >> that's of course barry diller speaking to us yesterday afternoon. still a fascinating man. he believes artificial intelligence with revolutionize the travel industry. and his reaction to the news of dreamworks has finally been sold. more on barry diller ahead in the show. >> coming up, elon musk making some big promises for the future

of tesla. he said the company expects to deliver 500,000 vehicles in 2018. our next guess puts a sell son those shares. dow is up 75. we needed 30 new hires for our call center. i'm spending too much time hiring and not enough time in my kitchen. (announcer) need to hire fast? go to ziprecruiter.com and post your job to over 100 of the web's leading job boards with a single click. then simply select the best candidates from one easy to review list. you put up one post and the next day you have all these candidates. makes my job a lot easier. (announcer) over 400,000 businesses have already used ziprecruiter. and now you can use ziprecruiter for free. go to ziprecruiter.com/offer6

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with xfinity x1. check out shares of fitbit, down more than 15% right now. the company did beat on earnings 15% revenue growth but investors were worried about the cost and the company's weak guidance around increased spending. wow. the stock is getting hammered and is down significantly from its ipo last year. let's send it over to sue herrera. never mind. we'll wait for that and talk tesla. shares are now under pressure after being up at the open. we'll talk to an analyst who says sell a stock and phil lebeau on those production changes when we come right back. behind it. for those who've served and the families that have supported them,

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israeli military said it carried out strikes four sites in the gaza strip. >> disney's chairman meets with china's government ahead of the opening of the first disney park in china. the project is scheduled to open on june 16th. california becoming the second state to raise the smoking age from 18 to 21 and will begin regulating electronic cigarettes. last month hawaii became the first month to raise the legal smoking age to 21. and the obama celebrated "star wars" day with a dance at the

white house. that is the cnbc news update at this hour. "squawk on the street" is back in just a second. the call just came in. she's about to arrive. and with her, a flood of potential patients. a deluge of digital records. x-rays, mris.

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so where do you find value in this market? six stocks look particularly cheap and we're talking about them on "trading nation" on cnbc.com. more "squawk on the street" coming up.

you wouldn't order szechuan without checking the spice level. it really opens the passages. waiter. water. so why would you invest without checking brokercheck? check your broker with brokercheck. electric car maker tesla promising big things in the future. here's what elon musk had to say about the model three on the conference call. >> we aim to produce 200,000 in 2017. >> phil lebeau, i think it would

be valuable about what we learned on the call. first the stock was up on reaction and now it's down. >> the one issue getting a lot of attention is the aggressive production plan tesla laid out during the conference call last night. prior to this conference call the guidance was for 500,000 in annual production by 2020. now tesla has moved that target up by two years and says it will get to 500,000 in annual production by 2018. so we're talking about 18, 19 months from now they're going to start a production rate that will eventually be up to 500,000 for all of 2018. we've looked at a lot of analyst notes today and i'd love to know where collins' target is. nobody thinks they're going to get to 500,000 in annual sales by 2018. in fact, the most aggressive we found so far is 355,000. so most are projecting that to be well below that base case they're throwing out there or that target out there of a half

million in 2018. >> let's ask colin. do you think that's a realistic target? if not, why is he putting it out there in. >> i think it's very aggressive. we well below $250,000. part of this is they've seen a lot of demand with the model three for the reservations and i think a lot of this is about the need to raise capital. we've been concerned about the cash burn at the company. they're raising expectations ahead of a likely capital raise, which was indicated in the press release last night. i think it going to be very difficult to get there. >> the cash rate, the financing and how they're going to raise cash and also just how off track they are with production. we talking about the model 3. what about the suv? what's the update there? >> i think that's one of the concerns coming out of the call. the model x has gone poorly and

the vp of manufacturing left yesterday afternoon. it's a very odd time to announce such an aggressive schedule. that's a big ramp for a company that's having issues with a lower model x. >> phil, how should we take those changes? >> elon musk says they do have a strong bench. colin is probably more familiar with the number of executives who are below that vp level of the two who left, but the bottom line is this, sara, this was also a recruiting call yesterday that elon musk and the other executives from tesla had in which they said, look, if you're looking for the most ambitious and interesting and innovative product that's going to come out in the auto industry over the next two or three years, it's going to be the model 3 and we want people who want to work on

that and be part of this ambitious plan to work on the model 3. the question is whether or not, a, they can find those people and, b, whether they can make this come together in a very short time period. >> colin, are you able to quantify the two main concerns. the first is the execution risk they're attempting to run before they're able to walk and what is the scale -- what new figures given these new targets do you think shareholders should expect? >> we're expecting about $2 billion in capital raised given the amount of capex they'll need. the first question -- >> about the execution risk. you're already pressuring a business to perform and you can discuss how well it's performing

and then you further pressure it to accelerate what it's doing and whether or not along the way inevitably there might be hiccups that process, the excuse risks. >> inevitably it's a big challenge. i think heading into the call to be totally honest, we were very honest about the profitability and how they're able to do that with battery costs with these very aggressive targets, it's difficult to achieve given the track record. >> you've read so many analyst reports on this stock but this morning and going back, what is the updated way that analysts are valuing it at a company that's trading i think 50 times 2018 earnings? >> that's a little hard to put your fingers on in terms of ultimately how people are valuing tesla. almost everybody who we've seen today has raised their price target despite voicing a lot of

skepticism that tesla, a, will hit profit targets they've already laid out there or these firms have laid out there or these production targets that have been laid out there. it's really interesting. you read the notes and they almost all say we're not sure they're going to make it. having said that, we're going to raise the price target by x dollars. >> colin, did you raise your pry target? >> we raised it from 140 to $160. so we did raise our target modestly. >> phil, what are the key metrics we're going to be looking for to see whether they can start these deliveries on time or at least get closer to the expectations they're setting for themselves? >> the second half of this year,

they have to at least delivery believe like 48,000 vehicles in order to hit 80,000 for this year. if they can't hit deliveries in the second half of this year, i think a lot of people are going to look at 2018 and say where are you at in 2017 and the eastbou second half of 2017 is where elon has put this general mark out there of producing 100 to 200,000 model 3 vehicles. that's with production starting in july of next year, starting 14 months from now. that's very, very aggressive. >> we'll see if they can do it. thank you, colin and our very own phil lebeau. >> media mogul and clinton backer barry diller reigniting his war of words with trump. take a listen. >> there's nobody i've ever known in politics, ever, that

has risen to national -- to the presidency that was actually of evil character. i mean, there's been incompetence, there's been with nixon, nixonness but -- >> why do you say he's evil? why is he actually evil? >> because anybody who attacks people in the manner that he attacks people, anybody who would do that, anybody who -- if i have a disagreement with you or i think you don't like me, i don't have the right to find out the vulnerability that i think could make you miserable and that is just completely unfair. i don't have that right. he has that as a natural state. i call that evil.

that's evil. >> barry diller in an interview yesterday. joining me, larry kudlow and back with us, ed rogers. let's pick up with barry diller said. clearly he's a backer of the clinton campaign. it's interesting to try and understand exactly what he's saying there and why he's saying it. whether it's the belief that effectively trump has cleared the fields with those sorts of tactics or it drives to the fear of how he's going to take hillary clinton on. we were at the white house correspondents dinner at the weekend and the word is it's all about monica lewinsky and he can devastate her public standing by reigniting that controversy. >> he could, he could. first and foremost donald trump has run on key issues that most of the other republican candidates were either late to the party or didn't understand. the populist economic revolt going on in america where a

middle class wage earners have not had a wage rise since the year 2000. literally. there's a long time. they want to throw out the washington establishment, they want an outsider. trump tapped into all that stuff and he did a very good job. now, look, simon, he is who he is, i am who i am, okay? there were some unforced errors. did he go too far sometimes? i'll leave that up to history. he has always said if you attack me unfairly, i'm going to attack back. that is what he did. perhaps he made errors there. i'm not going to defend every darn thing he's ever said. but americans watching him want, in my opinion, a fighter. they want a strong leader. they want someone to sit across the leader from vladimir putin. they want someone who can make trade deals with china, japan, mexico, wherever. they want someone who puts american interests first. >> right.

now, mr. trump, who has a lot of policies, you heard some this morning on squawk box, you heard them from me over many months, what he has to do here is prove to the american people that if elected, he can do the job. that's the key point. he's running against a weak candidate. he has to prove, though, for himself that he can do the job. i believe he can. i believe he can. but i think that's going to be the biggest issue. stuff about evil -- i love barry diller. he's a wonderful man, been great to me down through the years, but i think he's been in extremis here. >> i want to bring up an important point now, multi-nationals, with the rising possibility that trump could take office have got to look at their plans for next year. what do you do with a supply chain if tariffs could be hiked substantially, what do you with muslim members of a leadership

team and they're not accepted into the united states? how do you operate in consulates if he institutes a ban? what probability do we attach to this coming to fruition? >> well, how might world commercial work is trump is actually elected president and does what he said he would do? i agree on the one hand with everything that larry kudlow says, but just to strip down and say that, well, trump ran on policy positions chooses to ignore all the crazy thing that trump has said, all of the crazy proposals that can't happen, wouldn't happen and if some of them did you would have a economic, foreign policy and national security calamity. republicans have to be

respectful of that point of view. trump need as modicum of self-awareness and personal insight that says he's got problems before he can present himself as someone who is able to do the job -- he has to present himself as someone who is not crazy and out of bounds with what he believes and what he wants to do. does that answer your question? sorry. >> ed rogers, old friend of mine, a distinguished and brilliant political analyst and a frequent guest on "the kudlow report" and i think the world of him -- >> however -- >> yes, but, but, but. first of all, donald trump has a lot of pro-growth economic policies, he has an excellent tax cut plan which i have supported from day one and i continue to support. dru

dr donald trump has a lot of policies to fix the health care system. i have not agreed with mr. trump regarding all of his trade positions, however, he has not used the 45% tariff in weeks and weeks and weeks. maybe because i've interviewed him a couple times on that subject, maybe not. what he did say -- let me just finish this, please. so important. the foreign policy speech was excellent. it was well reviewed by almost everybody in the national security community, including a number of generals, and he said he wants to sit down and negotiate with putin, with china, with japan. now negotiation is what we need because we've had a string of presidents who just wuss out when it comes to trade. they wuss out. >> larry kudlow is economic adviser that suggests some lucidness and clarity of fault. >> i want to ask you, larry, when you said trump has to prove

himself capable of the presidency, in the eyes of the koch brothers, his comments about a muslim band -- if he maintains that policy of excluding muslims from the country, should he be the president of the country? >> yes. what he's saying is he not going to exclude all muslims in america. >> he says he will. >> for a time he should. we are at war with isis. the fbi director jim comey has said we have no information on these people and therefore they should not be allowed. that's the fbi, simon. i, myself, believe this is not a time to grant new visas. when the time comes and we have more information and a better border security system, then that's the time we can open up. now is not the time.

i think trump is 100% right on that and i think guarding the southern border where isis is already plotting to come through, he is exactly right about that. we must preserve the borders. look, all i want, all i want is this -- i want to slash -- you've heard me say this. i want to slash the business tax rate across the board, i want america to grow and then the fed can raise interest rates. i think trump has this story exactly right. >> okay. >> and he has, last point, please. he has a lovely family by all accounts. so please do not call him evil. he has a lovely family. they love him, they respect him and that tells you something about the man's character. >> ed rogers, one last quick comment, if you would. >> banning all muslims in the same category of deporting 11 billion illegal aliens that are here. not going to happen, impractical, unwise, foolish to suggest it. >> i don't agree with the deportation, ed. you and i agree.

i don't agree with the deportation and i don't think that's going to come. and on that point -- >> i hope trump is listening to, larry. >> i hope he listens to you. >> he don't want to hear from me. >> he's going to make a far better president than hillary clinton. >> a lot of republicans are at peace with that. >> i say to all my friends, all my conservative colleagues, i've been part of the mufovement for close to 40 years. help him make a better candidate, don't harm him, don't trash him. >> coming up after the break, tribune unanimously rejecting gannett's takeover bid. michael ferro is waiting in the wings.

tribune publishing said yesterday that its board of directors has rejected gannett's $815 million bid to buy the company, $12.25 a share saying

its opportunistic. they urged shareholders to hold votes to show their dissatisfaction. joining knee is michael ferro. >> it's my first interview on live tv since tribune. >> let's talk about do be tribune. a lot of the shareholders and some i've spoken to say mr. ferro bought stocks at $8.50 a share, less than 90 days ago and now the board of directors is saying no to $12.25 a share. that doesn't make sense to them. >> well, first of all, the 8.50 was actually an investment in the company so shareholders are all going to participate, they wanted to someone have a technology strategy and have a game plan to go forward the next few years. in fact, my share are locked up for three years. so i'm in this company for the

long haul and we see great opportunity. so that's the difference. 84% is still owned by the shareholders and they're going to get 84% of the up side. it's not the same as buying the company. it's an but an investment. >> and although, those who say that in a sense you were almost able to buy yourself a control stake, and 16% is not the control, but you have replaced the ceo almost immediately after taking over, and a number of the board members. a lot of the board is going to have moved since 90 days ago, and those shareholders who are dissatisfied with your rejection saying, that he controls the board and the company, and nothing we can do here even though we think that $12.25 is a good price. >> well, i have not heard the same things that you are hearing. and i have reached out to bruce kar karsh, the second largest shareholder, and i went and met with him on the first week of the job and when i walked into the office the first thing he says this is company is worth $1.5 billion, and he was, and

how did i get in at 815, and even though the stock was there, and i said, i agree, but there is work to make it more. >> and now, oak shareholders has said they want you to negotiate with gannett, and there is one name who says they don't understand why you would not negotiate with more than $12.25 a share. >> well, mr. karsh, and i have reached out to him multiple times and every investor, and we have not heard that. oak tree has not reached out to us, and given us those words. >> so why would you choose to reje reject. >> well, first of all, tribune is a great asset, and we have the l.a. times around and the "chicago tribune" brand, and this is a gain that is that we set up a new transparency

section with a trank where we have a full group of assets to syndicate the content to 2,000 other sites and when you put a layer of artificial intelligence around this, we cannot only help our own business, but grow the data content business that we want, and the reason why i love this company so much is that we have two important formulas. great cur rated verifiable content just like you do with a value. and not only content, but if we were a startup we have 36 million monthlies just at the l.a. time, and as a company, 60 million monthly users and the issue is not content or users burk tissue is monetizing how much money per user, and right now it is pitiful about a dollar right now. >> yes, this is the struggle of

the old media companies so to speak in print have been trying to overcome as they digitize the business, but i am not, and i want to understand better with what it is that you are going to do, because right now, we have no evidence that it is going to be working despite the best evidence of the people at "the new york times" or jeff besozost the "post ". >> well with, we are working at the "post" to bring their cms to the newspaper, and working on that with the cms, but you have hit the nail on the head. first of all at tribune, i understand why people have is e issues, because we don't have a crm system for the 100,000-plus workforce and so it is antiquated and we don't know about the 60 million users, but we don't know anything about them right now. we have terrible data, and that the reason that we are not monetizing the content, because we are selling off the cpms at a

low rate. >> so you are giving this tem rate that they are reaching and they pay more? >> well, it is like facebook, and we will get $1 on average and facebook is getting $50. so we won't be facebook, but we can use the same technology as google and start to upon tiz the customers. and michael, what do you want to do? well, if we can get the number to change from $1 to $5 to $10 over three years, with are not in the same league as facebook who has a different model, but it changes the whole mix of revenue. >> how much time to do that? i mentioned it in part because gannett may fade away because they can't do anything to rep s replace the board in a significant way, but possible to come back in a year, and you will face a real challenge from them, and do you feel like you v have the time to actually make this transition happen, and show

results that you will need to, to the shareholders? >> well, we don't have any choice. we never had a choice. over the next few quarters we have to keep showing, and it is 18 months to show, and implement the technologies as you know takes 9 to 12 months, but we are seeing the results in the tests that we are doing, and the proof is in the puddle, because we have to perform, and q 2 and q 3 and keep putting the quarters together, and most importantly on the tranc business, and that is going to have to drive everything for us, and the global strategy of increasing the brand of the "l.a. times" to the "globe" and well thought of and the international traffic as well. >> i would love the continue the conversation in the future as you undergo to transition. thank you for joining us. and we hope that you will do it again. >> i will join you again. thank you very much >> and i want to hit the oil story with more barrels trading

up, and there are more fires in alberta, and so we go to deirdre. >> sarah, 15 miles north of thisser ya is the heart of canada's oil sands devastated by wildfires. look at the incredible images over the last 24 hours. here's what we know so far. 80,000 people, and the entire city has been evacuated. 1,600 structures have been damaged and por than 18,000 acres have been scorched. right now, we are standing at the side of highway 63. normally, busy with the trucks carrying the supplies and the equipment to the oil sands operations, but as you can see, it is eerily quiet. and as for the operation, they are not impacted by the fires, but they are evacuating employees leading to shutoff operations.

this is the statement from shell canada, while our operations is far from the fires wsh ve shutdown our mining production at our shell al bbian sands regn for the safety of the our employees. >> thank you. and alibaba, the stocks are coming up higher, and there are costs that result. and which matters more long term? and we will talk to a silicon valley investor who leans to the right of whether or not trump can raise some money for some folks out there, and the ceo of time, inc. is going to weigh on in the problematic and

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the jobs report. could the latest numbers force the fed's hand? insight and analysis from the best in the business. "squawk box" tomorrow on cnbc. good morning. it is 8:00 a.m. at tesla headquarters in palo alto, california, and 11:00 a.m. on squawk