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good tuesday morning welcome to "squawk alley." i am carly fiorina with morgan brennan and jon fortt at the post 9 of the stock exchange facebook following another key executive departure, heightened scrutiny from the attorneys general. facebook, google, twitter are on the side of the radical left democrats. fear not, we will win anyway just like we did before, #maga they focused on the two day policy meeting with the fed. the dow looking to cap off the longest win streak since january. joining us, christopher aleman chris, good to see you thanks for joining us from

across the pond. before we get into specific names, i wonder what you make of the chase that we have seen since january 4th, and the idea that people are feeling left behind in the market >> well, they're feeling left behind, we're back to where we were last fall i think you have to take it in stride look at the highs we hit in august this market is trending sideways, and i think pretty much in a trading range. it is tough to figure out where the market will run. i'm glad we came up from december thank goodness for that. so far i think we're going to flatten out here i don't know that we have a lot of momentum. >> why, chris? >> you know, it really is -- earnings season is coming out flat there are enormous risk on the horizon ahead of us, obviously here in the uk, the question about brexit, in the u.s., more reports in terms of washington,

uncertainty on trade the market is so fickle. one day it is comfortable with china trade, then the other day it is panicked about it. volatility is here to stay i'm just not sure we have a lot of up side momentum. people in asset allocation should be neutral to the market but i wouldn't be overly aggressive in this market. i'm a bit more cautious, kind of holding back. >> chris, give me your take on the push toward regulating big tech companies, you're holding a number of them, a number of them california companies as well how do you calculate the likely outcomes and pivotal moments to watch in determining whether facebook, google, amazon are going to get constrained by efforts in the medium term >> you know, trying to forecast regulation is really, really hard and we're on those names, we own it as a whole, those tech

stocks, faang stocks in particular are the largest share, so it is not that my active managers want to own those, we hold them because it is an index. i think they have a regulatory risk threat ahead of them. i have been long complaining of the fact that corporate boards are not holding management accountable and they've made some critical errors and been involved in obviously the privacy issues, now other growing issues around those companies that now there's calls to breaking them up. we're not saying that at all i think in my view there ought to be some regulation. the phone is regulated, not that i want to regulate the internet, but companies are so dominant, have such in many cases a negative impact on society, there needs to be discussion, i would like to see it from the corporate board down rather than regulators up, but this is a huge issue

i think it needs to be debated >> the "new york times" are investigating facebook by congressman cicilline where he argues that the ftc needs to do a much better job, needs to be -- enforcement is long overdue is how he ends this. you have been invested in this company through all of the trials and tribulations and scandals of the past year plus is there anything here, whether this company specifically or other tech names that calstrs that makes you re-examine your investment >> morgan, you're getting into our investment thesis which is a challenge. we're long term investors. i'm not making active decision of over and underwaiting relative to the cap index. for us it is not just an active

decision of being low or below stocks i have some active managers, and you're right, in their case they're realizing the up side looks tremendous, that's why people want to be long, other cases they want to back up and be wary of these stocks. so is regulation long overdue, i'm not sure i just look back at history and the fact that the mail was always regulated, telephones, the radio waves, the television is regulated this is a new communication tool that went out unregulated. i'm not a big fan of regulations again, but maybe needs to be a dialogue there has to be some controls around this you've seen the impacts here in europe obviously i'm here to learn about brexit and all of the issues surrounding that, and there are questions how social media played out in that vote. and then obviously enormous issues in america in the issues of our last election, how social media played out in that

those are profound changes to society and i think that warrants a discussion. i am not surprised to hear those calls. >> what do you make of facebook runup this year, is that about engagement staying intact and i've got to believe at least their talk about a privacy centered model is something you would applaud, no? >> yeah. i think they're finally trying to realize their product, think of it as just a product, they have to put more controls and protections around it, can't just dump it out on society and i'm not surprised earnings are up, it is a revenue based model where they're taking people's data where they're not paying a price for that, they're taking it for free, taking a gain on it i think that has to be an honest discussion you're seeing some segments of the population question the facebook model, and it is interesting to me, you talk to younger people, there's a very

low participation rate when it comes to facebook. it is becoming generational. they're out in so many other product areas, smartly they're diversifying, but i'm going back to hold the corporate board accountable. they need more independent board members willing to hold zuckerberg and sandberg accountable. the fact they lost key executives is worrisome. that tells me there's something wrong in that culture. probably something wrong in that company, and that's dangerous long term for investors. >> speaking of accountability, what do you think at this point is the legacy of dual class shares as you look at ipos coming out, lyft being a prime example. i mean, google famously did it, facebook did it, those worked out okay snap, so far, has not worked out well is it time to make a big push from the investor end to not allow this or allow them just in

certain forms or structures? what do you think? >> jon, i would say the jury is still out that it worked out okay because i think there are problems that show up with that dual class stock i can't stand it to me, it is out of here one share, one vote. we believe in democracy. i understand why silicon valley wants to control it, but if they want other people's capital, they want to use your capital, our capital, they have to give us a chance to have a vote that's the way i want to work and the way i want to manage money. i think these are still open questions. i know we're pushing back on it. they want to rewardinvestors that think long term the average holding period in some stocks is 30, 40 years. that's long term it is longer than some of the founders might even be in their stock. whether it is a different class, we have got to find a better

mechanism. you're seeing people try different tools to figure out how to reward people that hold the stock for the long term versus people that are fast money and will trade it quickly and don't really care about the management and long term nature of the company we have a mismatch, we have to manage it. i don't like dual class shares, it enriches management and encase them in the company we're seeing problems with that lack of accountability. >> you have been outspoken when it comes to a company like facebook bottom line, chris, with some of the ipos, levi straus or others this year, lyft, women you put your capital to work with companies with dual class structures in place? >> well, you're rightly so going to challenge me. on one hand, i am a private equity investor, that's where we're demanding them to issue common stock, not split caps on the other hand, i own the

u.s. equity market, so if these shares are listed and part of the broad index, then i am going to own them because i want to own that market as a whole i don't want to own just slices of it. it has to do with an investment philosophy will my active managers buy it, that's an open question. they'll look at the governance, be uncertain about it, and it will raise risk. >> chris, appreciate the time. obviously probably a busy trip as you make your way around london talk soon. thank you. meantime, tension brewing between two of the most influential companies, netflix saying it won't be joining apple's coming tv streaming service, expected to be revealed monday julia boorstin is with us with more on that >> hey, jon, thanks for having me here. netflix is gearing up for more competition from apple, ahead of monday when apple is expected to

unveil a new video service the ability to sign up for subscriptions from starz and show time. competition for subscription dollars is heating up. not only awaiting dedetails on apple, but disney and at&t are launching their own services by the end of the year. just today, deloitte releasing a report with insight into which services will be able to succeed. there's room for more than one the average consumer sub describes to three video services that number is flat from the prior year and streaming services in general are on the rise. for the first time, more respondents have streaming services than pay tv 69% of respondents pay for one streaming service, up from 55% last year, compared to 65% of reresponsible denl

reresponsible dents with traditional tv 42% have streaming and a pay tv service. the key to success in this world is the content 57% of streaming video subscribers say they pick their service based on specific original content but it is worth noting, we may be nearing subscription fatigue. nearly one half of people are frustrated by the growing number of subscriptions and services they need to piece together to watch what they want and seems like that issue is only going to get worse. >> yeah. on that, it seems like some of the different streaming services that are out there or being launched, these implicitly different business models being enacted. i wonder what your thoughts are on that, netflix putting money towards content, seems like every day there's more in my cue being suggested to me, not all of it is that good i have to

say, whereas hbo, maybe they're more particular, it is something i will be more focused on and watch. how are the different services looking to target viewers? >> you have to think of netflix as a mass service. they have a ton of content want it to be global they're charging more. they have increased the price a number of times. they want to be sure they have enough content for people to think it is worth it you didn't mention amazon with different incentives they want you locked into prime video so you keep subscribing to prime and getting free shipping which gets you to buy more stuff on amazon. so they each have different incentives hbo is more of a niche maybe at&t will make hbo larger as well. >> isn't that the push and concern from the hbo side, they had been boutique, and now the drive is you're part of the platform, they want to drive engagement they need people watching a

range of stuff amazon also has questionable content in terms of quality. i wonder who apple expects to drive platform volume for its global ios and hardware base and still be boutique. >> we'll learn more about what apple is doing monday, i will be there. i am excited to see who they have on stage. we already heard about some shows that apple is paying for, and they're paying a lot this will be premium content, the same budgets we have seen for hbo shows, names like reese witherspoon, jennifer aniston, more film actors, and from what we heard, apple is paying top dollar for what they see as premium content. >> were you surprised to hear hastings say no dice >> if you biebuy a subscription,

they take a cut. netflix is increasingly trying to get you to subscribe to netflix so they don't have to share revenue. now that apple is launching a service that's more in direct competition with what netflix is doing, it doesn't make much sense for them to be working together >> pay me, not tim cook. thanks. still to come on "squawk alley," the popular trends in coming ipos that may signal underperformance. and the co-creator of apple's first ever tv show is with us. we're back after a quick break

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welcome back to "squawk alley. the coming slate of ipos top of mind for investors with lyft road show under way and the 150-year-old blue jean maker, levi straus set to debut thursday they may signal underperformance to investors leslie picker is digging through details and has the story. >> the battle over dual class structures centers on a battle for control. the entrepreneurs or desen denlts of the entrepreneurs are wing levis and lyft are on the road show, pitching dual class structure to investors the family of levi strauss will

control 99% of voting rights, and co-founder of lyft shy of 50% of voting rights after the debut. more and more companies have gone public with dual class structures in recent years, investors have been fighting back council of institutional investors put out a statement calling the lyft structure egg gre egregious that would unwind it to single class shares in a reasonable amount of time. the sec is looking at sunset provisions, found companies that phased out dual class structures traded in the long run at a premium to book value. still, investors and bankers i have spoken with says lyft and levi dual class structures are unlikely to be responsible for diminishing investor demand as relates to buying into the ipo in the short run, guys

>> definitely going to talk more about it next week thank you. meantime, the journal reporting that michael sanchez, brother of jeff bezos' girlfriend was responsible for selling the amazon chief's texts and pictures to the national anthem to the tune of $200,000 mr. sanchez told the journal he did not want to dignify reporting, calling the sourcing old rumors we reached out to all parties involved, ami, amazon, bezos, and the sanchez siblings, have yet to receive any comment >> quite a story i'm sure more details will be revealed shares ofamazon are up 2% righ now. when we return, noog is aiming to be the netflix of gaming we have more "squawk alley" straight ahead don't go anyer whe. his family. his steinway, which met a burst pipe. so grant met his insurance: you are caller number 12.

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google is expected to announce a new gaming service, a streaming offering some analysts think could be the quote netflix of gaming. john riccitiello from unity technologies great to have your perspective on gaming. online delivery of digital content is not new is this going to be an evolution of that? do you think something like this streaming platform will take hold >> well, look, i think streaming is going to be important and while i can't talk about what google is talking about today at 10:00 a.m., but i can say they made a massive investment, created some cool technology it is not clear that streaming will turn out the way it has with film and tv with a single dominant player like netflix there's more going on in the

gaming industry and technology is harder to master for games than any sort of video content. >> the gaming industry doesn't seem to be as asleep at the switch as hollywood was in some other industries that sort of have been taken on by digital revolution how do you think it is likely to play, is this going to be a niche within gaming, will there be reason to have devices that have local content on them for speed and reliability? >> first, you don't see things effecting tv that effects gaming is gaming is a decade ahead. they're using processors efficiently and you make a great point. while streaming will be the best solution for certain types of game experiences, there will be other game experiences better off with local process on the tv or device if you're playing on a

phone. my sense is we'll see a blend of streaming native applications on devices like phones, consoles, pcs and some hybrid where part of the game will come from a server, a streaming location, other things happening local what makes a game different than a movie, the next frame you're about to see has never been seen by anyone before, it is created by the gamer that means that technology is radically different than film where it sits in a library and next frame has been known for sometimes 20 years it is a very different thing to get content from a server to consumer in a world where it is created. >> how much of this technology is specific to the videogame industry, how much of it whether what you develop at unity or other technologies will have broader applications to other sectors?

>> my sense is that a lot of it will end up being specific to the gaming industry, again because of the technology challenge. what i would tell you is some of the same issues remain you want a server as close to the consumer as possible, short net distance, fewer switches between the server that serves content and a user and the -- with netflix it is all streaming. most consumers when they look at game applications are likely to end up with a combination of device in their home, their hand, their pocket for certain types of game applications and others off the server. >> what's the business model and is it atodds with the game industry's traditional motivations and models is this google, amazon, et

cetera, wanting to fold these into subscription services like we're about to see from apple, apple could get into this, pay 10, 15 bucks and get access to a huge library of games? >> you hit on perhaps one of the biggest points of tension i expect to see unfold as game streaming ends up larger scale what you may not know is the 25 largest entertainment applications in the world are all games. they're all over a billion dollars in revenue and that's per year. you don't see any movies grossing a billion dollars a year or musical acts grossing a billion dollars, no novels, no television, but games do, because they have a much larger audience couple billion people playing games globally this is big incidetellectual properties i think they'll have a challenge sorting economics when you get a

piece of a 10 or $15 monthly subscription therein lies a bit of challenge and tension. content creators, activision, electronic arts, others that create this stuff is going to economics that work for them and of course and anybody that aggregates for streaming will try to get to the netflix model, 10 or 15 a month and they're not necessarily cope set i can. >> john, thank you for being with us. tomorrow, don't miss frank gibeau tomorrow to discuss big moves in gaming. let's get a news update with sue herera >> good morning, carl, good morning, everyone. here is what's happening national security adviser hailing the visit of brazil's

president. he spoke to reporters outside the white house. >> very much looking forward to the president of brazil visit. this is a historic opportunity to redirect relations between our two kuncountries, the two largest in the western hemisphere, i think it will have a profound impact not only here but around the world. and the u.s. backed forces say they took an encampment where they have been besieged for months it is the last pocket of territory in syria controlled by the extremist group. espn reporting star center fielder mike trout and los angeles angels close to finalizing the largest contract in professional sports history the 12 year deal would be worth more than $430 million trout was due to be a free agent following the 2020 season, many

people believe he is the best player in the game today you might say the angels made a good catch back to you guys >> okay, sue thank you, sue herera. >> i had to do it. after the break, why netflix will not be part of apple's coming streaming offering. former nbc entertainment co-chair, ben silver man behind shows like "the office" and "ugly betty" joins us in a moment this is decision tech. it's screening technology that helps you find a stock based on what's trending or an investing goal. it's real-time insights and information,

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investors are waiting apple's media event monday rumors go from a potential streaming service to content partnerships with premium tv providers like hbo, showtime and starz. netflix saying they will not make any content available through apple's offering joining us, ben silverman. he was the co-creator of apple's first tv venture, planet of the apps welcome back >> thank you, carl. >> either whether it is your own

intelligence or your own guess, what do you think apple has in store next week? >> clearly they have been putting together tv shows. i saw a nice image in the paper yesterday of a bunch of talent assembled around what they're presenting monday, but a lot of rumors have been around. they also want to bring an organizing principle to all the content which is a big issue for so many consumers. how do they find what they want to watch. >> an algorithm? that kind of thing. >> not sure about that based on the news about netflix not participating which unlocked that maybe others are. like the current apple tv, app enabled, get a netflix app, a cnbc app, and use that interface to access your content, which netflix does participate in that they're going to push that further in a way that allows you almost to use your remote to go

across what offerings are out there. i'm not sure about any of that i have no insight connected to them, i just know that's an issue we all face. for a tech hardware company like apple, it may be something to go after. >> in light of that, apple, friend or foe for content creators, given that they're competing for content, looking to bring more eyeballs to their service and aggregating the apps. >> for the people below in the salt mines, digging for the coal, it is all good we want as many players leaning in, buying content and creating and supporting content creators. the issue is this business was about fame or fortune or the combination they're in what we are seeing is so many great projects and ideas and shows not finding the cultural impact they used to find, in a

world of 500 dramas, it is harder to break through with yours. in a world of 10,000 shows, it is harder to break through with yours. so that doesn't seem like it is going to change from the pursuit of the culture creation aspect of why so many people do love doing what they do inside the content world, but from hey, here's a new buyer, here's another company leaning in, that's all good for the business. >> from where you sit, how have apple's motivations shifted in the past decade? a decade ago they were about being a platform, all of the distributors put an app on apple tv, et cetera. now they're pushing more original content and my guess is that they're motivated to wanting people around the world to be engaged in their service uniquely how does that change the type of content they're motivated toward and relationship with the likes of netflix and disney? >> what's unclear to me is who is participating

if the companies you mention, that top tier of pay services are going to opt in and be part of it, then apple doesn't need to make 10,000 shows, they can make a couple of shows that can be a formula one engine for them, and also it allows them to experiment it doesn't feel like they're all in on that side in terms of wanting a ton of shows or go deeply into local language as netflix has. so time will tell whether it is about an organizing principle for hardware or itunes platform or is it about hey, we want to bedirectly in that content gam and eventually do they acquire a company that already has all of that infrastructure to accelerate their plans if they want to compete. >> of course, the relationship between hollywood and apple, we know over the years, ben, had its potholes can you talk about what it is like to pitch apple with original stuff versus netflix or

some of the legacy negotiatitwos >> they all have hired a lot of the traditional media executives and brought them into their companies. apple's content business is led by two great senior executives that come out of sony television so the process is much more in tune to the way it was maybe five, ten years ago in terms of taking your projects out but then from there it gets murky with almost all of these companies, they operate in more secrecy than we have operated in hollywood. all of the shows are giant collaborative efforts. there are directors, writers, actors, talent managers, agents all involved in the process. usually through that process there's a lot of transparency and a lot of conversation. when you enter the tech world, there's a lot more secrecy, that's something i know has been an education process between the two worlds, and something that

hasn't been a normal flow for the content creation side of the business where you almost have to be talking about it because you're working with so many people on the projects >> definitely a key point. in light of that, ben, seems to be a creator's market now. as somebody who makes content, what's your ideal platform >> i still also love broadcast tv, i may be one of the old dinosaurs. >> great answer. >> in terms of value creation around content, what we're doing with "charmed" and "jane the virgin" they both goon netflix we lean to broadcast as the first window we not only see it on the first window, we then get to watch as it is exploited around the world for our benefits as participants, and also people forget how much these episode orders vary. the biggest order we have gotten

as a supplier into the streaming world is ten episodes whereas our series pickups for next year on the broadcast shows are 22 episodes so you're already starting ahead from the business perspective, and then from where people can watch your show, they not only can find it on the broadcast window where you work with advertisers and bring them into the system as well but then it eventually does appear on netflix. it will be interesting to see how that all plays out so many of these services were built on library content "the office," different reports have come out, supposedly the number one show on netflix it is not "house of cards. what happens when come tcast mos it off netflix that's where a lot of it will be interesting. you're seeing it with disney and netflix's battle the rumors they're going to pull

their content out of that service, will that effect netflix and how is all of that going to play out. can they create their own content to rival that legacy catalog content. it is interesting. i have to make a comment on john on earlier about electric art, saying there are no billion dollar franchises within the movie and tv industry, i would point to the $13 billion movies that came out this year, whatever that is you can't knock us you can shoot as many guns in the videogame world, we're trying to make aspiration alcon tent. >> you brought the fire today. >> come on >> ben, we'll see you soon thanks so much great insight. >> thanks so much. coming up, the startup securing a $1.25 billion round of funding we're talking about one web. stay with us

i am scott walker. here's what's coming up. the march to new highs stocks hit the highest level since october. why april 15 could be ominous for the rally. buy or bail on boeing. one of our traders making a move today. morgan, about 15 away. >> sounds good

see you then. let's get to the cme and rick santelli for the santelli exchange hey, rick. >> good morning. first day of a two day fed meeting, i think of the same types of issues i discussed with john taylor this morning how much activity, how much proactive force should an agency like the fed or government in general exert on something, to go from a position where they should be conducting an orchestra to wanting to be the orchestra, pick the music, micromanage all of the practices. this isn't really what it's about. i frame it this way. what is the definition of mission accomplished sometimes in life you want an end. you want a finite conclusion when it comes to policy in central banking and government in the macro, there are no garnl guarantees in policy, the central bank's goals shouldn't

be to pi markets in certain places, it should be to put good policy in place, and governments in general especially after big events like the credit crisis get into this mode where they want to control outcomes more than conditions and end up picking winners and losers, they usually don't get the ends they want, and it creates lots of friction within those forced to drive on the road if it isn't quite level. finally, what does it mean at the end of the day for the central bank to be at neutral? well, what it most likely means is that if you're an investor and you ignore certain warning signs, you're going to pay the penalty. the central bank shouldn't try to cover all combinations about where things can go wrong. it has been ten years after the crisis and we're still in a mode looking at dot plots, trying to figure out what's the best way to get the economy to go best way to get the economy to go, cut the reigns, let it run a bit on its own

jon fortt, back to you >> thank you, rick. up next, the company trying to give internet access to everyone through satellite the ceo of oneweb joins us next.

welcome back stocks at sessions high. the dow up 158 points. the s&p up 14.

meantime, global communications company with its largest round to date. the total funding is 3.5 billion backed by the likes of qualcomm and softbank this after the company completed its first satellite launch earlier this year and committed to sending 5 ining satellites ic over two years thanks for joining us today. you've raised a ton of capital here quite a number of people in communications remain skeptical. what would you say to them >> i would say there's a huge potential. we're changing the dynamics of economics of space we're mass assembling satellites our satellites are costing us about a million dollars each we're able to produce one a day. by tehe end of year we'll be abe

to produce two a day that's the very custom built that geos were doing before. we'll broaden the use cases of satellite. you're going to use our service and have to look up and see us you don't have to point to the horiz horizon. with the advantage that our satellites are zipping over the earth at 26,000 kilometers per hour, we're much closer. there's coverage everywhere. >> it's pretty amazing when you talk about producing two satellites a day i think the number is about a million dollars per satellite to produce. this is really, in many ways, a manufacturing marvel here. usually it's hundreds of millions of dollars and can take years to make satellites how are you able to do it and do it so cheaply and so quickly >> we have done a joint venture

with air bus and we had a factory atcape canaveral we really set up the supply chain and using the same satellite over and over again to populate our system. we're going to produce 650 for the first layer of capacity which will be for global coverage we'll go up to 2,000 all the electronic that you see. the iphone 10 being better than the iphone 5 our second generation will be better than first. >> how are the economics going to work to cover all kinds of rule area, areas that you have difficulty getting coverage. how much will you have to charge to that person will it be monthly, some other way when a lot of people will have their own cellular and 5g coverage and might not want to get an extra subscription to

satellite. how much do you have to charge >> we're going to work first on the verticals where there are people right now willing to pay a lot in airplanes and on boats. then we're also working with partners those are governments and also t terrestial mobile operators. when we think about what we're trying to do as our social mission, which is to connect every one, one web, one world. we want everybody to connect it. think about that we're going to go and focus on schools. schools are places where you have lots of kids together so they can afford it we need to work with governments. it's not just a matter of providing it you have to make sure they have the ability to manage, provision, make sure they have the right content. it's working with governments and bringing the cost down so we can go beyond that >> thank you for joining us

today on the heels of this fresh round of funding for one web i suspect we'll be having many many conversations about this type of technology and others. look forward to having you back on the show. thanks >> thank you so much ncht g close to session highs 26,070 on e thdow. we're back in less than three minutes. if you're turning 65, you're probably learning about medicare and supplemental insurance. medicare is great, but it doesn't cover everything - only about 80% of your part b medicare costs, which means you may have to pay for the rest. that's where medicare supplement insurance comes in: to help pay for some of what medicare doesn't. learn how an aarp medicare supplement insurance plan, insured by united healthcare insurance company

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welcome back instagram announcing a new check out feature this morning allowing users to complete the transaction in the mobile app. it include a partnership with paypal it's another step for instagram into ecommerce is it part of facebook's next big move in business a lot of youers users on instagm a lot of products >> this will bring new meaning to the concept of influencers. instagram is yet to be fully realized business opportunities for facebook >> they did say they have 130 million users a month who already hit a tag to reveal the

product. that's some built in business. the president a few moments ago said i will be looking into this hashtag stop the bias. some allegations that facebook blocked his social media chief the pressure from federal prosecutors, from congress and potentially the white house. nc let's get to the judge >> i'm scott wapner. with the s&p at the highest levels, are record highs the next stop? this is the "halftime report." >> we're back at record highs. we are on surge watch. the dow now about 26,000 what takes us higher the halftime investment kple committee is ready to go what can stop us is the big threat hidden in your tax bill the halftime report starts right now.