♪ i'm on the right track baby i was born this way ♪ >> live from new york where business never sleeps, this is "squawk box." >> good morning everybody. welcome to "squawk box" live from the nasdaq market site in times square. joe is out today. look at the u.s. equity futures. things are relatively flat with the dow futures up by 4 1/2 points. nasdaq up and s&p up. we had been on track for a lousy week until friday. nasdaq was up slightly. going to see where we head through the course of this week. overnight in asia you will see the nikkei closed up and the hang seng was up and then the early trading in europe this morning looks like things are

relatively missed. and it's call it flat. just over 2/10 of a percent. oil for the week was up about 66%. crude oil is up 66%. >> we got a couple of big stories we're watching this morning. we'll talk super bowl in a minute. these are business stories. nearly 100 tech companies planning to send a letter to the administration urging him to follow through, including apple, google and yahoo. the companies will say their quote concern that trump's recent executive order will effect enamy visa holders who work hard in the u.s. and

contribute to their success. and it depends on the count rubushes of immigrants from all backgrounds. we should mention by the way in the meetings on friday. elon musk did talk about this. er for of course he is part of this group. tiffany's ceo stepping down, away and down after luxury chain calls them disappointing financial results. that makes me feel i have to serve during the interim -- >> just the flagship stores. >> just on the crowd around it. coall ski was there and he was the ceo before.

>> it's a slow week for data. but the earnals have mer f and starts with general motors, disney, time warner, coca cola, cell augand twitter. >> if you went to bed early, you have no idea what you're waking up to. the new england patriots claiming their fifth title. the falcons' high powered offense built a 25-point lead. nobody's ever come back from a lead like that. they come back, forcing an over time. in over time, patriots running back white rushed in for the game winning touchdown. tom brady threw for 446 yards. and two touchdowns. he became the first quarterback to win five super bowl titles ever and named super bowl mvp

for the fourth time. i got to admit i went to bed in the third quarter. there was the lady gaga half time show. the pop star sang a montage of her hits and avoided political statements. on twitter i saw a lot of people who said thank you for playing that straight. andrew is looking dashing. >> you know we have these for everybody. are you a patriots fan? if you were not one before -- i know there's lot of haters out there. >> i wanted to see the patriots win. >> after that -- >> women are going to pass on this. >> come on. give brady some credit. >> lots of props. >> by the way did you see roger goodell got a tough time? you could hardly hear anything

they were so happy. >> you stayed up? >> until the third quarter and finally i went to 28-3. >> this is a bad idea, i'll admit. i'll need your help as the show goes on but this is where we're at. and you thought i was pretty convinced that lady gagau was going to say something crazy. >> i was too. i was happy that she didn't. >> did you see the airbnb commercial? >> i did. >> i thought that was interesting. >> which one was that? >> how would you describe it? >> a lot of immigrants and -- a lot of people of -- a whole mix of different people. >> an article in the new york times or washington post on how they just put the final touches on that. >> the t-mobile, the 50 shades

of gray. i thought those were pretty good actually. >> the half time bathroom break. >> i think i was in a bathroom break. >> that was the point. right now let's get to politics. it was a busy weekend. the trump administration battling over the president's immigration order. here with more on the wrap up and seems like every monday you have a lot to talk about. >> almost like a buffet here. we don't know where to start. let's start with the vladimir putin talks. bill o'reilly interviewing the president before the super bowl. o'reilly started by asking the president whether or not he respected vladimir putin. the president said he did. >> will i get along with him?

i have no idea. >> he's a killer though. >> a lot of killers. you think our country's so i innoce innocent? >> i don't know of any government leaders that there killers. >> take a look at what we've done too. made a lot of mistakes. >> that comment provoked some back lash, particularly marco rubio who has been a long time opponent of the president. and mike pence said he didn't think there was any moral equivalence in that particular comment. and then here's another bite over the weekend getting a lot of attention because warren hatch is the senator who runs the finance committee. he was starting to talk about the idea of repairing obamacare, rather than repealing it. the speaker of the house, paul ryan not necessarily on board

with that idea. >> if you're going to repair the american health care system and fix its problems, you have to repeal obamacare and replace it with something better. somewhere along the line there was confusion that we were doughing to take the architecture and tinker that margins and repair it. you can't. >> so the speaker of the house saying republicans are determined to repeal and replace obamacare, even though the president said in an interview this weekend it might be later this year or 2018 before that ultima ultimately happens. that's a key campaign promise on the campaign trail and the president very upset about this judicial ruling blocking his immigration order tweeting out a so-called judge and said just cannot believe a judge would put

our country in such peril. people pouring in bad. so the president trying to push political blame on to the judicial system. so whole lot of politics. >> and don't think things are going to slow down. >> did anyone see saturd"saturd night live" as well? >> i saw everything afterwards. >> melissa mccarthy. >> i thought that was remarkable. and it's picking up steam in the mainstream media where people are talking about the idea of michael and ivanka and the fweets that seem to always make the news of these ones like saturday morning. yes, there's something going on. that was the beginning of the alec baulldwin. >> is that an ongoing thing now?

the sean spicer? >> i don't know. steven -- what is wrong with me this morning? being up late last night. chief u.s. economist security is a tough morning. thank you. and we have two guest hosts for the hour. president of metropolitan capital. you hangout here? >> i do. this is my afternoon home. >> and you're director at global investments. all three of you. let me ask you this. we had the jobs numbers and i don't know if you thought the ceo meeting had had anything to do with it. and you also had had what may or may not happen to dodd-frank and the banking business. is that enough? does that make sense to you?

>> it's a kind of a delicate balancing act. so the market in my opinion rallied a lot until middecember and then they stopped. it's been in the 50-point range for almost a month now. but to go all the way, they want to see actual results. they want to see the whole thing. so the more the momentum gets shifted because of tweeting or whatever t takes away momentum from the stock market and makes the market unprice more fed hikes. >> now people are saying it's a good thing for the market. >> it's always a good thing. a crash in the dollar is a bad thing but a decline is a good thing and you'll see emerging markets have really come to life since the dollar peeked and in the meantime earn rgz growing

prp up 5%. probably end up 7%. there's momentum aside from politics and globally synchronized momentum and people lose sight of that because everyone is focussed on the headlines. the global economy is accelerating. >> so you saw -- we saw that obamacare may fake longer to repeal, replace, what have you which suggests the same is true of everything to some degree. so the question is, is the market factering that in or not? >> the problem for the market is it doesn't have any of the reality yet. and there's a lot of give and take in all these pieces to get something done and i think the reality is setting in slowly this is going to take longer than we thought. some of the things we're doing on deregulation will take time

to build momentum where the fiscal stimulus have much more immediate impact and they're going to get dragged out as well. it's going to take a while to get going. >> the good news potentially is dodd-frank stuff. that was much faster. in terms of an early edhheadlin. >> they don't really have to change deregulation. the problem with dodd frank is you change the regulation, who's to say somebody else doesn't come in and go back on the other intrperation of the rules. so getting the banks to go along with the interpretation is a problem. >> and in terms of how they deal with the banks, they could dividend out in hundred billion dollars. >> but that's not going to get lending going. >> i agree with you. >> the it stock price is fine.

>> that would have been a lot better when it was eight times earning than 13 times earnings. it's still acretive mathematically but not as good. as we see these things delayed, i think the likelihood of all of these happening has to go down. so much of this noise will cause the -- his own party to become fractured and then it will be very difficult to get things done. the infrastructure seems like a never. >> and just the fighting within the party. gop opposes the gop plan. particularly with tax reform, that gets trickier. >> and the border tax is a disaster. >> there's push back from orrin hatch and others. >> i think she made a good point about the fracture within the

party. donald trump did not come in as the leader of the republican party. we're not sure what his real dynamic is with the republican party. whether he's going to lean more towards the democratic party as time goes on which i think is going to be the real surprise in all of this. >> i don't think it's quite so binary is less momentum means stocks go down. it's met him halfway. you have to look under the surface. they went from a minus 12% spread last summer to plus 18% spread in december because of small domestic. they benefitted more from deregulation. and so you're seeing that switch. so now it s&p is catching up to the russell. so it's not necessarily up verses down but in terms of the leadership, the more momentum is lost, the more globally stocks will catch up to you.

>> but your point is where we sit rights now is fair valuation. >> valuations are on the high side because the markets's giving the benefits of the doubt. p-ratio's jumped 10 points since november. i think the market's in a good place regardless of what happened in washington because we're in a -- >> so if i told you there's no tax reform in 2016. let's say it. let's say it happens in 2018. >> i think it's a shock if it's retroactive to '18 at this point. >> you're saying the multiples are just fine. >> then the market has to sit around a while but globally stocks will still rally and that's my point. >> u.s. stocks. you don't think -- i think

they'll bow disappointed if we don't see meaningful reform. if we hear that incrementally bad news, they're going to sell them off. >> but the dollar will come down and then the s&p rally and global equities. >> it's a function of all the perception of what's going on here. the global economy's already starting to lose its momentum. it's been droiven primarily on the currency adjustments. the global economy is going to stall. i don't think it holds much water. really has to get its feet moving and we haven't seen that happen yet. >> the gang's going to stick around. when we return it was the greatest comeback in super bowl history. the patriots needed to the over time to win their fifth championship. siay♪thstock incr

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box". randgold reporting a 76% jump. the western african gold producer raising its dividend. and the auto maker raising its full-year profit forecast and then ryanair declining nearly 8%. company says quote over capacity in the european airline industry continuing to effect ticket prices. >> in media news t was a close race but split taking the top spot for a third straight weekend. their low budget thriller about a man with multiple personality earned $13.6 million. that movie has made nearly 100 million there so far. and the sequel to the horrorer film "the ring" came in

second place. it was originally set to come out in 2015. the woman who crawls around from the ring, they set up a prank for people where it was tv screens everywhere and she crawled out of it and scared everyone. >> a little scary. let's get back to what was a busy weekend in politics. joining us co author, daniel litman. we're all trying to understand all of the mashinations of various things that took place over the weekend. the big headlines of course, had the so-called judge on twitter and perhaps the bill o'reilly interview with the comments about putin. which one you want to take first? >> the so called judge. i don't think -- >> double jeopardy for 500. >> i don't think you would like to be called so-called news anchorers and so --

>> we've been called worse. >> this attack on the judicial system kind of raised a lot of red flags for republicans. they said it was unacsemceptabl and that it undermined the checks and balances of our demodemo democracy and it's really hard for him to win a fight against a judiciary given that most americans respect judges and their ability to divine what the law is. >> daniel, help us with this. we talk about all these things which make headlines but ultimately are they helping undermining what are they doing to the ability for the president to push through his bigger e plans? whether it be tax reform, infrastructure. the things the markets and investors are expecting to happen. is this changing that dynamic?

>> all of these petty distractions, they undermine trump's ability to get things through congress. >> but do they? >> i think because congressional republicans are less likely to go on a limb for a guy if they have to constantly defend what he's saying and it undermines the cooperation between the white house and congress if republicans feel like he's not doing the party any favors with things he said this weekend. >> and help us understand the power dynamic in the white house. lots of articles about who's running the show, ben white talks about the role gary cohen is playing and the announcement on friday and whatever kind of power he may be able to wrestle from the rest of them. who's winning? >> whenever you have headlines calling yourself steve bannon,

that's an indication of your power and we heard riance priebus is shown as him in the pecking order. usually the chief advisor is in the top slot advising. >> is this an attempt to smooth feelings? >> i think there's a new checklist for executive orders. they have to loop in all members of the white house. not just steven miller and steve bannon. because otherwise the kais chaos is great in theory. that's how trump ran his organization but the white house has structures that have lasted multiple presidents and there's a reason. because they work. i think president trump realizes to get some of the things done that he wants to accomplish for his voters, he can't have just two aids running the show.

that just does not compute. >> i wonder is anyone in charge other than trump? because i can't imagine some of his advisors would say go ahead tweet things by a so-called judge. unless you're baby sitting the president all day long and monitoring what tweets he sends out, heat rr the one in charge of the twitterer tweet. so i don't think they're telling him to tweet those things. but sometimes with the general atmosphere that's being created in the white house where you have a suspicion of different branchs of government and how they're going to oppose trump, that messes with trump's head and his advisorers are telling him you should do whatever you want to do. let trump be trump.

that was cory lewandowski's famous phrase. >> you also heard reports late last week that people like jared kushner and ivanka have played a mitigating role. like helping to push back on some lgbt things. and ivanka was in the meeting with the ceo's talking about women in the workplace. >> i think they're playing a moderating role. they have a lot of respect in washington. jared and ivanka, they don't have this darth vader reputation. as steve bannon and some of the other people in the white house. i think they're trying to their best to get our president to do things that line up with their philosophy but they can't be in every meeting and they can't tell him to do all the things

that they want him to do. and so just think about the thanksgiving dinner table. you're not fwogoing to oppose y father in law on every single thing. i think they're doing that. they're not going to interfere in everything because then donald trump would just get tired of their advice and criticism. and so that's the balancing act they're playing. >> i think this is another example of -- to separate all this twitterer noise and everything from the markets and why are the markets so calm amidst all the chaos? we have to ask as investors what's cyst emically important for the economy? is there tax deregulation? probably later and more watered down what we'd like.

i think for the markets that's why you can explain a fix of 10 and 20 even though we have all of this stuff going on because the markets rightfully focussed on the things that matter for the economy and the markets. >> you buy that? he's got minimum two years to do almost anything. you would think tax reform, obamacare he could do if he wants to. >> a lot of those things will get done because republicans in 2018 want to run on a track record of having accomplished a lot on their agenda. what are they going to tell the voters if they don't do these things. we had all the power and we didn't do anything with it. there's a built-in powerful incentive for them to check all of those things off of their to do list. but they're not going to get any democratic support because democrats are in a frenzy whereby only a few house

democrats are willing to even talk to trump. their are -- they don't want to play ball. >> always great to see you, daniel. when we come back more highlights from what was a very memorable night in houston. take a look at last week's s&p 500 winners and losers. e is man?

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welcome back. you're watching "squawk box" live from the nasdaq market site in times square. >> good morning. welcome back to "squawk box." there's becky. you can take a look if you like. say hi to her. u.s. equity futures. nasdaq up and the s&p down about two points now. stocks to watch, volkswagen is being sued by a german customer for the first time saying they misrepresented a fleet of vehicles it leased as environmentally friendly. it's already facing multiple lawsuits from states, dealers and individual owners.

generali is holding a meeting and what they would like to see are more favorable turns. and barclay's restructuring that spurred speck ylsz that they're planning to cut jobs. provide support services to its banking operations. if you went to bed early, the new england patriots winning their fifth super bowl in a historic over time victory against the atlanta falcons and ryan, good morning. >> how are you? >> have you been to bed yet? >> for two/three hours or so. i thought i was going to get to go to bed early and then patriots had had something uther to say. >> what was the moment you thought wait a minute?

>> it's probably when matt ryan fumbled the ball on second or third and one and everybody thought the falcons are going to run the ball and take care of it and all the sudden hope starts creeping in at that moment. >> and they're going to throw and throw and throw. >> i mean he had a very rough start to this game and even before they go to over time breaking the super bowl record for most passing yards in a single game. >> i heard him talking after the super bowl about mental toughness and this hahad to be one of those situations because if there's a less on out of this, it's never give up. >> he said there were 30 or so plays in the game that if they had had gone the other way, atlanta wins. the fact atlanta was -- blew such a big lead, nobody's ever come back from a 19-point fourth

quarter deficit. only four teams have done it in nfl history. >> i mean, you wonder because it came so late inhad to the middle of the third quarter before you saw any momentum shift, what does it mean for the advertisers. when you're paying such a premium for the ads, probably the most exciting super bowl in history but not knowing that i wonder how many people turned off the tv. >> there was footage of mark wahlberg left the game early. one of his had kids was sick. the good news for the advertisers was that it didn't keep going that way. i'm surer there were plenty of people ready to celebrate an atlanta win and had had to go right back to the television sets. >> what happens with over time?

they've never had an over time in super bowl? >> there's going to be a discussion about the nfl's over time structure because new england scored the touchdown. >> and would you want to change that? >> from a purely entertainment standpoint, there is no perfectly fair over time and sure, sure. just put the field goal kickers out that 35 and let him kick until one miss. >> that's what you think the next arguments going to be. . >> simply because it's antinew england and a topic that already confuses and frustrate as lot of nfl fans. i'm sure that's probably what we'll argue about. >> do people say these guys are so amazing, come on. >> it depends on who you talk

to. >> at some point don't you say it's amazing? >> and here's the thing. there are a lot of people sick of seeing the patriots but every time it's close. every game has had had a fourth quarter where they were driving to win the fourth quarter. it's always good television when we get new england in the super bowl? >> is gisele going crazy? there's mrs. brady. yes, she's clearly very happy and taking a selfie of herself as she's going crazy. roger goodell. you heard the boos. >> yes. the one thing that unites all nfl fans, hatred of rauoger goodell. i'm sure they can say we won without this shadow ahead of us.

maybe it oddly helped the patriots this year because it meant tom brady got four games of rest. he was fresher going into the playoffs and that probably matters when you're a quarterback with as much -- >> how many more years? >> they're thinking another five years. they're talking about trading jimmy garoppolo because they don't see any sign of brady slowing down. >> what's the oldest winning quarterback in the nfl in history? >> in the super bowl or general? >> the super bowl is now him but in general? the oldest player in the nfl ever? >> so you're talking in your 40s, like peyton manning. >> 43, 44, 45? >> i want to say it's 43 or 44 but even then it just seems like -- >> actually there was a guy who didn't retire until 1948.

george -- >> yeah. >> we can ask alexa these types of question when the guest doesn't know. >> the two-point conversion rule changed it. >> i don't think so. it was really interesting last night to see the game gets to 16 points and everybody's thinking technically that's a 2-score game. it's only 50% or so. so it's not become -- the twhing the original extra point it was so easy it was kind of a aforethought. i don't think they're there right yet but if for some reason they continue to prove they can mow through them, maybe they'll change that too. >> thank you for coming in today. great to see you. when we return this morning, the squawk ceo called.

he'll join us to talk about drug prices and a tax from short sellers and tom freedman will join tuse talk president trump's immigration order and a squawk market master will tell us which policies are crucial for the rally to continue. stay tuned.

welcome back to "squawk box" time for our executive edge. drug prices rose 11% last year according to a new report by express scripts. cost for employers increased just 2.5% for all prescription drugs. they say the difference between costs due to rebaits negotiated by benefit managerers and they're responsible for driving list prices even higher. tim wentworth will join us at 7:30 to talk about this and much more. the commercial confused some systems and homes of people who already have it. some viewers who have google

home taking to twitter to say it set all kinds of things off. "th "that@google home commercial had mine going hay wire. and we've talked about alexa on hair. turn all of the lights, turn up the volume. is there that's mean. if you have one at home, it's mean. sfwlp yeah, well. >> separately there's a legal dispute over how much michaelal jackson's name and likeness rights and they're going to be in u.s. tax court today. they're facing 1/2 the internal revenue service. they could owe more than 500 million in taxes and 200 million in penalties. valuing it just over $2,000 because his reputation was

tarnished by child abuse allegations and strange behavior. they say it should have been valued at $161 million. >> maybe there's middle ground between the two? 2,000 or -- >> they have made something on theer order of 500 billion since his death, i would say that's low. >> and did they sue the -- remember, they sued the doctor. not that they were expecting to get it because of the damage. the loss of future earnings. what was that worth? more than 2,000. >> that's a tough case to go up against i think. >> fascinating article with michael jackson's daughter in this month's rolling stone. if you get a chance to read it, it's mind blowing. >> first time she's spoken out.

>> i didn't know anything about -- anyway. fascinating. >> investment ideas for your portfolio. they'll tell us what's working in the markets. that's next. and right now take a quick look at what's happening in the european markets right now. stick around "squawk box" will be right back. llmaboe track s of wi rulracici sinrmioaber thcar u here s of m.nfme dyoo ol yr bres. u & l&ttm m hpr

♪ >> we had a music aficionado, or suzanne, to tell us who sings this song. we'll tell you about taylor swift, she doesn't sing this song, taking the stage saturday night. the pop star debuting recent songs. oh, is this her? >> it's taylor. it was taylor swift. >> okay. i'm an idiot. that is the song. it's her fif"fifty shades darke collaboration. this is why.

it's with zayn. that's why, it doesn't sound like her. it sounds like somebody else. another she penned for country group little big town. swift saying, by the way, important for this news, since i screwed up the rest of it, this may be her only show of the year. if you didn't take it in, you missed out. let's get to the founder of metropolitan capital and fast money contributor. director of global macrofidelity investments. karen, i want to start with you about what you think is actually something worth working. you say health care. because of the obama care repeal or in spite of it. >> in spite of it. we saw good numbers from anthem. i feel like obama care noise weighed on it heavily. we'll see. yet to be determined. they may be in obama care for another year yet.

that's something. the other thing i like is google, which i think the tech stocks got hit right after the election and then they came back some. you can say, okay, google, just to mess with the viewers, but i think this is an extraordinary company. the last earnings release, i know people didn't love it because of the expenses, if you look at the skprengt of that business, the top line growth. it's an extraordinary business that i don't think is trading at a crazy price. everything should help the rest of the market, tax reform, repatriation, if that comes to pass, that will be good for google as well. >> what are some areas you don't like, retail is one of them? >> the border tax i'm very afraid of. i have retail i'm nervous about it. the border is a disaster in general but particularly for retail. i don't trade around the portfolio but one thing i like, you talk about volatility index low, 11 and change.

i think to be able to buy protection for that price, for what i think is a very volatile time coming up because i'm concerned about the agenda being able to be advanced. >> you worry about that, too, the volatility level going up. >> vol tifft levels low. we have a french election coming up. that's actually going to be the next big thing that the world is going to focus on. >> if she wins, gets to the second round. if she wins that, will she call a referendum? actually it's french parliament that would have to call the referendum, not her. she wouldn't have the seats to do that. i think the risks are probably manageable in europe. if that political risk starts to ebb, i think europe actually could be the star performer this year. >> not just france. also elections in germany. >> in germany and holland as well. i think the way the government system works with coalitions,

the chance of binary outcome where one party dominates and does what everyone wants is unlikely. >> i want to thank you both for being with us for the hour. good to see you both. >> she's going to be sitting over here the rest of the day. >> in the corner over there. coming up when we return, market reaction friday, jobs. tell you what it means for u.s. economic growth. we'll talk about it next. later backlash in the courts over president trump's immigration order. pulitzer prize journal it thomas friedman join us in the 8:00 hour to talk all about it. "squawk" returns in a moment. ye

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the week ahead on wall street. more than 5 countries set to report earnings as investors watch for the trump administration's next policy move. the best bets for your portfolio ahead. tech giants unite. google, apple, microsoft coming together to oppose president trump's immigration ban. details next. plus, a comeback for the ages. >> patriots win the super bowl. >> the new england patriots winning the big game. but which companies won the ad game? we'll talk to a top executive as the second hour of "squawk box" begins right now. >> announcer: live from the beating heart of business, new york city, this is "squawk box." a little patriot pride. good morning, welcome to squawks

on cnbc live from times square, i'm andrew ross sork in with becky quick who won't be playing along with this game. will fred frost here from the uk in. joe kernen off today, probably happily. i think he's off to play golf for the rest of the week. in pebble beach later this week. in the markets where the future is headed now. unfortunately they are headed down. dow looks like going to ovechkin off, s&p 500 looking to open down two points. check out ten-year note. flip the board around and show you what's going on there. as it flips, you're looking at 2.446. >> you're really not doing that hat justice looking straight onto the camera. you need to look sideways for the full effect. >> is that better? >> much better. >> well done, guys. >> do i have to hold this up at the same time. go pats.

>> anyway, it's a boston globe thing. >> yeah, jets fans everywhere loving you in new york today. >> loving it. >> top stories jpmorgan chase has received a license to underwrite corporate bonds in china. that makes it the first u.s. bank to do so. china represents the third largest bond market. also toymaker hasbro beating estimates with earnings, profits came in $1.64 a share, well above street's expectations of $1.27. revenue above forecast and hasbro raising quarterly dividend to $0.57 from $0.51. president donald trump will be meeting with airline ceos this week. that meeting will take place thursday of the white house didn't say which airline chiefs will be attending that meeting but you can guess which of the big guys will be there. >> political news. by the way, before we get there, get the tweets out because the donald is already on this morning as we're speaking. 11 seconds ago now 40 seconds ago. he writes, any negative polls are fake news, just like and he

james parent company nbc, cnn, abc, just like they were in the election. sorry, people, want border security and extreme vetting. so we bring in the news as it comes. we'll see whether that drives the conversation or not. separately in the business world, this is going to drive the conversation and drive perhaps the trump administration. we'll see how they react. 100 tech companies plan to send a letter to the president today urging his administration to follow through on proposed changes to his travel ban. the firms include apple, facebook, alphabet, twitter, microsoft and yahoo!. according to a draft of that letter, companies will say they are, quote, concerned that trump's executive order will be hard on some. the ability to grow companies and great job depends on contributions from immigrants electric all backgrounds. among today's stocks to watch, tiffany's ceo of the luxury chain stepping down from results.

the company's chairman and previous ceo will serve as interim ceo. the stock is down %. amazon is targeting gradual rollout of what will ultimately be 2,000 grocery stores. that's according to "new york post." projected profit margins as 22 to 40% the stock up a quarter percent. >> will, by the way, we didn't give you a proper welcome. >> thank you. >> thank you for rushing down. i'm sorry. we weren't focused. >> i'm happy to take the extra welcome. >> markets still digesting friday's jobs report show u.s. economy with 220,000 payrolls in january, a big beat from economist estimates but wages fell short. joining us with more. i know you want to talk super bowl ads. >> it's up to you. i have very strong -- >> watch that ad. >> i watch it with the volume. >> even the visuals -- 84lumber

is what i'm talking about, more amazing. more mundanely or importantly economists are wondering if this was the last jobs report of the obama administration or first jobs report of the trump presidency. the question is whether rise in jobs resulted from fundamentals or confidence that accompanied the election of donald trump. a boost based on funneled menls could be more durable. based on confidence, tied to more political fortunes of policy changes. again, if policy changes come, could see stronger jobs reports. the reason it makes is the ability to forecast. another question, whether the market was right to essentially price out any further chance of a rate hike in march. take a look. i know this chart looks a little weird. it's the way it shows up in our system. look at rate hike, ups and downs, follow broad contours. fell at 17% before the number down to 4%. it's kind of crept back up. right now looking at only 11% probability of a rate hike in

march. that is effectively off the table. when it's off the table as much as that, it's very hard for the fed to bring it back in. although janet yellen will get a couple chances next week when she talks to congress. just want to show you where we are on growth. we got our first read of the first quarter tracking our cnbc rep, wages there. that was the thing. you guys are following me too closely. q1 gdp tracking 2.1% slightly above what economist consider to be trend with range of 162.5. not a lot of data in the first bits of data, q4 tracking at 2% with tight range of 1.92%. if you want back, year onover year fall precipitously. january down -- i'm sorry, december down with revision and january come down. so all this concern about there would be wage-driven inflation in the system, the labor market was too tight, it backed off quite a

bit. >> so good news if you're worried about inflation, bad news if you're trying to get a raise. >> if you're trying to get a raise. it speaks to the quality of jobs and whether or not -- just how tight labor markets are. >> i'm going to segue to tight labor markets to this 84lumber commercial. >> right. >> about immigration. >> before you say anything. >> go ahead. you've been talking all morning. >> the woman that owns the company is apparently a fox supporter. fox apparently rejected some of the ad. >> yes. >> that's why you had to see the conclusion. >> everybody where i was watching went to see the end of it. >> the website crashed. >> the website crashed. i honestly have to admit i hadn't heard of 84 lumber either. >> i hadn't either. >> it was big in the south, texas. >> apparently it's not supposed to be an anti-trump thing. my big thing -- >> i never got to see the end.

>> exactly what donald trump said, a great big wall, with a great big beautiful door in it at the very end. >> wow. why would they not take the end of that? >> apparently the wall they thought was too controversial. >> you know who wasn't political everyone thought might be. >> lady gaga. >> she was a little bit. remember when she put her arm around a woman, dark skinned woman and said stay. >> a little. >> subtle. my question, does it pay for all these companies to be quite so controversial, anheuser bush, audi. >> anheuser busch said that was in the works for a year. >> coca-cola, airbnb. i wonder if i was a ceo would i want to make half my potential audience angry or ride the buzz wave. while people are buzzing about this, all this political engagement. i don't know if it's a good business decision. it's an interesting business decision.

it's why i watch these ads. >> it makes a point but not overtly against -- >> even airbnb, do you think you could be angry about that? >> some people will. >> in politics you run a risk. >> you run a risk. >> it's not febreeze commercial, right? >> this goes to whatever calculus you make, let's say your starbucks, right, you made a -- to some degree political statement. on the global company, business all over, employees i want to support. by the way, starbucks has customers all over the country. now, you could argue that more of them are probably in major cities. >> i'm going to come away with this idea, which is that the country right now is as politicized as i've ever seen it. and what makes good business sense is to tap into the buzz that people have. everybody is following twitter

feed, everybody tuned into cnn and msnbc and -- >> cnbc. >> and cnbc. i was getting there. they are all tuning into that. >> the paycheck makes me think. >> really? you get a paycheck. my point is that's good business, good marketing to tap into that buzz. >> get trending. >> thank you very much. >> you sure? >> yeah, i am. stick around we're going to talk more about broader markets. you might as well weigh in on some of this stuff, too. joining us jim yurngy, chief investment officer concentrated growth, david lebowitz, strategist. dave and jim, thanks for being here. i want to talk more about the super bowl. according to super bowl indicator with patriots winning we could be in for a tough year.

people joke around but it's got a good track record. 40 out of 50 it's been right. sure this is tongue in cheek but david, what do you think about it? >> definitely things to worry about on the horizon. we were talking a lot about politic, a lot of engagement. we see that in investor base, client base as well. a lot of somewhat divisiveness. >> what do you mean when you say engagement? >> clients with different political perspectives try to translate that into their portfolios? >> is that a wise idea? >> no. we strongly suggest they don't do that. a lot of times you make emotional decisions that don't wear out and disconnected for economic outcomes for the economy. the u.s. economy is definitely getting a bit better. earnings growth the strongest in two years in the fourth quarter. green shoots, industrial patch of the economy, things look like they are getting better. so despite the fact afc won their championship we think the outlook is good for stocks.

obviously potential for volatility remains out there. >> jim, how about you? >> i've been surprised the market has been so well behaved over the past three or four months. there's a whole lot of cross-currents politically and we'll see where the market goes. i'd expect a lot more volatility over the last three months. >> people say, look, if you look at earnings, better than expected, 8% than the 6% expecting. if you look at regulations getting stripped away, maybe that makes it easier for business to go ahead and push through. why have you been surprised by how well the market performed? >> i think three things we really need to see. we need to see stimulus, tax reform and gdp growth. and the markets really banking on all three happening. stocks 17, 18 times earnings are not cheap. >> when you say stimulus, you're talking infrastructure? >> yes. >> so you think that all of that is already baked in. i guess that's the question. people who think that's baked in

are people who think stocks are justified at these levels. david, how do you come down on that? >> i think it's kind of interesting about what's been driving the market since the lec. is it the election or the fact that the economic fundamentals and earnings coming through. probably a little of both. i think we need some execution on tax reform, infrastructure spending deregulation. i think the market understands it will take time for those to come through. i think it's okay if it doesn't happen right away. valuations, yes, 1 times that's not a low valuation but it's appropriate given where we are on the inflation scale. i'm not too worried and encouraged we'll see a resumption of earnings growth. >> friday whether or not loirs would bring people on, expectation of sales to come. you can mabel a cull of

scenarios, one where growth is going to increase. job markets tight already. i'll bring people on, hope the demand comes or whether or not to your question, are they seeing fundamental demand out there. i have to think personally that because of all the regulations and rules around hiring, which i think are problematic, that hiring a person is the last thing you do. the first thing you do is try to get as much as you can to the existing workforce. >> to your point at the white house on friday, spoke to an executive, i don't think i can name because it wasn't on camera. to that point you don't hire what he said theoretically. not looking at the numbers -- the broad numbers. he says you do look at your own numbers and there are certain indications in your own numbers occasionally where you say to your self, you know what, looks like three months from now in terms of how much product we're doing to move, what's happening, we actually should hire ahead of it. but it's not a macronumber, it's

a very micronumber to your country. >> there's been a bunch of surveys where expectations among ceos are very high. imagine a series of conversations that ceos have in their head where it's like, you know what, i don't know if i want to do this. i'm kind of confident. i'll do it. making that marginal decision a bunch of times, that can add up in the economy. >> jim, i want to get a last word from you, would you be telling people not to invest in stocks, wait for a dip. >> i think you have to have some money there and have some money on the side waiting for the dip. if the tax cuts come through they will be meaningful. talking about somewhere between 10, 15% earnings upside if we get the higher end of the tax cuts. so that's certainly something to keep an eye on. >> jim, david, thank you guys for coming in. steve, thank you. >> thanks. >> still to come on "squawk box," washington wants roundup of top political headlines next. later the ceo of express scripts talks drug pricing president trump plans for drugmakers 7:30 eastern time.

who won ad war super bowl. we already talked about it but talk about it more with ceo of an ad firm. stay with us, you're watching "squawk box" on cnbc. s il. plin e coird-

i l n tot tot res f did you know slow internet can actually hold your business back? say goodbye to slow downloads, slow backups, slow everything. comcast business offers blazing fast and reliable internet that's over 6 times faster than slow internet from the phone company. say hello to internet speeds up to 250 mbps. and add phone and tv for only $34.90 more a month. call today. comcast business. built for business. welcome back, everybody.

let's take a look at the futures this morning. they have been under a little pressure. down by 11.5, s&p 500 by 2 points, nasdaq off by 3. >> okay. a busy weekend in washington. president trump pushing back against court ruling object immigration ban. eamon javers joins us with more. good morning, eamon. >> the president clearly not a big fan of the federal judge who ruled against his immigration executive order over the weekend. the president taking to twitter to express his complaints. here is what president trump said over the weekend. he said, the opinion of this so-called judge, which essentially takes law enforcement away from our country is ridiculous and will be overturned. the second tweet the president said, just cannot believe a judge would put our country in such peril. if something happens, blame him and court system. people pouring in. bad! this was a series of tweets greeted by some republicans with

dismay who said, look, we simply have checks and balances in this country and the executive branch needs to respect legislative and judicial branches of u.s. government. that plus vladimir putin comments all tie into this sense that some people in the business community have of difficulty in dealing with the trump administration. andrew, you were down at the white house with me on friday. we saw elon musk tweeting over the weekend defending his decision to engage with the trump administration. musk saying activists should be pushing for more moderates to advise the president not fewer. how can only have extremists advise him possibly be good. this ties into the conversation you guys were having earlier this morning about the advertisements in the super bowl last night and whether or not ceos and companies should engage with the president, engage with the political climate. musk saying, even though i consider myself a moderate and

critics of my company and me are beating up on me for engaging with president trump he feels like he should do that. other companies and ceos making different decisions here. a fascinating tension now within the business community of how do deal with this new trump administration, guys. >> okay. eamon. we'll just come back to the same question we ask you and everybody else. all of these headlines, commotion, whether it's noise or actually matters to washington in terms of actually getting through the big things that we talk about, whether it be tax, infrastructure, obama care, et cetera. that's the question. >> i think it clearly does matter, andrew. the reason is because the president needs allies on capitol hill. he needs republicans who have the vote. they have the senate, house of representatives. >> do what they want. >> that's the question. all of these little controversies put some sand in the gears of legislative process over time. the more time republicans have

to spend either defending or criticizing or responding to president trump's tweets and controversies, the less time they are spending on legislation. there's only so much political oxygen. these things are difficult to do in a normal year with a normal administration. this, as speaker ryan said, is an unconventional presidency. the degree to which this unconventional aspect this presidency sucks down oxygen leaves less oxygen for taxes, trade, obama care repeal which they promised on the campaign trail. a lot of this takes energy on capitol hill. if they are spending energy talking about trump and putin, they are not spending energy focusing on the other issues. >> do the remaining cabinet hearings, the votes that need to go through to get confirmed, did they lose some of the energy themselves or is this later down the line? >> i think this is later down the line. all these fights are multi-month, possibly year long

fights. you saw the president over the weekend obama care repeal and replace could take a year, couldn't happen until 2018, that's going to dismay a lot on capitol hill that view this as priority number one. promised on the trail. voted time and time to repeal obama care when they didn't have the ability to do it. now that they do have the ability to do it in terms of the votes, they want to pull the trigger on that. the president signaling this could take longer than they like. all those things add to the frustration and political picture here in washington. it makes it more difficult for the president to get his agenda through. like i said, he has the votes. if he wants to do all these things, the time to start doing them is right now. >> eamon, great stuff. thank you very much. coming away friday, were ceos upbeat? did they feel like they were listened to? >> remarkably so. i don't know if you got a chance

to hear jack welch who has baseball on one side. at one point calling for him not to run. he said he's been coming to meetings like this since 1980, never been like this, back and forth the way they ask questions, the way the president would dig in on details and even the body language. people see obama in 2008, the anxiety. this was not that. >> i did hear from another ceo who was not in trump's camp ahead of this who said, look, he actually listened. e likesotis,s, we, ye o eaanhageaiicke it t rd do.e id...the beer

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coming up, the drug pricing debate. president trump meeting with pharma executives to talk pricing. express scripts ceo tim wentworth next.

♪ sfoet. good morning, everybody. welcome back to "squawk box" on cnbc. live from market site in times square. among stories front and center walt disney bob iger may be staying on longer than plan. according to "wall street journal" he may extend his term. no successor in sight after departure of chief operating officer last year. >> upending my plan for sheryl

sandberg. >> i thought to take over your self. >> joe on the board. >> she's on the board now. in my mind i thought it would make the sense for her to become ceo. >> that's a big company. operations in house, knows what's going on being on the board. >> she's been around a while. >> it doesn't upend it, it delays it. >> yes. >> toymaker hasbro is one of this morning's market movers. the company beating estimates both top and bottom lines during the holiday quarter because of strong sales of its disney princess "frozen" themed dolls. split topping the boim box office took in $14.6 million in north american ticket sales. edged out paramount's "ring." by the way, this is a low budget film to make. not "rings" but "split."

it brought in $100 million. yea, universal. >> $9 million sounds astonishingly cheap. >> low budget. >> still nine. >> every once in a while you hit a big winner like that. >> talk president trump meeting with top pharma execs to talk drug pricing. meg joins us, good morning. >> out with drug trend report. among findings, drug prices rose about 11% last year. costs for employers increased by 2.5%. express scripts saying difference between prices due to discounts negotiated by pharmacy benefits managers. bring in tim wentworth ceo of skres scripts. thanks for being with us. >> thanks for having me. great to be here. >> drug prices a huge topic politically and in the business report. tell us what this trend report found. >> our report which covers tens of millions of americans and

people that ploy them found the 11% increase is working with employers to net out at 3.8% total cost increase, leveraging a number of tools that our business uniquely provides. >> tell us about those tools. they have come into spotlight with epipen. part of driving up prices. >> nothing can be further from the truth. those tools start with generics. before we talk brand pricing when we talk affordability of drugs, brand pricing is a piece of it but really a piece of it after we move 85% of prescriptions our clients and patients take to generics. we were able to drive down generic cost last year. for those patients that have to be on a brand drug, what we've seen is working with manufacturers to drive costs down, net costs down by, yes,

rebates. those rebates which represent a discount we pass to the client so they provide benefit and affordable for members are an important part. they have been put in place by manufacturers, maximize 3.8 net result is also doing our job. >> tim, can i ask you a question about the broader political situation right now. when donald trump is talking about allowing the government to negotiate with drug companies, if he's successful in that, if the government starts doing negotiations, is there a place -- will we need express scripts as much because if the government is going ahead and making negotiations won't insurers follow the government's lead like they already do? >> i won't even debate whether or not the government epds up negotiating for drug prices. as i said a minute ago drug prices are one element of delivering overall lower drug

costs. even in the scenario you painted you will need us to do what we do, our industry does, whether driving generics. give you an example. emburrell and humira, two of the lastest in the specialty drug class isn't a great deal, which i believe the add manage is talking about and i'm excited about, free up equivalent generics that allow us to create competition against those brand drugs. that's not about making more rebates and negotiating a better price on brand drugs, it's about actually creating a real competitor and allowing us to go out there and get that drug into the hands of the patient and physicians. that's what will drive down long-term costs. >> tim, when you see six of the drugmakers ceos in the united states going to meet with president trump last week and the first thing president trump talks about is drug prices, do you feel you should have had a seat at that table and what do you think the president should be thinking about drug prices from your perspective? >> i feel very enkonlged the

president spoke with the head of the pharma about drug prices. as far as i'm concerned, we are in all the right conversations to make sure that not only the administration at the federal level but state level understands what we do, what we've done. today is a great day in terms of release of our report. so i'm encouraged he spoke about that. from that standpoint again i think all you have to do is look at what we've done with department of defense or a number of other federal clients that we have as well as now these result with employers to demonstrate why those drug prices can be brought down by using our tools and our company. >> last question for you, tim. a question people had is transparency in the system. we don't always know what the deals are, what everybody is getting, everybody is playing, would transparency help if we don't have generic option or similar option would transparency bring prices down. >> transparency has brought prices down. i think one thing people don't understand well. our client understand exactly how gross to nets and brand

pricing occurring for them in these rebates as they are pointed to. almost 90% of it flows straight through to clients. 100 per of the time the clients determine how those rebates flow and how they are applied and what portion we keep. what i would tell you plenty of transparency at the client level, very skpised buyers. what i'm looking to do, we invest in digital tools and so forth is help our patients really understand lowest cost choices for them and how to access those choices. we've invested tremendously in digital tools, web tools and human support to help our members actually access lowest cost drug, lowest cost channel whether mail service, 90 day programs, those sorts of things. i think the real story moving forward is going to be how we help engage patients at a much more transparent level. >> tim, can you walk us through quickly upside and downside scenarios from obama care repeal and replace or obama care repair depending on what happens? >> it's awfully early for me to

give you a complete answer on that. what i would tell you is obviously our health plan clients are very engaged in the obama care program. and what we've seen is obviously they struggle to make sure they can keep their costs as low as possible, both prels and out of pocket cost for members. it's very early to try to predict. what i would say is to the extent everything i've heard and seen and the conversations we've had suggest there will be coverage post 2018/2019. i think the real question is, again, applying more of the tools companies like express scripts have to make sure net cost to our patients and government are brought to the right place. i think there's a lot that can be done to help score a replacement plan in a way that our nation can afford it and our patients benefited from it and we stand ready to help. >> tim, thank you for joining us. >> great. thanks for having me this morning. coming up, when we return go

to guy president trump's policies survival guide. he's going to be here next. squawk market master will join us. gie peri lma gie peri

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welcome back, everybody. the trump administration operated at a dizzying pace the last few weeks. after close election win there are a lot of people upset with the president's policies. joining me former magazine editor and author of book called "the trump survival guide. everything you need to know about living through what you hoped would never happen." thank you for being here. >> thank you for having me. >> you wrote this in twelve days after the election. >> it was very difficult. twelve days of no sleep, a lot of coffee, and thinking a great deal about donald trump. >> so you were in panic mode, i take it, after the election? >> you know, like a lot of people. the election happened i didn't expect. like last night with the

patriots, you don't expect it to happen. i was incredibly depressed like a lot of people. spent a week being depressed. it's my nature to figure out what do you do when you're depressed. i write. i called a publisher. they said if you can do it in 12 days we'll publish it. >> we should say you've written a bush like this before but that was satirical. >> that was a funny guide, survival bible. >> i didn't really like bush but he was in the ballpark, you know. i'm a democrat, he's a republican but i respect him. it was meant to be funny. this didn't feel like i was in the ballpark anymore. >> what were the big lessons for you you dried to divine what to happen here, how to survive it, if you will. >> the book divided into 12r different issues. my point is you can't just say, okay, we're going to go against trump and that's all we feel. my point is let's figure out

what issue matters to you, civil rights, immigration, women's issues, pick the issue that matters to you. the book gives a brief history of what happened in this country with that issue. it talked about what obama did with that issue and then talked about what trump might do and most importantly there's a resource guide at the end of each chapter saying here is what you can do. my major point is you have to do something. >> do you have any optimism about at all about any of this? >> we talked about a lot of business executives think assuming plans and policies he's talked about actually go through, whether it be tax policy, infrastructure, things of that nature, that it could -- it could improve our economy? >> that's an enormously complicated question, do i have optimism. i'm somebody who was not against -- i didn't want this administration to happen. it's hard for me to see this as being optimistic in any way. the issues that concern me are

environment, women's issues. i don't see -- >> where you stand today versus straight off election. you said you were very depressed and wrote this quickly in 12 days. that your optimism improved as we've got into the administration or as depressed as ever using your words rainfall i'm always depressed but not as depressed as ever. i'm more optimistic in the sense what i'm seeing is an intelligent opposition to trump. people doing things they have never done before. a lot of people who probably thought we don't need to do anything political, they are coming out of the woodwork. they are going to town council meetings, going to representative meetings, making phone calls. what i'm seeing for the first time in years is activity by moderates and liberals to do something. >> gene, i have to say as obama famously said, elections have consequences. your guy -- your woman, i should say, lost this election. >> horribly. >> this is a situation where

probably folks on the other side felt similar to this in the last eight years. >> there were obama survival guides. if you feel elections have consequences and you have to live with them, do something. smart about organizing -- >> do you look at donald trump's election as an indictment of obama or hillary clinton in terms of the last eight years? do you look at that as a success, a failure? i'm just curious to the extent people trying to take lessons away on the democratic side about how they may approach this in the future. >> in all honesty, i think a lot is if you step back in this country, reagan to clinton, clinton to bush, bush to obama, obama to trump, the country swings right and left. i don't know that it's always an indictment of the past administration as much as it's the way the country has behaved the last 15 years. >> gene, you mentioned you need to see people acting rather than just lamenting in

disappointment. are you therefore critical of ceos who pulled himself off trump's advisory council? is that a mistake, should they stay on and try to influence? >> i think every ceo has to decide with stick holders. i don't think he had a choice with drivers, 40% being immigrants. >> felt unatenable, was that a failure to his ability the benefits of him being at the table versus not being at the table. >> elon musk said the opposite. he didn't have stakeholders in the same position. each ceo has to decide for themselves, can they go to to the table and talk to trump or do they have a choice. >> thank you very much for coming in. >> thanks. coming up, real winners of super bowl showdown, which ad scored big with viewers. ceo of advertising company mccann joins us. adanacffatb isff'se k ureyri

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say goodbye to slow downloads, slow backups, slow everything. comcast business offers blazing fast and reliable internet that's over 6 times faster than slow internet from the phone company. say hello to internet speeds up to 250 mbps. and add phone and tv for only $34.90 more a month. call today. comcast business. built for business. welcome back to "squawk box." new england patriots completed biggest comeback in super bowl history. the falcons with 25-point lead but patriots battled back forcing overtime, two-point conversion, james white rushed in two years for the game winning touchdown. tom brady threw for 466 yards, a

super bowl record and two touchdowns he became the first quarterback to win five super bowl titles and was named mvp for the fourth time. super bowl sunday is about more than just the game itself. of course after the winners an losers are defined outside the stadium and inside our living rooms with the commercials. joining us now to discuss the biggest game for advertisers and players is harris diamond ceo. good morning. >> good morning. >> we're going to get into specific ads you're part of overseeing in a moment. >> sure. >> we've been discussing this, this year the aim was to be controversial. is there a correlation between doing a controversial ad and it actually working and getting the trending nature you need? >> i don't think the goal is ever to be controversial. the goal is to be engaging. this year without a doubt, the bowl ads when you're paying $5 million, you have another $5 million you've invested into the property, talking about $10 million between social media and other programs you're running

you want to ebb gauge with your customers. that was really the goal. when people say controversial, i would switch that to engagement. >> how about political? >> clearly there's an overcast this year. right? everything everybody does is political. there were people last night who said tom brady, like brexit, like trump fundamentally in the middle of the game changed everybody's perception. nobody thought he would win. clearly the ads what we saw was overlay where people thought they were all political. the reality is many of them were the normal type of ads. >> walk us through the calculus, if you could, like airbnb ad which clearly had political overtone, 84lumber. budweiser less political, i don't think they planned it at the time. this is airbnb ad right now. >> when you take a look at the airbnb ad, super bowl always celebrated concept of inclusion.

>> #weaccept. >> it was without a doubt one they in the last couple of days decided to put on with a very pointed message following what trump did. no doubt. >> if you're airbnb's management team, do you say to your self i'm going to upset a huge part of my audience? i'm going to get so much attention it doesn't matter. most of my constituency is on the side of what i'm talking about. >> i think airbnb decided the people most important to them were on the side of what they were talking about. that's the most important issue for people making ads. it has to be oriented towards your consumers. otherwise the question is always going to be, why would you ever spend that type of money, it's to get to the consumer. >> the whole thought process in your industry about how to produce a great tv advertisement changed. everyone paying for that massive slot in a live sporting event when you actually play it live for the first time lots of people are watching. as we're discussing now isn't it

much more about how it's trending on social media for free and the company is not paying for that anymore. >> when we put on the ad for strike last year with arnold schwarzenegger. it's had 10 million views, roughly free. >> did you have advertisers, one or two or three saying we should make our idea more political in the idea everyone is looking at the world through the prism of politics in washington. anything trump related or what have you seems to get more attention? >> no. we have conversations. how do we make sure our ads are going to get people buy customer's products. that was the focus. we're not concerned, i would argue not concerned about political overlay. >> stepping away what you would advise from clients pr marketing

image-based. how would you advise companies and ceos to deal with situations like uber faced in the last couple of weeks in terms of they are tuck in the middle of a tricky situation. what's the best way, do they engage or step back like travis? >> travis had to decide where was the most important people to him. to him it was the folks in silicon valley, peel most likely, young millennials using uber than anybody else. clearly he was seen as on the wrong side of a debate in america at the political level. >> do you think he with your help or somebody else's help could have articulated to those constituents he had more leverage by being at the table than not. >> i think that's the question he argued with his own folks that evening, whether or not engagement is better off than saying i'll not doing to attend, not to be part of it. he made the decision not to engage. most ceos would have made the opposite decision. at the same time he's very focused on that key constituency

group for him, customers and employees. for them it might have made sense. most ceos, as you saw, whether they agree with the president or not, did show up fwor that meeting. >> ads in overtime, more or less. >> a very good deal at that point in time. >> those who knew what they were doing, which is to know we were going into overtime? >> can you do that? >> i don't think anybody assumed the super bowl was going bo overtime. >> they were paid for. >> yes. >> i give a lot of credit to hyundai and united states army for what they did. >> thanks for joining us. >> thank you. >> coming up, the world according to thomas friedman will join us at the top of the hour. later market master mohamed el-erian. stay tuned. you're watching "squawk box" right here on cnbc in a moment. f

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ra raplhal gef thra the world is flat. pulitzer prize winning journalist tom friedman joins us with his plea to american business leaders. find out why he says top executives need to stand up to president trump. >> sustaining capitalism, veteran corporate leader steve auckland here with what he calls a bipartisan solution to restore

trust and prosperity. super bowl stunner. historic comeback win by patriots, memorable commercials and epic mic drop by lady gaga. the big mystery. what happened to tom brady's jersey? the final hour of "squawk box" begins right now. good morning, live from market site in times square andrew ross sorkin with becky quick and wilbur frost with us for the next hour. you've been working all morning. futures look like they are going to open down. dow off 33.5 points, s&p 500 off 5 points. treasury yields i think we're about last time we saw, here it

is. 2.433. >> in our headlines, 100 tech companies plan to send a letter to the president today urging his administration to follow through on proposed changes to his travel ban. those firms include apple, facebook, google, twitter, microsoft and yahoo!. another busy week of earnings ahead. about 70 companies in the s&p 500 are set to report in the coming days including general motors, disney, time-warner, coca-cola, twitter. jpmorgan received a license to underwrite corporate bonds in china. that makes it the first united states bank to be granted a license like this. hasbro topping estimates. the toymaker's results were helped by holiday season demand for its disney princess and "frozen" themed dolls. stock up nearly 10%. hasbro ceo will join ceo on

madmoney.cnbc.cma madmoney.cnbc.cmad money tonight. tyson foods beating the street on top and bottom lines. the producer raised its full year forecast above current estimates up 3.2%. a mixed quarter for brands, earnings matched estimates while earnings fell below forecast. raising four-year outlooks as benefits from sales, cost savings and other factors stocks are down 3%. tiffany ceo stepping down. chairman will step up as interim chief. that stock down 5% disappointing earnings as well. toyota raising it's outlook by 10%. major contributor to outlet. cost-cutting at toyota is also helping its bottom line. the shares in japanese trade closing at flat. >> president trump elected in part for tough talking style. now his bravado is shaking up

the world stage. joining me now tom friedman, columnist with "new york times" and best selling author. his newest book is called "thank you for being late an optimist guide." >> great to be with you. >> you had a column that is a little controversial. you say business leaders need to intervene and make sure their voices are heard to stop the president from some of the actions even taken on. do you want to lay out your thesis? >> the main argument, i think right now the republican party is obviously not going to be much of a check on him. the democrats really have no ability to do so. mainstream media doesn't have a vote. so it's really the business community that has the access to the president and standing with him to engage hill. to me there are three big issues, beck y, that concern me. one, this is an administration that at least rhetorically during the campaign and even

after to some extent is doing what i call playing with big systems. when the president says he really doesn't care much about the future of the european union, or even nato, you're really playing with big global systems that are the foundation of really so much business of the american community, which most of their business is overseas, missouri of their customers overseas for many large multi-nationals. that's the first thing that worries me. the second, this administration has come in at least articulating something fundamentally wrong. job loss in america has been driven by imports basically, by trade, when the vast majority we know is because of the improvements in productivity, automation. i think you can really overplay that hand. the third thing that worries me is the president has an adviser, steve bannon, who has spoken publicly about changing the political order in the united

states. i think this guy believes things deeply out of the mainstream. he's looking to bring america back to the 1950s, i think, in terms of a predominantly white christian company. all three of those things i think should be a big concern to the american business community. >> tom, you know, it seems like people are saying oh, my gosh, donald trump is doing what he said he was going to do on the campaign trail. so used to nothing seeing that -- a lot of people watching says, oh, my gosh, he's doing what he said he was going to do. are you surprised? >> not at all. there was a lot of nonsense after the election, you fools in the press, you took him literally. you should have just taken figuratively, because that's all his voters did. turns out we should have taken him literally and many voters did. i don't blame him for wanting to carry through on this stuff. what worries me donald trump won the election with basically a first paragraph on every issue,

whether it was trade or isis. he only had a first paragraph. there was no second paragraph. hillary clinton only had a second paragraph and no topic sentence. that's one of the reasons she lost. not having the president fill in the second paragraph on obama care, immigration, that second paragraph is really complicated. that's where the fight is in washington. >> tom, if you're a ceo, i saw a lot of ceos i was at the white house friday interviewing a number of them who participated in this meeting. you know travis of uber did not. elon musk participate, brought up immigration, forced it on the agenda. what do you think the right role is for an executive? in some cases do you think they should pull away or better not sit at the table? where do you stand? >> i'm 100% behind elon musk. i think this is our president. he's going to be there for four years and i think you have to

engage them. i think he can be educable. i think he was surrounded during the campaign by extreme elements. most people thought he would not win. i'm glad to see people like bill gates and elon musk engaging with him. i think it's really important. i think it's vital, in fact. >> tom, you mentioned earlier on some of these particularly foreign policy issues some pushback. within congress bushback fairly loud but only select few congress members so far. do you think that's going to increase and something donald trump put a surprise face on that he could lose support of people even within his own party in congress very quickly. >> yeah, when the president basically equates united states with vladimir putin's russia, says putin kills people and so do we, that is so ridiculous, frankly. it's just a foolish statement. we do not go around hiring people to establish people with

political umbrellas. if you're ceo of a company and buy a company donald trump doesn't like, you're not doing to end up in gulag. that stuff disturbs me. the large estuff, if you don't know where you're going, any road will get you there. it's important to have a take on the world. what i'm arguing in the world, if you don't arbitrage three things, environment, technology, globalization and understand that the three of them together and the interaction between the three is what's shaping your world, you're going to have a real problem. so let's just take one issue. migration. the u.n.'s refugee agency says we now have more migrants, more refugees around the world today since world war ii. it's an all-time record. why is that happening? most of it is happening actually from central america and sub sar

haran africa. climate issue, environmental, population explosion. what's the first thing the administration did in the first week, announced they were shutting down administration's climate websites and at the same time getting u.s. government out of any kind of support for family planning in the developing world. that's flat-out stupid. you cannot have an immigration policy and not have a climate policy and not be thinking about these other issues. that's what worries me. there's no arbitrage, no melding of the world as i see it. i think i see it right. >> tom, i agree with you, there's a lot of concern about some of the things that have been said, including the judge ruling on the things, including the putin comments that have come out. part of what this country voted for was a change. this was clearly a change vote. we want some new structure, somebody new to come in. when you have someone who has not been there in the past, they are going to walk in and break a lot of things, because that's their goal, their mandate to change things and change it up.

is there a chance the country is overreacting and things will calm down from here? >> i think it's a good question. i covered first year of bill clinton, white house correspondent. that was a wild ride. people forget the military issue, the travel office. i would also say to your question, i'm trying to keep this in mind myself, some things are true even if donald trump believes them. i think as analysts i'm always keeping in mind islam does have issues with pluralism, religious pleuralism with islam and islam's relations with the rest of the world. china has been doing things on trade over the last 20 years that have deeply disadvantaged us that aren't fair. i think taking on both those issues, if you do it in a sensible way, you'll get my support. so i'm trying to keep all of this in perspective. what worries me is when you come

in, announce this ban on these seven countries and you don't even do it -- how would you do that the right way? you'd ask congress secretary what are commercial implications, secretary of state what are the diplomatic implications, secretary of defense what are the national security implications. you'd sit around a table, net those out, come up with a policy. this was done without any of that. >> agreed. but i read "washington post" that was behind the scenes look fallout. it does sound like homeland security secretary, like rex tillerson, like several people came to the table and said, hey, this is not the way we do it. sounds like that message was heard and responded to by the administration. like i said, you come in and don't know the old way things are done. you find unintended consequences when they happen and reassess and change and learn from it. >> again, i think i would separate between overall policy and how you do it. i think there are legitimate issues here that liberals,

progressives have to look at. at the same time when you just dive in, i don't think they have assessed the full implications of this. i am with the tech community when they say what's the message we're sending around the world? the message we're sending around the world, remember, this is iphone, this thing was conceived by steve jobs. steve jobs was conceived by abdul fattah, a syrian immigrant student at the university of wisconsin in the 1950s. who are we keeping out by this ban that we will really regret 20 years from now. >> back to your point, your solution for this is the business leaders who have been spending time going to the white house and making sure they are sitting in on talks with the president, i guess that's a situation where i have heard from people in the room they think he listens. they think he is somebody who is amenable to hearing alternative viewpoints and taking note. >> absolutely.

the more business leaders you can get in the room with trump on the other side of the table with steve bannon, i think that's a total plus. >> tom, the one thing i wanted to try to understand, we talk about the markets and investors all the time. the stock market has moved in a material way, as you know so well over the past couple of months on the sense of optimism. you're an investor to some degree your self. do you think this is right? does this make sense to you? >> the way i look at it, andrew, is that on some of these big issues that the president has baseball talking about, infrastructure spend, tax reform, deregulation, particularly in the financial sector, after 2008, i think this line between -- we lost a little bit the line between preventing recklessness and incentivizing risk taking. you always want to have that

balance. we tilt towards preventing recklessness a little more than we should. i'd love to see that in an intelligent way dialed back. i'm happy to see animal spirits returning, totally for infrastructure spend, sensible deregulation and sensible tax reform. i think that's all healthy. i don't think the mark is behaving ir rationally. i think the big question for investors is this. i think you can get a real pop in our economy but could be enveloped by and surrounded by craziness in other places, whether a trade war with china, hostility with iran. to me the big question for investors, when does this outer ring of more unstable geo politics start to in effect the inner ring of improving and stimulating the economy in sensible ways. i don't know when or if that happens but that's the big question for me as a tiny little

investor. >> hey, tom, thank you for joining us this morning. >> pleasure. thank you. >> great to see you. coming up when we return, this week marks one-year anniversary of so-called -- everything is a so-called something, dimon bottom, jamie dimon, walk through how much money he made on that trade and the slew of other investments that made even more from that purchase of jpmorgan shares. veteran corporate leader steve odland, market master mohamed el-erian. yodour be e inow g n't sto s ryorade of ode i brainin tmye.de erffswimonmeriad

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that's over 6 times faster than slow internet from the phone company. say hello to internet speeds up to 250 mbps. and add phone and tv for only $34.90 more a month. call today. comcast business. built for business. . welcome back to "squawk box." futures right now after a week in which we saw strong gains, half a percent for nasdaq, s&p 500 in between the two. for the week as a whole we were flat. slight declines, dow low by 45. last week the fact the dow, not

huge declines. nasdaq 13 points this morning, s&p by 6.5. we look at currencies dollar didn't do much, down 0.8%, fourth negative week in a row. this morning we've got dollar softer against yen by half a% ept but stronger against the euro and pound. the euro down 0.6% at 107.17. europe open pretty strongly, lost impetus. they are still in positive territory albeit -- there we go. seeing those yields. europe marks slightly positive. >> this week marks one year anniversary of when jamie dimon called the market bottom. just to be clear when he called the bottom was that when he called jpmorgan stock? >> he didn't call the bottom explicitly but he made a huge bet, becky on his own shares. he bought half a million shares

of his own stock at around $53 and change per share. so a lot of folks called into that and said, hey, if he's going to buy that many shares of his company stock maybe we should buy the mash as well. when you look implicitly maybe called market bottom. regardless the market has been on a tear since then. market overall with snpds has been up 12, 13% over the course of the last two years just since that february 11th, 2016 bottom for the market, when the market pulled back 15 from recent highs, market up 25% since then so doubling two-year returns on price basis for s&p 500. so when jamie dimon bought his own shares, a lot of people could have profited if they bought shares with him and of course if they bought the market overall. let's look at best performing sectors and worst performing sectors. you look overall no doubt financials led the way higher. no mistake about it. best performing sector in s&p

500 overall. take a look at the financial index over the past year of 39%. worst performing sector still positive is telecom sector, up 6 or 7% during that time horizon. financials leading the way there. financials, take a look, dow, 30 members there is financials. we'll put it this way. goldman sachs up 71%, jpmorgan chase up 64%. goldman doing a little better than jpmorgan since that dimon bottom and american express up 53% overall. guys, it's a huge story. when you make that kind of a bet, it's a big deal. now that jpmorgan shares are 87 and change, call it $34 per share, half a million shares, the guy made $17 million market to market on that trade, a pretty good return, 64%, guys. back to you. >> thanks for breaking it down for us. what an extraordinary turnaround for banks. we're also coming up almost to the bottom in oil prices as

well. that's another big factor and what was weighing. >> s&p 500 overall, too. >> exactly. amazing turnaround. >> thanks. when we come back this morning, 16 hours and 23 minutes later, qatar airlines broke a record with a flight you probably don't want to take. details when we come back. ♪ ♪

welcome back to "squawk box." a plane landed in new zealand, the long ecommercial flight at just over 9,000 miles. a qatar airways flight, doha to auckland in 17 hours 45 minutes. previous record holder emirates direct flights dubai to auckland. singapore airlines soon regain the top spot when it resumes nonstop service to new york in 2018. that flight takes 19 hours. i took singapore off my list. >> singapore to new york you can kind of get but qatar to auckland is like an odd route. >> probably not all that popular. >> must be to bother but not

quite sure what the trade is. >> i think what's happening is a lot of people in europe, it's connecting through. dubai is becoming, both those becoming hubs. >> too long. queen elizabeth marking another big smile stone. >> that news purchase dropped, i didn't get to read it, i was devastated. now i can read it. her majesty is the first british monarch to reach sapphire jubilee or 65 years on the throne. 1952 she became queen after her father passed away. no plans for major ceremonies to mark the occasion beyond royal gun salutes in london. >> why not? >> well, because there's been quite a lot of other milestones hit in recent years including her 90th birthday. so they decided to step away

from this one. it was confusing. the diamond jubilee five years ago, that was a fun weekend. not least because you got two bank holidays added to the weekend. everyone enjoyed it. >> when we return top corporate headlines including latest in a big fight between big shareholders. you're watching "squawk box" on cnbc.

good morning, everybody. welcome back to "squawk box" here on cnbc live from the nasdaq market site in times square. among stories front and center, the company formerly known as alcoa coming to the defense of the company. investor elliot manager to kleinfeld. they say has been instrumental shaping new strategy and unlocking shareholder value. food distributor cisco out

with quarterly numbers. cisco beating estimates $0.04 with quarterly profits of $0.58. sales jumped double digits and international food service sales doubled. germany cisco, 3d printing technology. siemens officials say this is a breakthrough one of the most challenging area with 3d printing. >> president trump setting the stage to repeal dodd/frank last week in executive order but rolling back comp indicated reform bill won't be easy. steve liesman joins us. >> creating dodd/frank was incredibly hard process. taking it apart promises to be heart. despite the president's extreme rhetoric doing a big number on dodd/frank, the executive order doesn't quite read that way. it reads like a measured and principled document proponents of the law. could lead to common sense reform. first i want to show you how incredibly complicated it will

be. here is a list -- sorry, a partial display of just some of the agencies who will be involved in this. of course treasury. senate banking. very important, house financial services very important. the federal reserve could have some kind between the fed and administration. fdic also a bank regulator as office of control of currency. fsoc, broad rubric under which regulators have met and don't forget bank for international settlements. that's very important because that's the place we ensure our country laws are no tougher than other laws. and you can probably come up with a bunch of other abbreviations and throw them in there as well. it's complicated. it will be complicated to get them together to change rules. some players to watch dan trujillo, the main fed guy on banking. we'll see when and if donald

trump as president appoints vice chair for banking supervision. janet yellen, proponent of dodd/frank, supported reforms. the fed has done a bunch of its rules having nothing to do with dodd/frank. it did rules before dodd/frank existed like raising capital standards, even the stress test. steve mnuchin, nominee for treasury secretary. and maybe the most important person on the board happens in the senate. >> the person has matters the most on that screen dan trujillo because ultimately he's the one who manages the stress test. >> right now he does. what if dan goes. >> that's the point. >> then he's not the most important. >> then he's not the most important. i'm saying if and when he gets replaced he's the one that will change the dynamic. right now banks are scared of him, scared of how the stress tests are run. >> sure.

>> claim they don't know what the actual rules are. >> there's a reason for that, by the way. no, there's a reason for that. >> i understand. >> you understand the philosophical reason why they don't. >> i don't. why? >> there were stress tests before that. what happened when they made them public they were -- making them public is an arduous prospect. they made them public once and debate change them for a long tile. >> then you deal with the opposite side of that which seals like a constant and capricious idea -- >> exactly. i don't take sides i'm just saying a rational behind it. >> wright or wrong, what i'm suggesting is the view from inside the administration, thaeld like to replace him with somebody who will actually map out and make public or at least make public to the banks what the rules are and roll back capital requirements. >> now, that's where you're starting to get interesting. >> i don't want to say roll them

back but shift whether you can actually put more dividends out there, more buybacks, change the dynamic there. >> can i make one point? everybody talks about dodd/frank, nobody talks about national company holding act. what's important about that, that act as well as other enabling beyond dodd/frank give regulators the responsibility for safety and soundness of the banking system, which means there's a lot of stuff that's out there that may repeal dodd/frank but still have in place because of safety and soundness. i want to take a look at key issues. you know what, i'm going to let will narrate the full screen. these are the key issues as i get them. go ahead. capital levels for banks already mentioned. >> i think the whole thing has been framed as banks want the whole thing repealed. >> not true. >> even on volcker rule they don't want it cleared but clear definitions what's being used to

market make and what's used instead for their own book. i don't care volcker rule -- just to come back to your initial point which i togetherly agree on. when you read through the executive order on friday it was a different general tone what we heard from gary cohn earlier that day. >> or the president. >> people misinterpreting whether people will repeal. going back to who will influence. you didn't have gary or the likes of james diamond having a big -- >> good point. >> not just jamie. >> one point about the executive order. calls for treasury secretary to conduct over the next 120 days, important number, with the heads of these agencies and report back to the president. over the next 120 days the people in place are the people who were in place. they are not donald trump's people. to the extent they have input into the process, they are going to put input into the process that may support some of these rules. >> let me ask this. it took a long time to implement

dodd/frank. is it going to take time to unifu unimplement it? >> it does. raises the question whether they are ahead of themselves, whether the measured tone in the executive order worth one price on the banks and more extreme tone worth another price. >> i think the important thing only is that on friday we've got a very clear mark of what the administration's intenses are, notwithstanding we might need -- the other thing i would say, biggest factor why they have moved up yield -- >> possibility of more dividends. read, talk about systemic risk, capital levels. they talk about all of the things that animate dodd/frank rule. so it's not clear they would get rid of all of it. >> the first thing that could happen, again, people going to have an influence. one outstanding post that hasn't

baseball filled, can be filled quickly, not replacing someone. >> i know the fabulous ann wants to wrap up. that person not as powerful on the fed as you think. that person has the responsibility to put on the agenda, still has to be voted on by existing fed. on when donald trump has a majority on the fed can those policies do it that way. that's more than a year down the road. >> stick around. we're doing to have a conversation you might want to participate in. >> i appreciate the invitation. >> you're always invited. trump administration moving quickly to reform taxes and trade. we'll see how he says restore prosperity, bring in steve odland, president, ceo on the committee for economic development. he has recommendations for policy leaders and book out tomorrow "sustaining capitalism:bipartisan solutions for prosperity." good morning to you. >> good morning. >> help us we've had a debate

about future of dodd/frank and what that means. if you were to put at the top of your list the thing you'd want president trump to understand about growing our economy through capitalism but doing it in a sustainable way, it is what? >> i think we need a whole series of public policy reforms. if you look back through history, our unique form of democracy and our brand of capitalism are intertwined. they have created greatest society known to mankind of we're under stress right now. capitalism is threatened we believe because of the lack of trust in business and government. we're calling on business leaders to reengage in the public square, to work with elected officials at the local, state, federal level and to drive sensible reforms, whether tax reform, regulatory reform, or also reform your own behavior, whether it deals with quality or crony capitalism, we need to reinstill trust in order to make sure apartmentism is sustainable for future

generati generations. >> how do we do this in a sustainable way? you look at what happened on friday, right? trump administration comes out says they want to repeal at least parts of dodd/frank. it gets reported, by the way, in some places as if the whole thing is disappearing tomorrow. then there's other people that have their hair on fire on the other side. it's very hard to get everybody to come to the middle and try to figure out what to do. >> i think this is right. so that's why we need bipartisan participation not only from our elected officials but from our ceos today who are, in fact, bipartisan. we need sensible reforms. we've seen a tsunami of regulatory weight come on businesses and it slowed everything down. we have to move from 1 to 2% growth rate, 2 to 3 to 4 in order to grow into our federal debt levels. we also need sensible reforms to tax structure, which are at the corporate tax levels are the highest in the world but also the most difficult, you know,

with ought tax preferences. we need to deal that. we want regulations in the country in order to protect the players and level of the playing field but not to slow things down an not have have government dictates driving our economy. we want to let the markets work. every economist, whether democrat or republican believe in markets and we've got to let the markets work. >> steve, the other steve, i'm calling you out. you shook your head, making a face, 3 to 4% growth. >> i think potential growth and underlying growth is something you get. you can do some things at the margin but can't wish 3 to 4% growth and can't have 3 to 4% growth because you need it to pay for your debt. i think there's a great question out there as to the extent to which we can really change that underlying growth rate. i wish donald trump well. i hope he proves larry summer

and diane krueger wrong. i hope we get more growth but i'm not sure i would bet on it. >> steve. >> steve is right, as always. we need sensible reforms in order to drive it. you're right. you can't just wish it. it won't just happen. you need to deal with the tax structure. you need to deal with behavior and trust in corporations. you need to deal with the health care system, medicare, all these things need to be reformed in order to help them let the growth happen. >> they are all in this book, "sustaining capitalism." we appreciate your tile. thank you. >> thank you. >> trading ahead with stock market master mohamed el-erian, chief economic adviser will join us live next.

welcome back to "squawk box." joining us now mohamed el-erian, chief economic adviser. very good morning to you, mohamed. >> good morning. >> we've just been discussing at length between the breaks about the promise of deregulation to the financial sector that we got on friday. markets gained significantly off the back of that. how hopeful are you that actually gets delivered? >> i think we'll get something. i think financials in particular are responding as they should,

not only to deregulation, but as you pointed out to the interest rate markets and prospect of somewhat higher growth. i think this is all very sensible and i think we will get some deregulation. we need more than that to sustain the trump rally. >> of course on friday there was other news, most notably jobs number came couple days off slightly hawkish fed. what's your take of the news on that front in terms of where we're headed for rate hikes the rest of the year. >> i think friday's report delays the fed hikes, so the probability of them moving has gone down and has gone down for two reasons, wage growth was disappointing and the fact the labor participation rate went up 0.2 percentage points, slack in the economy. there's a reason to postpone march rate hike. >> we've seen the dollar two weeks in a row, certainly

plateaued and declined, dow negative three weeks out of four. that trump rally definitely lost a little bit of steam. what are you watching out for now as factors that make the markets take off or take down from here? >> this is overwhelmingly a policy-driven market. so watch what comes out of washington, d.c., in particular. we're in the third phase of the trump rally. third phase was a surge when people priced in a change paradigm or possibility of change paradigm for pro growth policies. consolidation waiting for integration and phase three we're in right now is volatility. we're going to see a lot more volatility than we have for quite a while. >> does that mean, perhaps, mohamed people should be looking elsewhere around the world for enforcement opportunities. data inside europe has been pretty encouraging. >> i think that's part of the

question this cannot be u.s.-led recovery. i think particularly interesting market currencies beaten up really badly and some emerging market companies, that's where i think there's value here. >> are you worried about emerging markets? as the dollar continues to strengthen, a crisis type scenario. >> strong dollar is a threat not only to american markets that have mismatches in currency exposures but also to u.s. growth itself. yes, if you think the dollar is going to go a lot higher, then you should be cautious overall. but this is a really interesting time for the dollar. we've got a completely different message out of washington in terms of who speaks about the dollar and what they say. i feel sorry for foreign exchange traders right now. this is a confusing world for them. >> should people be ignoring comments from donald trump or peter navarro, influencing affects markets with rhetoric is

nigh on impossible, should they be focused on fundamentals. over the short-term, don't underestimate what these comments can do to the market. >> mohamed, we'll have to leave it there. thanks very much for joining us. >> thank you. >> okay. when we return, we're going to go visit our friend jim cramer at the stock exchange. you're watching "squawk box" on cnn. it'nomeinnd wn it'enie inates etepeansiatn. 's vingffshteamore suppit'yo tom

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welcome bab everybody. let's get down to the new york stock exchange. jim cramer's there getting ready for his show. and, jim, i know you are the man who never sleeps, so i i'm sure you're not one of us who went to bed early for the super bowl. you had to be up for the whole thing, right? >> oh, so exciting. look, i am when it comes to the afc i do root for the pats. i love the krafts. the krafts have been great to me. they've been great owners. and i don't begrudge brady anything. i like to watch the greatest of

all-time. i think it's fun. >> i was rooting for him too. i will admit, i went to bed early and that was a big, big, big mistake. i knew you'd be up watching it. you know, it's great to see someone who works so hard be vindicated and get a win like that. >> exactly. i mean, there was a pass play -- i mean, there was a pass play from brady to edelman that i felt was just one of those miracles and i don't think it's being talked about enough. there were things that happened -- i know people want to say that the falcons choked. i think they ran into the real brady. >> yeah. >> i hate to say they choked because it does not become them. they played a great game but they just had some bad play calling at the end. not their fault. >> this was a game that was lost, i agree 100%. >> let's give the falcons their due. >> that's right. i noticed something on your twitter feed earlier. earp retweeting a street.com column about how macy's might be worth a whole lot of money. lay out that strategy. we haven't talked about it this morning, but we did on friday. >> yeah, look, i think it's important to recognize that if it was done with real estate and

done with somebody else with not just hudson bay. i mean, i see some people talking about with simon property group, then i know that the real estate's worth a lot because i know from when we went and did delivering alpha with the people who are from starboard. >> right. >> they talked about the real estate being worth this price. i believe real estate's only gone up in value since they made that call. but of course the actual department store's going down in value. >> jim, what'd you make of the executive orders on friday? do you think we're going to have to wait still quite a long time to see any meaningful deregulation? or is it very positive already? >> look, i think that what happens is the regulators are toothless when this kind of thing happens. and what's really been involved is that the regulars go in. compliance people stop a lot of loaning. i think that's not going to happen. it's not going to be where they stack it with people to just approve every pipeline. but it's a method of how you do your regulation. and the regulators i think feeling right now very much on the run. it's how you administer law that matters more than law itself.

>> all right. jim, thank you. we will see you in just a few minutes. >> thank you guys. >> also later on "squawk on the street," don't miss former morgan stanley asia chairman stephen roach. he'll be joining the team at 10:00 a.m. eastern time. stay tuned everybody. you're watching "squawk box" on cnbc. grhelp y depossiee outhadvanc.oeachobd th

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welcome back to "squawk box" everybody. there is a post super bowl mystery taking place this morning. what happened to tom brady's game jersey? he took it off after the game. said he knew exactly where he placed it in the locker room but it seems like someone walked off with it. after brady told owner robert kraft, the quarterback suggested with a smile, you better look online. >> like e-bay? >> he actually said e-bay. you should look on e-bay when he first realized it was gone. took off with it. i hope somebody buys it and gives it back. >> i guess he's already got quite a few game winning super bowl jerseys on the wall. >> i don't think that eases the pain that much. >> i suppose the ring is the important thing, right? >> right. >> he's got one for his thumb. >> is there no security in these places? >> a lot of people in and out. >> maybe it was one of the junior players that felt he's not paid enough. >> i doubt it. i don't know.

i doubt it. >> just like deflategate, hopefully they'll get to the bottom of this. they didn't really get to the bottom of deflategate properly, meaning i was on his side, brady's side. i was with brady on this. >> he took the trophy from the man that enforced the ban, right? >> yes. and the boos were -- you're talking about roger goodell? yes. announcing the winners of 29th annual ad immediate are kia's ad with melissa mccarthy, an ecowarrior called onto save the whales but who falls short. >> this was pretty funny. right now is the funny moment. here she goes. oh, yeah. >> i think i liked spouser better. >> this was a pretty good commercial. i liked this. >> the level of focus on the ads extraordinary. >> you got to go fast. >> lady gaga's halftime show drawing more than 5 million tweets last night, 2.2 million tweets occurred in just the 20 minutes during the live show

itself. and all reports absolutely outstanding. >> can i tell you i think that was -- i was a little scared. >> i was too, between that and the pyre tech nicks she was taking her life in her hands. >> there was a lot of stuff going on. >> wilf, been great having you today. >> pleasure as always. >> nice to see you too. >> nice to see you too. >> make sure you join us tomorrow. "squawk on the street" begins right now. ♪ good monday morning, welcome to "squawk on the street." i'm carl quintanilla with jim cramer, david faber at the new york stock exchange. we kick off a busy week of media and consumer earnings. we're going to watch this appellate court standoff over the president's immigration order, reaction of course to the incredible super bowl victory by the pats and the ads last night. futures down a little bit. europe's red, ten-year right around 2.42. roadmap this morning starts with tech ceos coming out against the president's immigration order. we're going to talk