it is 5:00 a.m here is your top five at 5:00. comcast making a $65 billion all-cash bid for parts of 21st century fox. the european central bank meeting now. their rate decision considered by many to be more important to you than your own federal reserve. secretary of state mike pompeo saying tough sanction also remain in place against north korea. elon musk putting more skin in the game. we'll tell you what he did with tesla stock. and bitcoin trying to recover many a recover, but many are asking

what's behind the big slide. it's thursday, june 14th, 2018, "worldwide exchange" begins right now. ♪ good morning welcome from wherever in the world you may be watching. i'm brian sullivan here's how your global markets are setting up thursday. once again, not much help. futures are flat, maybe slightly down 9 points it is early. remember, that ecb decision in just under three hours certainly could be a market mover. it's so important that steve liesman will be here with what you need to know from the european central bank in a bit we begin with a huge proposed d deal in media. our parent company, comcast, bidding $65 billion for the entertainment and movie assets of 21st century fox. it is a deal that could reshape all of media that is unless disney comes in with a higher revised bid.

let's get to all the details with leslie picker >> it's objenly going to get mo interesting here comcast putting forth its official bid for much of fox's assets yesterday the number to note is $65 billion. $35 a share in cash, 19% premium over the all stock bid the disney bid was worth $52 billion when it was announced. it could ignite a bitting w inb for the assets the court decision earlier this week enabling at&t to acquire time warner without much in the way of divestiture paved the way for comcast's move last night. comcast said they were highly confident they could obtain all necessary regulatory approvals, and was likely or even more likely to receive those approvals than that of disney. comcast agreed to pay the same reverse break-up fee, 2$2.5

billion in the event of an antitrust situation and offered to reimburse fox for the 1$1.5 billion break-up fee it owes disney fox scheduled a vote for july 10th, less than a month away comcast said it filed proxy materials with the fcc the deal is subject to approval by both fox shareholders and regulators comcast expects a close to come 12 months after signing if the deal does get signed 21st century fox acknowledged receipt of comcast's offer yesterday and said it will review it in consultation with advisers that july 10th meeting could be pushed back if necessary, but they say they have not really made a decision on that yet. >> leslie, a lot of legalese there. you cover deals for a living a 2$2.5 billion break-up fee, that's a big break-up fee. >> it is but that's the fee that disney

offered as a concession as well in their merger agreement. so what comcast is doing here is saying apples to apples we want to offer you exactly what disney did in its deal, except, of course, that $65 billion in cas number it's also important to note that number on a per share basis is higher than what comcast offered fox last year according to merger documents that were revealed as part of the disney deal also higher on a per share basis than that of the all stock deal, even based on yesterday's trading that disney offered. it's certainly an interesting time people have reported and speculated that disney is raising its own round of financing to compete with the comcast bid. it's unclear if they will put forth another bid. >> there's a lot of other considerations, are there not? we talked about it yesterday that the big winner is probably the rupert murdoch family.

comcast, our company, coming in with an all-cash bid disney has equity. there are tax implications as well is it likely if disney comes back they may add some cash into the deal i'm assuming the murdochs would want equity, not cash because of tax implications >> that's right. the murdochs, their economic stake is diluted down to 17% from a voting standpoint and they have to abide by the fiduciary duty of shareholders if disney comes back, throws cash in the mix and it's a l higher price than before, they have to vote as fox the company, they have to vote or at least they're urged to vote in whatever they believe will be not only the best in terms of fiduciary duty in terms of shareholders but what has the highest likelihood of closing. if there are antitrust risks or

sifi risks, not in this case but in other cases you may opt for the lower price tag. >> i have a sneaking suspicion that will not be your last time on cnbc today, is that correct >> i think you're correct. >> we'll see you soon. now that the at&t deal for time warner has been approved and the comcast offer is in. this crazy media world has gotten more interesting and maybe to you more confusing. given all the players, do not feel bad if it's hard to keep track of everything going on let's try to clear it up right now. first up, the biggest players who have tried to buy others or could be buyers of others, disney comcast and time warner and at&t, rather, they are on there. they have their deal disney, they went after fox. we know they're interested in possibly buying. verizon has been thrown out as a possible buyer if they choose to

mimic at&t's strategy. never count out libe ederty meda properties as buyers of whole companies or parts of companies. those companies along with comcast and at&t largely control the distribution that others need there are more companies who could be buyers or sellers let's walk through those cbs doesn't try to merge again with viacom or will cbs get bought we'll see what they do discovery, amc networks and lionsgate, they have the content that others need or want they could get bought or try to merge with each other and get bigger but they would still need distribution then there are the wildcards, companies who may jump in the merger game or can continue to go it along. these are the biggest and richest companies that you know. netflix, facebook, apple, amazon all these companies have been long-rumored to be buyers of content or entire companies.

netflix and amazon continue to spend billions on their own content. you heard laura martin yesterday on this show tell you that maybe amazon could make a bid for cbs just to get distribution you also have the soon to be joined combination of sprint and t-mobile hanging out there they could try to get something done once their own deal closes. it's media merger mayhem hopefully made more digestible let's bring in arash masoudi hopefully you could follow that at 5:05 eastern time in the united states. the comcast deal, the judge's ruling on at&t for time warner, that sets everything behind us in motion, does it not >> yes we have been in motion for several months now if you remember, brian roberts tried hard to buy fox and was spurned by the murdoch family.

when i spoke to you a few months ago when he was in london bidding for sky, i said there was a look in his eyes when he was sitting in our offices that he was not pleased the way that ended and this was just the beginning when he bid for sky. now the latest action, an all-cash bid it's fully on now. all the players are in motion. the key, key question here is can rupert murdoch really walk away it's flipped everything into motion the idea that a guy who spent his whole career assembling assets, building power and influence, will he walk away with a cash check that takes him out of the game and out of hollywood? is rupert murdoch going to walk away from hollywood? if he takes the cash from comcast, he'll be left with fox news, fox sports networks, fox business networks. >> he will be left with a more

giant chunk of change in his pocket though. >> yes, but he won't have that stake in disney which would have left him a major player inside a combined company where he could continue to exert influence. there's a big difference here. the disney offer gives murdoch a path to being a player in los angeles, hollywood, using that hollywood side of the world to build his empire the comcast offer takes him out of the game. that's a big difference. >> he will still be a big player in the news side, as you noted it is confusing. this offer from our parent company is for the entertainment and movie assets it does not include fox news and much of the news side of the fox story. it would leave the murdoch family as a major player is there a sense in london, arash, that the murdochs are willing to bow out as you have said basically take the money and run for lack of a better term. >> i think if you use the past

and the big cottage industry of following murdoch, that's not in his dna. he is not a man driven by money. i think he's driven by power, influence, success if you read those behavioral tactics of his career into his thinking, you have to ask yourself is he genuinely more interested in the cash offer from comcast or if disney sweetens that bid he will be driven by that the interesting angle here, leslie touched on that when she spoke earlier, an activist investor from london, christopher hahn, a big name in the hege fund world in europe, he's built a 7.4% stake in comcast. he revealed it last month. he said i expect the murdoch family to do what's best for their shareholders and not personal tax considerations. that's a big dynamic to throw into this. you can imagine the investor community will be vocal if they get the sense that murdoch is

leaning towards a bid that's weaker than the one comcast put on the table >> it's a truly global story arash, thank you let's turn back now to the markets and your money stocks falling a bit yesterday the federal reserve raising rates and signaling two more rate hikes are likely this year. investors are now awaiting a decision by the european central bank what else matters to you going forward? steve cheveron from federated joins us this morning. good morning >> good morning. >> our fed did largely what was expected maybe slightly more hawkish. >> that's fair >> the ecb is on the table now if we look out a month, a quarter, a year, what do your clients -- what should your clients care about >> what the fed told us yesterday is careless about them we've been obsessing over them for -- >> did they say that they also said they would have a press conference every meeting,

which to me says care more about me >> i think what they'll try do is communicate in more plain spoken language. what you saw yesterday from powell was it became powell's fed yesterday. they will communicate differently and in a more plain spoken manner. in terms of what's going on with the economy, they 5:knowledged that th -- acknowledged this is no longer an economy grown by the fed but by earnings. >> if clients called up and said wl why do i care about the ecb what do you say >> i think you care about the ecb because they bought all the bonds in europe that they can. as they do pull back you could see the ten-year move up a bit >> so they are -- correct me if i'm wrong, please, as i would say it, if i was explaining to somebody not watching cnbc every day, they're doing -- you heard that quantitative easing thing a

lot a few years ago. they're three, four years behind us they're still doing that to stimulate the economy? >> that's right. they're doing it by not only buying their bonds but also by buying ours. >> they're helping us. >> they're helping us but also keeping the yield curve flatter. as they slow down or stop, you could see that curve build >> if they pull back or stop on that qe, does that bode ill for european or u.s. equities? now the stimulus has largely stopped from here, and from ther there. >> what the fed told us yesterday is that we hit exit velocity in the united states. we don't need central banks to be the engine. they're the steering wheel we have enough underlying strength, we're okay the bigger question is in europe, and it remains to be seen whether or not the growth engine is as strong as ours. >> does exit velocity mean we should be exiting the u.s. stock

market with our money? >> no. we talked about it's a dangerous time for smart people. there's a sign things are getting older. because things have been so simple, no interest rate hikes, no inflation, fed on the sideline buy risk assets, now you have inflation, the fed moving, that doesn't mean it's time to take your money and run. markets can do exceptionally well in this environment >> are you a small cap believer? >> i'm going to pat myself on the back a bit >> hold on >> there you go. we were on this show several months ago before the run started and they've done well. i think it's because they're benefitting from tax reform and deregulation and this merger mayhem is absolutely going to focus on small caps, particularly in healthcare and financials >> the deal is not just in media, but we also had a $10 billion deal in healthcare on monday that barely got attention because of so much else going on come back soon

>> always. >> we'll pat you on the back landon dowdy is here with the other top money stories. >> your big individual stock stories include tailored brand down sharply today despite reporting first quarter earnings and revenue that beat forecast same-store sales fell just short of estimates the fda rejected mylan's generic version of glaxosmithkline's asthma drug d advair this is the second time the fda rejected mylan's version. and rolls royce is cutting 4600 jobs in the latest attempt to slim down and generate cash the maker of aircraft engines, which is separate from the luxury car company says the majority of cuts will be made in the uk where most of its corporate and support offices are based. >> we'll see you in a bit for trending stories we are just getting started

on "worldwide exchange." on deck, high stakes sit-downs the meeting of the minds that could send oil prices spinning ahead of next week's opec meeting. we'll tell you what you need to be watching ahead. and bitcoin's big drop why the crypto craze appears to be slowing down and taking the price of bitcoin down with it. that's coming up on "worldwide exchange." a and antelope. a and antelope. they're wearing iot sensors, connected to the ibm cloud. when poachers enter the area, the animals run for it. which alerts rangers, who can track their motions and help stop them before any harm is done. it's a smart way to help increase the rhino population. and turn the poachers into the endangered species. ♪ ♪ the kayak explore tool shows you

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vladimir putin and the crown prince of saudi arabia are planning to meet today ahead of next week's opec meeting let's bring in hadley gamble i want to get to the saudi/russia relationship this is a soccer summit the world cup starts today >> a lot of momentum behind this meeting between the crown prince and vladimir putin it's not just about soccer and the game at the end of the day this is part of the great game, we've been seeing this relationship develop for so long. two years this relationship has been coming closer and closer between saudi arabia and russia. >> let's get ahead to the opec meeting in vienna. there's a seminar ahead of it.

this saudi/russia cozying up to each other what's behind it, and how significant might this be? >> this is an oil relationship but also a geopolitical relat n relationship there's so many conflicting narratives in the middle east, you have syria, lebanon, what's happening in yemen as well now saudi arabia in the last couple of years have moved to get new partners when it comes to what happens next in terms of the geopolitical situation and iran in terms of the oil story, they are great friends when it comes to what happens next with the oil prices and whether or not they can get the support of other opec members venezuela will be pushing back here in terms of production cuts venezuela pushing back iran as well if russia and saudi arabia remain in line, which it looks likely they will do what will hold them back >> you have yesterday saudi arabia basically saudi-backed forces attacking a port in

yemen. it's a continued punch in the nodes against iran so saudi and iran are splitting. they continue to do this how much of this russian relationship is to maybe help counterbalance what may happen from an oil perspective with iran >> at this point i think iran is looking for friends anywhere they can get them. they're still depending on russia when it comes to what's happening in syria but this extension of a shia crescent, we saw them gaining ground this is a continuing narrative in terms of what's happening next with russia, russia can sit back there and pull the strings. >> this is stunning stuff and will continue next week. a big opec meeting not necessarily because of the price of oil but because of this changing of the relationship hadley gamble, you bring it to us straight, appreciate it still ahead on "worldwide exchange," apple just closed a major security gap that could have the boys in blue seei rnged

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welcome back thanks for being with us let's check the top stories outside the world of money and business, for that we go to phillip mena in new york. could we see a new white house press secretary? cbs news is reporting that sarah

sanders is eyeing an exit. sanders responded by saying does cbs know something i don't i love my job and am honored to work for potus overnight severe tornado weather struck parts of pennsylvania emergency crews reported overturned vehicles and several building collapses with people trapped inside strong winds knocked down trees and power lines injuring several people. and it was a rough day for a couple of dogs in texas who are now recovering after getting into a fight with a porcupine. we don't know what this porcupine looked like after the brawl, but the pups ended up with hundreds of quills all over them it took the veterinary staff over an hour and a half to get them out the dogs are now at home recovering >> listen, porcupines, they're fat, they're slow for a reason

they know they don't have to move for anybody they do their own thing. you stay away. >> free acupuncture. >> if you see one on the streets of new york, run the other way thank you. >> thanks. still ahead, ready, set, hike one down, two, maybe three more to go. we'll discuss the next steps for the fed after the break. and a little base brawl on a thursday morning benches clearing in the dodge / dodgers/rangers game that's when "worldwide exchange" returns.th recal and actually improves memory. the secret is an ingredient originally discovered... in jellyfish. in clinical trials, prevagen has been shown to improve short-term memory. prevagen. the name to remember.

powell's in the books, now draghi is on deck. why today's ecb meeting could be the biggest thing to impact your money this week and this month. and why bitcoin's tumble is setting off a new wave of concern about cryptos. and the fox hunt is on how comcast's blockbuster bid for fox will reshape the entire global media game. all that and more as "worldwide exchange" rolls on ♪ somebody said showing up is 90% of winning or something like that thank you. we're all winning together this morning. thank you for being with us early this thursday morning. let's get you up to speed for the top headlines. here's landon dowdy. >> 90% showing up, i'm right

here comcast bidding $65 billion for parts of 21st century fox. the deal is a 19% premium to the value of disney's earlier offer. this comes one day after a federal judge cleared the way for at&t's merger with time warner elon musk making another big bet on himself the billionaire buying another 72,500 shares in tesla worth nearly $25 million. musk is the company's largest shareholder. he owns 19% of all outstanding shares. and microsoft is taking aim at amazon. microsoft is working on technology that would eliminate cashiers and techout licheck ouo stores the company reportedly has had talks with walmart about a collaboration. >> what's hot on the dot >> i like that >> that's what's hot

>> fire up your mow modem, hot on the dot here's a look at the futures. futures down 2 points for the dow jones. the federal reserve coming out yesterday more hawkish the market slid. today the ecb coming up. that's what they call a big deal so i think futures are on hold the bond market, ten-year yield at 2.95% the federal reserve hiking interest rates again yesterday but now all the attention is focusing on mario draghi and the european central bank. it's such a big meeting, this buying is so big -- >> how big is it >> it's so big that steve liesman is joining us on

"worldwide exchange. why is the european central bank so important now >> in part they were seen as the backup for the fed >> do they know that >> they do >> you are the understudy. >> not -- understudy or maybe the -- >> opening act >> how about the diversion of the river, or whatever you want to call it >> like duck opening up for whitesnake inside joke. >> wall street looking for the european central bank to end its quantitative easing program. we should get some trumpets to go along with that here's the cnbc fed survey information revealed for the first time on this show. 44% of respondents looking for qe to end in december. this is from our june survey you can see there's a bit of risk after and a bit before. but 44% would be the plurality of our 38 respondents. this should come on the heels of

a modestly more hawkish fed. yesterday they added to the hike for 2018, ups inflation, lowers unemployment forecast. ubs saying on balance the statement shows no sign of a pausing fed, rather one that is increasingly confident in its ability to continue. and i have a chart for you to look at. >> it's early for charts but if you're in singapore, it's late that's okay. >> anybody who is up doesn't want to hear us complain about how early it is. let's talk about this chart this is september 2015, the forecast of the federal reserve the blue is the gdp. they were looking for 2% versus a 3.4% fed funds forecast. this was the forecast for 2018

back through years ago look at the forecast for this year they'll have 2.8% gdp growth with a 2.4% fed funds forecast that shows you relative to where they were -- >> more dovish >> thank you thank you. >> all i heard yesterday was hawk, hawk, hawk it was like an aviary. >> it's one month to the next they're hawkish. you go back and think about what they thought would happen this year, they're dramatically more dovish now than previously >> a lot of viewers may not be bond traders >> i think most -- i hope most are not. >> they care about interest rates, maybe for mortgages, credit cards >> they do. >> how much has the european central bank impacted our interest rates >> it's hard to tell i think it acts as something of a drag on the fed. the fed would be more or less where it is now relative to whatever the european central

bank is doing. it's given the fed a bit of room to move without dramatically impacting the u.s. >> yeah. >> call it 50 basis points, maybe 100, i don't know. but what's interesting is to think down the road, how far is the fed willing to go. >> let's talk more about that. it's the bottom of the sixth, i'm old, my arm is sore, can you stick around for this interview? >> sure. >> let's talk about everything with anthony chan, chief economist from chase you heard -- you heard steve lay it out what exactly are you looking for from the -- i know the european central bank for u.s. viewers can seem wonky but they are incredibly important. what are you looking for today >> i'm looking for draghi to start giving a signal to the financial markets that not only are they going to end quantitative easing, but they'll do it gradually. so it won't be too disruptive.

that means going from 30 billion euros of purchase bond purchases every month, maybe after september through december, lowering it to 15 billion euros per month. and i think they'll follow a similar playbook of the federal reserve. once they end quantitative easing, as steve liesman expects in december, then i think they start gradually tightening sometime around june of 2019 >> i want you to answer the question brian gave to me. how much is european qe, low european rates worth for the united states? how much is it keeping down our rates here >> i think it's having a dramatic impact. when you look at german bunds hovering close to 50 basis points, i don't think it takes a genius to figure out that ten-year yield would be a lot higher that's holding interest rates much lower

the good news is that inflation, even though it's been creeping up -- steve, you saw the producer price index yesterday, they are hotter. the federal reserve has to start raising interest rates more aggressively you yourself pointed out they revised upward the gdp numbers, revised downward unemployment rate numbers so with all that, they're basically telling you the economy is getting stronger. when that happens, what do you have to do if you're a central banker >> brian let me into this interview, so i'll dominate it let me ask you this question on the press conferences, i see that as a hawkish move and also adding additional volatility i thought the fed had a good gig going. you could only raise rates every quarter, you didn't have to think about an intermediate rate, so there was less volat e

volatility in the intervening period now you have to be on your toes every month for a rate hike and it gives the possibility of raising rates more quickly now what is your take on that? >> i think you're spot on what it does for the federal reserve, it increases optionality it gives them the ability to raise rates more aggressively if they want to i don't think they'll raise rates more than three, four times next year, but if conditions change you have to change the way you behave. given the fact that the federal reserve knows the economy is getting hotter milton freeman says monetary policy has lags, so what you do today may not influence the economy for another 18 months into the future. they can't wait until they see the whites of the eyes of inflation. by having a news conference every month it gives them that optionality. >> i want to wrap it up with this, how much longer can this incredible economic expansion

last most of our listeners and viewers, that's what they want to know. how much longer can this incredible economy continue? >> recently i worked on a model that tries to forecast when the recession is going to end. we know that everybody talks about the inversion of the yield curve, we're at 40 basis points now. when it inverts you get a revegs recession guess what when you have the force of both of those indicators, the inversion of the yield curve and the leading economic indicators, you go back into the '70s. it has 100% track record of forecasting a recession, right now it's given us the all-clear signal >> all-clear >> all-clear this indicator gives us an average of 11 months lead time before recession is occurring. guess what we have no inversion of the

yield curve, no declines of the leading economic indicatoindica no recession i look for recession in late 2020 or early 2021 hopefully the federal reserve will do the right thing and raise rates gradually so it's a mild recession but that's the way i see it. >> do us a favor when that indicator starts to flash 11 months out, will you let us know so we can get you back on? >> absolutely. >> anthony chan, thank you >> 100%. that's all the percent >> it's quite remarkable you doing that sophisticated math early in the morning i like also going to the super macro level. not just the macro level >> there is what you get when you come on "worldwide exchange." time for the top trending stories. landon dowdy has that. >> this is what is trending. 90% here, 100% all the way

>> it's viral. apple is closing a security lapse for the iphone it would prevent hackers and law enforcement officials from crack into your phone. the update is likely a response to a device called gray key, a gadget that unlocks iphones through its lightning port apple saying we have the greatest respect for law enforcement. we don't design our security improvements to frustrate their efforts to do their job. you're looking at your phone >> when we say things like lightning port, that's the plug. >> the charger >> that's the thing you put the thing into that thing the lightning port say the charger. the plug >> it's 100% lightning port. >> that's all of it. >> you want to turn to sports? >> back to the world of sports that's what the teleprompter says to do >> a baseball game broke out in a brawl last night the dodgers were hosting the

rangers. matt kemp trying to score from second base. throw beat him home. kemp had a hard but fair slide into the rangers catcher who got offended kemp shoved him. there we go. the shove, a baseball punch there two players were ejected the dodgers defeated the rangers 3-2. still ahead on "worldwide exchange," the north korea factor secretary of state mike pompeo making new comments about the u.s.'s next epsts with north korea. we'll tell you what he said after this

. secretary of state mike pompeo says tough sanctions against north korea will remain in place until that country is completely nuclear-free. pompeo making those remarking earlier today. he is now headed to beijing where he will hold a joint news conference later today with the foreign minister of china. let's talk more about all of this dan tannenbaum is from pwc there's a narrative that north korea got everything out of this summit and we got nothing. do you read it that way? >> it's the plan for the plan. there's not a lot of concrete steps -- >> but wasn't the biggest step was that there was a summit? >> there was, and you have to give trump administration for the credit that's gone into the

summit that being said, people need to manage expectations of what came out of this. the remarks made this morning, to say sanctions will be lifted when they totally denuclearize, that's going to take time to do that and once they show and prove to the world that's occurred. >> there's a loose invite we're told for kim jong-un to come to the white house. first sitting president to meet with the leader of north korea ever the significance of just the meeting, is this a 10-year, 20-year cycle? is this nixon in china in the early '70s >> china and north korea, i don't think you can put them on the same scale it's absolutely significant, but i think this is an important point. there's not a ton of companies that are ready to flood the market

unlike the iran deal, we'll get to that in a second, because the principles of the iran deal are used in this north korea pact. there's not a lot of businesses that want to go in and even less banks willing to finance deals related to north korea >> in your mind, how much of this summit, this talk of a deal is related to north korea versus using north korea as a lever against china, maybe iran? >> if you look back at everything the president has done, he's making good one by one on campaign promises he talked about making peace with people like kim jong-un he's going out there, having the summit, trying to make a deal and proving to the world he's making good on those promises. >> what happens now? >> there's going to be a structure put in place to show what the north korean government will go to denuclearize and a verification timetable to prove that what will likely happen is step by step, once north korea makes

certain concessions, sanctions relief in a limited form will come those were the principles of the iran deal, which was just castigated as the worst deal ever, and that's used as the foundation for the deal from north korea. >> you are on european time right now, this should be easy for you. thank you. >> thank you. the "squawk box" team has had their coffee or tea. let's see what's coming up >> two big stories, it's going to be great. a lot of personalities a lot of history between comcast and disney, too. it makes for, i think, a great drama. i will tie it to the u.s. open in this way, brian unfortunately the deal doesn't

include fs1 or fox i was hoping if comcast were able to buy it and get fox we could show them how to cover a tournament with dan hicks and johnny >> you don't like joe buck out there? >> no. is it zinger i love zinger's career is he the -- i watched the ladies u.s. open, everything paul said, the opposite happened she's sitting down on her golf bag. she hit it this far from the hole he said, no, once you give up a lead, she came back. i would even take nance and faldo. it is what it is there's a lot of coverage unlike the masters, where they don't show the front nine initially. this starts -- i won't say

>> when is the "squawk box"/"worldwide exchange" extravaganza going to take place? the showdown >> who has dom chu >> we're taking chu. we have dom. >> that's a problem then >> you have andrew >> chu and i versus you and whom >> sorkin, but -- >> sold. >> on the one with the big windmill, andrew has that down he times it. i can't wait to see what happens. you think a bidding war -- what do you think disney does >> i don't think they bid. >> you don't think they bid? >> no. that's what i'm reading. >> maybe that's why the stock goes up. we give up we're afraid of brian. i hope so. that's my narrative. brian -- not you >> joe kernen, we're teeing you up >> when they say brian wants to do all these things, they're not

saying you, are they >> just say bs i'll take more bs. jk, thank you. coming up, bitcoin or bust the cryptocurrency dropping big over the last couple of months, why? where is it going? we'll talk about it. red, white and trump, why today's rbi has to do with the presidenant d flags, but not in the way you think. and packages. and it's also a story about people. people who rely on us every day to deliver their dreams they're handing us more than mail they're handing us their business and while we make more e-commerce deliveries to homes than anyone else in the country, we never forget... that your business is our business the united states postal service. priority: you ♪

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simply add water, and use in your kitchen for burnt on food, in your bathroom to remove soap scum, and on walls to remove scuffs and marks. it erases 4x more permanent marker per swipe. for tough kitchen and bath messes, use mr. clean magic eraser with durafoam. brand power. helping you buy better. let's talk more about bitcoin. it's trying to pop this morning, but the cryptocurrency is at the lowest level since february on reports of price manipulation. it's down 16% in a week and off 70% from its highs back in december arjun kharpal joins us now you were just at a conference about cryptocurrencies last week in the netherlands the bitcoin backers will come on cnbc and say this is fine. we will big drops before we're buyers on the weakness

does this time feel different to anybody? >> i think there's a sense no news is bad news what we saw last year was how institutions would get involved in bitcoin trading, how they would get involved and trade this stuff, but there's been tepid demand for the bitcoin futures. a lot of big banks have not gotten involved in bitcoin trading. the fact it feels steal here around the bitcoin story is something that's kept prices low. and these big stories around allegations of price manipulation there was a report that tether, another cryptocurrency linked to the u.s. dollar, was used to prop up bitcoin last year or when it had those big falls and earlier this year. that's one issue you had a hack as well on the south korean cryptocurrency exchange known as coin rail.

some of those smaller, lesser-known cryptocurrencies were allegedly stolen from that exchange that spread fear so there's a general sense of insecurity around the exchanges, manipulation and tighter regulations weighing around this bitcoin story at the moment. >> it certainly is a lot of trading action in japan, the hacks what was the topic at that conference the cryptocurrencies, whatever you want to call them, commodities, they're getting a lot of trader attention. what's been the big talk in that crypto conference? >> i spoke to two major banking ceos, the ceo of ing, and bbva what was interesting is i remember talking to them last year, they did not wanted to mention cryptocurrency or bitcoin. this year, however, they were very much open to talking about the future many thought bitcoin may not be the future but there is some sort of cryptocurrency that could remain that is really what's going to

be moving forward for the banks. >> big story, arjun kharpal, thank you very much. happy birthday to the president of the united states, donald trump. "squawk box" is next ♪ and let me play (bell ring)

good morning the fight for fox. comcast topping disney's bid with a $65 billion offer of its own. 20% higher in its cash. central banks on center stage. first we heard from the fed next up is the ecb. and life in the fast line. elon musk putting his money where his mouth is it's thursday, june 14, 2018. there's a golf tournament today apparently "squawk box" begins now. ♪

live from new york where business never sleeps, this is "squawk box. good morning, everybody. welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. let's look at the u.s. equity futures. we saw stocks end lower yesterday after the fed announced not only that it was raising rates, but it may be raising rates at a faster pace than anticipated for next year, too. dow is down 16 points now. s&p down 1.38, the nasdaq down about 13 points. yesterday the yield on the ten-year creeped higher to 2.979% this morning you're looking at the ten-year yield at