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tv   Worldwide Exchange  CNBC  October 3, 2017 5:00am-5:57am EDT

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you see very small changes right there. spain after that vote over the weekend, just backing offa bit down 0.1%. ftse almost exactly flat and france up fractionally >> that 1% move on the nikkei takes the japanese stock market to the highest level since august 206of 2015. oil prices this morning, wti, 50.49. brent at 56.03 hovering above that $56 a barrel level. as for the u.s. dollar euro has been weaker that week on the back of that catalonia vote and some violence it sparked. questions over the politics yet again in europe. euro firming up today. 1 1.1736
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the yen is the rfor the markets. 113.10 the dollar is stronger against the pound asd prices, they have been on the back foot, especially with thereemerge sense re-emergence of the u.s. dollar >> around labor day is when the yen kicked off and gold -- >> stronger dollar, higher treesh treeshry treasury yields turning to the wall street agenda the latest read on the health of the u.s. car market with september auto sales they'll come out throughout the day. on the earnings front, results from lennar, they're due before the opening bell the death toll continues to rise in las vegas following the deadliest mass shooting in u.s. history. multiple vigils were held across
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the city last night to honor the victims. jane wells is live for us in las vegas with the latest. good morning >> good morning. this is the venue behind me, still shut down this is where the concert happened, where the massacre happened. you can sort of see where the gunman was, on the right side of that a little more than halfway up he had a direct line of sight across las vegas boulevard when he opened fire on this large area behind me here. i stayed on the 60th floor of mandalay bay last night, you could look down on the area,c dh belongs that people have not retrieved yet. there were many vigils across town, including one where they sounded a gong, 59 times for all victims. people don't realize, they think
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of also a vehicle dpas as las vt playground, but it's a city. one of the employees at mandalay bay told me that the garage was on lockdown until 3:00 avm th.ms morning. they're trying to figure out how he got 23 weapons into his hotel room and they found more at his homes. >> excess of 18 additional firearms, some explosives, several thousand rounds of am moammo along with electronic devices we're evaluating >> reporter: around the world, landmarks like the eiffel tower, the empire state building, l.a.x. went dark to honor the victims. more than $2 million has been raised to pay hospital bills and recovery costs, to pay travel expenses for families. some hotels in vegas are putting them up for free
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the raiders are donating $100,000 dana white is donating $1 million from the ufc this town put the ufc on the map. and zappos will match doe nnati up to $1 million so many donations for blood, they are now asking for appointments going into thursday and friday >> the covers of the papers this morning, with these devastating images of young people during the shooting, and still so many questions. are we expecting more updates from the local police department will we ever know the motive here >> well, we have not yet found any manifesto according to police the fib abi are all over this his brother was in florida and was interviewed, he was floored.
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neighbors did not notice anything he was not a gun nut it is legal to own a machine gun in nevada, as long as it is rem cent registered with the federal government according to everybody, he passed all the background checks >> i remember you showing us the gun show signs all over the strip. is the strip back in business? are people out i know it's early. >> it's vegas. there's still a closed off area directly in front of the crime scene here also a ve las vegas boulevard is over there. this is where it's shut down still, up to the other side of mandalay bay a block still shut off as they process the crime scene. mandalay bay last night when i checked in, long line to check when i left the hotel this
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morning, people playing blackjack. i wouldn't say particularly crowded. it's a monday night, tuesday in october, not top season here, but there's still people here. >> jane wells, thank you for the update >> president trump will head to vegas tomorrow he's turning puerto rico later today. the situation remains dire on the island only 5% of puerto rico has power. food remains scarce, many residents have no access to running water. let's get to contessa brewer who is live with the latest. >> we expect to see president trump land at the base around noon today he will meet not only with puerto rican officials, but the governor of gvirgin islands he is meeting with all these people, but his visit is not without controversy, especially
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after his weekend treats where heing into question th self-sufficiency of the puerto rican people we don't know what the president will see here. if he will see evacuation shelters which are housing 8,800 people that's fairly low considering the widespread impact on this island of 3.5 million. but the houses are largely built of concrete and they're largely intact so people are living inside even with no running water or electricity and scarce access to food and drinking water. we don't know if he will fly over the island. if he is, he's likely to see the widespread damage here we're talk about the storm wiping out these -- just mountains of lush, tropical forest it looks so bar remember
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nbarren now people have been out clearing with chainsaws these roads we were told there will be no news conference. no chance to ask the president about his reaction here. >> what's the path of restoring power to more of the island? are they able to give you any outlook on that? >> part of the problem is that throughout this entire island, the power lines are above ground they're not buried like we see in modern cities this is aging infrastructure it was old we're told on the ground in san juan, unreliable any way yesterday i was at trailer bridge, out in the port there, i was told they have big generators, they use them on a regular basis because of the power going out. when you consider the square mileage here, it's problematic but we did see utility crews at it >> all right they continue to try to work street by street contessa, thank you very much. we'll come back to you throughout the day >> follow her on twitter if
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you're not for lots of updates some personal stories about people trying to find relatives. it still remains dire. on the corporate front today, former equifax ceo richard smith will face a tough grilling by lawmakers. topic also f iics will focus ono 40 days to mote fi the publnoti breach and the company just upped the number of americans that may have been impacted by the hack landon dowdy join us with the details. >> good morning. equifax revised the number of people affected by the data breach to 145.5 million people the new estimate was released late monday following an internal audit done by equifax security experts and an outside
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security firm. the interim ceo saying he directed the new results to be promptly released and there was no evidence of additional or new hacker activity. as you mentioned, all of this comes as former ceo richard smith testifies before lawmakers on capitol hill today. in prepared testimony smith says he is deeply sorry this occurred and the company failed to prevent sensitive information from falling into the hands of wrongdoers shares of equifax has fallen nearly 25% over the past month down about a half percent in early trading. >> there will be a lot of outrage at that one. landon, thank you. also in washington, wells fargo ceo tim sloan heading to capitol hill to face the senaban committee. he will be pressed on the massive fak e account scandal. sloan will tell lawmakers the
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company recognized too late the full scope and problems of the bank, but that wells fargo is a better bank today than it was a year ago sloan's testimony comes about a year after his predecessor, john stumpf's hearings which played a big part in his resignation. wells fargo shares are little changed here ahead of the open there's still a lot of questions for wells fargo as well. >> for sure. >> i think equifax is front and center >> much more current this will be the ceo who was presiding over the tra transgressions there at equifax. in other corporate news, uber's ceo is in london meeting with that city's transportation regulators uber's board is holding a meeting today considering several proposals including a move to diminish travis kalanick's powers within the company. the music world is in shock after the sudden passing of tom
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petty. his manager confirming he died last night after suffering cardiac arrest earlier in the day at his malibu home the artist was 66 years old. he rose to fame in the '70s with his band tom petty and the heartbreakers. they put out hits like "don't do me like that" and he had success as a solo artist over his career, petty sold more than 80 million records. if you have xm satellite radio, there's like 20 channels of john petty. >> it's amazing he has his own channel if you think about it. he got into the rock 'n roll hall of fame in 2002 he stuck around for decades. >> then got the celebration later. >> we all know the songs too many hits. still to come, the next big thing for your money we're headed live to the soan conference in tel aviv where some of the best are givingidea
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and walmart made a big move in the big apple and we have a big newsmaker later this morning warren buffett sitting down with becky quick. catch that interview at 8:00 a.m. eastern time. "worldwide exchange" will be right back i just saved thousands on my loan at lendingtree.com. in less than a minute, i found out how much home i can afford. i like how you shop for loans the same way you shop for flights online. i didn't realize at lendingtree you can save money on almost any sort of loan. i consolidated my credit card debt with a personal loan.
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conference debra fein is one of those scientific games is one of those you presented. this is a gambling technology company. scratch-off lottery tickets in the old days what do you like about it now? >> we like that it's a public market lbo it's trading at about $40 a share. we see fair value north at $80 it has an excellent management team who is completely incentivized by stock, a controlling shareholder who owns a lot of stock who is also the chairman of the board. and they basically consolidated the slot machine industry, so now they control 50% of slot machines they manage all of the back offices of casino floors, and have a leading market share in table games like card shufflers.
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>> when you say it's a publicly traded lbo, you mean the company has a lot of leverage, some debt on there, and therefore are they kind of focused on an exit the way an lbo would be? is this a consolidation possibility down the road? >> the company did two large acquisitions, which left them levered. but the company is eagle-eye focused on reducing the debt so it's currently around six times levered. their goal is to be levered 4-1 by 2020. we think they'll reach that sooner i would point out every turn and leverage is about $15 a share. >> is this still a growth -- in terms of gambling technology, are their end markets growing or are they just basically the big provider. >> the end markets are growing,
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because post casino bankruptcies following the credit crisis, there's an enormous demand to upgrade the casino floors, and a huge new replay. cycle in slot machines and people don't get tired of buying scratch off lottery tickets or the opportunity to become a billionaire from playing the lottery. globally there are new lotteries coming up in brazil, in greece, and lots of countries around the world. the company also has an interactive gaming division which is highly valued we think they're likely to ipo or sell that division in the next 12, 18 months >> all right debra fine seeing sign tefic ga scientific gaming getting to $80. at $40 now >> i do like scratch-off lottery
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tickets. >> i don't think they'll exhaust themselves of that. shocking numbers on how people saw russia-based ads on facebook during the election plus tesla missing the mark as model 3 deliveries fall short of expectations details straight ahead. as we head to break, here's the national weather forecast from nbc's bill karins >> good tuesday morning to you the worst weather in the country is in the middle of the nation, snowstorm in montana for the northern rockies this rain is causing some issues minor possibility of flooding in minnesota this morning it's trying to trek towards minneapolis. maybe two to four inches in isolated spots that's why we have that flood watch in effect. as we go throughout today and tomorrow, we will see additional rain in tex and oklahoma that's the battleground between the warm air and cool air.
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83 in chicago. doesn't get better from atlanta to the east coast. south florida, today and tomorrow good chance of on and off rain showers and a thunderstorm in miami. for the east coast, est don'get much better than this. more "worldwide exchange" when we come back it's great when you see a hundred orders come in, a hundred orders come in, but then you realize i've got a hundred orders i have to ship out. shipstation streamlined that wh the order data, the weights of , everything is seamlessly put into shipstation, so when we print the shipping ll everything's pretty much done. it's so much easier so now, we're ready, bring on t. shipstation. the number one ch of online sellers. go to shipstation.com/tv and get two months free.
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welcome back to "worldwide exchange." futures pointing higher today. facebook says about 10 million
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people saw the political ads on its site that were bought in russia before and after the presidential election. in a separate statement yesterday, facebook says it plans to hire 1,000 more people to preview ads and ensure they meet terms. walmart bought parcel for an undisclosed amount the retail giant says it plans to use parcel for delivery in new york city, including same-day delivery. tesla delivered a record number of vehicles in the third quarter but the company made fewer of the new model 3 sedans than expected. tesla blaming production bottlenecks for the slow rollout of the vehicle another missed forecast. >> a consistent story. >> they have trouble forecasting their production >> they're running tight they'll tell you they're ramping up at hyper speed.
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up next wash, a round up of top stories. we take you live to the nation's capitol. and saying good-bye to a legend the music world is remembering tom ttpey today who passed away last night at the age of 66. for the most important part of you... your brain. with an ingredient originally found in jellyfish, prevagen is now the number one selling brain health supplement in drug stores nationwide. prevagen. the name to remember.
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breaking news. the death toll continues to climb in las vegas following yesterday's mass shooting. we have the latest details president trump is headed to vegas tomorrow after touring puerto rico later today.
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we have more on the president's trip. and on wall street, a rally triple play as the dow, nasdaq and s&p 500 all hit record highs. we have your trading day setup straight ahead it's tuesday, october 3, 2017, you're watching "worldwide exchange" on cnbc. l good morning welcome to "worldwide exchange." i'm sara eisen this is my favorite. all of this music to honor tom petty who passed away last night at 66. >> he just finished touring a couple weeks go. >> so much to read about him all of the obituaries. an american rock star for shoe
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let's check in on global markets. u.s. equity futures showing continued strength for stocks after the dow, s&p, nasdaq and russell 2000 finished at record highs. dow futures are up 37 points, nasdaq up 5. continued strength in the u.s. economy, that certainly helped treasury yields. let's show you the ten-ye yooe-e yield, yields higher above 2.36 this morning. we're looking at a bit of a breakout just when we think sometimes there's a breakout, we go back down we'll see if this holds. >> it's been sticky. you have this talk that industrial acceleration perhaps in the u.s., all people pointing out that the fed doesn't look like it will look at near-term data, it will go in december
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so people thinking reflation cyclical trade again >> higher rates. for now it doesn't feel like the market is too spooked by the shrinking of the balance sheet >> it will start so small. everyone absorbed the idea that it won't be dramatic >> big moves in asia despite mainland china and south korea been closed today. the japanese market up 1%. more firmly above the 20,000 mark on the nikkei hang seng up more than 2%. mainland china closed. australia backing off. in europe, quieter trading a bit more of a mixed picture. spain is down about 0.1% italy flat same with the uk and in france up about 0.2 as for the broader market, oil is soft. wti down about 0.1%. 50.53. brent, 56.08
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also lower as for the u.s. dollar, this has been a story stronger dollar, especially against the japanese yen the strength continues 113.05 that propelled the nikkei overnight. loving that weak yen to the highest level for japanese stocks since 2015. the euro has been weak after the catalonia violence and vote over the weekend raised some key political questions about disunity in europe it's firm today. it's stuck around 1.1750 or so as for gold prices, weaker off the back of that stronger u.s. dollar going the other way down about 0.2% this morning >> turning to the wall street agenda, the latest read on the health of the u.s. car market with september auto sales. they'll come throughout the day. on the earnings front. results from lennar before the opening bell. the death toll in las vegas rising to 59 just more than 24
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hours after the mass shooting. more than 500 people are injured after the lone gunman, stephen paddock, began firing at a crowd of concert goers from his hotel room in the mandalay bay hotel the shooter is described as a wealthy retiree who traveled to federal governme vegas to play high stakes poker. firearms were recovered his home the question is the motive that's not something that law enforcement knows. jane wells is there. president trump will visit las vegas tomorrow he called the shooting an act of pure evil. today the president does continue his plan to tour puerto rico that visit coming nearly two weeks after hurricane maria made landfall there let's get more from eamon javers
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about the schedule and the controversy surrounding this trip >> an american president touring a disaster zone after publicly feuding with some of the people in that disaster zone. the president will leave later this morning for puerto rico here's how he described yesterday the federal response there. >> there's never been a piece of land that we've known that was so devastated, the bridges are down, the telecommunications was not existent, it's in very, very bad shape. the electrical grid was totally destroyed. we have gotten tremendous amounts of food and water and lots of other things, supplies generally speaking on the island so we'll be going tomorrow morning first thing very early >> the president has been feuding with local officials in puerto rico over the fate of the federal response there here's some of the tweeds from over the weekend saying results of recovery efforts will speak much louder than complains by
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san juan mayor doing everything we can to help the great people of puerto rico. he also said we have done a great job with almost impossible situation in puerto rico outside the fake news or politically motivated ingreates people are starting to recognize the amazing work done by fema. all buildings inspected for safety thank you to the governor of puerto rico and all those working so closely with our first responders fantastic job. we expect the president to spend about five hours or more on the ground in puerto rico. he will begin with a briefing on the hurricane damage at the national guard air base there. he will meet with some local officials. importantly, the schedule that's been released so far indicates the president will not be meeting with the mayor of puerto rico, who he has been feuding with over twitter and over the television airwaves. that's apparently an encounter we won't see while he's in town. >> as for fema relief, are we
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actually seeing enough money flowing to puerto rico there was some questions about this, it's territory, not a state, is it getting enough money, enough attention like we saw in florida and texas what federal officials have said is they have enough resources to handle the disaster inpuerto rico the difficulty is distribution on the island once the ald gid . there the road network has been disrupted, finding enough truck drivers able to work and not tending to their own families is a challenge. a lot of it is once they get to the aid to the island, getting it out to the people who need it that's been the challenge. >> i'm just reading a report from axios, totally separate, bannon warns end of everything if trump supports gun controls every time we see these mass shootings in the united states the gun debate heats up. do you expect to hear anything
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out of the white house or the administration on this issue or will they dodge it completely? >> i don't expect we'll hear anything at all. i think bannon is right. not the end of everything but the end of the president's political coalition if he were to support gun control that's one of the central tenants of his political base. i don't think the president can move on that i don't think he's likely to do that i don't think congress will move on it at all congress did not move on gun control after sandy hook, and we saw all those children murdered. congress didn't move after a democratic congresswoman was was shot and congress didn't move after a republican congressman was shot so i don't think they'll move after this one the politics of this are set in stone, unless something major changes in american politics, i don't see gun control moving in a republican congress any time soon >> eamon javers, thank you very
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much wells fargo's ceo, tim sloan, heads to capitol hill this morning to face the senate banking committee. he will be pressed on the handling of the massive fake account standal. sloan will tell lawmakers the company recognized too late the full scope and seriousness of the problems in the community bank but that wells fargo is a better bank today than a year ago. sloan's testimony comes about a year after his predecessor john stumpf's hearings, which played a big part in his resignation. bf wells fargo shares have been quiet. not performing quite as well as jpmorgan which it used to do >> and banks have resumed their leadership position with the higher interest rate moves also in washington today, former equifax ceo, richard smith, will face a tough grill big lawmakers. topics likely to be focused on
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why it took 40 days to notify the public about the data breach equifax revised the number of people affected by the data breach to 145.5 million people let's head back to the soan conference in tel aviv joining us now from the conference is richard machal, founder and ceo of cincest management richard, good to see you this morning. thank you very much. lay out the idea that you told the assembly there, pharmaceuticals has some downside >> great to be here. we believe that this company has had a very checkered past. it's been under investigations by various u.s. attorney generals for several years now they had several employees plead guilty to kickbacks, fraud
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charges. they had doctors they sold doctors to plead guilty and go to jail. now they have several of their top -- ex-top executives under indictment most key to this is the head of the reimbursement center who pled guilty in june. we believe that really solidifies the case against the company for insurance fraud that they were basically lying to the insurance companies in order to attain reimbursement for their drugs. the drug in question is basically -- represents 90% sales of insys that drug was approved for cancer patients who had pain, but yet they were actively marketing it just for break through pain, and not to cancer
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patients indeed over 80% of the prescriptions of the drug were not for cancer patients. they were also paying a doctor's speaker fees which were really kickbacks rather than speaker fees they've been charged with that we think that these lawsuits will come down hard on them from the states, from the u.s. justice department, from the private insurers it's the sthook will head lock d lower from here. >> what about the increasing scrutiny from federal regulators as it relates to the opioid crisis in the united states and whether this company shares some blame. >> claire mccaskill held a hearing on insys to detail these allegation against the company some allegations have been
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proving in a court of law. some have resulted in guilty pleas. and again, in some -- some ex-top executives are under indictment now he would believe -- and the company is being sued by insurance companies. we believe the weight of those lawsuits will far exceed the company's ability to pay >> all right insys, the stock down to 10 or so from above 30 a year and a half ago richard mashaal thinking there's more downside still. >> coming up, how to stop russian robots from hacking our elections. one lawmaker has an idea the must-reads are next. and later on, the risk to the rally. why one market pro has some serious concerns about the white house tax plan wheel explain when "worldwide exchange" returns. i love you, couch.
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welcome back to "worldwide exchange." i'm sara eisen here with mike santoli. time for some must-read stories. my pick in the "washington post," how to stop russian robots from attacking the next election melvin's profile painted a picture of an all-american family man from harrisburg, pennsylvania a dad who liked baseball, cared about his country. but turns out melvin was hiding
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something. he wasn't a real person. he was fake account created to influence the u.s. electorate. sort of putting a face on what they have been hearing, the members of congress from facebook executives on the russian hacking buying political ads and fake accounts that influenced the electionor that millions of americans saw during and after the u.s. presidential election >> notable that facebook kind of initially said everyone has to be a real person, verifiable person that's different from twitter. if it's happening on facebook -- >> so facebook is hiring more people to vet. now you're seeing a regulatory push a bill being sponsored requiring more public disclosure around advertising and the way we see it in print and television ads >> i will say 1,000 new employees to look at ads >> seems small >> 1$100 million a year in
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margins. >> i was going to say it seems like they could hire 10,000. >> my pick is in the "wall street journal." this is entitled sec plans to collect too much information it's about an effort to log every trade including personal information of the people who make those trades. the way forward is clear the s.e.c. should eliminate the collection of sensitive personal information for the consolidated audit trail as it is unnecessary to achieve the s.e.c. policy goals. they basically say you will make this database a target for hackers it will have every individual social security number and all that personal information. why do you need that >> at a time we're all keenly aware of that. 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. have a favorite tom petty song >> not specifically.
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i guess i remember more than any from "silence of the lambs." you know how a movie can sear a song into your brain, "so american girl. i was listening to your conversation about privacy that's on my mind that the nexus of freedom and privacy and what we'll do to -- do we all need to walk through a metal detector now? these are -- in a free society, there's soft targets everywhere. around times square, there's so many around here i don't know how we will all feel about waiting in lines to check into a hotel at this point, you can walk into a lobby of a hotel with a ski bag, and if you're there for three, four days, you can bring
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ten suitcases up to your room. if you're planning any horrible situation like this, unless you live in that area, you're staying somewhere. you know, to see something, say something, maybe there's a way to firm things up. whatever we do, we'll give up privacy. any way, just something i was thinking about we have warren buffett on. becky is out in omaha. we have richard fisher at:00 a.m. that's the big news today, we will hear from oracle. becky will ask everybody question on every investor's mind, may bring up the santoli bottom at 2316, now that we're at 2529 on the s&p that may be -- is now the time not to chase the market? i don't know you will never live that down, mike >> yeah. at least with you. >> well, i mean -- you know,
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just hopefully everyone forgets. >> you should ride the rally, not chase it semantics. >> buffett usually says that usually has some -- >> he's only talking about 4% a year for the next 100 years >> nobody can tell my senator corker from my warren buffett. >> we'll see you guys. up next, a rally red flag. why one strategist says don't get excited about the new tax plan he'll make his case next when "worldwide exchange" comes right back okay, i never thought i'd say this, but i found bladder leak
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>> the latest push higher, at this stage the market is having a party. it's positive sentiment. >> >> a september party. >> exactly a party, it's ghoulish season, the markets are making all-time highs across the indices the most recent thing is the tax promises but we have to say as of last week, we're disappointed with the lack of prioritization with this plan. now don't think we'll get a tax cut into 2017. this looks like it will spill into the spring of 2018. we think we're likely to get a corporate tax rate, the more this gets delayed, the greater the risk this doesn't get done at all you mentioned seems like positive sentiment the market has found reasons to stay grinding to new highs
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but there has been a rotation the last several weeks >> no doubt. >> is it wishful that people say we will buy the cyclical stocks, financials >> there's no doubt that there's small caps, value stocks >> laggards. >> there's always these kinds of relief rallies, mean reversion phenomenon when i look at small caps in particular, there are over 20 times this year's expected earnings they are most -- they would benefit mostly from a corporate tax cut, but are most dependent on the tax cut i think a lot has to do with the expectation of a corporate tax cut, i would say that's premature to be reacting to. this is not likely to happen until next year. secondly we felt the fed would signal an intention to hike in december and that yields would climb. we like big banks. but we think most small banks
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and most value stocks are too expensive. >> big banks what else >> what we like? we like tech we like healthcare we like big banks. but we don't like value stocks in the u.s., particularly not energy stocks. smaller banks. we think you're better off buying energy industrials, materials out of europe. it's true the economy is doing fine it's true that the earnings growth has been healthy at the s&p. but we think the valuations at this stage are just -- we're bullish on the market. but the market is beginning to borrow from the future we think the market is vulnerable to a 5% pullback. at ihank you th'st for us "squawk box" is up next with warren buffett
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♪ can i kick it? ♪ yes you can ♪ can i kick it? ♪ yes you can ♪ can i kick it? ♪ yes you can ♪ well i'm gone
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good morning breaking news. the death toll continues to rise in las vegas following the deadliest mass shooting in u.s. history. we're live on the scene with the latest in washington, executives are in the hot seat on capitol hill over wells fargo's fake account scandal. and the equifax data breach, we'll tell you what to expect. on wall street, stocks climb to another record high a full market rundown is straight ahead and don't forget warren buffett, he'll be on at 8:00 wifor a full hour with becky who is i oklahoma on this tuesday, october 3, 2017. "squawk box" begins right now. live from new york where business never sleeps this is "squawk box. >> good morning. welcome to "squawk box" here on
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cnbc live from the nasdaq market site in times square. i'm joe kernen along with melissa lee. andrew is off today, but becky is in omaha, went out there for us for-do -- to bring warren buffett to us and for all of you at 8:00 a.m. we'll talk taxes, wells fargo and the account scandal and a lot more sitting in with us for the next hour, richard fisher, former dallas fed president. >>

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