the streets. i'm indicakate rogers. they're down between 2% and 3%. energy is also this month's worst performing sector as well as this year. down 13% since january. now we're going to send it back downtown for the stark of "squawk alley." >> thank you very much, kate. "squawk" aulie is live.

good tuesday morning. welcome to "squawk alley." jon fortt's on assignment. he's headed out west. a bunch of big names on that guest lit starting tomorrow. we'll hear from steve ballmer, and a lot more over at code over the next couple of days. in the meantime the dow is down 32. amazon broke through to $1,000 for the first time ever as tech stocks continue to rally in the first six months of the year. bertha coombs with the latest. hi, bertha. >> amazon stocks helped lift the

stocks to a new high. they have helped large cap fund managers achieve outperformance to the overall market. they've really sort of caught up in that area. active fund managers are now about 24% overweight in large cap tech. that's the largest overweight they even been since 2008. it doesn't hurt that amazon and fail bet are at all-time highs. facebook has been a little laggard in this group, near 8% gains with other fang members. apple, they don't really touch on, but coming into this month, ubs noticed that most fund managers still had apple at left than marketweighting, and when you take a look at where the institutional ownership is according to the most recent data, you could almost, almost make an argument that

institutional ownership of apple and even amazon at these prices remains well below the rest of the fang names at about 64% if that is an argument that could be made at these prices when they're at all-time highs, carl. >> bertha coombs. thanks so much for that. alphabet at all-record highs. man santoli, we've been chatting with you about this. is it a worry or concern if at all? >> it might be semantics. i don't know that i see it as acutely narrow as much as it's a selective uneven market. when you look at it. they definitely account for a huge share of the market cap that's been added to the market, but it's not as if they're performing well in the absence of other stocks being up. if you look at it, the majority of stocks are up without fang, the market's still up okay this year. it's not like 2015 where fang was the difference between an up and down year.

so, yes, it's going be that way if it keeps this way. you may say, oh, that's what all gross markets are like. >> you notice the spread is getting wider as the year goes on. >> absolutely. so most stocks are -- i'd say at least half the tocks are participating but they're adding gains at a much faster pace. absolutely. if banks stocks stay on their heels and energy stocks can't stay, you have too much to stay supported on this level -- on this basis, especially when the very largest tech stocks are no longer cheap. they're no longer like you can say apple looks cheap or facebook for that matter or alphabet. >> they keep asking why they continue to be in such hot demand right now and the answer turns to earnings. they're posting very solid double digit revenue and solid growth including amazon. here we are again demanding the fast high growth kind of

companies above everything else and at the expense of everything else in that situation. >> exactly. tell spite the fact that the first quarter showed a very strong rebound in broad earnings, you're still looking at paying a preem kwum for these stocks. by the way, also interesting to note the low evidence vol a tiltd stocks had zero tech stocks a year ago. now it's 12% tech. alphabet is in there. in a very strange way they're like defensive stocks. >> the one thing we can be sure of. >> yes. >> walter isaacson joins us this morning. walter, you've heard our discussion just now. can we frame this as a select group of companies that will show secular growth even as the economies in this late cycle stage? >> yeah. i think what you're seeing is the fundamental technology

companies are very good. i mean the fact that they're innovating quite well. take amazon for an example. two big moves in our economy over the next year or so are going to be how do you deal with artificial intelligence and how do you deal with cloud computing. amazon has led the way in both of those. i think you're seeing the advertising market going more and more to places like facebook and google. so what you're seeing is the underlying technology favoring these. >> what many trick are you using, walter? have we set a may trietric? >> it seems the stocks have groan a little faster than any metrics would have it. when you're talking me trilks, you say where is the growth going to be in the next two or

through or four years and it's certainly going to be with companies that bring you out of the environment that's kind of sticky the way amazon and facebook do. they take data, big data, put it if the cloud, and is able to process that data and capitalize on it and ones ha use artificial intelligence. so the metric are not just financial metric or the normal, you know, trailing earnings-type metric. i think the metric are what are you going to see these companies innovating and doing in the future. >> it feels like they're operating totally away from washington, d.c. and everything going on right now, walter. but we are expecting the president to acknowledge a technology council potentially as soon as this week to be meeting with jared kushner, president trump, you know the drill. i wonder where the relationship is going to go, whether it will be friendly, whether they'll start talking about certain specific policies and making

recommendations to president trump. what are you hearing about all that? >> i hate to say it, but it's been pretty irrelevant. i've sat on some of these councils before. nice talking around the roosevelt room. i don't see any major presidential policies. i think the type of policies you're seeing that are big are things like the ending of net neutrality. i've been somewhat surprised that there hasn't been the internet revolt the way there was other times when you fiddled with things like that. so those are big policies, but i don't think those are going to be settled in a tech council meeting over the next few weeks. >> the president tweeted this morning we have a massive trade deficit with germany. very bad for u.s. this will change. this follows germany's merkel's comment over the weekend saying

the time for depending on allies is over. are we looking at a new period where leadership is not necessarily the overriding dynamic? >> yes. and that's bad and that's bad for the u.s. we don't do these things as a favor to nato and the favor to germany. we do these things, such as trying to have a strong and free and secure europe connected to the united states because it's been in our national interest. i think this will end up connect to the russia probe. for 70 years, one of the major drives and ambitions of russian foreign policy was to separate the united states from europe and to separate the united states from germany. trump just did that for no real reason. for people to say, why is he doing what russia has been

trying to have happen for the past decade. >> in practice, walter, what do you think it might mean for germany and the rest of the european states to go their own way? is it a matter of difference of tilt or emphasis? how might it actually impact things in the real world? >> you saw angela merkel meeting with prime minister modi of india today. they're going to maybe expand trade relationships certainly with india, maybe with china, and you're going to see the benefit of a trade relationship, open relationship like that that the u.s. might be sacrificing if we cut down on our trade partnership and our relationship with europe. i think the question of nato defense spending, there may be a silver lining here. some countries will have to step up and do more defense spending but the fact that nato and the u.s. will not be alied is a may vor blow to the united states

and a major success for russia. >> so, walter, just to be clear, you see this as more than just hot air, heated rhetoric between german chancellor and president trump? you see this moving into actions and general policy changes and changes in international relations? >> well, i fear it is because over the last couple of months i kept being hopeful that it was just hot air, maybe it was tweeting or whatever it may be, but when this is repeated over and over again and the badly unsuccessful summit in brussels, you may see it's not just rhetoric. it has substance and it's a real problem. you saw the centrist movement that came up in france and other places. you see europe might be leading

the world out of this nationalism and tribalism that has been so hurtful over the past five, six, seven years. >> what a turn that would be after the dutch vote, brexit, and every egg thing we've been through the last couple of years, walter. >> trying to be optimistic. >> thanks. when we come back, they're closing this morning. first data's ceo will join us in an interview. why the cloud could be a factor that pushes those stocks each higher. later on the ceo over snapchat. "squawk alley" returns in a moment.

some deal news today. one of world's biggest data processing company, first data, agreed to buy cardconnect for $750 million. here to discuss it with us is ceo frank bisignano. welcome back. >> thanks for having me. >> how much bigger does this make buying one of your competitors? >> when you look at our scope and size, we're very large. is, you know, a partner of ours actually. they've been a client of ours since '07. they have a lot of innovative tools. they're very good at technology company. and their tools, they're in the

large e partner management business and we're the largest partner management and we're using their tools for our clients. >> going back to the past, what does it do to the balance sheet and does it make it harder to do leverage? >> we remain with the targets we set out to, delevering. we've used cash consistently to delever. we had over a billion paydown in cash debt. since we got here in 2014/2013, wre've taken it down by 11%. we're very committed to go down going forward. >> when you look at the markets in payment companies built up

between you guys, obviously v a visa, mass tr card all the way down to paypal and square, what's actually going on that the market thinks it's going to create a lot of value with that kind of tier in terms of transaction process? >> you're moving away from payment processing which is a very core fundamental technical talent to value added services. if you look at what we've done with the front of the store and what our competitors have done, will's a lot of market share opportunity and organic growth in bringing technology to business and i think that's why people are so committed to the growth in these industries. >> we can't have you here and not ask about crypto currency or at least bitcoin this month. are you threatened by sort of the increase in valuation over the past, say, 30 days? >> i want to take a 30-day valuation and consider it

paranoia. i think we've always looked at enabling commerce. we've also spent time watching where unovation occurs and we're prepared to invest in innovation and we've done that in a bunch of ways. our job when they have real traction, we will enable it. and we have things that enable bitcoin and we're very proud of that. >> your stock has gone up in the face of retail bankruptcies and store closures. how does the retail slump affect you because isn't that a majority of your clients? >> well, this is a company that covers financial institutions very well. we have 4,000 financial institutions. we have a very, very large credit card processing business on the back end for the great brands around the country and

around the world. and then we're a big e-commerce center. we want to help. >> there's news that fico scores are back up. average score is 700. are you seeing that kind of consumer regaining health post crisis? >> i think there's consumer confidence out there. we see growth in credit card spending. we see growth in credit card spending, but i think you can feel that consumers are getting their legs in way they hadn't a few years ago. >> finally you mention e-commerce. when you look at categories that are poised to reach a critical mass of e-commerce, what are you looking at? we talk about furniture with regard to amazon, home goods, building materials. we don't know where the next big tipping point is going to come? i think you have to think about, you know, physical any commerce.

they're much better in a lot of cases when they come together. our job is to enable all of it. but, you know, you're seeing smaller retailers in this town even, you know, now having order ahead applications, the ability on your phone. that's our ability. to make business easier. we think our job is to help businesses grow their businesses and that will be a technology revolution coming in there. >> frank, thanks for joining us. frank bisignano, ceo of first data. quick programming note, "fast money" talks to leon cooperman. that's coming up at noon eastern. "squawk alley" is coming right back.

global markets reacts as president trump is back this the u.s. after his first foreign

trip. michael gape and kevin kerr ron join us. thanks, guy, for being with us. michael, maybe we can start with you to kind of set up where do you think we are in terms of the economic path with some of the fresh data this morning filtered in. maybe it looks like the hard data so to speak is kind of coming down to meet rather than go up to meet the soft data of the survey work and consumer confidence coming off. on the other hand, wage and salary is up. where do you think we are in terms of growth tracking? >> the way i would interpret the personal spending this morning and this including the revisions we saw on the gp data last week, in my view there was a very clear influxion point between the january and february data and the march and april.

we're actually track 3g% growth for personal consumption in the first quarter. that twould be a fairly solid rebound off the first quarter. more and more we think it is. question think personal spending 'long with auto data should keep us on track for a rebound in the second quarter. it may not be the 3 1/2 to 4. 3 still seems reasonable. we think it may move a little higher toward 2 1/2. >> all right. kevin, markets are treating this as even if we get to above 3 in the second quarter, maybe it's going to be a familiar pattern. bond yields not getting any lift and defensive groups are leading the way wito a new high. how do you position all that going on? >> i think you look at the data.

what we receive is an earnings profile in the last months or so. think overall and even beyond the earnings, all of the data we look at, whether it's fundamental data on the economy or risk or an tight, we look pretty good. we're overweight. underweight gold and i think's the way to play it for now until we start to see something. >> kevin, does that just mean you ignore what the yield curb is telling us is. >> the yield curve isn't telling us very much. it aesz much steeper than it was

at brexit. we haven't gone toward the upside. i think it's not telling you very much. of course, there are lots of different data points. we take a whole bunch of them. weigh them all together and try to figure which way the wind is blowing and our barometer is telling us at least for now things look relatively good that it's hard, michael, to tune out some of the political noise and try to feg out just what it means. what has your data shown you in terms of consumer sentiment, behavior, consumer spending, in terms of what we get from washington and what we don't get from washington and what the headlines tell us. >> at least from the fundamental data side, we say it's way too early to see it make its way into actual spending decisions today. our view is you really need to cease those policies put in place before you see the actual data pick up. the sentiment data, i think

you're right. this boost has picked up. it's come back down a little bit. perhaps they're meeting somewhere in between. and really our main takeaway from all the noise that is coming out of the political realm is to say whatever tax cut or spending is coming, every day spent on crisis pushing it out. it may shrink the overall package so it will diminish the overall im% of that which we think doesn't hit until 2018 anyway. >> it seems the way the markets are going as well. thanks very much. >> thank you. europe's going to close in about 90 seconds. let's get back to seema mody. >> it's their fourth consecutive decline. really at the heart of it is between united states and germany.

trump's tweet this morning highlighting the massive trade debt with jaefrmt it comes as they host a national summit in china where they'll they to showcase their potential bond. something to keep an eye on. in the meantime, the election risk back on the table, this after the former prime minister says italian elections should be moved up to september 2017. it's the same time as germany. now supporting a switch back to a proportion at electoral risk. meantime take a look at those italian banks under pressure yet. you need credit down 1%. and ub bank almost down 1%.

>> the european central bank and policy makers will need to move that. this came after draghi gave the comments on stimulus. right now we're looking at the here ol'. one big stock to wachlt dave. a computer glitch stranded passengers on both sides for a few days. back to you. >> we're going to bounce it back to hq and get a news update from sue herera. >> thank you. the owner of three mile island, the site of the worst nuclear power accident says they'll shut

down. this comes afterfire five. this is despite jirt os over president trump. he was in australia tr talks in the asian pacific region. >> we need your help, my friends now more than ever. >> we're counting on our allies to stick with us. to stay true to who with are at our besk and reen mind us always. steve cohen's hend pfund announced a come back, shooting for $20 billion. that's the news at this lunch

hour. back to "squawk alley" and sara, back to you. >> straight ahead we're tracking tenl hitting an all-time ultra high. amazon hit 1g$,000 for the ffrt time ever. "squawk alley" will be right back. [woman] oh, why thank you. [burke] and we covered it, november sixth, two-thousand-nine. talk to farmers. we know a thing or two because we've seen a thing or two. ♪ we are farmers. bum-pa-dum, bum-bum-bum-bum ♪

nasdaq continues looking for

its eight consecutive positive session, 36th record close of the year. big tech amazon leading the way. we're joined this morning by -- guy, good to see you both this morning. >> thank you. >> the train just rolls on and on. are you hearing from clients or investors who are thinking summer's coming, maybe volume's drying up a bit, take some gains and go? >> i don't think so. amazon, actually the setup for the back half of the year is bet hearn the first half. if the back half of year, they have easy margin comps meaning last year they called out digital contact costs would be double in second half '16 versus second half '15. so you saw margins come in. this year you don't have that.

>> onward and upward. >> brian f you look at season alt, first half is sometimes better than the second half. >> that's true. most of what i see is a lot of negativity. i just returned from an industry conference last week which really is driving the big brand activity in the industry. the tone is negative at h point. now, the saving grace is the marketers. that's driving a lot of growth. et the end of the dayet's not like the world is changing in a positive way in the last three months let alone six months. >>referee:ings are higher and chances of growth are lower. >> turn that into some specific calls, brian. which stocks do you think have

been overdone on the back of it? >> adobe, for example, it's just been a rocket. it's a great business, but the company's accelerated a lot going into their earnings later in june. you know, i'd say that snap, i think, is being traded based on a greater fool theory at this point. it has almost nothing to do with fundamentals that i can see. as you may know, i have a $9 price target. other than that, stocks are fairly valued, so the upside opportunity is somewhat limited in the advertising-related technology space. >> john, earlier you kind of mentioned why amazon could have some fundamental momentum in the back half of the year. it's gone step for step. it's pretty much been uniform across alphabet, facebook on a

uniform basis. i guess the question is it's tough to tie these things but how much do we have to say good news is largely in the stock for the time being? any of these? >> you know, i think there's more to come. i mean if you look at the valuations, amazon first set it at $1,000. trades it at 17 times 4, ebitda. the average is 18 times. so it's up 33% this year. eats up 40% over the last year, but there's more to go. we're at $11.25 per share price target. look at facebook, again, up 33% this year. it's trading at 19 times. this is a company that's going to grow annually and google as well. it's trading 20 times. it's going to grow 16% annually

the next five years. so, you know, we think all these stock stocks will continue to move up. the reason is great management team, huge scale. huge investment. facebook, google, and amazon, if you just put their capex, combine it, it comprised 70% of the capex per the nasdaq index, is they're investing to kind of solidified and extend their respective modes. >> brian, finally if we are -- if you're going to be leery or watchful of the advertising cycle, which names are most vulnerable? >> oh, well, gee, i think if the market turns completely, it's probably going to hit the higher data names the most. triter, although there's a lot of positivity to look at from the company if you ignore their revenue grouchlkt that's probably a name ha would get hurt more than most, i think. you know, facebook and google

continue to take the bulk of the share of the center's growth for advertising. so i think that they're okay, but i think that when it comes to a downturn, i'd say that the most exposed to that would probably be, you know, twitter and snap. >> that's good insight, guys. appreciate it as we talk about these names virtually all day every day. jock blackledge and brian wieser. when we come back, the impact on business, but first rick santelli, what are you watching? >> you know, carl, i have to jump into the fray. everybody, of course, is watching the flattened yield curb. i'm not sure what it means anymore but there are a couple area wes could pie attention to and i'll highlight those after the break.

welcome to holiday inn! ♪ ♪ whether for big meetings or little getaways, there are always smiles ahead at holiday inn. let's get over o the cme group and rick santelli. good morning, rick. >> good morning, carl. of course, everybody is watching ten-year yields. nine basis points separates the two maturities. that is the flattest, the tightest, the most narrow, the closest the two yield numbers have been together since october of 2016.

as i'm talking you can look at a chart that starts in october of 2016. you know, there was a time when handicapping the economy was kind of like yield curve whispering before the fed's balance sheets, before the central banks of world decided they could be very large buyers of financial assets and boost it into financial assets. it was a great idea. it was supposed to have wealth effect. has it worked? well, it's not over yet, so we don't know. at least with respect to our federal reserve, kwanltd tayive easing is over. let's go to a five-year chart. so here's my chart of five years starting in may of 2012. for the tens minus twos. you can see the highlighted areas on this run was the end of 2013 at 264 basis points.

the recent low was july of last year. what does it mean? what should we do with it? first of all, it's a function of several issues. it's a function of our fed tightening butting short rates on the two year and it's a combination of less growth. one could say that the growth was of future growth. hard to tell. but that put downward pressure on the tenure and there's the flattening curve right there. here's wild card. you know, we don't talk about it all ha much because it occurs every month, whether it's the bec or bank of japan or securities or japan in particular or ecb. it could be corporate securities. in japan, it could be stocks. all of that, of course, is creating a dynamic that kind of masks itself as regrowth which

does flatten the curve. and how does it do that? the endgame is to keep the sovereign rates down. it's somewhat contagious i don't see this stopping any time quick. carl and gang, back to you. >> thank you very much. rick santelli. let's get to scott wapner and see what's coming up in the half. scott? >> the ceo of omega advisers, leon cooperman. it's going o be his first interview since settling with the fcc. why he decided to settle. he has been very outspoken against the s.e.c. so we'll certainly talk to him about what the ordeal was like as he went through it and what he wants to do now with his business that did, in fact

suffer. we'll talk about the markets as well. but we'll talk about what it means to him as he goes forward with his busy. >> i'm looking forward to hearing from lee. there are names we all know and have been involved with, scott. >> amazon crossing a thousand, he owes it. facebook, google. coming off a week where you heard from robert schiller talking about market going up from 50% perhaps and jeremy siegel always coming on our show talk about that juxtaposed against the warnings of singer and others. we'll get lee's thoughts. maybe he'll settle the score, if you will, on the debate of the rally and the risks, and we deal that in about ten minutes or so

snow appreciate it. coming up, the impact on business of the ceo of taen yum. legacy technology can handcuff any company. but "yes" is here. you're saying the new app will go live monday? yeah. with help from hpe, we can finally work the way we want to. with the right mix of hybrid it, everything computes. president trump saying germany is very bad on trade

what the trump administration wants is more of the vehicles sold here to be built here.

just weeks ago, to stand the unprecedent ed attack that hit companies including renow, fedex, nhs, how have businesses

faired and what vulnerabilities lay ahead? weighing in is cofounder and ceo of private security giant tanium. so, what have you seen since the attacks in term of client demand and your business? sq>> yes, a lot of our customer have been b thinking ab bt this type of problem for a while, so, a destructive attack that wasn't just to steal data, but was really trying to cause damage. i think they woke them up to a couple of things. the first is this was another attack that could have been stopped with hygiene. so, the basic things we've known we were suppose d to do this whole time, a lot of companies weren't doing very well. so it's brought them back to some of those fundamentals. i think the other thing it's done for them is made them realize there's the potential for exten shl threat.

warren buffett said this a couple of weeks ago, but cybersecurity is starting to become the number one threat to their business. and i think it's driving a lot of that realization that they have to deeply invest in this to solve it right. >> what is a reason bable percentage of profits, revenue r k cash flow, to spend on this? >> i think one of the axioms in our industry is there no way to reduce the risk to zero. in dimpt businesses, you have cotom to a cop collusion on how much risk is is necessary for your business, but we are tarting to see businesses spending a significant part of their budget on cyber. the point i would make for most businesses, it's thot b about stopping the russians coming in through the skylights. it's about closing the doors and windows. patching, fig yurging out where your assets are and what they're

doing. making sure the right applications are running. this is what i would have told you 20 years ago are the pediments of cybersecurity, they still have. our customers need to make sure they've got those under control then you need to figure out if you want to worry about the russianens coming in. >> those sound like some pretty basic protocals that a business can almost kind of figure out for itself, so, you hear a lot of met fors for the cybersecurity business. just sort of a rapid response to some kind of a threat. is it basically just mostly a matter of doing the basics well and if that's the case, what do you sort of sell iing? >> when we get there usually and i start talking to a customer, the first question we'll ask them is is how many computers do you have. in many cases, i'll get answers like 200,000, 400,000 computers. if you don't know how many you have, you don't know whether they're all patched.

the reason people have such a bad set of data is is that the tools they're using are often 20 or 30 years old. i'm monot joking. really the tools that are the pediments for enterprise security are 20-year-old approaches. the reason the opinion has succeeded and the reason we're growing is that we can answer that we and where your vulnerabilities are really are. if you can't answer those, it turns out, you're right. to assume this sound basic. until you take that under control, there's no point in worrying about anything else. >> we just looked at a list of your clients including amazon, big names, ebay and also a look at your valuation, which i think was north of $3.5 billion. you recently sold 1.5 million of common shares, what does that tell us about where your head is right now as far as going public, staying private and the

trajectory of the business? >> sure, so, really simply, i want to make sure your company is really fully ready to go public. i've been open about the fact being open is our goal. but looking at this company, i think we need to get consistency and repeatablility of sailles. dwoent have to go public. we've been growing 100% year on year on revenue, so there's no impetus to do it other than it's the right thing for my investors and my employees and my customers and i really want to make sure we're ready for that. now, the $100 million rate is a great way for us to go to some existing employees and offer them the liquidity they deserve. they work really hard and being able to give them a wii to buy the car trk house, send their kids to school is a good way to show how much we trust them.

>> we'll keep an eye out for any word of going public. thank you for joining us to talk about the business. the cofounder and ceo. >> squawk alley will be back in just a moment. your muscles look good, but we should be seeing more range of motion. i'm fine. okay, well let's see you get up from the couch. i'm sorry, what? grandpa come. at cognizant, we're uniting doctors, insurers and patients on a collaborative care platform, making it easier to do what's best for everyone's health, every step of the way. you may need more physical therapy. ugh... am i covered for that? yep. look. grandpa catch! grandpa duck! woah! ha! there you go grandpa. keep doing that. get ready, because we're helping leading companies lead with digital. it use to be everyone had who wanto be in the office. we lacked the technology to be flexible and productive. then cdw orchestrated a collaboration solution for us.

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ariana grande announcing she'll headline a special concert in manchester for the families affected by the terror. justin bieber, cold play, miley cyrus, ferrell williams and usher. great news for the people in the u.k. >> that is a dream lineup if for a cop ser. >> amazing how fast it can come together. i was wondering how it took live aid. >> keep our eyes on the u.k. theresa may continues to make comments as the leaders make they ware back home. >> we've got a british election next week. >> kind of nutty. >> her lead is narrowing a

little bit, still the pound a broadly hire on that and we're watching these tech name, which continue to lead this market. amazon at 1,000. >> north ameriasdaq is is one l index. >> and comp came close to setting a record high today. lee cooperman with the judge, let's get to the half. >> we begin today with a cnbc exclusive. leon cooper mann on the record. the chairman and clrks eo of o megaadd virzs in his first interview since settling insider trading charges with the sec. mr. cooper maman agreeing to pa $4.9 million for that case. good to see you. >> thanks for having me. >> when you were here earlier in the year, you made it clear you had