good morning tech and energy front and center wall street kicks off your week. trading day head. $3.5 billion bid on nestle for the largest packaged food maker. details coming up. live in washington president trump hosts indian prime minister "worldwide exchange" begins now. good morning a warm welcome to "worldwide exchange."

>> good morning. thank you for having me. >> great to have you with us straight to the global market picture. comes off a flat week for most of the markets dow had four negative days in a row to end the week, ended flat given it had slight gains monday s & p up friday. and nasdaq up a half percent friday 2% for the week. underperforming sek ter was energy and health care, best performing sector up over 3.5%. best week for health care for this calendar year this morning, we are taking a lead around the rest of the world. we have seen gains around the world. start with asia. markets closing higher

overnight. hang seng and shanghai, strongest stocks up shy of 1%. oil prices stronger, firmer overnight. part of the reason we saw the lift in asia indonesia, singapore, malaysia, philippines closed for end of ramadan. japanese up slightly, despite that takata bankruptcy it was expected. we know the trouble the company had. it was going to be de-listed end of july. still a shock to the market, and some automakers that say they're going to have a hard time making up some of the recall numbers there. to europe, italian banks trading higher on news the italian government is going to wind down regional lenders san paolo takes on good assets and the government assumes the rest could cost 17 billion you're owes, pushing italian banks

higher european markets higher boy 0.5 or 6%. transturning in 1% we had the german business sentiment data coming out, that was the headline number, 115.1 little stronger than expected for german business sentiment. >> awhile since u.s. markets as strong as european markets today. >> european is leading nicely in the market last we are, european flat, the ftse down a half percent they have been plateauing on the u.s. side. a look at broader markets. i mentioned oil prices you can see wti crude up about a percent. above the 43 handle. some could be short covering, don't have a lot of fundamental changes happening in the market. energy was just down

precipitously. crude lost 4%, marking the fifth straight week of losses for the commodity. we're seeing a bounce back today. you can see french is higher almost at 46 dollar level. gold hitting the low of 1236.5 lowest since may 17th. it is now below 200 day moving average. >> if you look atl last week, focused on three sectors, energy, tech, health care. all in all flat. interesting to see moving forward with the summer with lighter volumes if you don't get individual props, tech or health care markets, little more messy. as we stand, flat in light of big declines of oil prices. >> volume was heavy friday heaviest of the year because of that rebalancing so much for a quiet summer with both headlines

speaking overnight in sydney, if they wait too long, the economy will overheat. the labor market could turn into a risk for the u.s. economy. to the top corporate story shares of nestle up on a record high after activist investor dan loeb announced a stake in the company. they built a 1% position, urging nestle to improve margins and shed noncore businesses. earlier this month, nestle was considering the sale of u.s. confectionary division they argue they should sell 23% stake in l'oreal shares are at an all-time high this morning >> another big european food company, product company, and the market taking it well.

potential sale is fascinating, showing the power these investors can have sticking with corporate news takata filed for bankruptcy protection landon dowdy has details good morning >> good morning. the company is at the center of the biggest auto safety recall in history, filed for bankruptcy takata saying it would be bought for $1.6 billion by u.s. based key safety systems takata faces tens of billions of dollars in cost and liabilities from a decade's worth of recalls and lawsuits stemming from the faulty air bags. the defects have been linked to more than a dozen deaths globally michigan based key safety systems agreed to take over their viable operations, while the company's remaining operations will be reorganized to continue making millions of replacement air bag inflaters. the two companies are expected

to complete the sale the ceo will resign when timing of the restructure is set. back to you. >> thank you for that. to politics, president trump and india's prime minister modi set to meet in washington today. >> reporter: ahead of the meeting with president trump, the leader met with american ceos here in d.c we saw high participation from silicon valley jeff bezos of amazon adobe, and apple tim cook. >> tim, can we ask you how the meeting went >> it was fantastic. >> jpmorgan jamie dimon had positive remarks about the prime minister. >> how would you say, what was he receptive to. >> he is very open, receptive. >> biggest sticking point you would say? >> i don't think it was a sticking point per se. >> other big names included

irene rosenfeld, centered around challenges american companies face doing business in india, which includes regulation and strict rules that make it difficult to invest in the country. modi and trump will engage in a discussion on topics like security, defense cooperation and combatting terrorism, key concern for both leaders india expressed interest in purchasing high tech drones from the united states. some officials question whether the purchase would add to india tensions with pakistan overall, hearing this meeting is more relationship building and less about deal making. >> in terms of business leaders that met with modi over the weekend, very public how much apple is pushing in. the other companies you mentioned ceos of, who already has big exposure to india and looking to increase exposure. >> walmartwe didn't mention,

doug mcmillan. walmart has 20 stores across india. i'm being told they're looking to expand to around 50 by end of 2018, but there are hurdles and head winds that the biggest retailer looks to expand their footprint into india monday -- >> as a side point away from mr. modi's visit, i notice from social media you spotted a meeting jamie dimon had on the sidelines. >> very interesting,after he wrapped up that meeting, ceo round table with prime minister modi, he caught up with travis kalanick, former uber ceo. i asked both if they had comments, nothing was said very interesting meeting and the timing is interesting, wilfred less than a week since we heard

about that >> great stuff >> all right in other washington news, congressional budget office set to release score for the senate health care bill sometime this week, possibly as soon as today. they will estimate changes to number of people with insurance coverage, how the bill would impact the federal deficit and other potential effects. the agency projected 23 million fewer americans would have health insurance under the house republicans bill and would cut deficit by $19 billion over a decade. this week's agenda on wall street, may durable goods orders later today followed by home price index and consumer confidence out tomorrow. janet yellen is speaking in london tuesday wednesday, look for pending home sales, followed by final estimate on q 1 gdp thursday, and wrap up the week with personal income. on the earnings front, we get

results from general mills, wal greens, conagra and nike. stocks to watch. pandora founder is planning to step down. reporting the music streaming company hasn't selected replacement. he will likely stay on until a new ceo is in place. ncr could be a beneficiary of amazon, whole foods deal. could be 30% in a year uni dleef lever threatening to pull marketing from facebook and google bank core making a bid to pay $225 million higher than a rival offer from china

roche shares on the move, positive test results for heem ophelia. the new drug cut bleeding rates 87% in late stage trials their shares slightly higher. tiger global making a short bet against tesco. reporting they had previously employed a strategy of taking large stakes and disrupting e-commerce companies, selling short companies they are disrupting like many other food retailers in the states, did see a decent move to the down side. amazon, whole foods, most uk retailers suffered to the tune of 3%. certainly that whole industry continues to be under pressure >> very surprised about the european. >> i would say on the flip side in terms of challenges food retail faces in the u.s., one

thing the uk has been through is the challenge from the likes offal beand little, that super low end threat has not played out, still exists but bigger names like tesco had to react. again, they have adapted more but traditional players. >> european markets and big cities are further along with online grocery delivery. density part of that issue. n> under armour ceo says nike isot playing fair. more "worldwide exchange" when we return. ♪ minutes old. ♪ a baby's skin is never more delicate. ♪ what do hospitals use to wash and protect it? ♪

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xfinity gives you more to stream to more screens. welcome back to "worldwide exchange." i am courtney reagan alongside wilfred frost. underarm or ceo addressed a downturn on "weekend today." >> i think we found there's a bit of a shifting market happened in the marketplace where, you know, the obligation of brands is to make sure that first of all freshness, newness, whoever makes the best product will win all these things converge at one moment in time. >> plank took a shot at nike, saying it doesn't fight fair, when under armour runs a commercial, it has one shot to

hit. so let's discuss this and a whole lot more jan niffen, probably familiar with him thanks for getting up early to chat with us i don't know if you had a chance to see that interview with kevin plank, we gave you a preview there. under armour had some struggles, but launched recently at kohl's. >> great thing for kohl's. can't be a good thing for under armour. >> why >> it can't be great for the brand, going into kohl's all of a sudden i didn't think it was good when they announced it. it was good for kohl's, will drive business but doesn't enhance under armour brand i don't know why he wanted to do that other than they need growth >> does it speak to at leisure or for under armour? >> at leisure is overdone, athletic itself is overdone. can buy it anywhere at any price

point. that's already a problem when the brand is struggling to get bigger, paid on being bigger, they make decisions that work short term, long term may not be the best for branlds. brands do this, overproliferate the brand, people go well, this is not as cool as i thought. >> stock down precipitously for under armour worth buying now >> i wasn't a fan before it was down and i am still not a fan. i just think they sort of run out their game they're a great company, make great product. i own their product. it is good stuff, that's not the problem. the problem is they traded enormous multiple and don't have the growth rate. nike is actually winning the game nike has been wing the game a long time. when under armour was small, it could still get growth really hard now to achieve that with everybody making the product. i can be champion c-9 at target. acceptable product to work out

in it is tough. >> is this a buying opportunity for them >> i am a fan of nike. great brands that own their space are things to own. i like ralph lauren for the same reason, coach for that same reason and i like nike better to find one coming back like coach or ralph, but nike owns that space. i don't think much likelihood somebody takes it away. >> late friday fwot word walmart was not interested in making a bid for whole foods. i wasn't surprised then again, didn't see other deals coming. >> i predicted they would end up with whole foods, not walmart. walmart will still fight the battle every day with amazon across the board, whether it is apparel or grocery walmart is getting better. doing more in fresh and organic,

pushing that whole envelope. buy online, pickup, take it home amazon decided to be a real player in grocery, haven't had much position in grocery gives them 460 locations immediately to sell anything they want out of, as long as it is high enough to carry whole foods consumer with them and prime customer and whole foods customer look alike. >> how long does it take amazon to make impact on that space >> i say they make impact in six months, big impact in a year the space is so difficult already. walmart has essentially destroyed grocery since 1988 when they opened the first supercenter, went from 0% sale to 22%, and 55% of their business now is grocery. they ownthat space they're the biggest player amazon basically said we're going to own the rest of the

space. i say even kroger who is the best groesher in the world, not going to be pretty it will push roi down, not up. unless you're someone with a niche, i wouldn't want to be in grocery. going to be the ugliest thing. the consumer should be thrilled. prices should come down. >> kroger has been getting crushed. had a rough couple weeks >> aldi in the country at one end, walmart pressing what they're doing, amazon taking over as much as they can online, buy in store, pick up in store, all the things you can do with 460 locations, i thought it was a great move for amazon. >> great stuff thank you very much. still to come. we take you to washington. this week will be critical for

the senate health care bill. stick around "worldwide exchange" back a up mutesin

welcome back to "worldwide exchange." let's get you up to speed. futures high by two-tenths or three-tenths%. nasdaq was the performer up nearly 2%. energy, underperformer down 2.8% wti slip the best part of 4%.

but rebounding 53.4 to politics. the gop health care bill faces a big test this week congressional budget office expected to release its score of the proposal edward lawrence joins us from washington good morning >> reporter: good morning, courtney this will be an uphill battle. right now there are five republican senators who say they cannot vote for the bill in its current form republicans will have to walk a fine line to get the senate health care bill to pass too many changes and hard line conservatives won't support it not enough changes and republican senators against the bill will not come on board. >> i know that the senate leadership has as well and the president is talking to folks. >> reporter: president donald trump fully behind the plan. >> health care is a very complicated subject. >> reporter: cuts in medicaid and planned parenthood funding remains main sticking points. >> you can't take over $800 billion out of the medicaid

program and not expect that it is going to have an impact on a rural nursing home. >> reporter: with senate majority leader want ago vote this week, others say the process is moving too fast. >> i don't have feedback from constituency who will not have time to review the senate bill we should not be voting on this next week. >> reporter: bernie sanders says democrats would compromise to get it passed if republicans would ask. >> no way in god's earth this bill should be passed this week. >> reporter: the president says no democrat would vote for any republican led bill, especially one overhauling health care. later today, we expect to get the score on the cost of this senate health care bill. back to you. >> thanks very much. have to see if it does sway one or two votes either way. still ahead on "worldwide exchange." dan loeb sets his sights on nestle details of his plan to shake up

the firm straight ahead. nestle up nearly 5%. back with that and me aorin couple of minutes.

good morning markets now. investors gear up for a new week on wall street trading day ahead. nestle, maker of kit kat bar and other brands is targeted by new activist investor. details coming up. facebook going all

hollywood. we'll explain what we mean june 26, 2017. you're watching "worldwide exchange" on cnbc. ♪ good morning warm welcome to "worldwide exchange" on cnbc. i am wilfred frost. >> i am courtney reagan in for sarah. >> good morning from both of us. let's get straight to the global market picture futures are pointing higher at this hour. we had a flat week essentially for the dow and s & p, positive week for the nasdaq up 1.8% last week health care was the best performing sector, energy the worst. this morning higher. san francisco fed president john williams said the fed needs to keep raising rates to keep the economy on even keel, speaking

overnight in sydney. warned that if the fed waits too long,the economy will quote eventually overheat. bond market at 2.5%. it has been staying there for the last couple weeks. look at equities around the world, asia higher overnight some prop up from price of oil, higher by about a percent. watching takata, big in japan, going to be delisted end of july anyway, but officially filing for bankruptcy the nikkei is closing higher by a hair hang seng and composite higher green arrows across the board in europe two banks wind down in italy, but it is propping up shares p 2 to 4%. if you look there, you can see reaction in the italian banks.

you can see it is interesting, ecb had said if you don't do this, these banks are likely to fail and they're going to step in 17 billion euros. >> important factor that the market is watching quite some time. oil prices slipped some 4% for the fifth negative week in a row, but wti is rebounding, up 0.3. the dollar was up about 0.1% that was slightly soft but marked strength against emerging markets. also up nicely against the brazilian. exporters of oil suffering in terms of currency. dollar stronger against the yen,

softer against euro and pound. gold prices had been suffering recently, were flat last week, down a percent or so. 1231 this morning. activist investor dan loeb making the biggest bet on nestle >> good morning. thanks for having me making a huge bet on nestle. the firm invested $3.5 billion for shares and options in the largest food business in the world. dan loeb's firm announced sunday nice, it is rare to find a business of nestle's quality with so many avenues of improvement. the letter included such avenues, the activist investor pushing nestle to improve margins. he would likeliness lee to double leverage to do more buy backs. additionally, wants nestle to reshape portfolio and a few weeks ago, they said they would

explore strategic options for the u.s. business which includes brands like butter finger, nerds, and their point encouraged by the move, urged them to sell other brands making acquisitions as well lastly, nestle should sell 25% stake in l'oreal, worth more than $25 billion some may be scratching their heads, given the recent run up in share price third point says it is optimism around the new ceo, mark snyder. if nestle takes its recommendations, could command a premium not just on the market but to broader staples sector as well. >> i love so many avenues, the first through bullet points are standard but the interesting one is stake in l'oreal it is up in the mark as well

he is suggesting monetize that for further acquisitions >> they said that could run up as much, take that out shareholders want to buy stake in l'oreal, they should be able to do so on their own, not just through ownership of nestle, a shareholder should be able to make that decision on their own. >> saw recently another european food company can push back from the u.s., this isn't a takeover, it is a stake. what's the response from nestle and what do we expect moving forward? >> we have not heard back from nestle reached out yesterday for comment from the company clear in past statements from the new ceo that they don't really like cost cutting measures they've seen, employed at kraft and other companies they're not about cutting to the bone they want investments which they announced more than $70 million

announcement, to gain data and an lit i can that way. >> let me has ability to push back given share price rise in recent months. final question this is a $3.5 billion investment for a company that's got aum of 6 billion in terms of third point, the amount of leverage these guys use to get position of 1% in a company likeliness lee is extraordinary not something they can maintain long term. >> they said they raise an spv for part of the investment, special purpose vehicles could be those funds come from somewhere else, not part of the aum of the firm. you're absolutely correct, these hedge fund activist investors take on leverage to be able to make big bets. this is one of the biggest we have seen in activist history, the other being try a.m. investment in another p and g

company. >> l'oreal also up thank you very much. >> thanks. other corporate news, japanese air bag maker takata filing for bankruptcy. the company will be bought by michigan based key safety systems. takata bankruptcy the biggest ever for a japanese manufacturer they face tens of billions of costs and liabilities stemming from massive air bag recall. as part of the deal, they will take over the viable operations while reorganizing the rest of the company. to washington where president trump meets with indian prime minister modi today at the white house immigration and climate change expected among top issues the two leasers discuss. yesterday salt down with high profile ceos meeting today between modi and trump, expected to be more of a greeting, getting to know each

other. turning to this week's agenda on wall street, we get major world goods orders followed by schiller home price index and consumer confidence. janet yellen is speaking tuesday. and wednesday, pending home sales, final estimate on first quarter gdp. and on the earnings front, results from darden restaurant, conagra, nike. the latest transformers movie taking the top spot at the weekend box office landon dowdy joins us with more. good morning >> reporter: taking top spot at the box office this weekend, $69 million domestically it is on par with expectation, lowest grossing opening weekend for the franchise, and puts added pressure on the $217

million productions international performance. good news, brought in $192.2 million in about 40 international markets. china opening at a franchise high, race for second with disney cars 3 alongside wb "wonder woman. both studios reporting $21.5 million over the weekend cars dipping 53% in its second weekend. "wonder woman" dropping only 39%. and fourth weekend of its release, sixth largest grossing dc comic adaptation worldwide. back to you. >> i want to see it. >> i want to see "wonder woman." it is doing well >> landon, thank you for that. stocks to watch, pandora founder, ceo is trying to step down reporting they have not selected

a replacement, he likely stays on until a new ceo is in place. bar ons thinks the computer hardware company could be a beneficiary of the whole foods deal could gain 30% in a year unileefr pulling marketing spending from facebook and google they want tech giants to provide more detailed information how online ads perform it is up 1.4% today. slightly in relation to nestle and l'oreal. more stocks to watch glen core sweetening a bid for cole assets. they're offering to pay $225 million higher than a rival offer from china roche shares on the move new drug cut bleeding rates 87% in late stage trial.

shares are slightly higher on that news. tiger global make ago short bet against tesco. reporting they previously employed a strategy of taking large stakes and disrupted e-commerce companies, selling short companies that they're disrupting test cois that brick and mortar super grocer in europe. time for top trending stories. facebook may be going hollywood. "the wall street journal" reports the social network in talks to produce tchb quality script shows they're aiming to launch original programming by late summer, willing to spend as much as $3 million per episode. >> that's the going rate for top tv at the moment they also want to be ready to do it by fall which i can't see how you can pull shows together at that speed

>> are they already in production >> you talk about change, this is a boom for people that make content and have to air it huge competition in that area. if they can harness it, youtube pushing into it, another massive threat to margins across traditional broadcasting. testing a version of a debit card allows them to purchase using money in venmo accounts. it is adored by people here. i wish they would focus on one other step, allowing people with non-u.s. app store accounts to buy it or use it which you can't do >> i didn't know that. >> it is very annoying i am on the british apps, has my film and music anyway, here we go developing things like this debit card and other areas.

cruise line royal caribbean partnering with snap chat for a modified spectacle mask for underwater diving. the sea seeker goggles last 30 minutes underwater, make it down to 150 feet below the surface. now there's a limited run of prototypes they hope to roll out goggles to customers by fall. 150 feet that's incredible. >> i like it, but pretty niche >> not sure how many takers they get. lots of monthly users for snap chat, not sure for this particular item. to sports and major excitement on the golfcourse jordan spieth won the travelers championship yesterday, but wasn't easy. hit his birdie from the bunker joins tiger woods as the only player in modern era with ten victories on the tour before age of 23.

>> incredible. i love chip in shots that's the most exciting shot. you're in trouble and then victorious it is so cool. had one chip in shot in my life. never forget it, on the tenth hole at dayton country club. >> never had a chip in shot. >> wasn't to win a tournament but it was a proud moment for a 20-year-old kid playing with her parents on a sunday night. it is cool i like to see golf like that coming up, make or break moment for republicans today's must reads are ahead. and as we head out, check on european equities. back in a up omite prestige creams not living up to the hype?

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welcome back to "worldwide exchange." now onto must reads this morning, my pick today in "the washington post. replacing obamacare is make or break moment for republicans hugh hewitt has a strong opinion that senate republicans have to hold their nose to pass it back to the house or risk their own re-election. all the other reforms the party promised and the future of the party could be at risk writes obamacare is a

catastrophe on its own terms consequences of not passing repeal are worse beyond awful health care outcomes, will forfeit every other republican goal failing to deliver on central promise of 8 years of debates and campaigns will shatter credibility of every republican, not just those who block the bill the party as a whole will be grafl wounded perhaps beyond healing for a generation or more strong words i hate it feels more about job security than getting a health care bill passed best for the american people, regardless of the party. that bothers me. not saying it is not true, it bothers me this is the way politics works >> it is sad totally politicized on both sides. president trump said over the weekend -- said democrats won't vote for it no matter what we get that cbo score later

today possibly enthusiasm for that happening has diluted in the past week. my pick in "the wall street journal," u.s. and india, con ver generals of interest and values penned by prime minister modi meets president trump today, was published yesterday very well. writes bilateral trade is poised for a 90 fold increase, adding value to manufacturing service sector total investment of $15 billion. and presence in 35 states. so interesting how much india is poster child for corporate countries want exposure there in the way china was 20 years ago will be the most populous nation in the world some point in the next decade. and compared to china, demographics are attractive.

strong growth. apple pushed to get exposure there. all the ceos meeting with modi over the weekend >> it is interesting hits the rust belt, that's an interesting op-ed, targeting trump's sweet spot. >> tech sectors and defense. manufacturing a little as well those are two he talks about in the op-ed. big lineup on "squawk box. heidi heitkamp from north dakota and martin walsh and scott maw, and phil mickelson in 30 minutes time near the top of the show. lots to come on "squawk box" in ten minutes. still to come, setting you up for the trading day with futures pointing to higher open on wall street stick around "worldwide exchange" will be right ckba [vo] when it comes to investing,

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back to "worldwide exchange." i am wilfred frost with courtney reagan u.s. futures taking a lead from markets around the rest of the world. nasdaq was the best performer last week. joining us, steven england, head of research and strategy good morning to you. we had positive returns, health care and tech, flattering performance for the rest of the market oil the poor performer is that a concern for other sectors? at the moment, oil prices only played into the energy sector. >> i think the oil prices is being viewed as specific to oil, dealing with the risk that's a constant oversupply of oil, the rebound that most analysts were expecting beginning of the year isn't going to manifest itself neither are short term or longer term the market optimism, i think

they feel notwithstanding what's in the da in the dark cloud of the fed and pulling back shrinking -- the process of normalization is slower no recession, no boom. fed sounds hawkish, but i think the market is getting enthusiastic. >> do you think yields are better indication of market sentiment than equities and 30 year deal we have not seen since november 9th is there anything pertinent in that move that you think investors need to pay attention to going forward >> i think there's risk it is overdone if you look at the level of yields and fixed income volatility, the market is looking for a very quiet, placid type of evolution of bond

yields i think there could be some shocks they're not pricing in the fed scenario they're not pricing in recession, they're not pricing in any risk that we make progress on obamacare repeal and then looking at tax reform being on the agenda. i think there's a bit of complacency there. >> what about the u.s. dollar. it appears on the surface broader index has been relatively flat. last week some big moves against certain em currencies. >> again, if trading 215, 216 on the ten year, after having touched 240, 250, it is a good environment for emerging markets. they don't think anything dramatic will happen soon. as a consequence we're back to looking for risk and looking for carry trades that's going to continue until we get a definitive --

>> touch on health care, we have been saying so long politics hasn't impacted the equity market, it has been impacting currency more. health care was impacted by politics, up 3%. what's your expectation for what happens with that bill, could it lead to a sell off if we don't get a vote that's definitive >> i don't think we're going to get a big sell off if we don't get a definitive vote. the risk is more on the other side the market is pricing in any kind of strong outcome over here the focus has been on republican dissenters if they can pull their act together, get a vote passed, the picture will look clear. risk of sell off is more if they push it through. that opens the door to higher rates than if they don't, which would mean we basically get the -- >> steven england.

that's it for "worldwide exchange." futures high, taking a lead from europe "squawk box" is next if you could book a flight, then add a hotel, or car, or activity in one place and save, where would you go? ♪ expedia gives you the world in your hand, so you can see more of it. ♪ expedia.

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we have a rundown of the morning big movers dan loeb makes a $3.5 million bet on nestle. the details are straight ahead. progolfer phil mickelson is in the house his foundation teaming up with sponsor kpmg on a women's leadership program

good monday morning, everybody. welcome to "squawk box" here on cnbc we are live from nasdaq market square sitting in this hour, dominic chew thanks for being here. >> pleasure to be with you guys. rare treat on a monday morning. >> tell everybody where you were i was wondering. show was about to start. >> you guys tease the fact that phil mickelson is in the house i was downstairs chatting with mr. mickelson. he really is right downstairs, i think the elevator is coming up with him as we speak going to be a fun program. i was hanging out with melissa at the same time, we were all together >> don't blame me. >> we know the real reason for this let's look at the u.s. equit