good morning it is 8:00 a.m. at lyft headquarters in san francisco. "squawk alley" is live.

♪ good monday morning. calm to "squawk alley" this morning obviously a nice gain in the overall indices. dow is up 231. we'll start with lyft down after its debut on friday. fell below the ipo price we have more on this all from san francisco. good morning >> reporter: good morning. you showed the chart shares falling as much as 10%. breaking below $70 below it's ipo price of $72. this comes after a solid debut on friday that saw shares surge more than 20% before settling somewhat i spoke to tom white at day davidson and told us we may be seeing some of the faster money exiting the stock after that first day pop. the coverage of the company is ramping up too guggenheim out with its note with a neutral rating say they understand the excitement but quote we simply have to look too

far out with too many assumptions in order to makea case for the stock this is a sentiment that echos a major concern from many investors about lyft and ride sharing as a whole these companies are losing a ton of money and the path to profitability is highly uncertain uncertainty. lyft a precurer to the bigger main event, uber which could fetch a valuation six times that of lyft. uber, on the other hand, is international. more diversified and holds major stakes in other ride sharing companies around the world but burning through an even cash pile $8.1 billion versus lyft it faces the same profitability question the company and its bankers are closely watching what is happening at lyft today and in the weeks ahead as it gets ready for its own ipo and that process could kick off as soon as this month. >> thank you very much good set up as we discussed the stock down this morning.

lyft co-founder sat down for an interview on friday and becky asked if he would sell or hold shares after the lock up expires. >> to behonest, we haven't thought too much about that. we're really focused on the long term execution we believe long term in the value we can create. and genuinely focused on our mission which is to improve people's lives >> let's bring in rico's co-founder good morning what is going on here? how important is this? >> it's called math. it's losing money. it makes analysts and investors nervous. and site goes down it's interesting because you're in a bit of an upswing of a market everyone is a little frightened the amount of money these ride sharing companies are lotion $900 million is a lot of money it's a great service people like it this is being subsidized

where can it go to find other things like uber is doing uber eats it is international. it owns other things these things are predicated on each other i want seems to me there will be one that will win and then be owned by one person like softbank owns a lot of all of these companies. that's the issue as they expand they will take an enormous amount of money and every additional rider done cost less do you know what i mean in the software or anything else. >> sure. we had some discussions this morning about whether or not as they go public there is more of an effort to raise prices overall especially in a market where there are two major players. that would help alleviate some of these losses. >> yes there would be. there are players competing with each other consumers are getting these rides at the expense of the drivers and expense of investors, expense of the vcs, expense of the capital markets and it's great the question senior you being

subsidized and what happens when you raise the prices because these are not real prices. these are not prices that you should be paying for these services when they go up a little bit, i know i dh when they start to get in line with other services that are more expense jennifer. i think about alternatives including public transportation or walking or whatever i might take so it changes the business if they cost more, but if they cost more it changes the business it's a difficult situation if you don't have alternative revenue stream >> what'syour take on what the strategic asset really is for lyft and uber? is it the drivers and that relationship, is at any time riders, kind of the end user and that relationship or is it the data because depending on which you think is the most important strategic asset it seems to me you value this company differently. >> i think the reservation system for this, the reservation system for car sharing if you're like a google or big

car company, you might think this is valuable this information is valuable the thing is, you know, it's still a lot of money even for a google or any of the other big players in this. if you're doing self-driving cars eventually do you want to own the reservation system and they built these reservation systems out really well. the question is how can they keep enough drivers engaged, pay them correctly there's big issues around that how do they keep the safety going. everything else. so it seems like it should be married to something else versus just by itself or get bought. i always said that about a lot of these the prices are so high $20 billion and uber $120 billion and losing what $2 billion a year i can go out on the street and sell ice cream and lose a dollar and sell a million ice creams if it was real cheap. at the same time they are great services it's a real question of how they can keep going with this much

capital loss, which is what's happening. >> with the stock down 10% who do you think is selling? is it potentially early investors cashing out other stakes in this company certainly they are the ones that made a lot of money here coming into this ipo and if so how does that set us up for the lock up a couple of months from now >> roubling. i don't know who is selling. it's probably early investors. people that can sell a lot of companies are making moves about keeping people locked up a lot longer but you really can't force people to hold on to stock they are worried about. so this could be early investors. could be people who came in, bought it and then came out of it i don't know who is doing it these numbers, this is a really -- a stock you have to have a lot of guts to stay in and think it's going to go up or get sold or cost more than $20 some billion i don't know

i have no idea i don't know >> if the price continues to be weak over time do you think that's a liability for uber specifically or ipos at large? >> i think uber and lyft scott galloway on our showed talked about this. this is a transfer of money from investors to riders. riders do great in this whole thing. everybody has got to be watching it's six times the price, i guess. and three times the losses or something like that. so that's what you have to watch out for. that said there's some promising things around uber eats and other offerings. the question is who will pay for it again, every additional rider doesn't cost less. it's just -- ate fixed cost for a lot of these things. very different than some other businesses like a slack, for example, or pinterest.

but it could go in the direction of a snapchat, you know what i mean if they don't execute correctly. it's a real tight rope >> your point about diversification is well taken. certainly turning to facebook this morning, zuckerberg's op-ed in "the washington post" over the weekend said the internet needs new rules. he focused on four areas what was your take on what he said and what he didn't say in the piece? >> please regulate me. i don't know he's trying to throw off the responsibility here you take this giant, you know, terrible mess that i created. i don't think he can do that i don't think he can off load freedom of speech to the government the government has rules regarding freedom of speech. this is a private company. this is his job. he has to clean up this mess and

can turn to the government for that he can get help from the government they can do a privacy bill that's interesting data portability is also interesting. this is his problem. it's funny please regulate, government. made me laugh. >> here is some interesting jujitsu i saw. he was saying here's where you should regulate me and everybody else in our space. and by the way, there are things that we're already doing that we think our competitors ought to do too add some costs to their balance sheet. did you read that into that too? >> the whole thing i'm fascinated by his missives i thought about doing a translation here i just can't it was interesting because like someone from the fcc, one of the fcc commissioners responded no thank you we're not into regulating the free speech on facebook so i don't think the government needs to step in here on some of

this stuff but, you know, there's regulation coming so he's getting ready to talk about what they would like. this is a signalling to someone about what they would like you know, everybody has opinions of their own like elizabeth warren has some. mark warner has some amy klobuchar has some all kind of regulators california privacy laws coming into play in 2020 and then europe so there's going to be a lot of regulation i'm not sure it's going to be necessarily to mark zuckerberg's liking or to his wishes. and it shouldn't be. >> did you just use the word miss did you use the word misses. >> he write as lot you have to take them apart what's going on here within the thing. i love to be in the meeting where they decided to do this. what is the goal here to create

this thing please take way this giant mess from me is what it's saying to me i think that's what it's saying. the thing around the hate speech the government can't regulate a lot of this stuff because of a thing called first amendment it's not if government's place to regulate -- it's like someone regulating nbc like nbc asking the government to regulate it there are some regulations but not, not in the way that i was reading here i found it confounding, frankly. >> finally there's this notion of an oversight board and as we're talking facebook has a statement out saying that they are opening a public consultation process to help answer questions around the design of this board, they are bringing in baker mckenzie for support. how do you think that would work >> i don't know. i don't know who would serve on this board. would it be you, me? again, it's sort of like tom

sawyer getting everybody to paint his fence. i'm not painting your fence. i don't paint billionaire fences i don't know about you this is facebook's job it seems like it i get it they bring in viewpoints this is the job of facebook to regulate its network it's the job of steve burke to run nbc. so i don't know. do you want to be on the board to do that not me >> i think i'm busy that day it does bring up an interesting problem he's outlining here saying what we don't want is a whole bunch of different rule not only across every country but across every state in the united states somebody please save us from this mess that really we created trying to be this big global network are of people. turns out people are messy >> messy people are messy we know that well. what do you want >> a lot to get to

>> good luck, mark >> thanks. we'll see you soon the always entertaining. still to come a new month and a new quarter for names like tesla and take-two some of the biggest laggards in the nasdaq 100 during the first three months of the year and later rapper and entrepreneur and tech investor chamillionaire will join us. we'll get his take on the stocks sell off i wonder if he's slielng much more on "squawk alley" much more on "squawk alley" still ahead. with ingenuity, technologies, and markets expertise we create the possible. and when you do that, you don't chase the pace of tomorrow.

nasdaq. rewrite tomorrow. a cfp professional is trained, knowledgeable, and committed to financial planning in your best interest. find your certified financial planner™ professional at letsmakeaplan.org. find your certified financial planner™ professional dso should the way you bank.. virtual wallet from pnc bank. just one way pnc is modernizing banking to help make things easier. pnc bank. make today the day.

weg an eye on shares lyft down big this morning, about 10% lyft investor and grammy award winner chamillionaire will join us first take a look at the best performing stocks in the dow in today's fashion. more "squawk alley" straight ahead. don't go anywhere. the work we w. so we're digging out from all the work we don't want to do. ugh, getting rid of so much paperwork. oh, doug. i didn't know you still worked here. i called for help but no one came. [ laughing ] classic doug. okay, carry on. yup. can you call my wife? thanks. servicenow. works for you.

welcome back to "squawk alley" trucking and freight is almost a $370 billion industry until now couldn't be hedged financially freight waves launched the first-ever futures market for trucking buying its first trade on friday. greg fuller freight waves ceo. great to speak with you today.

let's start specifically with what this actual financial instrument is. what you created here. and why it will be meaningful not only to trucking company but to shippers and others that trade in the futures market. >> this is the world's fundraiser financially-settled futures market based on trucking spot rates so, it's a tradeable instrument, financially subtle, so there is no truck that will ever bump a dock or show up. it's a financially-settled future which is based on d.a. t.s benchmark index. gives the agility for companies that buy shipping services, retailers and manufacturers to control and manage their shipping costs and gives the ability for trucking companies to manage price risk and ensure they have predictable cash flows. >> i've been staring at trucking

rates, freight rates for years volatility is like this. it's crazy a very fragmented industry seems obvious to have some sort of futures market, some sort of hedging ability here why has it not existed until now? >> it's a great question we get that asked quite often. so really you have evolution in the market to create a financially-settled instrument you have to have an index that people respect. and trust. and d.a.t. in the last decade has created the index. that index helps companies to understand what the current rates are. until that spot index was created it was hard to get pricing then you had the evolution of -- understanding with technology and die digitization so we were just at a point in time where technology has

evolved to enable us to get information to be able to hedge it >> liquidity will be everything for this market. in terms of who you have signed up and who will be using these contracts and working off the nodal exchange where they are traded who signed up >> i'm not personally permitted under regulation to talk specifically about companies that are signed up but we know that there are large asset based providers, large shippers, and three pls that are in the process of signing up or have signed up the other thing we like to see companies that already understand how futures work, and understand how futures are traded, so companies that are buying services where commodities are a large part of their cost to good sold, food suppliers, energy suppliers, et cetera, those are important participants

and trucking companies that hed diesel and they doare interesting participants >> when will you know this is working. >> is that long process. unlike an. ipo there's very little volume in the early days of the market. we got our first trade on friday which we were surprised by we didn't expect to it come as quick as did it. it happened within 20 minutes of the market opening we're looking at volumes i think this will be a slow and steady growth market if you look at financials, companies that had success, $50 million of trading volume in a month is really considered critical mass in terms of getting real interest of financial speculators. and to put that in perspective that's about the size of j.b. hunt or swift, knight swift market exposure to stock rates we're talking about an industry because of the massive size of it and you mentioned the

volatility, this is an idle instrument for companies that even the largest carriers that may have a very small percent i stock they can control that risk >> in the past year we talked about higher cost to tariffs, freight and transportation costs is another big issue craig fuller from freight waves, thanks for joining us today. and european markets set to close in just a few minutes. >> reporter: strong start to the second quarter for european markets following an upbeat read on china's manufacturing activity german david axelrod up 1% hitting its highest level in two weeks. bullish news out of china lifting a number of miners and industrial related stocks across europe up nearly 3%. the data out of europe is less

optimistic german, france and italy seeing a decline in manufacturing activity in march, adding to fears that a slow down may not soon bottom out. though spain, uk and ireland did buck the trend largely due to further stockpiling ahead of brexit on that note investors will continue to monitor developments out of the uk parliament british pound climbing as lawmakers continue to vote on a condensed set of alternatives today. 131 for the pound. uncertainty weighs on stocks take a look at shares of budget airline, easy jet plunging 7% after warning its profits would be negatively impacted by rising fuel costs and the brexit ken. let's pivot to the turkish lira. a volatile session after erdogan ruling coalition lost ground in an election yesterday. erdogan claiming over 50 puerto rico of the vote but lost in the

capital ankara as well as istanbul the currency has been under pressure if you're looking for yield call the ten year on the turkish note, 18%. how about that >> that's a nice return, i guess. you get paid for some risk thank you. let's get over to sue herera and get a news update. >> hello here's what's apg at this hour a career official in the white house security office says dozens of people in president trump's administration were granted security clearances despite disqualifying issues newbold said senior trump aides overturned the decisions to deny those clearances south korean president moon urging north korea to respond to efforts to keep the dialogue alive and resume the nuclear stand off with the u.s.. moon discussed his upcoming summit with president trump which is scheduled for april 11th a vietnamese woman who was the only suspect now in custody

for the killing of kim jong-un's half brother pleading guilty to a less are charge in a malaysia jan court. she could be freed as early as next month and here at home many celebrities are mourning the death of nipsy russell it cut short a career that end him a grammy nomination this year at the age of 33. you're up to date. that's the news update back to downtown major averages holding on to some gains 2858 is a couple points below 'lseintraday high. wel e if we can get past that being in a minute.

your daily dashboard from fidelity. a visual snapshot of your investments. key portfolio events. all in one place. because when it's decision time... you need decision tech. only from fidelity.

so far a strong start to the month and quarter. the dow is up, rising above 26,000 fang names helping to push the stock higher lyft on its second day of trading not getting a lift falling below it's ipo price of $72. it could bode poorly for pinterest and slack. >> we're in a position where the ipos are the biggest risk to this market. because there's so many coming

that's a bad sign for the market i didn't want that that's going to drive the market down people know there's so many deals coming >> and joining us now at post nine sam stovall also with us bob pisani. guys, good morning sam, so putting this lyft ipo in the context of the broader markets right now major indices are all up lyft is down how much of an impact do you expect these ipos to have on the market as the year continues there's a ton coming to market >> right it's a reflex where we are in the economic cycle and stock market cycle that you tend to have ipos coming out at this point. a lot of m and a activity, et cetera more of a headline event than a bottom line event. the focus is more on q1 earnings, which right now are expected to be off 2.7%

year-on-year which is half of an earnings recession and the guidance as to what will happen in the second quarter. right now we're expecting only the s&p to eke a 0.7% advance. we're on the precipice of an earnings recession possibly. >> bob, all kinds of data this morning. some negative retail data for february, a bit more positive for january. chinese manufacturing data positive how much of that is playing into the indices. >> why we have the global markets up china, that number was important. remember, we've been a slow slide down in the chinese economic data for six months now. they are furiously stimulating their economy. that's why we're up so much today. european economic numbers weren't so great our retail sales number was not great. remember the january revision was notably to the upside and you can now argue maybe we're messing up somehow and obviously you can drive a truck through these numbers.

90% confidence interval in these economic numbers are terrible. so it's huge on a monthly basis. i'm reasonably optimistic the retail sales numbers will be revised upward again in february as well. i'm more concerned about the whole lyft situation because the whole sentiment for the market right now is based on the idea that all of these technical unkorns will come at high valuations and lyft is effectively challenging that we were concerned about this we sat on annandale the four of us just last week excuse me $15 billion in the last valuation for lyft and they want to come at $23 billion investors are not fools. they saw that. i think that's a concern what's a reasonable question now does this mean other ipos will have trouble it means they will be cautious on the pricing and that's good news for people who want to buy down the road. >> we can have ipos underperform but if china takes off this will

abscond story. >> absolutely. because right now, you know, the feeling is we're heading, in my opinion more towards a soft landing than we after recession. i published my yield conundrum article this morning that said of the last seven times we had a flat or inverted yield curve we ended up with the fed cutting rates. but only four economic recessions we can worry about a recession but actually most times we don't have to worry too much >> do you think the fed could cut rates this year? >> it's a possibility. take a look what happened in 1995, which was one of those years in which we had a flat yield curve.28 was the spread between the ten and two year by july of that year after ending the rate tightening in july they started cutting. >> remember any kind of bottoming in china is going to help us out because that will ripple through asia, we get probably 20% s&p 500 earnings in

asia 20% in europe now. if that can stabilize we're not going to have an earnings recession. if we go into a recession in 20 would you agree we'll have earnings down 20%, then we'll see the market drop 20%. if you can avoid that and stabilize in europe and china we may not have two consecutive quarters of earnings growth. >> now we're at 2.2 is because of the downward revisions because of the trade dispute if the trade gets resolved we probably are likely to see the full year numbers come back up again. >> year end target is not that aggressive >> 2975. give me a couple of weeks ago it sounded overly aggressive. it depends on what week we're in >> two things out of china one this manufacturing data which is positive. other interesting headline from

us, cnbc apple dropping prices on the iphone 6% in china perhaps suggesting they are not out of the woods yet when it comes to that. should investors read into that at least a certain segment of the market >> possibly. but maybe the most recent iphone is expensive to begin with people in the u.s., myself included sort of question gee do i want to spend that much for an iphone maybe i'll upgrade my current five to a six. who knows. it's more expensive in china >> bob pisani, sam stovall, thanks also to come on "squawk alley" more distractions for jeff bezos why his private security advisor said the saudis hacked the chief's phone. rick santelli, what your watching today >> you know, anybody looking at yields this morning? they are definitely dissi lly d

themselves that's what we'll discuss after the break.

>> here's what's coming up on the "halftime report". we review our stock survey to find out where wall street says stocks are going we'll debabt with it schwab. fed under fire president's economic advice jobs nominee arguing for urgent rate cuts and is now the right time to buy

lyft shares? they are sag now below the ipo price. we'll tell you what our desk is doing when we join you at noon we're about 20 away. now let's get to the cme >> good morning, jon maybe lyft needs more lift buttressies are getting a lift as a matter of fact if you look across the curve they are rising shouldn't be shock we need to discuss why and what are the possibilities from here. first of all, we all know that it seems as though we have relinked the correlations and influences of rising rates and rising stocks and maybe a firming economy, firming in the context that there was definitely some give back between the transition of 2018 and 2019 globally and domestically but as we see moving along whether in china or whether in the u.s., retail sales aside,

but numbers continue to seem to be firming where do we go next. i like to go the white board here's a chart of 10 year note yields if we went back in time to the fall of 2017, we would find a whole lot of congestion in the 235 to 239 area. remember what held what was this closing low bottom last week? it was 2.37. a couple of rick santelli exchanges where we've gone back and shown where that level came from but we're shy of three and quarter. we have the second most important area on the chart. january 3rd. that bottom was right around 2.55 what happened over time once we started to get close the minute we closed we accelerated which one would think. it gives high credibility to how

important that point is. so the bottom was hard to gauge. sometimes whether it's trunk lines, weight formations let the market tell you. we could tell friday and today that we now have enough cushion to make this decision. only a couple of three things can happen we either retest this line and we come back down in which case many will be figuring a certain amount of basis points to look for rates to go back down. number two we just go straight through. obviously the most aggressive of the day you penetrate, you close above it that gives you a much higher factor of bullishness finally the third thing is that you never even get close to that line and let's say we bounce around a little bit but we fail. that would be a big deal because once you take that out on a failure to get above that line most technicians say they will be looking for big move rates lower. at least at this point 2.55,

2.56 that's the area to pay attention to morgan, back to you. >> rick santelli, thank you. jeff bezos private security adviser publishing an op-ed accusing the saudis of hacking the amazon's chief phone robert frank has more on those claims and more distraction for jeff bezos >> bezos security chief said saudi arabia hacked the phone and private data of the richest man in the world and helped expose his affair to the world he wrote saturday his internal investigation found with high confidence the saudis had access to bezos phone and gain private information. the saudis was intent on harming bezos because of the "post" coverage of the murder of jamal khashoggi. saudis provide the tip to the enquirer now it lacked any direct evidence saying saudis had the

technology to collect smartphone data in the air without leaving a trace and he confirmed reports that lauren sanchez's brother was the paid source for the enquirer story ami for the first time outing michael as the only source for that story saying in a statement on saturday that the claims are false and unsubstantiated and michael sanchez who tipped the "national enquirer" off to the affair and provided all of the materials for our investigation. guys, back to you. robert frank, thank you. up next, lyft investor and grammy award winner rapper chamillionaire joins us. why he invested in the company and if the stock's drop has him worried at all we're back in just a minute.

you may know him best for his grammy award-winning hits but he's made some savvy tech investments over the years including maker studios which was later acquired by disney cruz later acquired by gm. amazon's ring and now lyft joining us to talk about his investments, hakim "chamillionaire" seriki. i appreciate the time. good to see you. >> thank you for having me >> it's clear you know your way around an early stage investment how do you this? who advises you and what are you

looking for? >> a lot of it is intuition. i started a while back, had a lot of interest of guesting in to the tech space. did research found a lot of companies and just found my way. so nobody is advising me >> you have a knack for finding things that later get bought in this case lyft going public how early would you get in on lyft and what do you make of the first day of trading friday and today trading below that ipo price? >> well, lyft was, i guess, we and a few others, we were excited about investing in something in the ride sharing space. in 2014 we started to get excited about it which started making the steps to get in touch with lyft. we made the investment in 2015 i had previously done cruise which is autonomous vehicle

software company and excited about self-driving cars. there was uber and lyft. we spoke to the founders they let us in, luckily. >> are you seeing investing in lyft or exiting? >> excuse lyft now that it's public or will you take that money and put it to work somewhere else >> i am definitely bullish on the company. i'm in it for the long run the founders are special people. i feel the management team is great. there's a lot of potential in the company and future of what it can do. and i'm definitely bullish on it so i'm going to keep some of my stock. >> cam, you said, i believe, that you met a partner at upfront ventures ten years ago you've been in this game for a long time. you also said you wanted to make more money in investing than you did in music have you reached that point yet and can you share some of the things that you've learned your pro tips on investing in start-ups? >> actually, my focus is not

necessarily about money as much as people think. there's a lot of miscommunication out there and people post articles that i'm trying to be a billionaire that's not the case. i believe this industry has a lot of just value in it and this value hasn't been given to my community. what i'm trying to do is learn as much as i can so i can plant seeds to help my money but also bring a lot of other people in that's really why i'm here i feel like a lot of these companies are disrupting the world. there's self-driving cars. there's electric buses there's wireless charging and so much innovation is happening here and people from my world generally don't have, you know, access to this stuff and ijust felt like i start on this journey a long time ago curiosity brought me here. i was at up front ventures, one of the early stage vc ventures i saw companies coming in raising capital and it made me want to dive deeper into this world and my mission is to help a lot more people that look like

me get into some of these companies. the companies are acquiring and liquidity events happening and a lot of nonaccredited that don't have access to these companies and i feel it's unfair i get over here and start to see deal flow that luckily the celebrity part of me allows me to get me places other people can't get to and luckily that's resulted in quite a few exits. >> that's extremely cool i love on your twitter bio you say platinum and grammy-award winning artist and then start-up angel investor, knowledge seeker and boss are there investments that you wish you had made and just couldn't get to in time? >> i see it all the time but that's part of the game. you have to be okay with missing out on some things plenty of vcs andangel investors throughout but you know, i'm a founder 50 person i focus on investing in companies that i believe that have founders that have the domain expertise and the hunger and the skills to be able to take a company to the next

level. that's kind of what made me excited about lyft i went and spoke to the founders and they seem to care more than most people. there was a time when hurricane harvey happened in houston and lyft reached out to me and asked me about how could they help so we came up with, i would go give a thousand dollars worth of lyft credits to any family that needed it. so i was in the water seeing all these families that got impacted by hurricane harvey and then reached out to lyft, and lyft let me put $1,000 worth of credits on every person. when i thought it was going to be too many, i kept giving out a whole bunch krftof credits >> the founder of dynamic is something that's been talked a lot about regarding lyft that would not apply to uber does that make you less interested in them >> i don't know. i just felt like at first i was super bullish and excited about uber, too. when we made the investment in lyft, i felt we made the right

choice the founders and management team in general is just -- they're not as plagued with as much of the negative publicity and, you know, all that stuff i saw happening. they are focused on taking a lot of the market and not trying to be distracted and it just shows. and i feel like we made the right bet. there's a lot of people excited about the upcoming uber ipo but me personally, i'm long and bullish on lyft. >> can i get your thoughts on this brewing debate around more regulation in the tech space this social media platform when mark zuckerberg comes out and says the internet needs new rules. let's start in these four areas, you think what what do you think about what he's doing at facebook and what do you think about data and this debate around how it should be guarded or regulated >> i agree with mark there should be some regulation, but a lot of times i don't feel like

government is best equipped to decide regulation because i feel like a lot of times they are still learning about tech and how it works i watched senate hearings and stuff like that and i'm seeing the questions they ask sometimes. it feels like they need to get up to speed on how tech works. we can find out the best way to regulate these companies i think privacy is super important. you know, mark has a responsibility when it comes to facebook and the things they do and he's kind of setting the bar for what happens with a lot of companies that come behind them but i feel there needs to be some kind of regulation on some of these numbers >> can i get your thoughts on the state of the music industry. streaming services the fact that music revenue seems to be growing again though it's still only a fraction of what it was a decade or two decades ago. do you think that the industry has basically developed a new model that will now be sustainable? >> man, it's tough when i think about the music industry because

i was there during the golden age and saw a lot of the money being made from traditional record sales andnow switch to touring and a lot of companies came, tech companies that cannibalized our industry. the unfortunate part is i start to see cap tables of companies that had executives from the music industry participating on the cap. ownership in the companies and a lot of times the artists don't have that same luxury. they're still chasing touring revenue and, you know, trying to get their streams up but sometimes the companies that are facilitating the streams are owned or, you know, executives have a piece of those companies. and i decided i wanted to be more on that side of the fence and hopefully i can start to encourage a lot of other artists to understand the value of ownership and equity and, you know, so we can create an even bigger business model for our families >> a lot of viewers say you need to trademark chamillionaire for down the road. will you come back >> i'd be happy to

>> thank you so much for joining us, hakeem hhsdow close to sessionig up 250 "squawk alley" is back in less than three minutes six? yeah...that interest rate was crazy. good thing i got a loan to pay them off faster. and right before i got engaged. but now that i'm debt-free, i can actually contribute to the wedding. and go on a honeymoon. you know... out of state. well, this is why i sofi. with sofi's no-fee personal loans, consolidate your credit cards to get one lower monthly payment.

dow up 260 on the china manufacturing number, but lyft is what has all kinds of people's attention $69.42 now, down 1 1.5%. >> roku up almost 8% watch a movie if you got those shares >> and apple hovering near the flat line on the price cuts cnbc has put out there. >>let's goet to the judge. i'm scott wapner survey says our exclusive look at where wall street thinks stocks and your money are heading in the months ahead revealed right now it's 12 noon and this is the "halftime report." >> stocks surge. the s&p and dow now less than 3% from all-time highs. is a second quarter breakthrough on the way plus, the halftime report's stock survey see where money manager manager investment officers and other big name wall street investors stand on the state of stocks plus --