job navigating the technology, environment, global environment. >> we will keep our eye on the banks. and the wakeup at citigroup is up about 1.75% the exchange begins now. thank you, scott hi, everyone, here's what's ahead this hour. world markets are rallying as the president pushes back his deadline on new tariffs against china. what's the next move raising the tax on dividends and so called un earned income i'd like to submit this emoji as evidence, why you could soon be hearing that more and more in court. >> a happy emoji maybe we put a smiley face on what's happening with the markets overall right now. you can see here the s&p 500

just above 500 many traders are watching for good reason. that's been an area of a resistance look at what's happening we're about 5% away from those record highs, three times we've tried in the past to push above that area of 2800. this will be a key area to watch about the stocks of the day will be general electric. we're up big the best gayners of the s&p 500 up 9% right now. we were up 16% at one point during the highs we are now up about 66% from the lows we saw back in mid december for shares of general electric on that big danaher deal >> we'll have much more on that in a bit welcome to the exchange, everyone oil is falling 3% after the president tweeted at opec today, telling the group prices are too

high china stocks are rallying big time on the tariff delay posting its bay day since july of 2015. and the dow index bounced back in february. that's a decent sign for the economy. >> it appears that a lot of problems on the table in december are back. >> 2800, that was december 3rd, we went down to 23.51. the complete round trip. a lot of major problems that were issues in december seem off the table. for example, the fed is less aggressive onraits than feared fear of an escalation of the trade war. the oil price plunge that some feared a drastic slowdown. the big issue out there is the global slowdown. the fed in its friday report specifically said that some of the slowdown in u.s. economic

data is likely due to trade issues the big question for mr. powell this week is this. how do you explain the recent spate of u.s. economic data if the trade war goes away, will the data improve >> i'm looking at all the all time highs we have in today's session. everything from starbucks to 21st century fox, to boeing, to mastercard, overall on the s&p, 28.10 and above. all of a sudden you start to talk about more of a breakout. >> the prior high from this is 28.10. we were close to 2900 at the historic high. we're breaking tluz those. we had a pattern of lower lows we're going to get into higher highs. new highs are also breaking out. >> bob, thank you so much. bob pa sani. president trump delaying the

march 1st deadline with china. the president positive on talks with both china and north korea. more more on the end game, president and ceo of the atlantic counsel it's good to see you today >> what do you make of the delay first of all, and the deal that seems to be shaping up here. what does it mean for the u.s. >> i'm not going to put on quite as smiley a face as you had on your screen a little while ago it's a good thing, both men, president xi and president trump need a deal. you now have in polling in china, 1/3 of chinese saying they're confident in the future of the economy, that's down from 2/3 two years ago. have you half the people in the poll saying that they'd like to move somewhere else. he's got some problems in his own backyard and a deal. an economic deal would help him a lot. president trump would also like a zeal the problem is, you could have

the chinese running out the clock on some of the more structural changes that the chief negotiator would like. they're a little bit afraid of when donald trump sits down with president xi, he'll want to deal so much, that he'll give in for a lot of change. >> which is ironic about the weakness in china. and the perception from inside that's not doing that great. for whatever reason, if the president decides this is the way he wants to go what does that mean for u.s. companies. should they start to expand aggressively into china and say, this is a market that's not going away they'll do better on protecting intellectual protection and not worse. or do they risk running into the buzz saw if tariffs are going back up, and things take a turn for the worse in six months time >> if you're selling soybeans, you can happy. farm equipment, you'll probably see some pluses there. you'll see some moves in

intellectual property rights, that sort of thing, i think what you have to watch is the tech space. this competition for the commanding heights of the digital economy has turned nasty, the fact that the huawei cfo is still under arrest the question for me is president trump going to make a compromise in the technology space to get the deal he wants with president xi don't forget, this is also linked to north korea, if he's on good terms with dhin in a on trade, going into that meeting with kim tomorrow, he's more likely to have some progress not being blocked from the chinese side this is all linked together. i would be very careful on the tech side. there's a disentangling of our two tech worlds. the big tech players in chine have to watch out for the future >> the final question is on huawei all of a sudden the talk now

seems to be softening, and this may be advisers leaking what they think the president is thinking and so forth. are we in air situation where the president may ban huawei equipment from this country? or are we in a situation where that whole war we backed down from, and huawei is an important role for us rolling out 5g >> president trump has not said all that much about huawei and 5g he's more interested in getting a trade deal he's even tweeted back in december, that he might intervene to help out on the huawei front if it helps him get a bigger deal. that's not what you've been hearing from pence or pompeo they have a much harder line, because they're very worried about this next generation 5g where everything's going to be connected to the internet. you already have huawei being the number one telecom

commitment provider. in the last decade, they've come charging all around the world. this is a real issue >> it seems to me that the u.s. is backing down from this fight. i saw europe say if they don't use huawei equipment, they're going to be set back five years in the 5 does g rollout. do you think the huawei fight is now over >> i don't know how the u.s. can carry this out anywhere from india to parts of europe where there is no competing technology at any price that these countries would go for i think there will continue to be an offensive on huawei. the companies that are closer to us and depend on us for intelligence and security are going to have to give way. particularly on 5g, that hasn't been implemented yet

the notion that huawei is going to be blocked from the telecom leader is fanciful >> good stuff, thank you very much here's what else is ahead on the exchange today >> coming up, one of the world's top economists says states are leaving communities behind he'll tell us why and how to fix it plus, fed chair powell turns on the charm a look at his year long offensive to win over congress and 5g here, 5g there. 5g everywhere. it's the buzz word in the tech world right now. what exactly is it ♪ ♪ let's go from plans... to full-blown production. ♪ ♪

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internet that puts you in charge. that protects what's important. it handles everything, and reaches everywhere. this is beyond wifi, this is xfi. simple. easy. awesome. xfinity, the future of awesome. one of the world's leading economic minds is out with a new book called the pillar he offers ideas on what governments could do to fix these issues he joins me now with steve liesman. it's great to have you here. >> thank you for having me >> let me start off, you say these are dangerous times and you point specifically to the rise in populous

the same time your book is full of historical anecdotes where the positive affected positive change which way are we going here. are you optimistic or pessimistic things will work out for the better >> democratic movements time and again, the populous you talked about in the 19th century, where useful in setting the course of capitalism right to make sure it worked for all, rather than just a few. i think we've seen that movement again. unfortunately, the problem is, it needs to be channeled in the right direction. in broadening opportunity. sometimes it goes off track. sometimes populism can go toward reducing some of the benefits of capitalism >> let me catch up, we are right there, right now >> we have a far left of the

democratic party that wants to -- has a lead for socialism we have a far right of the republican party that wants to tear up the global trade rules these are times when it could go either way, i think it's important your book is about saving capitalism, if we don't make these changes -- >> i'm curious what you learned from your experience in india about that especially as it relates to china. and people saying it's coercive capitalism >> people have to sense that they have a chance in the capitalist system. in the sense they don't have a chance they shut it down one of the dangers is coming from the left or right, you see the markets aren't working for you. therefore, you want to constrain the markets. we have to make sure first we have better options. the focus on the book where these communities. people don't feel they have a

chance we have to focus on reviving them that means dogging them -- >> if there's one fact that's important, it's declining growth -- >> low wage jobs are rising, high wage jobs are rising. those are the ones that are really in some cases declining or not growing as much >> it's not just the fact that they're not growing. it's where they're not growing they're not growing in in semiurban areas. >> we have three minutes now, we have to fix all of this. >> and as you're fixing it, i want to ask you about the fed abandoning its 2% inflation target that actually -- what do you think about this idea that inflation in the u.s. is too low. and the central bank has to do something to convince the rest of us -- it's some kind of problem that we think we're

going to have 1 1/2 inflation instead of 2%? >> i think the fed wants to be sell et trick. it wants to run the harp, because we've been running a little less than 2% for some time that said, i wouldn't argue it's abandoning an inflation target it's being equal on both sides >> i don't know how it will work i'm curious what you would think about this as well again, it's not really problematic what people think about it now, there are 1 1/2, 1.3% if people don't think prices are negative, how do you taylor that, so people think it's going to be 2.2 or 2.5%. >> if you want an issue that critics and opponents with the fed are going to demagogue the idea that they want higher inflation, the cost of living to go up more, that is something the fed is going to be reluctant

to do. i think jay powell, the fed chairman has a pretty good political ear, and he's not going to touch that with a 2.5%, 3% inflation pull. >> my thought is stay with the 2% they're not bending the target in anyway, they don't have to defend that. >> underlying all of this is the effect of trade on jobs. and the will old saw is that trade is something that helping everybody, but hurts people very acutely in specific areas. is there an easy solution? some way that we need to -- we can keep the world global and yet not leave other people behind >> we need to increase their ability to talk about individual opportunity. the wrong solution right now, as the populations age is to shut off trade, because where are the markets going to be. they're going to be in the rest of the world, they're not going to behere. you need to keep trade open.

the wrong answer again -- just look at japan. so much capital going unused because the labor force is shrinking, they can't use it, because they don't have the immigration. >> that would be my last quick question to you. is that a fair comparison? >> it is fair. because japan is the future, if we follow the same part they follow we have to think about that we have a much younger population, because we allow immigration let's think about how we get to immigration rather than say the answer is, let's shut it off >> thank you so much for joining us, it's a pleasure. >> it's an exchange. >> yes, it is. look at that steve said by the way the powell has an ear for policy, tomorrow he heads to capitol hill for his semiannual testimony behind the scenes, he's been spending a lot of time with lawmakers, pretty unusual for a typical apolitical

f fed. >> thank you very much, mr. chairman >> since takings office a year ago, powell has been on the capitol hill charm offensive 98 phone calls with lawmakers. he's reached out to rank and file members and party leaders, more republicans than democrats. >> purchase chairman powell knows his job is going to be easier, the more that congress understands he's doing to fulfill his remit of price stability and full employment the. >> the fed chairman could use some friends in washington president trump lashed out about the rate hikes last year, and thought about firing powell. getting rid of the chairman may not be so special. especially now that he has a bank of good will on capitol hill >> we appreciate some of the transparency efforts that were put forth. >> i know you were in my office, you've been in a lot of our

offices. >> the coffee cups are great the little picture today is the emoji day here. >> this is really an interesting tactic for powell here i'm hearing there are are two reasons behind this. lawmakers say the fed seems to be figuring out that congress is responsible for overseeing the fed, not the administration. in some ways lawmakers feel like they're getting their due respect here powell is not an academic economist. he's someone who's much more familiar and comfortable with the way washington works he came from the treasury department under george h.w. bush personality wise, he's a little more accustomed and open to these kinds of interactions. >> he got a boost from warren buffett this morning we'll see if that maybe helps people treat him with a little more kindness tomorrow than they might. >> thank you so much coming up, as the race for

2020 heats up, so is the rhetoric around taxing the wealthy. senator heidi heitkamp joins us with her take. can you figure out what this is supposed to mean? more and more courtrooms are looking to emoji for evidence. key portfolio events. all in one place. because when it's decision time... you need decision tech. only from fidelity. you need decision tech. weveryone, looknk isn'tat your phones. the design thinking, the digital engineering, security, blockchain, and we will be first to market! yes. when we do we launch? unfortunately, in 2 or 3, hours. why the delay? cognizant is helping banks use digital technologies at scale to advance speed to market.

welcome back to the exchange, here are some of the

movers at this hour. the gene therapy firm being bought by roche. semi stocks are higher, but not that much. still a nice gain of almost 10% this month oled and xp, and inindividuvinv leading the way higher goldman and citi among the notable leaders in that group. he thinks the sector still looks appealing. over to sue herera for an update here's what's happening at this hour, vice president pence meeting with venezuela's opposition leader. the u.s. has recognized him as venezuela's president, and is pressuring nicholas maduro to step down. pence reaffirmed u.s. support at the meeting.

>> president trump was pleased to welcome you to the white house a week ago but he sent me here to stand with you and to stand with our friends and allies in venezuela. >> the national weather service issuing a high wind warning for new york city and surrounding areas. dangerous winds started whipping through the big apple this morning, taking down power lines. the winds caused a ground stop that lasted for an hour. the nfl says it will handle the alleged sex solicitation case involving robert kraft as it would any other issue under the league's conduct policy. they will take appropriate action as warranted based on the facts. you are up to date, that's the news update this hour. kelly, back to you >> thank you, sue. about 30 minutes to go until power lunch. i'm joined by melissa lee.

spark is quite a story today >> have you taken a look at the other companies across the board. big pharma, big biotech is a key area of growth in the future particularly when it comes to hemophilia and rare diseases this stuff tails with the timing of the drug price hearings that happened tomorrow. these are therapies that cost a million dollars or more. we're not sure whether insurance will cover a lot of these treatments it will be interesting to see not only the the deal pace keep going. will this be a focus when it comes to the hearings tomorrow >> when i was reading it china to cure hemophilia, pretty big deal you want to see a balance between being able to put the

investment dollars to these kinds of problems and making sure people can get access to them that's the tough balance >> we'll be talking about that what are the other targets what are they doing now? we'll be talking to a top analyst. >> 120% premium will catch anyone's attention >> here's what's coming up on the exchange ahead, how costco may be crushing craft why investors are betting big on ge the apps that could be sending your sensitive data to facebook. and the beer breakup, it's all ahead in rapid fire. sometimes, they just drop in. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group - how the world advances.

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welcome back, and let's catch you up on a few stories that should be in your radar today. it's time for rapid fire here with our takes, warren admitting today that berkshire hathaway overpaid. the writedown said the stock plummeted 27% on friday. the street may have missed a key threat to kraft's core business in an interview with becky quick

this morning >> kirkland a private label brand comes along and with only 750 or so outlets, does 50% more business than all the kraft heinz brands house brands is getting stronger it varies by country around the world but it's getting bigger and it's going to keep getting bigger >> as a couple costco ago lights over here -- >> contessa is stuck in manhattan. >> i shop sam's club, and they have brands. >> brands built their chops because their stuff was better than anyone else's you knew that tide was the best laundry detergent out there.

the quality of brands has been elevated kirkland products, even though they're white label for costco are made by the companies that make the brand name stuff. the quality is on par, the cost is lower as a cost conscious shopper, i've evolved from going from a brand conscious person to a brand conscious purchase. >> buffet pointed out kirkland brands we've seen this from aldi for years and years, you can sign up for a delivery of brandless. if you can get good quality at cheaper prices, what do you care about the brand. >> i don't feel there's any issue here warren buffett called it out >> why is he sticking with it then is it >> in a way -- he could cut and run, or he could say the only way to get out ahead is to hold on to it for 10 or 20 more years. at some point when it's doing

poorly, you lose if you don't stick it out 10 to 20 years. >> look at the soda companies, they're not all healthy, but they're doing relatively well compared to some others out there. there is a sense that if you can execute properly, can you do well with consumer products. >> kraft heinz last week signaled it may be open to more deal making. who knows that what brand umbrella may look like as well >> for sure, there's a lot of work to do. let's talk about work at ge, the shares are surging today adanaher announced they are buying a pharma business it's re-evaluating its plans for an ipo for that health care unit the stock is up now almost 50% morgan, investors like the track they're on now

>> holy moly from that financial crisis low that we saw revisited in december. i spoke with larry kulp about this deal earlier today. we're focused on completing the carve out meaning this biobusiness. 15% of the $20 billion health care segment, and focused on managing the remaining core business it looks unlikely at this point it also said they're excited to have that health care business for a bits longer. in terms of what's going on at ge, the divestitures, the need to raise cash, to pay down the debt this is a big deal for them in terms of the goal that they set out for themselves, of health care, of baker hughes, of transportation which by the way, that deal between transportation and tech closed today. >> there you have it. >> i think kulp is some of that. >> absolutely, right >> investors need to get excited

about the story. it's not been a 66% run since december it's not been excitement enough. the community out there is not sold on this, 55% of analysts have a buy -- >> it's usually a good sign. >> we're at a stage right now where this is possibly a transformative deal. they get it to pay down debt you wornder if analysts do start wondering about this >> in the wake of this >> and just really quickly, march 14th is the date you want to look for. that's when they're going to be issuing their new guidance >> let's talk about the new story over the weekend health and fitness apps are scrambling to stop sending users to facebook, which revealed that many apps are sending details from height and weight to menstrual psychers to the social media giant. a new story from axios and ibm, 61% think it's worth sacrificing

privacy. for this technology. >> we think there should be more concern over the privacy here. 87% said we want to see this regulated. that comes from the ibm institute for business value how much of us really go through and read the privacy statements. how can we say we are concerned about our privacy. who's under the impression that if you're going to use one of these apps that tracks observe lace that it's not going to someone somewhere. >> maybe that's why this story caught my attention so much. there were things like realtor.com which is part of the same company, where it talks about every house you looked at, the things you liked it's not necessarily if you are a facebook user. it does it anyway. it harvests that for facebook and google's purposes. >> consumer data is worth something and at some point consumers may want to get wise to the fact that they should be

in some way compensated for it >> it could be small i get a lot of grief, because i tell people i use bing as a search engine. they have a rewards program where every search i do, give me points, and that's points are redeemable for gift cards at a coffee shop or amazon. i'm not getting a lot of value for it, but i think it's something. moving on real quickly we want to talk about an interesting squabble in terms of the beer companies bud light's super bowl ad, it called out competitors for using corn syrup in their brewing process. now miller/coors has pulled out of a scheduled meeting to discuss teaming up on a national ad campaign to revive lagging beer sales. >> i don't know, i'm skeptical they're getting more free media

off of a beer brawl. let's face it, beer has not been this interesting since less filling, tastes great. while there's been all this focus on, what are we going to do to save beer. if you look at craft beer, it's grogan ulee. it seems to me like -- how do we save old beer? i can say this, i'm a brewer, right? >> i get it, i get it. >> i think it's misplaced, why aren't they focusing on their craft brewing options which do carry a lot of cash. >> that takes it full circle that's another story that's been an issue for 3g. they didn't see that coming just like they didn't see the change in consumer preferences. they should stick together and appreciate the free press they're all getting out of this. >> let's mention the ratings of the oscars last night, deadline hollywood reported that abc was so worried about the declines

there, they offered advertisers to keep them happy abc denied doing this, the early numbers showed slight uptick from last year, did you watch? >> no. no, i didn't i went back and watched highlights after the fact, because i was too busy binge watching a tv series on netflix. >> which one >> the umbrella academy. but this is it, right? people are streaming, people tend to be more interested in television series, we've heard this for years now, thatwe're in the golden age of television, and so -- i don't know these live awards shows -- >> the thing that would keep interest in live awards shows. is the social media component where it happens live. it's not going to happen -- >> social media is what killed it, kind of. now i can get instant highlights after it's happened or the next morning to catch up. >> contessa, i did watch a little bit of the red carpet they kept pushing people to

oscars betting is this a precursor to betting on the oscars? >> yes, they are going to offer oscars betting now you can do it on the mobile app, we got a big release they know i cover gaming watch for not just sports betting, when we put betting on our phones, how does it change what we do with the oscars, the grammys. >> i haven't trusted you with predetermined outcomes >> that's true >> we're back to the data conversation again >> i wish i could vote on commercials, thumbs up or thumbs down and we'd all be happy lawmakers on both sides of the aisle have come out with new tax ideas focused on the wealy,hat th wcan be done to fix the system with heidi heitkamp after this and i'll tell you

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the 2020 race for the presidency heats up. democrats are calling for tax hikes on the wealthy warren buffett weighing in on squawk box >> you could cut spending or raise taxes. i would say the wellthy are defini definitely undertaxed relative to the general population. >> joining me now is heidi heitkamp, former senator from north dakota you're a tax expert which is why we are a perfect person to have here and talk about all of this. our colleague is writing in the times today about what he calls modest ways we could get to the issue that washen is talking about. we talked about taxing unearned income which means dividends,

capital gains. >> interest. >> absolutely. >> what do you think would be a more effective way of raising revenue if we allowed that should be a goal >> the first thing you have to do is explore the value of the guy who works at the bobcat plant, he could be taxed at a higher rate than people sitting on huge trust funds. is that the value we have in this country if you make money from your money that you should be taxed less than if you make money from your labor there's been this zrib ansi and this idea that if you tax unearned income, people won't save as much and it won't allow for investment >> jason thought it would hurt those who make around 100,000 to

$200,000 they would save less. >> how do you get around this? >> a lot of the dividend income that people are earning in those categories, it's already in a tax shelter, it's already -- if it's in a roth, it's already earn i earning interest tax free. i don't think it would reduce, may create a greater inservetive to shelter that income in a tax -- >> that's interesting. >> in a provision like a 401(k) or an ira. you know that it's not going to be taxed >> what if you have to start pulling that out, would there r be a way to say, don't worry about it >> i think one of the things we need to change that no one's talking about is the withdrawal

rules. people living longer, i think 70 years is not realistic some of this got indexed in the last tax reform. i think we need to be more generous, i think it would be a great idea to allow people in those categories to actually transfer some of that wealth into a retirement security program for their kids, allowing their kids to save for retirement >> here's one thing we've heard, no one pays the estate tax, everyone knows how to get around it even if you raiseded dividend rate on some individuals, how would you force people to pay this amount so it actually raises revenue instead of causing different ways for people to get around >> the first thing you have to do, you have to also understand that you have the bases skipping rules.

as we have always had an estate tax, we allow people to inherit at fair market value at the time of death if you required people to take the value of that asset at the bases of the owner, the original owner, that would have a dramatic impact. >> it might be worth $3 billion. no, no, no it would make them find more creative ways to get around that too. >> a lot of people say estate taxes, only a tax for the unprepared the problem is, is that in order to avoid estate tax, you have to relinquish some control, and a lot of people have difficulty doing that, there's very few family farms that will hit the current limits on estate >> he talks about the estate tax, in real estate loopholes, fixing carried interest. maybe that's something for us to

get into next time if you tax more philanthropy, you're probably going to get less of it >> there's all these huge endowments and then there's donor defined funds that are now the loophole on the latest tax law, so there's always going to be clever lawyers who find clever ways to get around the rules, that's why it's important that you keep this simple. to me, one of the great discrepancies in our taxes is earned income, taxed at a higher rate than unearned income. >> thank you for joining me. >> thank you for having me. 5g is the hottest thing in tech right now few consumers know what that is. 'llo at what makes 5g different and what it means for your every day life after this and it really shows. with all that usaa offers why go with anybody else? we know their rates are good, we know that they're always going to take care of us.

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1g brought us phone calls. 2g, texting. 3g, web browsing and 4g, video streaming. 5g promises to make all of that faster but maybe more important, it should make room for a flood of new gadgets like self-driving cars, smart homes, weather centers, traffic lights, security cameras with 5g, all can be connected at the same time without causing a traffic pile-up of data. it all works because three characteristic of 5g make it a potential game changer one, it's fast how fast depends how it's set up should be faster than 4g but unlike 4g which can be bursty, 5g phones more consistent. two, it's agile. in the world of data, low latency. the time between you asking to play the video and the video starting to play much shorter. that's a big deal for things like driverless cars which will be reacting to traffic warnings and other alerts from the network. three, endurance

when it's set up for communicating with sensors, 5g devices don't take up as much power to communicate >> jon fort, mobile world commerce in barcelona. even the telecoms industry is fighting over what 5g really means, right >> in a way. 5ge which isn't really 5g. it's 4g plus and trying to get ready for it and ways to roll out. 5g, it means different things to different classes of devices people are thinking about phones themselves, that's where people see the biggest impact, i think. >> how do we catch up? how do we get to 6g? >> maybe low earth orbiting satellites we don't need to think about 6g. 5g, so many different angles to

explore and the version of 5g not the version a few years ago. >> thank you, jon. see you again, jon fortt > why emoji are becoming a big legal issue. next guess who just got reinsta! well, not officially. nervous? yeah. yeah me too. don't worry about it, we'll figure it out. i'll see ya in there! just ok is not ok. especially when it comes to your network. at&t is america's best wireless network, according to america's biggest test. now with 5g evolution. the first step to 5g. more for your thing. that's our thing. that we're playing "four on four" with a barbershop quartet? [quartet singing] bum bum bum bum... pass the ball... pass the rock..

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welcome back did you know your emoji could be used against you in a court of law? they're showing up more and more in court cases and depending on the context, could mean the difference between sending a funny text message or life behind bars like that point. should point the right away. executive editor of "above the law. how are we seeing this support up >> right now, that's a live picture of paul manafort, right? they're used in the way any evidence is used to try to impugn knowledge of criminal intent you see it in prostitution stings, drug busts, in these cases where you try to show the person who received your text message absolutely knew what you meant when you did crown crown dollar sign dollar sign. that's how it is now going forward, we see this in

insider trading groups. >> showing up simply because this is the way people communicate. >> it's like any other, people had to adjust to text messaging, and now this this is a new form of communication. it's like the modern day blue horseshoe. >> a movie i've seen i wonder if it makes prosecutions easier. if we would have talked about it on the phone in the past, everything is in a text or some kind of instant, social media. it's all typed out and recorded. >> i don't know if it makes it easier though. so far, no case has turned exclusively on emoji evidence, right? you have to read the emojis in context and prosecutors have to do all their work of establishing, like, actual evidence of actual crimes and then the emojis can just be used as context, whatever judges are kind of all over the map. a law professor, a lot of work on this. a lot of times, judges throw out the emojis as immaterial, which

they should at this point. >> if we can show the rise of emojis, they've taken over emoticons, using a colon and a parentheses. goldman said there are, you know, 53 cases last year, 33 the year before, so it's clearly on the rise there's the increase that i mentioned for this showing up. we tried to conduct a little thought experiment to say, okay, what if we had evidence, for example, i sent a text message and there was, you know, an apple and, you know, there we go a winky face in a champagne bottle all of the sudden, people go, wait a minute, around the time you said it, your brother executed an apple trade. so how much is this ambiguous and how much could this end up convicting someone in court? >> thank god it's an apple, not a peach. that's important to know you could suggest that this was an indication that you should do

something illicit and illegal. the issue is you'd need more evidence than this emoji train actual life and then execute in the train and your uncle laughed and sent the high heels. you'd have to have all that. >> fascinating, thank you, ellie from above the law that does it for "the exchange." i'll join melissa on "power lunch" which begins right now. >> we'll see you in just a moment, kelly. i'm melissa lee. the rally losing some steam. warren buffett on cnbc saying stocks look cheap but getting difficult to find bargains is he right? we'll debate that. general electric surging on news of $21 billion deal and stock up 45% this year alone. is it headed even higher biotech stocks soaring the names could be in the cross hairs, next, "power lunch" starts right now