good morning it is 5:00 p.m. in qualm, 11:00 a.m. on wall street. it's "squawk alley" ve ♪ good monday morning. welcome to "squawk alley."

i'm carl quintanilla, morgan brennan, jon fortt dick costolo, good to have you he was able to listen to julia boorstin wrapping up her interview with snap chat ceo evan spiegel. >> isn't it uncanny how much evan and i look like each other? that jumped out at me while i was watching that. >> the thing that people need to understand about snap is irrespective, they have a ton of daily active users and that should drive more than enough inventory to be the growth driver when i look at the user they have and the current revenues

they are if the programmattic advertising works, second price options and yield optimization, they've got a lot of revenue growth there, even before growing users. >> is that a bigger, broader vision thing spiegel talked about revamping android, for example. >> it's a good question. what we'll know in the next couple of quarters, the programmattic rm is ether they've got a technological issue with their platform that's not good enough in not allowing advertisers to spend what they want to spend or is it just that advertisers aren't used tot yet? and they're starting to put more money to work there? they've got a lot of headroom

for advertising there. >> seems to me that evan and his team are taking a different approach than you and the twitter team took in the sense that they're going from what initially worked for them, boldly departing from it and walking it back a bit. you faced a lot of criticism, pressure to keep twitter the same or change the 140 character limit. it took a while for that to happen evan got way out ahead of that how much of that, do you think, is based on the stock structure, the fact that, you know, he has all the votes. how much of it is just a different approach to running a social network >> what you have to keep in mind with snap is that early on in the life of the company, he made a bold no one really used them. he was like, no, we're sticking

with it. >> so he has gotten in the back of his mind i've done this before people told me i was wrong before and then look what happened i think that might be a little bit of what's going on here. he's just going to say, hey, i've made the switch to programmatc. it's only been 18 months it's going to work you'll see. >> interesting i would argue you've been net confident in him from preipo days, right? you've been fan boy, in a sense? >> i think he's a great product think thinker when facebook has you in the crosshairs it's a lot harder to work your way out of the box. >> julia asked him about facebook, trying to copy some of snap's features. take a listen to that. >> i think we have to continue

to innovate and obviously one of the things that's clear over the past couple of months is how important values are to consumers and, therefore, to advertisers. of course, they want them to work so we have to provide line value to advertisers but they want to feel good about what they're buying andeel like they're having a positive impact on the world. >> is that true? when you're buying an ad, are you selling -- >> not the questions that julia was grilling him with. recent code conference said limitation is the sincerest form of flattery. when face book has their thumb on you and bring all that pressure to bear and they're enormous user base and then saying we've got the same thing they've got but 2 billion users it's a hard position to be in. have you to try to innovate your

way out of it. >> what got my attention was comments on content. the content is created by friends. in a time we're talking about major media m & a, tech titans becoming bigger and bigger players and fuelling that m & a, to make comments like that seem contrarian to me. >> evan likes to be contrarian it's not necessarily the way their platform has evolved he's doing the same thing that facebooks and twitters have done there. sometimes evan likes to say things to be contrarian. that may have been what you heard there. >> making big news is google investing $550 million in jd.com eunice yoon has more on what that means for google's presence in china

hi, eunice. >> reporter: hi, carl. the facility here in beijing, the company is using automation as well as technology to sort through 600,000 packages every single day is isn't aescially busy time for jd because it's a major shopping festival. jd generated 17.6 billion in sales during this period in an hour's time or so, we'll find out if jd broke its recor again for google especially it's been largely out of this market so google could gain access to china and come s at a time when google is trying to build up its shopping serviceho to rival amazon for jd, this will be potentially interesting.

this is coming at a time when trade tensions are high. the founder of jd told me because of those trade tensions he hasn't been interested in going alone into the u.s. market this is what he told me earlier. >> i think it will impact our confidence we are bound to invest a lot and on companies in u.s. but today we want to wait for a while. last year we planned to go to the u.s. market from this year but now we have to wait. >> reporter: now, under this partnership, jd to americans through google as for the tariffs, i talked about that with the founder. he said he doesn't think that u.s. tariffs will be bad for his business he does believe it will be bad

for american brands in china but overall, i think what we're seeing here is that despite the political tensions, at least the business community wants to see cooperation and sees a future between the u.s.nd china ties. guys >> eunice yoon in beijing, thanks google flag in the ground over there through thisr broader china concerns through tech, the lens of tech >> i think it's the google investment in jd and this gives them a stake in the ground back in china where they've been boxed out of recently it's a combination of the amazon issue that they're facing and the desire to be a global participant and back in china

where they've been boxed out recently i'm actually surprised they didn't put -- google didn't put more money to work here. >> when i think of jd, i think of on the ground logistics, similar to what amazon was building out here in the u.s. in the late '90s versus ebay's more software centric approach. how much of this plays into google's expanded sense of identity around driverless cars, around that kind of automation, around the sorts of innovation we should expect in the 5g era is this an investment in that, do you think >> i think that's a good way of thinking about it. >> you can s all of that coming together five, ten years down the road with a product like this. >> feels symbolic to some

degree obviously, big news. finally, more bad news for tesla. actress mccormick shares a video of her husband's tesla on fire. >> a hot weekend if you were watching tesla or tesla shar this is a company and stock that d been in the news first off with the fact that you have thideo out of west hollywood, husband of the actress mary mccormick his model s was on fire. he got out of the car. there were no injuries but the video was dramatic enough people are saying what sparked this fire it's under investigation elon musk sent out an employee e-mail regarding model 3 and the production push there. with this fire, let's first start there. tesla issuing a statement saying this is an extraordinarily unusual occurrence we are investigating the incident to find out what happened our initial investigation shows

that the cabin of the vehicle was totally unaffected due to our battery architecture in that e-mail, he said radical improvements are needed to reach the output that tesla has targeted, which is 700 model s's per week by the beginning of next month anywhere beten eight to ten days away before the company needs to be at that threshold. 5,000 vehicles, model s per week they would be cash flow positive finally, elon musk was asked about shorts, the short sellers who are saying i'm not sure about production of the model 3. he responded they have about three weeks before their short position explodes. how is that for a taunt? d perhaps that's why you see

shares of tesla now over 360, not far from the all-time high of 389 i'm not saying it's going to get there but, remember, when it was wn to 280, we're up atwell over -- not well over but er 360 a share. >> stock added 90 points in three weeks. phil, your point is well taken. >> i think if i was working in tesla i would want my blood pressure checked every hour. that's quite something it sounds like from the e-mail that went out friday that if i d to guess he's just going to squeak over sort of pull the plane up over the landing strip or whatever analysis you want to use on the 5,000 i would guess he would just clear the hurdle there i would assume the market would take that as a positive, even if he just squeaks by you could sort of tell by the

tone of voice in the e-mail. this production line, is it 500, these parts are at 700 so it's -- you know, you elon likes to make big statements and make people gasp and then he has to back it up. things that will happen in a shorter timeframe and that's a hard world to live in. i think employees have to be feeling the heat you can feel it in the e-mail and the kind things saying on twitter on a day-to-day basis now. the market would tell you they have faith in his ability to do it we'll know shortly. >> tell us about the founder ceo pressure around the stock price. founders often get this, i don't know, pass to be able to make those bold statements.

able to create this energy that leads to sometimes insane valuations you've been in that coe seat how much pressure do you face in a moment like this >> a lot. >> your employees are, in tech, particularly, foregoing higher salaries for more equity theyl y i'll take a smaller salary in trade for a stock in the company. everything is riding on your ability to deliver. >> going -- excuse me, going back to the comments about this idea of squeaking by in terms of hitting that target, that production target for model 3, it does seem to be very much at least in recent quarters the

playbook if he does reach that target what does that mean in terms of cash flow and whether he has to go back to the capital markets? >> without knowing too much about the situation, it sounds like he has to raise more money. all signs point to that the company will need more money if he can hit this target i expect he will say i can deliver on what i said i was able to deliver on and with all the other sort of gravitas that he has behind him and rl investors have behind him, i guess he would have the ability to do that if he hits this number. >> we'll watch that. 360 will get your attention. finally twr finally, twitter, what a run doubled for the year how has it happened? >> good for them

we've had these conversations where jack can't run two companies and what is he doing and that's why the stock is depressed and now here we are, jim cramer has come out and said i was wrong. >> so has the street. >> and the street. both square and twitter are doing just fine. that's great good for them. >> we asked keith terry if it was video first, curation first or safety first. if you had to pick one >> unfortunately for twitter it's all three. >> really? >> that's the challenge these companies face your users, when you say it's video first, your users who are the government dealing with russian meddling in the

elections they don't want to hear that. when youay it's safety first then, you know, dealing with these russian accounts first, your advertisers don't want to hear that. they're all high priorities. you have to figure out how to balance your resources across the three. >> u.s. president or other political leaders around the world turning to twitter as the first means of communicating with the masses, do you think that's a boone for this company? >> 100%, absolutely. no question about it this is where foreign policy is made i laughed when i said that because it's not necessarily a good thing but that's what's happening now. >> we asked you a year ago whether the president de to be on this platform and you said yes because it's a record of what everybody says over time. >> yes

but obviously an engine for usage. let's be honest. >> certainly looks that way. if this is where news and declarations is being made and exchanges between heads of state are being made, everybody needs to be there to see that happen and watch it unfold. >> a good 20 minutes of live tv with you thank you for coming in. >> happy to be here. >> good to see you dick costolo and trade. sell-off in today's session with the dow coming off its worst week in march on pace for what could be a five-day losing streak dean of valuations aswath damodaran, as to settle-offs are ntbungcoriti anyone could find themselves h.

we perform over ,000 operations a year in places like this. for the past 15 years, chubb has identified ways that we can strengthen our safety measures. and today, our hospitals have some of the best patient safety records in the country. now, we're constructing new buildings that will define the future of piedmont and chubb is here, insuring our expansion. two million patients a year depend on us. and we depend on chubb.

parent of snap chat jumping in trade right now ceo evan spiegel shared with us his plans on advertising. >> three years ago we announced full screen video. people thought we were crazy at the time everyone had postage size stamped video. what we tried to do since then is solving the problems advertisers were having. people said gosh, advertising is expensive on snap chat it's hard to buy, measure.

we went from being the most expensive to the least in our tech set. >> facebook, twitter, netflix, amazon all soaring how do we know when tech valuations get overstretched joining us now to discuss, aswath damordan, dean of valuations what do you think about this kind of mid-tier gathering of tech stocks, your yelps, twitters that have really had a strong run >> in a strange way, they're benefiting from the big tech companies succeeding as much as they have. all these stocks have come into play some of the price you're seeing

in there is almost an acquisition premium you're paying you're hoping that these stocks will be taken over by somebody else in that war for tech. so, i think that there say point at which you have to ask, are these companies becoming too large to be acquisition targets? my favorite example. i've owned twitter now for a while. i'm happy about what the price has done i have a feeling that some of the price you see in the market paying for twitter is the hope that they could become a target for somebody they're a big company. in a strange way, mid tech and small tech companies are benefiting from the big tech companies winning the way they hav have. >> it's now a full fledge enterprise company

does that fall under that speculation of takeover? what about companies like that >> they're benefiting from the fact that the architecture need s. >> in a sense i think adobe benefits from the growth in our user technology. >> products and services that benefit from the growth and technology. >> aswath, do you think facebook should be trading at a record high as it's doing today >> i have a personal interest in facebook did you say facebook >> i did, yes. >> yeah. i have a personal interest in facebook as you know, three months ago i was here and said i was going to

take a bet on facebook in a strange way i have a good problem in the sense that the stock has gone up too fast in many ways because now i'm faced with the question of do i need to get out it's fairly priced i think our talk about privacy outstrips our need for privacy and i think that threeonths after the scandal, you're learning that facebook might emerge from this stronger than before simply because of all the restrictions that are making it more difficult for the smaller companies to operate in the space and in a perverse way, given the facebooks and googles of the world an advantage. >> we talked about that a lot. the big-guy advantage on gdpr. is there any way around that or is that sort of the natural flow of regulation and the response

to that reguon by companies that have the legal firepower to adhere to it >> i think the most difficult thing about trying to restrict these big tech companies and growing is that customers don't want them to be restricted the reason monopolies, you were able to restrict them, customers wanted you to cut back on them here, customers love the products because they're getting them for free. it's difficult politically to pull back on these companies you'll get little nibbles at the companies but you're really not going to hurt them. >> all right i guess we will see which way the market swings these and affects these valuation concerns aswath, thanks for joining us. >> thank you. coming up, we're headed back live to cannes for more from cnbc's exclusive interview with snap co-founder and ceo evan spiegel. >> i think usually when the innovators win is when a

platform shift happens augmented reality. we believe ultimately in the next couple of decades that it the computer will be overlaid around you you open up the camera, you open up a feed of your peen aexrices compared to others experience. ultimately, that will be very important to us.

♪ ♪ my ambition is to show my kids the world. ♪ ♪ the one in three dimensions. ♪ ♪ so they can look up and see the place they live. ♪ ♪ and prove that the real world beats a post. ♪ ♪ ambitions live everywhere. synchrony helps make them happen with customized rewards and financing available at over 350,000 locations. synchrony. what are you working forward to? anyone can get you ready, holiday inn express gets you the readiest. because ready gives a pep talk. showtime! but the readiest gives a pep rally. i cleared my inbox!

holiday inn express, be the readiest.

welcome back let's get over to seema mody with the european close. >> hi, morgan. it's not just worries about a second round of tariffs but ways, rough consumer boycotts.er take a look at germany, particularly sensitive to trade tensions, fallen back into negative territory for the year. political uncertainty in europe's largest economy also playing a role in today's sell-off angela merkel facing criticism on immigration from within her

governing coalition. some members urging her to crack down on the inflow of refugees earlier today she did say germany would not let in migrants who had already registered ir countries. a move some say gives her the political clout she needs. >> airbus, siemens and volkswagen are under pressure. being arrested by german authorities as a probe no volkswagen's emission scandal widens uk oil companies also seeing gains on reports that opec might consider a smaller than expected hike in output as it meets later this week. bp, shell and tullow oil all in the green. that decision slated for friday. >> seema, thank you very much. cnbc news update with contessa brewer with the latest

headlines. >> zero tolerance immigration policy has caused family separations at the u.s. southern border he pointed to crime in germany, gangs in the u.s. and even the democrats as the reason why these tough enforcement licies are happening. the world health organization officially has added gaming disorder to its addictive diseases 2% to 3% of gamers could be affected megem meghan markle's father has given his first view, and he talked about prince charles filling in for him at his daughter's wedding. >> i was honored i can't think of a better replacement than someone like prince charles, you know he looked very handsome and my daughter looked beautiful with him. i was jealous. i wish i had been there. i wish it had been me. >> he also said he regrets

taking some staged photos and selling them to the tabloids that's our cnbc update back to "squawk alley. >> thank you, contessa dow well off the lows, 260 and change 'vcuth babt 100 points we'll watch that back in a moment 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. welcome to holiday inn! thank you! ♪ ♪ wait, i have something for you! every stay is a special stay at holiday inn. save up to 15% when you book early at hollidayinn.com

the dip has gotten bought to some degree this morning bob pisani. >> the low on the s&p 500, take a look at the intra-day, 14 points above that right now. the key thing here is that we had some real help from a number of sectors that you might not think would be helping energy was strong right out of the gate retail immediately started moving up. bank banks, which have not been big market details overall, tech stocks generally turned around notably, also about 15 minutes after the open the reason we're off our lows relatively is big tech rally, facebook, adobe, google. all were down and all of them

have big market valuations not so with the big semi names ivenlt intel is down. broadcom, qualcomm, nxp, still waiting to see what goes on there. trade war uncertainty. if you think tradedon't r look e of the russell today it went positive much older an anything else. >> that's the small caps doing better because of less exposure. russell versus the s&p 500 for the quarter. these issues really came to the foretwo months or so ago you started seeing the outperformance that's the russell 2000. this is for the quarter. russell is up 11%. s&p is up 4% or 5% since then.

you can see that relative performance. those are trade concerns that you had. today certain small cap names are moving energy stocks were particularly strong today small cap energy names, penn, denbury, sanchez, ula petroleum corporation all moved as well. front line not an energy stock you get the point here, all moving 5%, 6%, 7% on the day. >> bob pisani from the new york stock exchange coming up tomorrow, tune in to ""squawk box"" early when former uber chief brand officer bozoma ierewin l joins us in her first tvntvi sceeaving uber. this is a story about mail 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 elsein th, we never forget... that your business is our business the united states postal service. priority: you ♪ anyone can get you ready, holiday inn express gets you the readiest. because ready gives a pep talk. showtime! but the readiest gives a pep rally. i cleared my inbox! holiday inn express, be the readiest.

i'm scott wapner on "the half time report" what's happened to the rally's resurgence should we focus on a june swoon? where the market and your money is headed. sell the mouse house, the call from one firm as the fight over fox looks about to heat up and the best investors and their worst investments. the new book that wants to make you a better market player we will discuss and meet the author at noon about 1minutes away see you then. >> 17 1/2. can't wait see you, scott cme group, rick santelli has the santelli exchange. rick >> good morning, jon good morning, jerome schneider.

>> good morning. >> jerome, so many things out there are right in your wheelhouse one is a topic near and dear to my heart that doesn't get much air time interest on reserves ior. it's now picy tool that's melted away into the shadows until now. we should have a chart up there, but why is interest on reserves something important and why is it now being recalibrated? >> simply being recalibrated that we're past the financial crisis. >> a good ways past it. >> a good ways past but more importantly what we're doing is making small, minutiscule steps it was meant to be a floor, not a ceiling rate it's been the past few years j. powell is looking to normalize that and bring it down what does that mean for investors? >> let's make this even more plain spoken interest on reserves is a nice treat for those th can get t now they're taking away a little of the sugar out of the recipe why are they making it less tasty is what i really want to

dmoe. >> simply less reserves around. >> so it worked too well funds they want put to other areas because it's making management ofmonetary policy more difficult. >> think about it this way they have a tool chest it's still a tool. it will remain a tool for the foreseeable future they'rmatwt tighter to bring risk-free rates lower investors ultimately what they have to think about is they'll be paid less to sit on the delines. a little bit less. >> i'll tell you why this bugs me, jerome interest on reserves is now another area that's being manipulated in rates basically what you're telling me, if you look at it from a more cynical perspective, it's higher than all the market rates. so people in money funds is they're not paying out as many chocolate chips, which meant it's not a market-driven rate. >> sitting in money market funds will have more pain on the relative basis. >> fed and government have much bigger presence in money markets

to begin with. don't they >> yes. >> whenever i have this conversation, jero -- >> this is the important thing. >> -- common areas that aren't market driven. are money market rates another area i'll have to worry about? >> fed is in a volatility management business. as investors we should be as well doing so, the flattening yield curve you highlighted so many times is a great opportunity for investors to think about that front end of the yield curve because those rates are low but moving higher. they need to think about, more specifically, where. >> i love the conversation i said before inversions won't mean what they used to mean because there's so many things that have disstorted long rates. people may think it still does to that end, there's three basis points would jay powell, who we both really like, risk converting sevens to tens, a precursor to

the entire curve converting if you wanted to raise rates? >> it's definitely at the forefront of their mind. however the feds changed their protocol at this point in time four rate hikes next year, three the next and one the following year we'll have to prepare for higher rates going forward insofar that growth continues approximately 3.7%, that's a powerful metric for them to continue raising rates for the foreseeable future as we approach the inversion, that's not necessarily a warning bell to go off in fact, while it's a signal of recession it's not necessarily a signal of timing recession. >> there will be a whole lot more fed speak, i think, moving forward in my crystal ball, about inversion of curves and why you shouldn't be too nervous about them do you think that's gone >> i think it's coming investors have an easy way to do it. >> stay in the front we agree with that thank you for joining me jon? i'm sorry, it's now carl back to you. >> no, it's me, rick your spider senses were correct.

>> oh, boy. >> thank you. >> thank you one thing that every snap and tech investor needs to hear. more from cannes in our exclusive interview with snap ceo and co-founder evan spiegel. welcome to holiday inn! thank you! ♪ ♪ wait, i have something for you! every stay is a special stay at holiday inn. save up to 15% when you book early at hollidayinn.com

let's get a news alert with dominic chu at hq. hey, dom. >> we have a lawsuit on our hands, fuji film, the japanese filmmaker is suing xerox for

breach of termination agreements, looking for damages well in excess of $1 billion, according to court documents they filed their claim is that by xerox callinoff their merger with fuji films joint venture with xerox, carl failed to give other shareholders the opportunity to have a benefit of this merger. so these court documents just filed, an ongoing saga that we'll keep an eye on right now shares of xerox moving slightly lower on the heels of this lawsuit by fuji >> one of several corporate soap operas to keep track of. following the markets, still well off the lows. is down 155. only about 80% of your part b medical expenses. the rest is up to you. so consider an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company.

like any of these types of plans, they pick up some of what medicare doesn't pay. and could really save you in out-of-pocket medical costs. call unitedhealthcare insurance company today to request a free [decision guide] to help you better understand what medicare is all about. and which aarp medicare supplement plan works best for you. with these types of plans... you'll be able to visit any doctor or hospital that accepts medicare patients... plus, there are no networks and no referrals needed. there's a range of plans to choose from, too. and your coverage goes with you when you travel, anywhere in the country. join the millions who have already enrolled in the only medicare supplement insurance plans... endorsed by aarp, an organization serving the needs of people 50 and over... and provided by unitedhealthcare insurance company, which has over 3years of experience behind it.

apply for a medicare supplement insurance plan any time you want. call unitedhealthcare today. remember medicare supplement insurance helps... pay some of what medicare doesn't these kinds of plans could save you in out-of-pocket medical costs. you'll be able to choose any doctor who accepts medicare patients. and there are no referrals needed. all unitedheal now to request your free [decision guide.] this easy-to-understand guide will answer some of your questions.... and help you find the aarp medicare supplement plan that's right for you.

>> how do you address that when you're talking to advertisers? >> i think we have to continue to innovate. i think one of the things that's become clear over the past couple months is how important values are to consumers and to advertisers. now a lot of times when people

are buying advertising products, they want them to work they also want to feel good about what they're buying and that they're having a positive impact on the world. >> if your stock is down 19% from the ipo price, how do you talk to investors about this issue? >> o we've seen in technology is that the innovators win in the long run we have to stay focused, continue to deliver great innovation what about that premium content discussion, there's separate deals yo striking. now a lot of people will be competing for that content >> you look at the premium content business, how you're generating that traffic in the first place. netflix invests in temple shows. for us, the temple is created by friends. people expressing themselves brings people back into our

service every day. when you're done checking out your friends stories, you can check out a whole world of content on snap. >> do you think of yourself as a media company, tech company or social network >> definitely a tech company >> but you sell ads like a media company and have people talking to each other like a social network. how do you explain this? >> the camera is changing all sorts of things we do every day. the camera dramatically altered communication. it's also changed the media landscape for sure i think as we look at our company, we're a technology company focused on innovating around the camera. that impacts things like media and communication. what do you have to say to mark zuberg do you think you have handled that cambridge analytica scandal differently? >> from the beginning of our company, when we were in my dorm room or my dad's house, we were thinking about these issues.

it has not become clear until recently how important that is >> are you saying from the beginning you were more cautious there were all sorts of concerns about screen grabs being taken of snaps that were meant to be private. it seems like these are issues for any platform >> i think if you go back to the beginning of snapchat, we believe that for you to feel comfortable expressing yourself you need control over your data. if you don't know who is watching what you create, how can you feel comfortable communicating. for us that has dictated the way we have built the company. >> you are saying you would never have a data privacy issue like facebook has? >> i wouldn't say that, we have made mistakes, but our trust with people will help us navigate any mistakes in the future >> i asked repeatedly about facebook and all sorts of different ways, he answered without uttering the word facebook

he did stress how in various ways he sees snap's platform and ad model being different from facebook they're integrating brands into things like lenses guys, really interesting to see how he managed to avoid that one word >> he didn't quite say we would never put ourselves in that position, the way tim cook said about zuckerberg but he leaned into that. he did not want to say the word facebook in your interview >> he avoided it i made a joke about it i said it seems like it's by design that you're not saying the word facebook, he laughed but still did not say toofacebok >> if you say facebook three times, mark zuckerberg appears and steals your advertisers in cannes netscape, palm, the road to silicon valley are littered with innovators who got steamrolled by bigger companies. did you find it interest that he

is not cowed by the response to the redesign and all the pressure he's facing from facebook copying >> when it came to issue of innovation, he said innovators will win in the long run i said what if you have this innovation, and facebook copies it he said in the end innovators win. then he made dig, he said advertisers and brands want to be with a platform and product helping the world, not hurting a subtle dig there, but again pointing to his own data safety issues and security on the snap platform i pressed him on what he has to say to investors the stock is down 20% since the ipo. he reiterated how they're different than facebook and he's confident that innovation will prevail. >> julia, great interview. great stuff. very wide ranging interview. covered a lot of ground.

was there one thing that stood out and surprised you the most >> it's interesting that he's decided to talk now. the company went public a year ago. eve v evan spiegel has avoided doing interviews he has talked occasionally at some conferences he has shied away from the camera now he understands the time is now explain the ad platform and explain the product to advertisers, investors and the media. i think there's an interesting shift there. i think the company ist a point of transition. they are opening the platform to developers they want to figure out how to do that in a way that's safe and doesn't get them to the same problems that facebook had but also will be valuable for them users.ping them add and retain this is a competitive space. they see integrating with apps

like pandora as a way to drive growth >> having the shares go from 10 to 14 might make you more willing to do some press julia, thanks for your help today. market holding on to the bid here we're off the lows by 100 points let's get to the half. ♪ welcome to the half time report resurgence to a june swoon that's the question with stocks struggling again does it mean a more rocky summer is ahead here to debate that is joe, jim, steve, josh. let's begin with the markets stocks are under pressure, off the lows, but the dow is on track for its fifth straight a decle that's eaten up almost 400 points joe, you tell me, what's going on we were talking about whether the market, the rally was having

a resurgence and now going f