good morning. facebook under pressure. the social network turns in a blockbuster quarter but growth concerns weigh on shares. washington watch. republicans say they have the votes to pass an obamacare replacement. and tim cook on the record. apple's chief unveils a major manufacturing push in a cnbc exclusive interview with jim cramer. it's thursday, may 4, 2017. "worldwide exchange" begins now. ♪ good morning. welcome to "worldwide exchange" on cnbc. i'm sara eisen. i'm wilfred frost. good morning to you from me as well. it's throwback thursday.

in honor of facebook's latest results, we're throwing it back with the most liked singers on theocial site. >> good theme. i don't know who this is. do you? >> no. selena gomez i'm told. >> most of the averages yesterday ended little changed after the fed -- pointing to a higher start this morning. s&p futures up 4. dow futures up 33. and nasdaq futures are up 3. the big stock to watch today will be facebook. shares under pressure, this despite a much better than expected 77% increase in earnings. results were once again driven by strong growth in the mobile ad business. but analysts say investors are worried about whether the company can keep up the growth. company warning again about that. much more on facebook when we speak to gene munster. >> a look at the global market picture. first japan closed for greenery day holiday.

other asian markets, seeing red on the screens of hong kong and shanghai, down about a quarter percent. european borses looking good. for the week so far coming into today, up about a half percent. this is the most pronounced day of gains for european markets. up 0.7% in france. a bit less in the uk. probably a move more based on the strongest composite pmi numbers we've seen for six years than the french presidential debate last night. albeit the conclusion from the debate was no real change to the polls, which continue to point to a strong macron victory. gains in europe adding to about a half percent of gains already this week. >> good earnings over there helping to fuel the rally. as for the broader markets, ten-year treasury note yield post what was interpreted as a hawkish fed. the ten-year back above 230. there is selling of treasuries, the fed on course to raise rates possibly as soon a ne. yields move higher.

nothg extreme, but they are breaking out a bhit heit here. as for oil prices a midday reversal for the price of oil, wti crude lower again yesterday. and it sits in the 47 range. 47.52, down 0.6%. brent also down 0.6%, hovering around the $50 a barrel level. nat gas under pressure. as for the u.s. dollar, it did get a lift after the fed statement yesterday. same as treasury yields. that is still going against the japanese yen, 112.82. that's most correlated to the yield picture. it's flat to mostly higher. the euro is stronger at 109.16. that pair reversing as well as the pound trading just below 129. as for gold prices selling off on the dollar strength yesterday on the fed. and they are weaker again this morning to the tune of about 1%. >> interesting off the back of the fed, as you said, dollar higher, yields higher, off the back of that the banks were the best performing sector.

in general all of the moves pretty small. >> sure. >> it has been earnings over the last 2, 2 1/2 weeks that led to the biggest moves in stock markets which is an encouraging factor, they're focused on the fundamentals, not so much the headline macro asset class factors. >> i don't think it was a surprise to people that the fed was looking at the first quarter as an anomaly and transitory. the vice chairman said as much to me in an interview a few weeks ago. and they're on track to keep raising rates. also the focus on earnings, where little has come out of washington. that might change today. >> it might, indeed. >> let's talk about washington. house republican leaders say they have enough support to pass the healthcare bill. a vote is set for today. republican opposition stopped a previous version of obamacare replacement in march. the latest version of the bill aims to protect those with pre-existing conditions. one of the key points of contention. more out of washington when eamon javers joins us later in the show. huge morning for earnings.

some big names from overnight. certainly impacting the european trade. first, adidas, the german sports wear brand scoring a beat on the top and bottom lines, thanks to a strong online growth period. and a boost to the north american performance that continues. adidas confirming its 2017 outlook saying it expects sales to rise by as much as 13%. the ceo will be joining me later on "squawk bosqu squawk on the . sales up 13%. >> i have a smart pair of reeboks. old school? >> not that old school. >> royal dutch shell shares are rising on sharper than expected increase in profit. stronger oil prices and better refining margins bolstered results. gle glencore reporting mixed production numbers but made no

changes to the full-year production guidance. >> shell, another oil major outperforming because of the oil price being so much better than a year ago. in terms of the short-term, oil prices continue to slip. hsbc earnings higher, 2.7%. stronger performance in the core retail business. ann h anheuser bush inbev posting a 6% rise in core profit but missed expectations as weaker earnings in the u.s. and brazil weighed on the first quarter. societe generale hurt by litigation. the french bank announcing it settled a dispute with a libyan lending authority. no real move in the stock price. in terms of that jump in the last couple of weeks, that was

as we neared the first election round result in france and people felt it would be a market-friendly outcome. if you're looking for something that will move with the biggest size in absolute moves, if we got a surprise result t would be the french banks, even more so than the euro coming in to sunday. >> she wants to nationalize them, doesn't she? >> no, that was the far-left melenchon. >> i thought they both did. >> the big reason why the banks move on the back of le pen, there's a fear that there would be a run on french banks if she wants to take them out of that. people would run and pull their savings out. it has been in the last month 17% lower than where it is sewed. if you did get the upset outright, would expect the move to be at least that much, if that happened. >> let's get to the top story. facebook earnings, the company saw revenues surge in the latest quarter despite concerns that violent and graphic content might spark an exodus of

advertis advertisers. >> we are in constant conversation with advertisers, but we have not seen a revenue impact from this yet. that's not why we did this. we did this because as mark said in his post, there's no place for this content on facebook. we are going to take every step we can and that includes hiring more people in big numbers as you saw, but also building better tools to keep the community safe. >> they did announce they were hiring a few,000 people to de, 0 thousand people to deal with this issue. gene munster joins us on the cnbc news line. the share price, it was such a strong run up over the past year and few weeks into the results. is that what this reaction is all about? >> i think it's more about their comments about ad load. if you think about facebook's revenue, it's a combination of the number of ads they sell and the prices they get paid per ad. what they said was they'll be

tapping or declining the number of ads, that's good for user experience, good for engagement, an important metric for facebook, but makes it more difficult to have the kind of upside. so when you put all of that together, you go from a business that's growing 50% top line last quarter to 30% in the december quarter, and probably 25% next year. that's why you see this negative reaction. >> terms of this battle between facebook and snapchat or more specifically instagram, owned by facebook and snapchat, what are the latest in terms of what we're seeing there? is instagram really taking some of snapchat's pie? >> they are. i'm sure snapchat's results next week will be fine. from a side point, it's entertaining to listen to zuckerberg's comments, and just really how he's talking about snapchat. ten times on the call mentioned

augmented reality. made references to the camera. the point is that he's trying to needle their thunder. i'll give you the quick answer to what they're doing different. snapchat is a camera company, which facebook is try fog do in is augment reality which will allow more snapchat-like features, because the developers can build those. >> as far as future growth, they warned things will slow down. they warned that last year. it spooked the markets. they are continuing to warn that what ty . what type of growth rates are we expecting? >> you're right. there's some level of deja vu with these comments about slowing growth, that they keep trying to tell the street but yet keep doing well. this time they were explicit about the ad load changes they were making. so what this plays out to is a 50% growth rate, probably going to 30% by the end of the year, mid 20s by next year.

>> can the stocks still work with that? >> it won't have the same move that we will over the last three months, but it will trend higher. part of the reason is long-term investor also look at the health of the platform. th saird thei engagement is up on all platforms. they added 17% user growth, here's your stat of the day two thirds of all global internet users, almost 2 billion per month. so the stock can work because the engagement is so good. >> gene munster, thank you for calling in on facebook. shares down 1.7% in the premarket. kraft heinz coming up short of wall street estimates. the food company hurt by weak demand in the united states and canada. shears off 1.3%. tesla posting a wider than expected loss. still the company managing to more than double revenue from a year ago. as record deliveries boosted sales. 1 1.6% decline in the share price.

aig ticking higher helped by investment returns and cost cuts. also a 2$2.5 billion stock buyback program. up 1.4%. fitbit beating the street. helped by cost cuts. the wearable device maker said product launches for this year remain on track. square's results topped expectations. the payment processing company is raising its full-year outlook. avis reporting a larger than expected loss, citing higher fleet costs, pricing pressure and a late easter hol day alsid. now to today's agenda. on the economic front, at 8:30 a.m. eastern, we get a trio of reports, initial jobless claims, international tradeity costs. at 10:00 a.m. eastern, factory orders. before the bell we hear from kellogg's, viacom and dunkin

brands. still ahead on the show, france's two presidential candidates face off for a fin time. but did the debate alter the race with just four days to go? we'll discuss with a polling expert straight ahead. you're watching "worldwide exchange" on cnbc. their experience is coveted. their leadership is instinctive. they're experts in things you haven't heard of - researchers of technologies that one day, you will.

some call them the best of the best. some call them veterans. we call them our team.

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you'r europe, the french election. the french nation's two presidential candidates squared off in the final debate yesterday. le pen and mac cron went head t head for more than two hours. let's discusss thi aittle bit further. will it change the financial result? we're joined by aaron times, director of research from aaron data. aaron and his company monitor online digital polls, and called correctly the u.s. election. thanks for being with us. >> pleasure being with you. >> what is your take from the debate last night? will it change the result? >> i doubt it. i don't think le pen landed a knockout blow, that's what she needed to do. macron overall, i think, won the debate. he won it as idiotic as this might sound, he won it by not losing. she didn't land the blows that she needed to.

there was too much of a focus on her own lack of precision when it comes to her own policies. he was able to appear composed and in command and even presidential, in spite of the fact there were a lot of insults that went back and forth. i thought he acquitted himself well. so at this late stage of the race, with people unlikely to change their minds, macron, of course, enjoying a 20 percentage point differential in the polls, it's unlikely this will shift things dramatically. >> stepping away slightly from the debate, big gap in the polls, your bottom line belief is that le pen will do better than polls suggest. but perhaps not enough to get over the 50% line. >> right. that remains the case. if we look at how the debate played out on social media, le pen probably edged it slightly, but didn't win so convincingly

that we would change our base case that macron is still going to win, but the margin between the two candidates will be smaller than the polls indicate. there is some evidence in the debate, in the sort of smaller swing regions in france that suggest that macron's campaign has -- macron's camp has taken its eye off the ball a bit. that it's complacent about the outcome. that is sort of reason why we think the ultimate sort of margin is going to be closer than polls suggest. but we don't think that means le pen will win. >> it looks like you write a lot about the urban/rural divide, such a key factor in brexit and in the u.s. election. how was it playing out in france? we're seeing kind of similar results, but the question is is it enough to push her over the edge in any meaningful way? >> exactly. it's not something that people have paid that much attention to. what we're seeing is that le

pen's sort of foot soldiers, if you like, in the countryside and in the small towns, the medium-sized cities are doing a good job of broadcasting her message and sort of broadcasting it intensively in the campaign's final days. macron's camp is not trying as hard to be honest. so i think there's some complacency there that is something that they should keep an eye on. and that could come back to sort of haunt them in the actual sort of voting on sunday. so, that's an interesting dynamic. >> aaron, great stuff. thank you very much for joining us. keep us updated with your final thoughts as we approach polling day. aaron times. buckingham palace announcing within the past few minutes that prince phillip will no longer carry out royal engagements. the palace releasing a statement saying phillip's decision has the queen's full support. the queen will continue to carry

out her full program of public engagements. big deal? >> no. we knew there was a big announcement coming. the fear it was something more serious than that. what's interesting here is if i ever have to make an announcement, you'll say you give your full support. theresa may on the attack accusing eu poll signalses of tryi trying to influence the upcoming election. willem marx has more. >> theresa may was talking yesterday to the queen about the disillusion, and then went back to downing street and launched this criticism of european officials. the european commission's

negotiating stance has hardened. threats against britain have been issued by european politicians and officials. all of these acts have been deliberately timed to fect the result of the general election that will take place on the 8th of june. this is not entirely unprovoked from theresa may. we had comments from michelle barnier, the lead eu negotiator for brexit, he said it would not be a quick and painless process, and angela merkel saying britain should be under no illusions about brexit. theresa may faced criticism here domestically from her political opponents. one accusing her of poisoning the atmosphere around the talks. another said she's trying to use brexit and nationalism to distract from the failings of her own government. she promised to be a bloody difficult woman when it comes to these negotiations. some people saying she will get some domestic political advantage by taking such a tough stance against her european counterparts. it may encourage turnout amongst conservative voters in the uk

who looking at the polls may think there's no point turning out to vote. >> willem, thank you very much for that. >> two key takeaways. the fact that there is an election coming at all has helped the pound, not hurt it. it's just near the 129 mark. continues to hold in and around that level. the other point, in the uk there are local elections for not pound relevant local seats, but interesting to see how that goes as a precursor for the general election in a month's time. >> how much her party wins support. >> exactly. >> just a final takeaway, the single best line, even though macron thought did well, le pen said either way come monday morning, france will be ruled by a woman, either me or angela merkel. >> a dig. i thought -- i thought when you said she called him arrogant. >> that as well.

>> and the clear loser of the debate were the two moderates who didn't get a word in edgewise. it was the two candidates going head to head for two and a half hours. good television. >> did you catch it at the bar? >> no, i t. wt was more online. tim cook telling jim cramer about a billion dollar investment before anybody else. we have the details for you next. think again. this is the new new york. we are building new airports all across the state. new roads and bridges. new mass transit. new business friendly environment. new lower taxes. and new university partnerships to grow the businesses of tomorrow today. learn more at esd.ny.gov

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welcome back to "worldwide exchange." tim cook sitting down with cnbc's jim cramer last night on "mad money." it was an exclusive one-on-one conversation. during the interview he unveiled details of his plan to give u.s. manufacturing a billion dollar boost. listen. we're creating an advanced manufacturing fund, initially putting $1 billion into the fund. >> this, i did not know about. >> we're announcing it today, you're the first person i'm telling. and i'm -- not the first person, because we have talked to a company that we're going to invest in, already. >> but this is a billion dollars of apple's 256 billion. >> a billion dollars of our u.s. money, that we have to borrow to get, that'a whole other topic, but we're really proud to do it. anby doi that, we can be the ripple in the pond, because if

we can create many manufacturing jobs around, those manufacturing jobs create more jobs around them because you have a service industry that builds up around them. and we'll be announcing the first investment from this fund later in the month of may. >> this is a trump win, i think. because president trump has made it a key platform to bring american manufacturing back. while apple does produce and has been one of the poster children for producing a lot of phones and parts in asia, the effort here to invest a billion in advanced manufacturing in this country as a ripple effect, as cook called it himself, it is a big statement. >> i couldn't agree more. i was looking at some other lines there, in terms of him saying we're giving back in terms of job creation, that's what tim cook told jim cramer. would this have happened if we didn't have president trump as president? you take just a smidgen of the good grace of that away in terms of, well, would you have done this under a different administration? again, we're not sure about

that. the other thing, in terms of the win for president trump, clearly it is. but this is not the type of manufacturing job that, of course, he campaigned on. it doesn't make a difference to that, which is a sector that's not really performing in its own right. certainly -- >> still, gets the publicity in the headlines. >> big win for president trump, big win for jim cramer, outstanding interview. coming up, house republican leaders saying they have the votes to repeal and replace obamacare. come on, check out that stop-and-pop! what do you think? my trade-off analytics indicate no one creates more space on offense. this allows him to nail a jumper from a densely populated urban area. what you're trying to say is from way downtown? i am still learning. i can see that.

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good morning, futuring pointing to a higher opening on wall street. we're digging in to all the big names reporting. take two. the house making a new attempt to overhaul obamacare today. but republicans do they have the votes this time around? we're live in washington. and apple is making a billion dollar bet on u.s. jobs. details from cnbc's exclusive interview with apple's ceo tim cook to come. it's thursday, may 4, 2017. you're watching "worldwide exchange" on cnbc. ♪ good morning. welcome back to "worldwide exchange." i'm sara eisen. >> i'm wilfred frost. very good morning to you from me as well. throwback thursday, we are throwing it back with the most liked singers on the social media site. katy perry. >> she has more followers than anyone.

let's check in on the markets. futures are look up after yesterday they closed unchanged. the dow gained a few points, but the nasdaq did pull back from a record high. this morning we're seeing strength. the nasdaq up 7 points. dow futures up 45. s&p futures are up asia, japan closed for the golden week holiday. as for the rest of asia, red across the board. shanghai closing lower by a quarter percentage point. you saw that across the board. hong kong closed flat. as for europe, early action is strong thanks in part to better earnings from the likes of adidas, hsbc, german dax is up more than three quarters of a percent. italy and france also going strong. just a few days here ahead of the french election, round two, final vote on sunday. let's look at broader markets. oil prices in focus over the course of the last couple of weeks. yesterday oil did gain 0.3%. breaking a two-day losing

streak, but down 3% for the week as a whole, adding 0.6% of declines. down 3.6% for the week as a whole. shell did beat earnings expe expectati expectations. ten-year treasury note, ticked up a bit in terms of yield yesterday. to back above the 2.3 level. 2.34, where we stand this morning. because of that, the dollar did outperform yesterday. the dollar gained around 0.4%. it's up about 0.4% for the week as a whole. you will los losing some of that ground today. euro up above 1.09 now. gold future prices, down around a percent today at 1,235. top story out of washington, the house is planning to hold a new vote on overhauling obamacare later today. eamon javers is live in

washington. do they have the vote? what is inside this new bill? >> we don't know, and we don't entirely know. so those are your answers as of 5:30 this morning. look, they think they have the votes. the republicans on capitol hill say that a couple of amendments that were passed through the rules committee yesterday will enable them to get this thing over the threshold in the house of representatives. the white house says they're looking forward to this vote. and they think if they get it done in the house, they have a good chance of getting done in the senate. that's an optimistic view. we'll see later this afternoon whether or not they do have the votes or not. as for what the changes are to the bill, look at three amendments that they put through last night. which appear to have sealed the deal here. one is the upton amendment. that provides $8 billion over 5 years to help those with pre-existing conditions. remember, this bill removes obamacare's pre-existing conditions protections. because it allows state governors to issue waivers to

that if they move those people into so-called high-risk pools. the concern is that is simply too expensive. so they have thrown billion at that. the macarthur amendment allows states to waive evessential benefits clause, which requires certain procedures and processes in the system. and the mcsally amendment allows macarthur language members from this. we will watch the drama through the afternoon. we expect around lunch time to see a vote. we'll see what implications are for the united states senate. even some members who support this bill and are active in making refinements to it yesterday said they think there will be significant changes made in order to pass it in the senate. that means they have to bring the two versions of the bill back in conference committee. where that lands on all of these policy specifics is anybody's

guess. >> still a long way to go. either way, if this vote goes pridentrump's way in the house today, how big a wints for him? >> it's a big win. president trump was humbled by losing the vote earlier this year. not even being able to get the house to go to a vote. this is one of the republican party's top priorities. it's something they've been promising for many, many years, to repeal and replace obama care. this would give a lot of republicans up on capitol hill a chance to go back to constituents and say we did what we said we would do. whether it becomes law or not is another question. that depends on the united states senate f th, if they can it over the bar in the house. one criticism from democrats is they're not waiting on a score here. they're not waiting for the process to tally up the changes in the bill that will tell you how much this will cost in terms of taxpayer money. that's something that republicans had insisted on in the past or said was necessary

in the past. today it looks like they'll vote before they have the score in. in washington, when you have the votes, you call the vote and you pass the bill. >> it's not just the cost. we don't know how many people will be left uninsured. isn't that the big -- so, at some point, y they feel like the republicans feel like they have the political mandate to doe this, to repeal obamacare. but they have to sell it to the american people at some point what this bill will ultimately look like, especially if it can get through the senate. >> sean spicer was asked that in the white house briefing room yesterday, particula on the issue of pre-existing conditions. obamacare says if you have a pre-existing condition, you can get healthcare, period. end of sentence. that adds expenses to insurance plans, adds expenses to everybody else. that was the deal they made. in this bill, some states will be allowed to have waivers if they have high-risk pools set up. some monies will be attached to covering costs for some of those

programs. how that would work, who would be affected which states would take advantage of it, what this means for you at home if you have a pre-existing condition, all of that is unclear. >> eamon javers, thank you very much. we will await answers. also tom price, the secretary of health and human services writing on cnbc.com an op-ed that addresses some of these issues. in earnings news, bmw reporting an earnings beat thanks to a 12% jump in first quarter sales. net profits rose 31% to 2$2.3 billion. shares up nearly 2%. shares of royal dutch shell moving higher after the oil giant said profits more than doubles in the first quarter of 2017. shell reporting earnings 41 cents a share. up nearly 3%. adidas says first quarter profits climbed thanks to a strong showing in north america and china shares up 1.6%. coming up on squawk on the street, sarah will speak with

the ceo. you can watch that at 10:00 a.m. eastern. other stocks to watch this morning. some other movers. shares of avis getting clobbered after a larger than expected loss. tesla doubled its revenues, but the loss was wider than expected. shares are lower in the premarket. facebook reporting better than expected earnings for the quarter. the company announcing plans to hire 3,000 new workers to help stop hate speech, child abuse and other crimes being broadcast on its sites. the stock is off more than 1%. time for our top trending stories. a big alert for all google users. google docs has been hit with a sophisticated phishing attack. it prompts users to open a

document and then sends them to a page that could put information at risk. >> you know what this is handy for? wedding planning. that's when you really use google docs. >> really? >> be careful if you are planning a wedding. >> i'm more of a drop box user. >> you've been warned. obamacare is on life support. that's the message today from hhs secretary tom price. i mentioned that op-ed today. more of those comments coming up. apple's ceo tim cook sitting down with our very own jim cramer last night. telling jim that he's betting big on u.s. jobs. details when "worldwide exchange" returns. i love you, couch.

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welcome back to "worldwide exchange." to our must read stories. my pick is in the "the financial times." penned by larry summers. the title steven mnuchin's big claims show him in a poor light. particular criticism based on mnuchin's comments that banks ceo should applaud him for their share price increase, but he goes on to criticize him elsewhere. the secretary also doubled down on his surprising statements last week by saying within years the economy will be regularly growing within 3%. this is not the view of mainstream forecaster s, and in light of the adult population it would require a productivity

growth miracle. this is the second time summers questioned mnuchin's credibility. >> he is saying this could be a bad thing for the economy in a time of stress if he makes claims that people don't believe in at the moment. quite strong words from larry summers. >> david faber asked limb about this a few days ago. mnuchin said summers needs to calm down. not so helpful to have a former treasury secretary go after a current treasury secretary when you haven't heard the full details of the plan. my pick is penned by tom price. writing in an op-ed today on the topic of the day, obamacare is on the verge of collapse. that's the title. time for congress to pass healthcare reform. price writing about the new legislation, the aahca, he says it will cut back the current laws crushes regulation and taxes provide affordable credit for americans who don't get insurance through jobs to buy their own plan and empower

states to run medicaid in a way that the most vulnerable citizens can access high quality healthcare. the plan is clear. nobody will be denied coverage for being sick. this has been such a sticking point for some republicans and for a lot of democratic critics, it doesn't cover people with pre-existing conditions, so they will get left out if they're conically sick. secretary price says that's not the case at all. and that's what republicans will be held to. >> about laununchtime eamon sais the vote. jim crar sat down exclusively with tim cook last night on "mad money." cook told cramer that apple is making a big bet on u.s. jobs. >> we're creating an advanced manufacturing fund, we're initially putting $1 billion -- >> what is this -- this, i did not know about.

>> we're announcing it today, you're the first person i'm telling. and i'm -- not the first person, because we have talked to a company that we're going to invest in, already. >> but this is a billion dollars of apple's 256 billion. >> a billion dollars of our u.s. money, that we have to borrow to get, that's a whole other topic, but we're really proud to do it. and by doing that, we can be the ripple in the pond, because if we can create many manufacturing jobs around, those manufacturing jobs create more jobs around them because you have a service industry that builds up around them. and we'll be announcing the first investment from this fund later in the month of may. >> you can watch more of jim's interview on web wecnbc.com. >> strong statement. strong boost for the president to create more manufacturing jobs, bring more manufacturing jobs back. they're not building a new plant here with apple, but a billion dollars, investing in another company to do so, trying to

create more of a widespread effect. that could have a major impact. >> 1 billion of 256 billion cash pile. questioning there how much more they could have done in terms of him claiming that credibility for it all. another point i made earlier, would they have done it if not for president trump? >> i thinkredent trumpade it trendy to invest a lot of money into u.s. manufacturing and create manufacturing jobs. that's been his whole platform. >> indeed. we're approaching the top of the hour. the team is getting ready for "squawk box." joe kernen has a look at what's coming up. good morning. >> i'm with you, wilf. i say it differently. you say it by saying, you know, a billion out of 256 billion. with me, it's like, really? a billion out of 256 billion. you're much more gentile. >> i don't like him attributing it to we have to do our part to

push back and he would not have done this if not for president trump pressing on him to do so. >> maybe he'll do more when they lower the tax rate. >> they have plenty of money to borrow over here knowing what they have over there. they acan do more than a billio dollars. but fine. that's leading to another point about you being gentile. i was tuning in to the le pen/macron debate yesterday on c span 3. >> yeah. >> i had not only -- not only did they have subtitles, i had a translator. it was so good. i was expecting a gentile discussion. it was so far from that. it was so much like one of our debates. you know, le pen has some baggage. i understand she's an underdog, not going to win probably, but the stuff she said about the euro and the stuff she said about bringing france back, not being under the yoke of germany.

a lot of trucki italking over e other. one would say what you just said is stupid. oh, are you going to interrupt me? it's just like what we see here. >> it was more heated, because the clear losers of the debate were the moderators. e clear winners, i agree, were the tranators, who were doing this so quickly. i agree it was fantastic. >> how about -- you know, not for nothing, she's probably not going to win, how about the two lines. number one, france is going to be led by a woman, either way. it's going to be led by me or merkel. >> that was great. >> and she looked at macron and said don't play with me, this is not a student/teacher thing. it's not a student/teacher relationship, i'm not into that thing. >> unbelievable. that was a great nod. she had some great lines. but the snap poll afterwards -- >> i know. >> did say he seemed more presidential. the bottom line either way is that the debate itself not changing the polls. they stand at 60/40.

>> but interesting piece in the journal, when macron is elected. he's backed to globalism, euro, but the country itself may not be in sync -- they probably won't elect le pen, but not in sync with macron. he may be the wrong man at the wrong time for where france is now. >> the crucial takeaway regardless of the result on sunday, you see people like mr. juncker celebrating the first round result. but 45% in the first round, 45% in total voted for anti-eu-type candidates. to celebrate if macron wins, that's a step too far. there's a huge amount of anti european opinion both in france and elsewhere. we have to leave it there. pre pleasure as always. >> all right. see you. >> see new ten minutes time for "squawk box." still ahead, setting you up for the big trading day ahead. a top portfolio manager for a

look inside his playbook. ink tr, the future's going to be a nightmare! does nobody like the future? c'mon, the future. he obviously doesn't know intel is helping power autonomous cars and the 5g network they connect to. with this, won't happen in the future. thanks, jim. there's some napkins in the glovebox. okay, but why would i need a napkin? you could have just told me a bump was coming. we know the future. because we're building it. tha...oh, burnt-on gravy?ie. ...gotta rinse that. nope. no way. nada. really? dish issues? throw it all in. new cascade platinum powers through... even burnt-on gravy. nice. cascade.

welcome back to "worldwide exchange." just about 3 1/2 hours to go before the hoping bell on wall street. stock futures pointing to a strong start. dow futures up 45. earnings, the economy and healthcare vote the big focus today. let's bring in chad morganlander from washington crossing advisers. good morning. >> good morning. >> if the house can pass this healthcare vote, does it give you and others on wall street renewed faith in the trump growth agenda that he can get through to tax reform next? >> the devil is ithe details, right? we expect that over the next three to five years healthcare spending to increase. that this is going to be not a comprehensive solution for healthcare over the next 5, 10, 15 years. nonetheless our belief is, when we look at the big picture that deficit spending won't be as

kinsean as everyone is expecting. so overall the feedboack loop won't be as stimulative. >> what does it mean for the healthcare sector? does the vote change things? >> it doesn't change things at all. we are overweight healthcare. we believe the healthcare spend over the next 3 to 5 years will continue to increase as a percentage of gdp. that will be stabilizing and consistent for revenue growth for u.s. healthcare companies. we would be overweight the sector. >> i guess i was asking about tax reform. that's the next item agenda on the agenda. that's what wall street is looking for. could give this market another boost, right? does it make it more probable if we get a house vote today on healthcare? >> yes. and we'll get that perhaps in the fourth quarter of this year or the first quarter of next year. the question is after you get the tax reform, and we don't believe it's going to be that great of a tax cut, for

corporations as well as for households -- >> you don't buy 15%? >> i don't buy 15%. when you play out the story, i don't think it's going to be that stimulative to the overall u.s. economy or attorneys overall for 2018. >> you said you like healthcare, other actors you're favorable on at the moment? >> i favor consumer staples as well as consumer discretionary. large cap tech. when i go large cap tech, we're looking old world large cap tech. stay away from the high flyers based on valuations. >> talking facebook -- not impressed with the 50% revenue growth? >> it's fabulous. we're value investors, we would look more towards ciscos, oracles, microsofts of the world. you have consistent earnings growth, revenue growth and a lot of cash on the balance sheet, very little debt. >> in terms of the consumer names, couple of top picks? >> nike as well as starbucks are new additions to the portfolio. again, rising dividend as well

as consistent cash flow. we think revenue growth will be particularly strong, especially on the emerging market side of their revenue base. >> that really has been an interesting story out of rnings, which is overse companies that do business overseas are doing better than companies just focused domestically. what kind of guidance signals are you getting? >> overall quite positive. especially within the eurozone. that was a surprise with regard to economic froth agrowth and consumption patterns. if you look a year ago, it was a more uneven growth trajectory. you saw massive fiscal stimulus, stabilization within the markets there, consumption within china picked up again and that juiced the multinationals. >> chad, thank you very much for that. >> thank you. >> great to see you. top thing you're watching today? adidas? >> adidas, the ceo on "squawk on

the street." >> that's it for "worldwide exchange." "squawk box" is next.

good morning. facebook under pressure. the social network posting an earnings beat but concerns about future growth. tim cook, apple's chief, unveils a major manufacturing push in the united states. and the end of obamacare may be near. house republicans say they have the vote to pass their healthcare bill. andrew, just yesterday you were voting about healthcare failing again. just yesterday. that vote is scheduled for this morning. it's thursday, may 4, 2017. "squawk box" begins right now. ♪

live from new york where business never sleeps, this is "squawk box." >> good morning. welcome to "squawk box" right here on cnbc. we're live at the nasdaq market site in times square. i'm not gloating. >> yesterday, now you're not. >> joe kernen is here, melissa lee is here. becky quick is not here. we'll see her tomorrow ahead of the berkshire health away athaw. the futures, dow looks like it would open higher by 46 points. nasdaq 8 points higher. the s&p about 6 points high. overnight in asia, the nikkei was closed for holiday. the shanghai was flat. there was the debate in france, you're looking at just about everything on the way up i