tv Worldwide Exchange CNBC October 18, 2018 5:00am-6:00am EDT
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it is 5:00 a.m here's your top five at 5:00 on a worldwide news day your money in china is sinking the u.s. turning up the heat the uk's brek front anxit frontr with a high stakes meeting getting under way. facebook says good old-fashione old-fashioned spammers are blamed for revealing your data. and the ceo of the world's biggest booze company is calling it good night. it's thursday, october 18, 2018,
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"worldwide exchange" begins right now. ♪ yes, we are. good morning from wherever in the world you may be watching. i'm brian sullivan here's how your money and the global markets are setting up your day not a big indication on futures. they're down here, but a lot of things could change. it's early it's thursday. call that a flat market. not so flat. the yield on the benchmark ten-year is ticking back higher. we were at 3.25. we came back down. now we're on our way back up again to 3.21% we'll get a view coming up on how the banks may like this number right now your big money story on this thursday is china. another big drop for that market red arrows all across the board in asia, led by a big tumble in the domestic chinese market. the shanghai composite down 3% another four-year low for china.
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much of that weakness driven by the yuan, hitting its lowest level in two years after our treasury department did stop short of labeling china a currency manipulator, but said it is keeping close taps and watching beijing and i currets currency closely we are seeing a mixed market in italy. the big european story, a lot of worry there, down fractionally but a rebound in some of the major european markets here's a global look at commodities and currencies oil, we talked about that a bit, back below 70 a barrel just simply seeing a lot of oil still out there on the market, record u.s. production, high inventories. a barrel of crude, 69.32 bitcoin, can't get out of its own way, 6,435
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let's bring in a guy who has been maybe as right or more right about the entire market than anybody else. that is craig johnson, chief market technician at piper jaffray. pleased to have you on set you got an extra hour of sleep i have to show you what craig does how often do you put this out? >> ten times a year. >> ten times a year they write a couple hundred page book on the market the latest note is called breakout or fakeout. you and i have talked. structurally, is this a strong mark market >> there's a lot of challenges out here now literally right now we're seeing -- the market tried to break out in september we failed. we have come back in we're at a point in time where we closed below the highs we had seen back in january >> that was the fake out >> we've seen fake outs like that before in 2007. we've seen it in 2000.
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here's the interesting thing on the last advance in this market we've seen a fewer number of participating stocks, fewer number of stocks breaking above their 40-week moving averages. the number of stocks is an uptrend in our work. we look at over 4,000 stocks every single day, week and month. >> lazy. >> lazy. >> what we've found is there's 28% of stocks that are in any form of an uptrend from our perspective we're not getting the participation. that's a problem >> bob pisani talked about this a bit. here's the difficult question. does it matter this market made its living on about ten stocks out of those 4,000? >> correct, microsoft, apple, amazon, netflix and google, the fab five they have driven about 80% of the performance for the nasdaq year to date >> we have to repeat that.
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five stocks have been 80% of the nasdaq 100's performance >> year to date. >> wow >> does that narrowness portend bad things >> historically markets will continue to grind higher that's not healthy to have that few number of stocks driving the overall performance. if you get an earnings miss from any of these companies you will see a healthy setback and correction unfold. from my perspective. i don't like to see the market this narrow. we look at the narrowness of the market, the flatness of the yield curve, the challenges in italy, the challenges going on with the uk, you mentioned the shanghai, a lot of people don't realize but the shanghai composite violated an uptrend support line since 1996. that's huge. >> what? >> yes >> wait a minute don't want to get too deep into the technicals at this hour. >> it is early >> in europe and asia it's not this show does go out worldwide,
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but you said we broke an uptrend that goes back 22 years? >> correct >> 22-year uptrend broken in china. >> on the shanghai the longer the trend violation occurs, the bigger the move you will get you could be down 20% from here, brian. >> how important, if at all, is the domestic chinese equity market to our markets? >> i think it will be very important for the global economy. not only did you have the problem with the shanghai composite, if you look at a long-term chart of the dax, you have a perfect top in the making on the dax you're breaking below a technical support line >> sell everything, put our money in a milk carton in the basement >> you have to be selective. we've been raising cash with our model portfolio and the work we've done and recommending clients to do that
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we want to be raising cash we want to take some high beta bets off there are a lot of challenges around the world we need to pay attention >> wow winter is coming >> 2850 is our price objective for year end we moved through it. we took a lot of heat from the sales folks. >> they went upside. >> correct now we corrected back through that >> shanghai, 22-year uptrend violated this is why we love you. this is some light reading tonight. great stuff you do kate rogers has the other top money headlines. >> facebook has determined that spammers were behind a recent data breach and not state-sponsored hackers. the "wall street journal" reports an internal investigation found the people behind the attack were facebook and instagram spammers posing as a digital marketing company. last week facebook said hackers stole data from 29 million accounts, that's far fewer than the 50 million it had initially
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reported ebay is suing amazon claiming the retail giant tried to poach its sellers the suit alleges amazon messaged sellers to get them to sell on its site which ebay says violates its user agreement. third party sellers with key to amazon's growth. last year more than half of the items sold on amazon were from third parties. and rob sands is stepping down from constellation brands he will become executive chairman in march. rob newlands will succeed him. sands ran constellation since 2007 during which it bought the u.s. rights to corona beer and just recently made a $4 billion bet on marijuana, investing in can thopy growth >> done well, a well-known face to our audience. good luck to mr. sands thank you very much. up next, we're talking
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and it's strengthened by xfi pods, which plug in to extend the wifi even farther, past anything that stands in its way. ...well almost anything. leave no room behind with xfi pods. simple. easy. awesome. click or visit a retail store today. welcome back in. good morning here are your top money stories today.
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novartis striking a deal to buy u.s. cancer drugmaker endocyte for 2.1 billion in cash. novartis will pay $24 a share. that's a 50% premium to yesterday's closing price. just take the rest of the day off. alcoa reporting better than expected quarterly numbers higher aluminum prices and sales of raw materials, prices have risen on that tariff on aluminum imports. alcoa's reliance on aluminum from foreign smerlts hlters havt on that. and sealed air is cutting its q3 outlook because of shipping costs
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willem marx is in brussels and has more on how the debate and negotiations around brexit are going. >> theresa may came here last night. she spoke. she was heard respectfully by her european peers but by no means conquered. we've been hearing for about a year this summit in brussels was going to be the moment the decisions had to be made on britain's departure from the european union it seems a lot of those leaders are willing to give negotiators a few more weeks, perhaps a couple mormons leading up to christmas for a deal to be struck on that withdrawal. theresa may may be accepting a longer transition period after britain leaves the european union. it will remain a part of the single market, the customs union. that period looking at two years. she said it could last a few more months.
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that would be important to strike a new trade agreement, and that trade agreement would hopefully have a solution to the border with northern ireland >> we saw your interview with wilbur ross yesterday. what is the specific issue around ireland aside from the border, what does each side in particular want >> what the european union wants is to make sure their borders are essentially impregnatible to products and services coming from elsewhere, but also make sure that that hard border, specifically between northern ireland and ireland is not structured with security checks of any kind whatsoever that's something they're concerned about in terms of the long-term peace and safety of people on the island of ireland. what the uk is concerned about is not having any separation between northern ireland and the rest of the united kingdom they don't want increased regulatory checks on products
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passing between different parts of the uk. they're concerned if that happens, countries like scotland and wales will ask for similar mesh sure measures that's something that has not been untied by either side in these negotiations >> is it possible what you're telling us is that maybe the future of britain and the eu together in some sort of a trade, whatever it is, will come down to the irish border with northern ireland >> 100%. european leaders last night said they're very impressed with the negotiating teams, this is the one specific issue left. this was not talked about during the european referendum when they were talking about leaving the eu this was rarely mentioned. now theresa may is facing huge pressure at home from people within her own party as well as the opposition that she has to
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try to find a solution that doesn't divide the united kingdom. she doesn't want to spend more money staying in part of the european union areout having a voting right some difficult challenges for her as she returns back to london later this week >> ireland always punching above its weight thank you very much. let's bring in peter spiegel. this is a massively complicated issue for it's over here who are not living it day-to-day like you are. do you believe this will come down to a border issue on the island of ireland? >> this phase will this phase will. there's two phases here. there is how is the exit agreement going to be executed and then the future trade agreement. you can't do the second without getting the first done right now the eu has said we cannot allow britain to leave
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without solving this problem on the border so it's a single point of failure now in the exit agreement. particularly for markets, that doesn't solve the issue. the issue of what does britain's trade with europe, a huge percentage of britain's external trade is not even discussed in this process i think the level of uncertainty is mounting. we're only six months away from brexit day and we do not know still what the trading relationship tween britain and the largest trading partner will be in terms of politics getting this irish border thing done is the last point that needs to be agreed to. it's been delaying us for a year for markets and businesses, those looking for certainty about what the relationships will look like, do i base my company in london, an american company if i'm an american company, or base it in france orb frankfuor frankfurt, those questions can't be answered until we get this new trade agreement.
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the prime minister said she is willing to do a transition period now for an extra year the uk could be in the eu ostensibly for five years after the brexit vote with still uncertainty. >> let's say they get through phased one they get this border issue resolved what's phase two what's the next biggest hurdle they have to overcome? >> it is this issue of the trading relationship what the uk wants is basically what it has now, seamless trade with europe. it wants to -- japanese and american companies should be able to come to london, produce cars, ship to europe they want this, but now they don't want to be in the eu so the future of the british economy is hanging on this point. can they be outside the eu but inside the market? the eu said no theresa may keeps coming up with
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all these cockamamy ideas of how these things are structured. you have a new customs union but the eu said no, no, no if you want the seamless trade with europe, you have to be a member of the eu, or what's called the european economic area, and the eu doesn't want to do that because it comes with free travel of migrants, justice rulings. this is frankly even more important from a business and markets point of view than this issue of irish border. i think this irish border thing has got to get solved, otherwise you're crashing out with no deal but i think phase two will be more crucial for the business community in the uk. >> well laid out as usual. peter, thank you >> my pleasure. still ahead, trading the volatility what you need to be watching after a wild couple of weeks on wall street.
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saudi journalist jamal khashoggi. michael pompeo is back in america this morning after a fact-finding mission to saudi arabia and turkey. he is expected to brief trump later on today let's get more on the investigation with tracie potts in d.c >> brian, good morning that briefing is set to happen about five hours from now. we don't know if the president will speak afterwards. we know that investigation in turkey is continuing now with a second search to look for clues as to what happened to this missing journalist who was living and working in the u.s. president trump says he is looking forward to a long talk this morning with secretary of state mike pompeo just back overnight from turkey and saudi arabia >> i want to find out what happened, where is the fault, and we will probably know that by the end of the week. >> reporter: neither the president -- >> i'm not sure yet anything exists. >> reporter: -- nor pompeo will talk about what is reportedly a
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gruesome audio tape of the killing of jamal khashoggi inside the saudi consulate in turkey >> i don't have anything to say about that. >> reporter: turkish forensic experts searched the home of the saudi console looking for blood and dna. one of the seven suspects they identified is a close aid of mohammed bin salman. >> i trust every country in the middle east as much as i trust gas station sushi. >> reporter: critics say president trump is covering for the saudis >> i'm not giving cover at all >> it's been shameful to see the president of the united states be the mouthpiece for the regime. >> reporter: a radio jeem egime increasingly under the microscope now the final column, which the post says they believe is the final column from khashoggi is about freedom of the press the post said they held off as long as they could hoping that khashoggi would come back alive.
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>> tracie potts in washington, d.c., thank you very much. all right. let's check on the other top headlines outside of money and business phillip mena is in new york with that >> good morning. breaking overnight, former usa gymnasters president steve penny has been arrested and charged with evidence tampering in the larry nassar abuse case. penny is accused of removing documents from the karolyi ranch where some athletes say they were molested by nassar. penny who resigned last year has denied coverups. he could face ten years in prison if convicted. earlier this year dr. nassar was sentenced to 125 years in prison after he pled guilty to molesting ten girls. there are reports a migrant caravan from honduras en route to the border has doubled in size, growing to 4,000 people. in response the white house confirmed it is considering
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renewing the policy from earlier this year that separated a large number of children from their parents. the voice behind big bird is retiring after nearly 50 years on "sesame street. 84-year-old carol spiny is the man behind oscar the grouch also he stopped physically performing a few years ago and now only provides the voices. he will stop today the end of an era. >> it's amazing to think the big bird that my kid hears now is the same guy that i heard when i was that age, which is really cool i love the vest. do you have any newspapers for sale just kidding >> what are those things i forgot about them. >> phillip mena, thank you very much on deck, rising risks in real estate, how the housing industry is turning to the cloud to combat extreme weather. diana has more on this.
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and the best pizza debate it's always hot between new york and chicago. we'll tell you now where the people are saying the new pizza king is located. it will make new yorkers so angry, they might have to go to this city and try it for themselves my mom washes the dishes... ...before she puts them in the dishwasher. so what does the dishwasher do? cascade platinum does the work for you, prewashing and removing stuck-on foods, the first time. wow, that's clean! cascade platinum.
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how you can make money off rising rates and lotto fever. mega millions, probably a billion bucks. powerball, more than 5$500 million. the new numbers and the outstanding odds you have to win as "worldwide exchange" rolls on ♪ ♪ all right. welcome back it's 5:30 on the east coast. i'm brian sullivan nice to be back with you let's get you up to speed on what's happening in your markets on this busy day stock futures not giving us help they are flat. implied open down 11 let's call that flat the big story in money markets, china. the chinese do memestic market taking another tumble. the shanghai lost about 3% it's at a four-year low. it helped drag down the japan nikkei, the hang seng, the korean kospi
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asia has been whimpering the last couple of weeks joining us now is the co-founder of the spoke investment group, paul hickey. a guy we appreciate getting up at this fine hour. >> it's late, isn't it >> day is half over already. how closely do you guys watch china? does china matter to our viewers who may just be invested in the fang stoc f.a.n.g. stocks or the s&p 500 >> many of the headlines coming out of china have not had an impact on the u.s. markets i think there's short-term headline risk, but as far as things are concerned for the u.s., i think it's more of a distraction than a big impact on what's going on. >> you think that is the biggest macro question of all. there's a few out there. the brexit question, the italy question, the china question
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how much these things will matter to the u.s. market or can we remain our own continent? >> we can't be fully insulated as investors we can focus on domestic oriented areas of the u.s. economy rather than focusing on the internationals the international markets have become so oversold last week asia got decimated daily moves were so out of whack compared to what we see typically. it gives you some hints that maybe there's capitulation there. maybe to start dipping your toes in outside of the u.s. >> your note says the market is suffering from one foot out the door syndrome. what is one foot out the door? investors are ready to leave >> people are always looking for an excuse to get out >> we made a lot of money. >> right
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because we also saw 2000 and 2007 most people have gone through that so we're looking at even when investors say they're bullish, the slightest hint of trouble everyone heads for the exits we saw that last week. we saw the imf downgrade concerns over interest rates, asia >> can you blame them? how long have you been doing this >> at the spoke? over a decade. >> you remember 2000 >> yes >> our viewers have been through two major crises and market downturns in the last 20 years you can't blame people for being skittish >> not at all. it's a good thing. you don't want people to be complacent you want people to be concerned when things go on. i think we're constantly looking for the next bad shoe to drop. just last week, we saw the fund manager survey show that most
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economists looking for the next recession. >> maybe that's an inverse indicator. i have no idea help us make some money. >> you want to focus on here, again, we're not saying to be complacent we're seeing this earnings season is we've been seeing people preparing for the news. since mid-september we've seen more than three quarters of companies fall the day after they reported an earnings. tuesday when the market was up 2%, companies that reported earnings were up a half percent. yesterday, we saw strong under-performance on the companies reporting earnings so you want to wait until after companies report earnings. >> don't buy into them, wait
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until they report. >> yes i think once we get through the midterms and see earnings season get through, i think we'll see some more positive tone on the market analysts have been lowering forecasts as well. >> i love that great advice as always don't buy ahead of the earnings, wait until they come out paul hickey, great to see you. >> you, too. thanks for having me let's turn to the federal reserve. the president is saying the fed is the greatest threat to him or his markets, but is the fed also an opportunity joining us is anton schutz from mendon capital advisers. last friday in houston, the ceo of prosperity bank live on cnbc saying he loves higher interest rates. good news for him. is it good news for your clients and the companies that you own
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as well? >> generally speaking the answer is yes i think that people have been caught up in a lot of the detail about how fast rates are rising. what margins are doing but at the end of the day banks as a whole do benefit from higher interest rates. there's small factors that drive quarter to quarter things. libor did not move much, which a lot of banks lend off of as an index. this quarter it already moved some it's helpful to bank earnings. the other question is how strong is the deposit base. if they have strong deposits, interest rates will help them. you have to be a stock picker in this environment >> it's so interesting because both of our guests on the market, the macro markets, craig johnson earlier and paul hickey, they're cautious craig said he was raising cash are we seeing actual bank deposits go up with the economy?
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>> no. we're really not you know, we're actually seeing businesses benefit from the tax cuts i think another thing people are shooting at banks for is loans are not growing particularly quickly. there's several factors for that the tax cuts are allowing people to use them on the corporate side rather than borrow money. they're also providing stiff competition for bigger loans >> we talked a lot about texas on cnbc because of the oil boom. you love banks in texas. v v veritext and ibtx. who is the latter? >> ibtx has a presence in
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louisen and dlouis houston and dallas you have three good growth markets going on you have a ceo on the board which are capitalists, which i like out of smaller bank management teams i think they can glow through f grow through further acquisitions i could see them creating a nice franchise. forward pes in a lot of the small and mid cap banks are getting into the low double digits or high single digits and a lot of cases the return on equity is in the upper teens the return on assets are at levels we didn't think would happen again but they're in the mid to upper ones. the numbers are strong i can't think of better markets than dallas, houston and denver. i also think m&a in texas will be a great thing the carolinas were a spot a few years ago that i identified with
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great economic growth. >> you nailed it then with yadkin financial i remember that call vividly thank you very much. >> thank you it's funny the former cfo is going to be the cfo of the new veritext i like following, you know, ceos, cfos that have created a lot of value in the past they typically do it again >> the dealmaker ceo appreciate it. anton schutz there this afternoon, wilfred frost will speak with david solomon. coming up, mega millions mania. the lotto jackpot will probably be 1 billion bucks this friday we'll tell you the numbers and
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♪ cal: we saved our money and now, we get to spend it - our way. valerie: but we worry if we have enough to last. ♪ cal: ellen, our certified financial planner™ professional, helps us manage our cash flow and plan for the unexpected. valerie: her experience and training gave us the courage to go for it. it's our "confident forever plan"... cal: ...and it's all possible with a cfp® professional. find your certified financial planner™ professional at letsmakeaplan.org. all right. it's time for your trending stories. all the stuff when you get to your office today, this is what you will talk about. kate rogers is here with the top trending stories you're the best. >> you're the best >> no, you're the best >> lines for lottery tickets are about to get longer. yesterday we told you the mega millions reached its highest jackpot ever now the latest powerball drawing
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failed to find a winner. mega millions will draw tomorrow with the jackpot inching closer to $1 billion powerball on saturday will have a jackpot over 430 million the odds of winning, 1 in 88 quadrillion. >> i had no idea that was the odds >> that was a 1 with 15 zeros after it odds not that great. >> this is the winning ticket, america. i'll share with everyone burgers for everyone >> burgers >> i never play. >> burger king has a covered with its new nightmare king sandwich, it features a beef patty, chicken filet, bacon, mayonnaise and onions on a green
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sesame seed bun. burger king partnered with a sleep lab and they said people who consumed the burger before bed were 3 1/2 more titimes morl to experience nightmares. tripadvisor has announced the best pizza is in boston. the restaurant is called regina's >> it's in little italy. what makes it so good? >> tripadvisor says reviews. >> a lot of people like to post online if something is bad but good reviews helped them find this place >> patriots ar celtics will probably be good. the red sox will probably win. now pizza. >> regina's pizza, send us one kidding. we'll go up to boston.
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the astros hosted the red sox in the american league cham sh championship series. it just ended a few minutes. it was four hours 33 minutes long it got off to a controversial start. jose altuve had a chance to tie it up. looked like a home run, but the fan interfered they called altuve out look at that tensions high in the bottom of the ninth. two outs, bases loaded alex bregman, oh beautiful line drive hit boston caught the ball they won the game. they go up 3-1 in the alcs one win away from a trip to the world series where they may play the dodgers or the brewers still ahead, incredible images out of texas. torrential rains triggering
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massive floods how scenes like this are the latest threat to the housing sector diana olick is here with another installment of her "rising risks" series. ♪ ♪ fight security threats 60 times faster with ai that sees threats coming. the ibm cloud. the cloud for smarter business. the ibm cloud. my mom washes the dishes... ...before she puts them in the dishwasher. so what does the dishwasher do?
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just run. run like you know how to run. it orchestration by cdw. ♪ check out these images out of texas days of relentless rain sparking heavy flooding across the state. extreme rain events are becoming more common and are posing a new challenge to cities large and small. in our continuing series on the rising risks of extreme weather to real estate, diana olick is looking at new high-tech solutions for solving the problem. >> most of the nation's storm water systems are unable to handle the increasingly heavy rainfall and the more development the worse it gets. that's because there are fewer places for water to go instead of looking on the ground for answers, any compan new coe
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turning to the cloud a recent day of heavy rain in albany, new york caused this localized flooding not exactly a national headline, but it should be because of what increasingly frequent and heavier rainfalls are doing to the bottom line of local economies across the nation. hitting both infrastructures and budgets. joseph coffey is albany's water commission >> these are causing flooding, backups and overflows. >> reporter: from may to july of this year much of the east coast saw rainfall up to three times national levels. and extreme precipitation events have occurred more often since 1990 the more water, the more expensive the damage in albany alone two summers ago a few random rain storms caused
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over $3 million in damage to sewer the overwhelmed by unusually heavy water. so in albany's search for a solution, joseph coffey turned to tech, the tech-based cloud and a 4-year-old company called opti which installs smart systems under ground to manage water in lakes, ponds and tanks, draining them in advance to they can hold more water when storms hit. marcus quigley is the ceo. >> we are able to take the weather forecast and use it to predict how much runoff will occur and drain the facility down in advance to create new storage. >> reporter: quigley says nationwide there are close to 1 million sites like this lake that could use opti's technology to control flooding. >> the lake is held back by a large panel, which makes sure the level is maintained at a certain elevation. at the bottom there's a valve. that valve is connected to cloud
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infrastructure >> reporter: the valve is directed bacon tro controlled bd that is controlled by the cloud. opti now has more than 130 systems deployed in 21 states. new york city, pittsburgh and chicago have bought in quigley says opti's revenue has grown ten fold in four years, doubling last year alone while opti is using its technology to manage and direct water under ground, another company is setting its sights and technology higher. literally. rain bank is a haven't starecenp that turns roof banks into water reservoirs
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>> it collects in this area. >> and it won't leak >> correct >> it holds water during heavy rain events and releasing it slowly once the storm passed >> the serve ser rr is running algorithms and deciding when is the most intense period of a storm. then it tells the valves when to close and start collecting water. >> reporter: it is relatively cheep compared to what intense storms are doing to local economies. >> it is becoming debilitating to the infrastructure of our cities it's limiting transportation and movement of commerce causing damage, which is costing cities and private owners money to fix infrastructure damage. >> reporter: so far rain bank is on rooftops in a dozen cities including philadelphia, milwaukee and st. louis. >> the u.s. spends about 5 billion to $10 billion a year on storm water mitigation we think we could be a major
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player in that potential market. >> the business of water management is growing exponentially. a water conference in denver this summer, storm con drew over 200 management companies as well as dozens of startups from pipes to pumps to high-tech. business is booming and the money is pouring in. >> no pun intended maybe some the opti technology, if i understand it, it knows when a storm is coming, it drains a pond >> yes or a reservoir >> now that's empty so it can capture the water. where does the initial water go? >> there's places for it to go, it goes out into the sewer systems, the flow, the rivers, wherever it's supposed to go beforehand, so the lake is lower, the pond is lower, the pipes are empty and ready to drain. >> that's interesting stuff. great stuff. >> thank you.
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your morning rbi is back happy 60th birthday to the video game yep. it's a lot older than you think. in 1958 a scientist at the brookhaven lab of long island created tennis for two on an oscilloscope little digital ball bouncing over a digital net it had a little joy stick. you could control the ball some purists say it was not really a video game, and pong is it but people lined up to play for hours. so we and others will count it the video game, 60 years old today. that's the original fortnite random but interesting time to find out what's coming up on "squawk box. you can't top tennis for two, andrew what have you got >> i can't top being on a helicopter, all those images of you are sort of seared in my brain. here's some things that will get seared in your brain today on "squawk box. we have alan greenspan on the
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show he is going to be in the house we'll spend a lot of time with him trying to figure out where the fed is headed. what inflation may look like et cetera. also jeb when shenserling will e here lots to talk to him about. and facebook co-founder chris hughes will be with us you can imagine the conversation we'll have that's what's on tap on "squawk. >> being strapped to a seat, dunked, spun over, having to knock out a window, unstrap, swim out, that was intense thanks for watching. >> it looks like what we do on "squawk" every day >> with hughes and kernen, it could be that way today. he wants to give everybody money. i'm not sure joe is in favor of that >> yeah. >> he wants everyone to be taxed fairly >> can you hear him?
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>> he has about a half billion dollars. how much does he need? i think it would be fair for 90% wealth tax for him >> they call this priming the pump >> keep 50 million that's enough for anybody. we'll see whether he thinks that's fair. >> you think it will be a good debate what time is hughes on >> what time is hughes on? >> 7:30. >> 7:30. >> 8:00. 8:10 >> 8:10 exactly. >> raise corporate taxes >> thank you very much new jersey, we need higher taxes. let's check on the futures futures not helping us a whole lot here the nasdaq right now on pace for its worst month in about two years time futures not giving us a great indication, but overall the markets on a wild run. up 500 one day, down 300 and bouncing the next. guess what it's fantastic to be back with us i'll be back tomorrow. that's it for "worldwide
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exchange" on a busy thursday great "squawk box" coming up a hot debate between joe, andrew and chris hughes that's coming up we'll see you tomorrow it's no longer enough to be fast. so it's no surprise that the company that led the charge to fast, who built the nation's largest gig-speed network, is already moving-beyond. beyond wifi that just connects. to wifi that thinks about what your customers want. helping you to compete. beyond the reliability you expect. to knowing that if the power goes out, business goes on.
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breaking overnight, another selloff in chinese stocks. we'll tell you what's behind the drop and how it could affect u.s. markets facebook is getting ready for the midterm elections. we'll take you inside the company's war room where employees will use artificial intelligence to combat interference and definitely not help one side or the other no and "squawk" booze news a long-time liquor ceo is calling it quits it's thursday, october 18, 2018. andrew is even here. "squawk box" begins now.
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live from new york where business never sleeps, this is "squawk box. ♪ good morning welcome to "squawk box" 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. we'll show you where the futures are trading. before we do that, let's look at yesterday's choppy session the dow traded in a wide range it was down more than 300 points ear early, then climbed into positive territory before the minutes from the latest fed meeting indicating the bank was leaning towards more rate hikes. traders took notice of cnbc's interview with wilbur ross who said u.s./china trade talks are on hiatus for now but not at an impasse. the futures are barely budging one direction or the other traders are still trying to
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