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♪ come fly with me let's fly let's fly away ♪ >> good morning. welcome to "squawk alley." i'm carl quintanilla with morgan bren and jon fortt cnbc's parent company preparing for a takeover julia boorstin joins us with more. >> this news could point to a bidding war brewing. sources tell cnbc comcast is preparing to make an all-cash offer of $60 billion for fox's entertainment assets that would top disney's $52 billion all-stock deal, pending approval to acquire fox's entertainment assets comcast talked with investment banks. in the very early stages and hinge on whether the government approves at&t's acquisition of time warner, which would

indicate the anti-trust environment. if fox goes with comcast offer, disney would get a $1.5 billion breakup fee. comcast is bidding for all of sky, putting the total close to $100 billion on this news we see all the company's shares moving. fox shares are higher by nearly 1%, disney shares down by more than 1% and comcast shares off by more than 4%, ahead of disney earnings, after the bell this afternoon. disney earnings projected to grow 13% while revenues are expected to grow nearly 6% disney results should be bolstered by its studio and "black panther" that opened halfway through the quarter, as well as its ongoing investment in theme parks with rates on the rise also watching pressures on espn and adoption of the new espn

direct to consumer app, which just this morning announced a new distribution deal with the ufc. we'll sit down with bob i gechlt r after earnings cross around 4:00 p.m. eastern. >> we can't wait for that, julia. see you then, if not before. julia boorstin, watching disney and comcast today. apple inching closer to a $1 trillion market cap. we had the earnings beat, massive $100 buyback, share endorsement from buffett helping to push the stock to all-time highs, best six-day runs since 2009 joining us is the dean of valuations and finance professor at nyu, cnbc's market commentator mike santoli whether the dow would have bounced off the 2 hyundai without all this happening. >> you look at everything that's

happened with apple this period. it's almost a rounding to trillion large stocks and bull markets go up without anything new happening. the question is, is apple right now at the end of one of these big runs it tends to go on or can it barrel on from here >> when you're trying to value apple, how do you do it? it occurred to me this morning that apple is becoming a little more like disney in a way thaemplt trying to avoid being hit driven with just the iphone. you've got the services business, a little bit like theme parks. it gets the ancillary benefit of iphone sales you have the accessory business, which is like merchandising. then you have side businesses like the ipad, abc and the mac is espn. is that how you view it, as a portfolio approach that used to be more hit driven >> i think they're trying to build an ecosystem around the iphone they know how dependent they are on the iphone for the cash

flows. the iphone is such an incredible cash machine no matter what they build on the side, the evenths have to be really large for us to notice it this is a company that has generated $515 billion in cash for its stockholders the last five years it's returned to $84 billion but a company with a problem that most companies would like to have there's so much cash coming out of the iphone they don't know how to return it fast nough. >> mike, we just show ed a graphic with a market cap of the biggest tech companies is this a foregone conclusion with apple, market cap of $910 billion, what it would take in terms of a move for the upside of this company? >> you could never say that amazon couldn't gain another one-third in market cap before apple went up 10%, but it would be a very strange market if that, in fact, happened. $1 trillion is a fascinating number nobody ever got there.

even with inflation adjusted it's big in the percentage of overall market apple is 4% right now in the past the biggest company in the '80s or '90s was at&t or ibm, they were 6%. i do think the overall market matters a fair bit also the valuation everyone always points to the fact that apple cosmetically looks cheap, trades at a discount to the overall market part of it is because of what we're talking about, still being kind of hit driven and still has to kind of create these two to three-year kind of new upgrade cycles and that's changing, but right now services is only 15% of revenue. the market is not going to value that higher just yet. >> you mentioned the cash generation out of this machine historical precedence for that has anything compared to apple in the past on that front? >> nothing of this magnitude the one impressive thing i want to point about apple, and its

race against amazon and google, rung a marathon with 300-pound weight on your back. in spite of that, the market cap has gone up. that's what makes it such an impressive company amazon's market cap rises, but it doesn't return the cash that apple does so if it does get to $1 trillion, it will be in spite of having returned $400 billion of cash along the way and that's an impressive record to have. >> mike, could it be bad i mean, every time stocks, particularly apple, reach a new milestone, get close to one, people start misusing the law of large numbers. >> exactly. >> we've seen apple take spectacular dives -- i think it was before a quarter of a trillion, half a trillion. does the action in the stock suggest that this could be something that freaks people out? >> i wonder, yeah, jon, if it could be a culmination moment as

opposed to blowing right through it it would make a lot of sense if it went up 10% from here i don't know if it means that much for the overall market. it would be really cute if somehow the overall market said wow, we have a trillion dollar company now. we've over done it what's fascinating is that apple, the people who run apple seem completely uninterested in this, right? they're buying back stock. kind of working against the idea of maximizing its market cap by the way, the unleashing of the cash, repatriation and all that is only helping it. every time someone says apple looks cheap plus it has $200 billion in cash. that's too much to use in a smart way. it's almost like we have to put a discount on that because that's fuel for doing something silly but they've never done something silly, but you never knew. >> that's a good point for all the cynics who say they should have bought a combination

of netflix, disney, tesla, uber, can you imagine an m & a scenario that would have been better use of that cash? >> i am amazed at how disciplined they've been i can only imagine the number of bankers and consultants who visit them saying you should buy this, you should buy that. i'm impressed with the fact that they've held back. i think they could have created a lot of damage to their stockholders along the way had they gone out and bought one of these companies. >> the amount of uproar that apple met when they made a trivial size, how it was going to corrupt the brand and culture, maybe that was a deterrent to go on and do anything big and bold. >> thank you for joining us. >> thank you. watching oil here very closely. below 69, as we are waiting the president's decision on the iran nuclear deal this afternoon. i think we'll go to michelle caruso-cabrera on that.

>> just in the last hour president trump spoke with french president macron, ahead of that much-anticipated 2:00 p.m. announcement from the president on what he has decided about the iran deal. part of a last-minute intense diplomacy going on to try to convince the president of the merits of the iran deal that he despises so much meeting with secretary of state mike pompeo, vice president mike pence and national security adviser john bolton. as to what the president will announce today, the consensus is that he will say that the u.s. is leaving the deal. however, how that exit happens is anybody's guess they're tossing around the idea of a hard exit versus a soft exit the president has many choices of what he could do. from a market perspective, investors want to know what it will mean for oil supplies the president could announce something that forces other countries to immediately begin reducing how much iranian oil they purchase or else there will

be sanctions imposed on them europeans are unlikely to go along with something like that this time around so, it won't have as dramatic an effect if, indeed, jon, that's what he does we still don't know what's going to happen at 2:00. >> indeed, we do not thank you, michelle. meantime here, michelle, stay with us oil is down almost $3 in a hurry. there are some things on the tape here suggesting that the decision we get at 2:00 may not be as clean as we expect, but that's -- we'll have to wait until 2:00 to get a more -- a firm view on what the white house has in mind but this is an extreme decline in a couple of

minutes. >> also worth noting that one of the groups rallying today is defense stocks companies like lockheed martin, raytheon, that are higher right now. a, because defense stocks are defensive. b, because if you see a change in terms of this policy, whatever that ultimately looks like in iran, these are companies that, you know, could potentially be seeing more orders for their products, like missile defense. >> when we come back, uber ambitious uber plan. could flying taxis be a realistic mode of transportation in a few years the way taxi drivers go, i don't know more "squawk alley" mi ucongp.

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and it's "daditude". simple. easy. awesome. xfinity. the future of awesome. one more touch on oil below 69 cnn had a headline around five minutes past the hour saying that the president is expected to announce he will allow sanctions to go forward on iran but the sanctions could take months, and this would be a step toward withdrawing from the touchstone nuclear agreement, as they say, but not, perhaps, an immediate withdrawal from the deal so, with that, you saw crude come back after setting those 3 1/2-year highs yesterday. >> a lot of question with what is going to happen here. echoes of the buzz before the paris climate accord move from

trump. nobody knew exactly which way he was going to go and the reverberations is still going to be felt. >> i think the key word will be time how much time is enabled in this process and what -- how that time is used in terms of potential further negotiations. >> all right back to our top story of the morning. you heard julia boorstin at the top of the hour, our parent comcast preparing an all-cash bid to take over most of fox's entertainment assets they will only make the move if the government approves at&t and time warner merger morris mark is joining us on the phone. how do you think this is going to play out? as a correlary to that, what do you think judge leon says in the middle of june >> i think all this does is

raise more questions than answers but we do have some interesting answers. and i think that a lot will depend on not only the specifics of the decision but the details of the decision. but we learned a couple of things so i just will sort of take it at that. >> morris, it's jon. how do you read the market's reaction to comcast, which has been negative as the deal buzz has gotten louder and louder is this a repudiation or just maybe a feeling that they expected comcast to do something else with the profits it's within bebeen accumulating over time >> i think everybody is disappointed, including myself as a comcast shareholder i have a great deal of respect for the management of all the companies involved we have a token position in

comcast. the reason that i think everybody is disappointed is comcast is really in two businesses and apparently if this story is true, they've decided to emphasize the future of the smaller business and it has to be at the expense of the bigger business. comcast is one of the largest communications service providers in the country it has a great, very rare, valuable asset, which is universal broadband throughout the system and that's key to the creation of 5g. you need both broadband and tons of wireless connections. so comcast, if you chose to, together with charter, could become the leader in developing 5g and i think you can say they can walk and chew gum at the same time i honestly don't think so. i think when you look at the capital deployment involved, either in this kind of an

acquisition, which we doubt but we don't know will be consummated. i don't want to say that iknow because, believe me, i sure don't. capital deployment that will be necessary to complete a 5g system, which our government has determined to be a strategic necessity, i think comcast has made a choice and the choice it's made, subject to what happens, is that it believes it has a much more attractive future as a media company than as a communications service company. >> although, morris, people have made the point on our air this morning that the alternative is to allow those creative businesses, the media businesses to fall into the hands of other players, like an alphabet or amazon for whom profits are not as critical. once that's done you've let a big cat out of the bag. >> number one, the question is what's the future of media where is it going? and particularly what's the future of creative media we have a pretty good idea

and the idea is that the model that netflix has developed, the model that amazon has developed and the model that disney says it wants to develop, which is to integrate the creation process with the distribution process in a broadband, mobile world. and to do that, it will require capital and the ability that great media companies have, to combine great businessmen with a businessman that understands what it is to create new content. >> morris, what happens -- >> i think all these companies can do that but we know what the future is and that's going to require squal. i think the eventual returns will be enormous look at netf lichlt x. it's a relatively small company, it's profitable and its cash flow is growing.

it's investing that very aggressively in new content. >> morris, what happens if -- this is a big if -- at&t/time warner deal doesn't go through, does this put a damper on all the other potential m & a activity out there >> no, it puts -- i'm not going to guess on what the judge is going to do. i think it might be more nuanced than we currently think. to the extent it's not approved completely -- i understand the rationale behind that -- it just means that companies that own pipes won't be able to make acquisitions of media. it doesn't mean that other companies won't be able to the issue with respect to the at&t/time warner deal is the same issue you had originally when comcast was allowed to acquire nbc. it was allowed to do so with tons of estrictions. if you own a pipe -- i think this is even more, not less true in a broadband world -- you do

have an edge your edge is simple. there are no free services amazon is not a free service goog le is not a free service facebook is not a free service to get amazon, google or facebook i have to pay at&t or comcast both a minimum of $40 a month to get a broadband connection pipe companies are different i see the arguments in court i have no idea what the judge will do. i think that's what the core issue is. >> morris, stay close. stay by the phone. morris mark of mark asset management, thanks for the time today. >> you're welcome, carl. have a great day. u bechlt r eveber everywherh sky? flying to daily destinations a

reality? take a look at the interday s&p 500. equities are moving higher, hovengeathri nr e flat line, up about half a point more "squawk alley" after this

well, you would think they're having enough trouble with self-driving cars but uber making an ambitious announcement about flying cars. aditi roy is in los angeles with more aditi? >> reporter: hi there, jon this is what a passenger cabin in a flying car could look like. this particular model is made by bell, one of uber's flying partners there's plenty of room here, leg space for my bag, ipad in front of me. it can launch its air platform and is poised to do so by 2023 it would work just like when you call an uber on your phone app go into the phone app. eventually there will be an option for uber aerial

hit that option, head to your nearest sky port where you will find up to 200 vertical takeoffs and landings taking place. they will be standalone buildings or existing ones like shopping malls flying taxis will be hovering about 1,000 to 2,000 feet above ground, lower than a helicopter, and fully electric powered each taxi can do up to 60 miles on a single charge piloted at the beginning but eventually autonomous. company ceo agrees it's an ambitious goal. >> ambition is what has created this company from the very beginning. part of what made this company great is that we take big, bold bets that's part of the norms in the culture in this company and we think ultimately it's something that the cities of the future are going to need. >> and they're not the only ones making that bet.

uber has a lot of stiff competition in the skies, including airbus and kittyhawk by founder larry page. autonomous flying cars uber says they have a network they're working on so it's not much of a competition for them they say the cost will be the same of an uber-x trip of the same distance. first cities to begin this will be in dallas-ft. worth and los angeles in 2023. back to you. >> aditi, we can't even seem in this country to move forward in terms of a more favorable regulatory environment around drones, right? a lot of badge delivery companicompany s would like to fly drones. >> sure. >> how are regulators even looking at regulating this environment? i imagine that could be years out. >> reporter: sure, yeah.

this is definitely a challenge that uber is very closely taking a look at. in fact, we are at this elevate summit the whole point of this summit is to bring together a lot of the players to work through some of those challenges. the regulatory ones are a huge hurdle the faa's acting administrator will be here to talk about those challenges other challenges include also managing that air space, air management system and something as simple as extending battery life of course, as we mentioned, these will be electric powered, will go about 60 miles on one charge and they want to extend that even more. >> wow well, we will literally see how far it goes, aditi thank you. and now we are seconds away from markets close nth uk and across continental europe. and seema mody is here with the close. seema? >> interesting story out of europe today stocks mostly in the red there's political uncertainty out of italy that is sparking a sell-off in europe that country could be headed for

another snap election as early as july after the parties rejected cars by the president to rally behind a mutual government until the end of the year the elections in march resulted in no party or coalition gaining a majority to govern in parliament shares ending down 1.6%. take a look at the bond market parties are still pulling strongly, italian ten-year yield rising to a six-week high on the possibility of this new snap election in the media space, sky moving lower on our reports, a $60 billion for fox assets, fox currently owns 39% of sky. shire up sharply after acquired by takeda. they had rejected several prior offers looks like today we've got a

deal morgan >> thanks, seema seema mody when you're looking at european stocks, totale is lower today ahead of this news from president trump. professional gamer how he managed to get signed at the age of 13 and cashing in on the fortnight craze. dow is up fractionally, just about a point. eall" rahtwk aeystig ahd. because, when you really, really want to be there, but you can't. at cognizant, we're helping today's leading media companies create more immersive ways to experience entertainment with new digital systems and technologies.

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at what they do is indispensable, and i couldn't ask for a better partner. >> good morning once again, everybody. i'm sue herera israeli prime minister netanyahu says iran is planning on naval bases in the mediterranean he spoke of an iranian aggression towards israel. >> it's important for everyone if they reach mediterranean, they plan to establish naval bases for iranian submarines this is a palpable threat to all of us. after an apparent short circuit, a bus explodes in roam.

people watched in awe as the flames engulfed the bus this morning. here at home, university of cincinnati has revoked bill cosby's honorary agree from the school, joining two others who have done the same yale, temple and carnegie mellon revoked those honorary degrees after his conviction last month. you're up-to-date. back down to "squawk alley." morgan, i'll send it back down to you. >> thank you, sue. sue herera at hq we could get insight to google's future plans. in mountainview, california, with what to expect, josh lipton josh >> reporter: morgan, as usual, google is tight lipped about exactly what will be unveiled in this developer conference today. google does make major announcements at this conference with the latest developments to androids the expectation is that we'll see them release a second developer of android p no official name just yet, those

popsicle is apparently a top contender. perhaps we'll see more changes to how people interact with notifications and improvements to both security and battery life also sure to be in focus today here will be ai. making it clear that artificial intelligence is the cornerstone of his company's future. >> new opportunities for everyone just in the last few months we've seen some amazing applications, from farmers in georgia using flow to improve the health of their herds to our own researchers who figured out how to use techniques to assess the person's risk of a heart attack the possibilities of ai in health care are truly exciting. >> now remember at last year's io, google announced plans for a stand-alone vr headset its partners follow through on devices like the $400 mirage

the question people have is whether google will use the conference today to push harder into ar and vr, where global spending is expected to reach a combined $18 billion this year as this conference kicks off, alphabet stock hasn't done so much this year it's basically flat year to date sundhar pichai's keynote starts at 1:00 p.m. and we'll bring that to you. >> popsicle and ice cream sandwich what is it with the dessert? >> parfait might also be a contender. everybody likes a parfait. >> thank you, josh. bob pisani is at biig's charity day. he had that big interview with gary cohn, his first since leaving the white house. >> and very wide-ranging topics with mr. cohn. of course, he left a couple of months ago, recently said that he was interested in new opportunities but, of course, he

left after the president unveiled steel and aluminum tariffs. mr. cohn insisted and reiterated again he does not support tariffs. however, he also said the president does not want a trade war. >>y think anyone wants a trade war. no one wins in a trade war and i think everyone understands that no one wins in a trade war. what we do need in america, and what i think everyone does believe in -- and we talked about this since day one of the administration -- is free, fair, open and reciprocal. what the team was talking about when they were in china was opening up more chinese markets to u.s. goods, u.s. services, u.s. businesses. >> and i asked him about his greatest contribution while he was at the white house he, of course, mentioned the tax cuts any unfinished business, anything that he regretted he did say he felt that there were -- or there still was some unfinished business with the tax

bill. >> the one thing that we regret in not having been able to do in the original tax bill was the personal side expires. we would like to go back and make the personal side permanent. we believe that the individuals deserve a personal tax reduction and we need that to be permanent. we do not want that to expire. >> and i also asked him about life after the white house he seemed very relaxed, happy. he has had many job offers here. but he said one in particular would involve working with young entrepreneurs. >> i'm less inclined to do board work for existing companies and much more inclined to get involved with younger companies. one of the things that i really enjoyed was the time i spent with young entrepreneurs working with young entrepreneurs, whether it was, you know, uber,

when working with travis, spent a lot of time with elon musk, drew at drop box i can go through a long list and i miss working with the young entrepreneurs. >> he also mentioned another organization, not a charitable organization, but not a publicly traded organization that had approached him that he was very interested in being involved in, in a way of reorganization although, he wouldn't say exactly what it was. a lot of opportunities open for gary cohn. back over to you guys. >> good stuff, bob very productive interview. gave our market a lot to watch today. oil is bouncing here as the times hases now contradicted an earlier headline on cnn. rick santelli, what are you watching >> watching yield in tens realizing we've had two -- count them, two, close above 3% since mid 2011

are they really going to 4%? we'll talk about that after the break.

i'm brian sullivan in for scott wapner big news on the banking. mike mayo is with us, live plus the defense stocks to own if president trump drops out of the iran deal today. and risk and reward, a big story emerging out of the

emerging markets "half time" kicks off at noon eastern time back to carl. >> thanks, brian. michelle caruso-cabrera joins us from the news desk to make sense of these contradictory headlines at cnn and now "the new york times," why that caused oil to fall and then bounce. >> let's tell you what jucht came out of the nork ti"the new" story. oil has recovered about half the losses we saw earlier. they're reporting that the u.s. is preparing to reinstate all the sanctions it's waved as part of the accord and new additional penalties as well. we talked about the myriad of the possibilities that the president could do today he could say not only am i going to get rid of all the waivers on the sanctions that were due this saturday, may 12th, he could also say, you know what? i'm doing july as well, because there was a whole other round of waivers coming up. and then he could do even more

it appears he has moved toward the hard exit possibility in terms of what kind of sanctions they are going to reimpose on iran at this point and i think that is why you saw oil come off of its lows i read through the cnn story, much more nuanced. once you understand the whole process i'm not sure there's not a lot more news there, except that he is planning to get rid of some of these waivers, which means they'll have to reimpose sanctions on iran. and then there will be some kind of nuance, diplomatic period that unfolds as a result of that right now "the new york times" making headlines with all sanctions reimposed at this point with even more to come possibly today this, after the conversation he had with french president em macron. >> based on the reports we're

getting, no one seems to expect that the president is not going to start to move toward pulling out of the iran deal it's going to be, as you've been reporting all morning, that the devil is in the details and how that process plays out. >> i think that's a spot-on analysis there it's going to be a matter of degree and what kind of arts they use, legalistically, in order to not try to trigger things like the dispute process of the jcpoa, the so-called iran deal there's lots of things to consider here. i think that's a correct analysis, morgan. >> michelle, thank you so much michelle caruso-cabrera. now let's get to rick santelli and the santelli exchange rick >> thank you jamie dimon in a recent interview said we should be prepared, could easily see 4% on benchmark yields i'm sure he's referring to a

ten-year yield though not much separates tens and 30s what the president will see at 2:00 eastern regarding iran or how thing also turn out with regard to tariffs. that being the uncertainty of can rates move up that quickly is the market prepared are we prepared in terms of iran what's the president going to do in terms of trade? will there be a trade war? i think the actual answer is similar as well. set your eyes on the prize, okay the president probably doesn't want a trade war we heard that from mr. cohn. with regard to iran, we had visits from merkel and macron. poker nolg here, check to the high bidders he may have a lot of nuances here i think over time he will tell europe, if you think you can build a better mousetrap it's all yours for x period of time the same could be said for interest rates the nervousness and the uncertainty make 4%

uncomfortable. in the end we have a couple of friends in this issue regarding rates and moving up too fast and that's called the yield curve. ultimately, i think the fed would like to put rates -- make that normal rate of overnight funds, whatever that final rate is, as high as possible. they want as much insurance for an eventual turndown i think something else jamie dimon says, recession possibility is 100%. what we don't know is when that may occur. same here, if the fed gets too aggressive they'll invert the curve. i think there's a governor built into the system. there is always an outlier and that's stagflation in order to get 4% you'll have to have more growth and more tangible, verifiable levels of inflation. without those the fed would most likely incert the curve, unless you have stagflation, outpacing

growth to the point it gives the fed room and it doesn't invert the curve. ultimately, we probably need to get close to 3% growth to see a 4% ten-year note can we get it? we should all hope we do back to you. >> thank you, rick santelli. the youngest professional fortnight player how he managed to get sign at just 13 and cash in on the craze. quk le bk teth"sawaly"acafr is feel that? that's the beat of global markets, the rhythm of the world. but to us, it's the pace of tomorrow. with ingenuity, technologies, and markets expertise we create the possible. and when you do that, you don't chase the pace of tomorrow. you set it. nasdaq. rewrite tomorrow.

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i maintained my job that i was working at noodles and company, and i stayed in college while i was doing all of these things i continued to do well in school and focus on, like, the future of my life as well as working, streaming and competing in halo. it was one of those things where if i was doing well in school, putting in the time and effort there in soccer as well, that i would be rewarded to play as many games as i want >> that was pro gamer tyler ninja blevins on our air, talking about balancing work, school, and professional gaming. but what about all those aspiring ninjas out there? like kyle jackson. he's starting to learn a little something about that too jackson is 13 years old. he's from kent in the uk, across the pond he was signed by the pro esports team, team secret, making him the youngest professional

fortnite player ever i asked what gives pro gamers the edge over the rest of us and what makes fortnite so special >> fortnite is unlike any game out there right now. there's so much, so many different kind of things you have to do that you don't do in any other game it's a lot different i can't think of a game off the top of my head that you have to build like you do in fortnite, how you play in rotations and strategies i think it's a lot different than many of games, and that's why i enjoy it so much >> so you were talking before about what makes one gamer better than another. the strategy aspects, as opposed to just reaction time. it sounds like you're saying this is a game that pulls in a number of different elements of what make a great gamer, and that's what makes it unique. what about in team play? does that make it even more, i guess, complicated

or enriching or challenging in team play, because there are so many different facets? >> yeah, definitely. i think if you have the four best players in the world, but they didn't have chemistry, i don't think you definitely wouldn't play as well as other teams in tournaments i think what's special about our team is we have good chemistry that's why we perform as well as we do in all of these tournament matches. >> so it's just like anchoring, morgan all about the chemistry. it's not just about -- yeah, so fascinating guy. he wasn't really into, plugged into the business aspect of his pro career but he stayed up a little late, sacrificed his work time to school me a little bit on the business of fortnite and being a pro. >> we can snicker all we want, but we have ea earnings tonight. this is why the businesses are working. to a large degree. >> and we've already seen that play out in act avision share price ahead of their earnings last week.

lod logitech got a lift. it's great he is not allowed to game after a certain hour in the evening, and he, too, has to maintain his grades. >> 9:00 p.m. curfew, and yes, astrophysics is like his side hobby. aside from his pro gaming career i think kyle will be fine. >> we need a fortnite on ft. knox just saying. >> got to work on that yeah >> your name, man. you take ownership >> take a look at the major averages obviously, there's going to be cards close to the vest ahead of the iran decision at 2:00. the market is largely unchanged. "squawk alley" is back in a minute at fidelity, our online u.s. equity trades are just $4.95. so no matter what you trade, or where you trade, you'll only pay $4.95. fidelity. open an account today.

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so far this morning. at the narrowing intraday range for the dow since april 18th obviously, a lot headed our way. the iran decision at 2:00. disney, ea, marriott, apple up for the longest day. >> shorts must be hurting on that one because the narrative they're promoting is all about the i phene number the number itself wasn't that great. but the rest of the business, the iphone x's performance

within that, was pretty strong and then elsewhere in tech, kind of a weird day a rally of the unloved blue apron up better than 11% its market cap is still around the half a billion mark. so it hasn't done well overall, but over the past month, the past week, wow >> yeah. >> when you look at what's outperforming, industrials is one of the sectors to keep an eye on expediters international is up 8% on better than expected earnings they're involved in moving a lot of freight from asia, places like china to the u.s., back and forth. to see those strong numbers amid all of the talk around trade tensions that we have seen take note. >> obviously, a big day for media also, with this comcast news we have been talking about all day, and disney tonight. julia is going to talk to bob iger on closing bell you want to listen for that. hear about all their plans, whether it's m&a, certainly espn, and we'll continue to watch the crazy action in oil. i tweeted earlier this morning,

you have to pity the oil traders who are having to compete with some of these headlines that are either conflicting or in varying ranges of scope. >> the volatility, though, for a while, we weren't seeing much of it >> yeah, it's back today let's get over to brian and the half thank you, carl. jon, and morgan. thank you very much. i'm brian sullivan, in for scott wapner today we start with breaking news on that oil. reacting to a series of headlines on whether the president will exit the iran nuclear deal we are expecting that announcement live at 2:00 p.m. eastern time obviously, we'll carry that on cnbc, but right now, michelle caruso-cabrera at the breaking news desk with the very latest on what we know. >> the very latest, brian, is "the new york times" has posted a story where they quote someone familiar with the conversation that president trump had with the french president emanuel macron earlier today it was scheduled for 10:00 a.m they're saying as a result