market opens the same time that the press conference starts, i think. doesn't it >> yes. >> yes right at 9:30 a.m. is newsy a word? it's going to be a newsy day. >> very newsy day. ipos, pot stuff, barr stuff. >> join us on monday "squawk on the street" is next i did it >> good thursday morning welcome to "squawk on street." i'm carl quintanilla along with jim cramer, david fabian press conference in about half hour futures have gone positive europe is higher despite little improvement in their pmis, but awfully good data here best numbers since 2017.

we begin with the ipo wave after l lyft's stumble. >> plus mueller's moment attorney general barr will address reporters this hour before releasing the special counsel's findings on the trump campaign and russian interference in the 2016 presidential election. and retail sales surging in march. fastest pace in nearly two years. stocks are set for a green open. a pair of unicorns are launching themselves in the public market today. pinterest beginning trade, pricing $2 above the high-end of the range at 19. zoom video communications getting ready to go public at the nasdaq, pricing 36 this year, valuing that company at more than $10 billion. we'll talk to ceos of both pinterest and zoom once they begin trading, jim both pricing above the range, although lyft, as we said -- pinterest below their prior round.

>> right zoom has incredible growth 130, 1%, 116%. it's profitable. guys that left from web x, cisco bought them. there is a sense that these guys are very much the hot ipo for big tech for the year. i want people to know it's going to open -- it opens where you're talking about at 14 times sales and that is humungous. people should know it's very expensive. it has great growth. reported last night, people reported, closest analog and 20 times sales. let's be careful pinterest is a little different. 11 times 2019 sales if it opens where it is and eight times for next year. notice what i said times sales not times earnings pinterest should be profitable next year. i guess what i'm saying is that these stocks are all expensive. >> they are, but they're also growing very quickly.

>> yes. >> you look at zoom's numbers, which is profitable, slightly. >> right. >> you're talking about a company whose revenue was 60.8 million, 151 million and 30 million. >> it's big. >> fiscal year that ended 2019 or january 31st, '19 they are generating cash, to your point, it's obviously trading at a very high multiple to both revenues. >> right. >> and the little earnings they have. >> i think there's enough business that web-x, cisco will not crush them i use the product. >> the zoom product? >> yes. >> it's a subscription based video conferencing >> for a person, organization, all sorts of different ways? >> let's say you wanted to do an online presentation and you wanted to have different people talking, you just use zoom that's what you do.

>> it's working. people are very excited about it pinterest, they're excited about it, because it's below where these other guys bought it wow, i'm getting in below. i'm going to go buy camel? no really smart people pay higher so we feel like we're getting a bargain. >> do you have a preference in these two today? >> if it opened below 50, i would be disappointed. i didn't know that -- >> in the late rounds? >> yeah. >> you know, pinterest is one that people are going to say i finally have another online play besides facebook and twitter

that's how people view it. they want it online play. >> they need to own it, you feel, in order to have exposure, to some extent >> yes. >> it's not about sharing. >> right it's about caring, not sharing see, mark zuckerberg shares everything with the russians and anybody else these guys are caring. it's not sharing, it's caring. pinterest cares. >> cutting their losses in half doesn't last year doesn't hurt. >> no. look, they obviously know how to run a company. look, versus snap, it is actually the same. snap downgraded today. it is the same price of sales for '20 versus snap. twitter is cheaper i think twitter is doing well and twitter is cheaper if you like pinterest, theoretically, you should love twitter. think about that. >> okay. >> what do you mean okay sf this is first class analysis.

>> i do not doubt that it is. >> nobody has this analysis. >> no one? >> no. at least we did it ourselves. >> twitter, you mentioned twitter. it was at 75 coming out of the gate. >> there's a pay too much, right? that was a pay too much situation. >> snap. >> snap did, too remember, it's the industrials that people want right now you mean specifically the great number >> honey well raising their guide. united rentals reiterating their guide. the year is unfolding just like they thought. >> they raised the rental rates. that's what we were waiting for. this is going to be so strong. one of the things that i think facebook is so wrong, this has picked up big in march and april. i don't want to get into a fight with various people. >> what about paper stocks >> too much capacity in papers because those -- i mean, some of those people they kept opening factories, expecting that things will be great.

amazon cardboard and they were thinking out of plastic into paper. it's just straws it's just straws intermodal if you go to the csx, they're going to tell you that we're delivering things on time in the rails. >> not as much as inventory as -- >> trucking also -- >> a market share issue? >> intermodal. how many -- >> we know. >> 1800 containers on a container ship, okay >> yes. >> we stopped because of the tariffs. we did really big. we loaded up, took all the stuff in, betting that the tariffs would go up. we were full up and that was the end. it had to do with the tariffs, david. >> deutsch does cut jp to a sell. >> where was he yesterday? it doesn't even matter the company's conference call was so horrible. january was bad, february was bad, march was bad it was 767 in terms of declines.

that was one of those comp calls we said the fed is so right. then on honeywell, wow, is the fed wrong. sister, mother, sister, mother. >> csx, rails matter continental was very good. >> right. >> now there's a lot of them that are really good how about intell doing completely badly and it goes up two points? now you have a 2020 number do you know that those modems weren't going to be ready until 2021 and they were going to miss christmas at apple now we have not a refresh but an entire new cycle 5g is going to be so big. >> big. >> so big. >> what's the best 5g play you have to do it in the form of

a question what is ericcson. >> really? >> i'm not kidding who are they winning united states. who are they taking the share from can't hear you i'm not listening. huawei who is that? i'm not listening. do you know anything >> no. i really don't i sit here and i do nothing. >> back to the ipos. bob pisani will have a busy day on the floor watching all that action good morning, bob. >> good morning, carl. cnbc is inside the booth glenn perell will be the designated market maker, handle a lot of ipos, twitter, alibaba. where is everybody behind him? we're supposed to see a crowd. they're all upstairs there's a breakfast meeting going on, nyc holds a breakfast

meeting for executives of the new company. glenn got here a couple of moments ago. big day down here. we have the upsize from pinterest from $19 to $15 to $17. more than that we have three -- not one, not two, but three up size ipos on the nasdaq, zoom, $36. talk there was 28 to 32. they're in oil and gas mineral company. again they upsize. the bottom line is this. ipos market is coming out of the gate very, very strong right now. lyft is a little bit of the outlier. just the last two or three weeks look at jumia, pagerduty, tufin

software, levi strauss, they're all coming out of the gate very strong levi strauss, 38 lyft down 17%. that's the outlier is it the right price for lyft -- excuse me, for this particular ipo for pinterest lyft was 50% above the last round of funding pinterest. final number looks closer to that all i can tell you is that there seems to be intense demand we'll be standing here 9:30 tomorrow, in the next half hour, give you an update and maybe get early indications. i don't expect this to be coming at 10:00 a.m. eastern time pinterest is so high it's going to take a while to build that book and we'll explain that more at 9:30. goldman is the lead book runner, consulting with gts, down here

building that book i anticipate that will be some time past 10:30 at least we'll here, next half hour with an update. back to you. >> bob pisani, thank you very much i think we have some confirmation on canopy acreage is that what's crossing? >> yes canopy in canada, acreage in america. network of stores, good combo. >> pay attention to that deal. very big in the space. rapid consolidation. >> yes, consolation gave these guys $4 billion, bruce litton and said here is the ball. bruce litton said i am going to make my stock bigger than your stock. imagine that bruce litton do you remember the old days >> yes. >> he's back, bigger than ever very good merger they're trying to lock them up

hats off to melissa. she has both of them. >> acreage in america and the other largely canada >> he has never even inhaled those juulettes, be careful, we kill you we're good for you see those? >> we'll talk to the ceo's of pinterest and zoom as soon as their stocks start to trade. attorney general william barr is prepared to give a press conference in 15 minutes as the justice department prepares to release the mueller report we'll take you there live as soon as it begins. retail sales, claims, fed coming back in with high expectations we're back in a moment to a single defining moment... ...when a plan stops being a plan and gets set into motion.

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it's a look what your wifi can do now store. a get your questions answered by awesome experts store. it's a now there's one store that connects your life like never before store. the xfinity store is here. and it's simple, easy, awesome. shares of blackstone way up this morning, reporting results that it will shift from a partnership to a corporate structure. >> we can sell to 4.5 trillion to 12. if we make this change to be a corporation, like every other corporation, then we can double the number of people we still have a few left who can't. i think that will change over

time. >> it will allow international and domestic investors to invest easier. >> this is something they talked about, made an impression on kkr did it, the stocks have benefited. this is a question i've asked a number of times. they've performed very well for their investors yet the stock price has not performed particularly well overall, not reflecting in some ways the success of the underiing businesses it's more or less track the s&p and this has been a frustration for them it's a belief that this discount they trade at, 36% discount will disappear in terms of becoming a c-corp 6.2% yield. >> the two hardest places to get

jobs are blackstone and goldman sachs and the two worst trading stocks are blackstone and goldman sachs. where the young, smart people are trying to go and where the moncy trying to go i think it will bring an affirmative wheel. >> 88 billion under management unbelievable he was asked about the market and said, quote, it's been a good year that we've had a run year with the nasdaq up almost 20 then he had policy prescriptions on inequality. >> right. >> having the minimum wage go up and having school teachers pay no tax, which got attention. >> he has been a gigantic giver to the school district that jerry seinfeld is from he's trying to make a

difference what can i say i don't think he's being socialist. i don't think he's being hard right. jamie dimon might possibly -- any chance of success there with marianne lake? >> important move there yesterday. you need another generation that conceivably can take over at some point how many general rags have we gone through as we talk about succession of jamie dimon? at least the third. >> yeah. we've got big bank earnings, bb & t, suntrust good numbers but jp morgan is up 10

i have no idea how someone could downgrade that right now nothing is as bad as the -- >> i thought you were going to say goldman pepsi. >> yes how did you know >> pepsi to neutral after all this time. >> that was an ill-advised sell. that was one of the great conference calls of all time. >> another one, really >> a really great one. >> the mountain dew you drink when you're gaming, what is that, rocket fuel, that musk e used on that falcon? >> could be. >> doesn't have sugar, alcohol it's octane 93. >> we'll get to cramer's mad dash we'll take a look at this before market open, before the pinterest and zoom open and before the barr presser. don't go anywhere. at cdw we get that modernizing your it infrastructure

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there's a look at pinterest, making their presence known. attorney general barr on the muller report as it makes its way to the public. we think somewhere in the 11:00 hour it will be delivered to the public and congress on cd-range of motions

cd-roms. so they're making sure they have computers that operate cd-roms the justice department says lightly redacted and a granular look we think, at the conclusions mueller made about obstruction, why he chose to make no conclusion in the words of "the post" there are ways in which you could read the president's actions as innocent. >> i think democrats are all poised to take over the weekend's air, betting this is going to be dispositive. not clear it's going to be dispositive. >> any sign that the market cares at this point? >> no. >> completely academic >> vindication of a president who love the stock market. the guy does love the stock market he wants it higher we get a missile launch, north korea, nobody cares. we get -- because we immediately get -- people get put out about how talks are close, talks are

close, talks are close any time the stock market goes down, the talks are close. >> as for the presser itself, a justice department spokesperson did say this morning that it will address the degree to which the white house invoked executive privilege on any of this, the interaction that justice has had with the white house prior to this disclosure today and then finally the process that they've used for redacti redaction, to the degree it's used again, they say it's not going to be that heavy. >> look, it will make good reading, but it's a different channel. we have to cover it clearly, because you know don't know what's going to be in it for us, it's very hard to say what this is going to do, other than be exciting and entertaining we're all going to read it, i think. it's kind of like a netflix story, right $15.99. >> not that much, is it? >> that's the new price, premium price. >> $15.99? all the streams i want

what kind of streams do i get with $15.99 netflix? >> unlimited. >> thank you. >> if you reference firefest. >> yes. >> big hit, firefest. >> yes. >> firefest really stayed with you. >> david, it was a concert that didn't occur. >> i'm aware. >> but what was it, somebody wanted -- just kidding, i know but i think this is like the movies it could have gone either way. >> maybe implications on the president's relationship with china and trade which, by the way, we're now getting reports about maybe something by the end of may china says there's still work to be done. dim nochlt, by the way, on the tape this morning, jamie dimon.

>> one thing that wasn't mentioned was oxy. remember fentanyl, the president cares passionately about the dumping of fentanyl. >> we have an opioid crisis in this country. >> yes, we do. >> it's made largely in china. >> but they said they would start. >> yes, they said they would crack down it's not monolithic. you know, china is -- >> look, the chinese do this they execute for white collar. >> it's a positive, certainly, in terms of trying to deal with our enormous opioid crisis in this country so many deaths. >> that was after navarro's speech where he said i'll know your intent if you stop the fentanyl and then they said we're going to put real sanctions. sanctions there usually means

execution. >> yeah. >> there's ben silverman on the post of the exchange next to stacey cunningham of the new york stock exchange. haven't heard a lot from ben he has made some appearances at recode conference out in california investors will get to know him in a hurry. >> yeah. this is the benign play. it's benign. it didn't hurt anybody. >> didn't hurt anybody they're not about sharing. >> no. they're about you buying shoes. >> going deep on you, exploring yourself. >> right, explore yourself while we're waiting, union pacific is up $6, okay that is, again, csx. i defy you to tell me that the economy is not getting better and better. >> we'll talk to lance fritz at 10:30. >> so good ask him about hiring people coming out of jail so good at that. >> the degree to which they've taken share. their pricing power becomes more

evident. >> fabulous ceo, so umble. i've tried to get him to say basically how good they are. that's not his style but he is a really good ceo. >> zoom, the other major ipo today. both of these names, by the way, well over subscribed i think 20 times the case i've heard for pinterest. more than that for zoom. we'll see how they perform after market the expectations are, given the demand for zoom. >> we'll talk to eric huang later who says how his visa was rejected two times and it was finally approved he is set to be a billionaire today. >> they're top of the game great product.

it's something tangible that people get ahold of great product. the most expensive stock that's profitable most expensive one bigger than that last. [ bell rings ] >> there's the opening bell. new york stock exchange and the nasdaq pinterest, we'll talk with ceo ben silverman after the opening trade at the nasdaq, it is zoom. >> today is a day we're trying to find out if bernie sanders will continue to kill this market one thing that killed the health care stocks. it was, let's say, the straw that broke the camel's back when bernie sanders came on, medicare

for all. wait a second, republicans, or else they wouldn't have him on, democrats, president and they still can't recover. >> there's a lot of discussion about this health care has underperformed the s&p over the last ten days, the most in ten years. do investors really believe democrats will take the white house and the senate where they have about a third percent -- 30% chance >> it's a great question i think they fear what happened when obama got in. then they had both the house and senate, when these went to an eight times, eight profits over nine, ten years i think the sellers will come back, but it's getting nearer where you had gigantic volume at the bottom yesterday for some of these. the sellers are almost done. at the same time, you don't want to own health care you want to own industrials. and the industrials are sucking up all the money honeywell.

>> honeywell, 192 beats 183. >> steve tousa, that was his favorite stock he had above numbers he was right once again. kind of annoying how right he has been honeywell was absolutely terrific dynamite simple building climate was up nine really amazing, david. >> did not take the bait from the activist in terms of a full split but went about some smaller divestitures. >> right. >> is greg coming on >> hayes i'm not aware of plans on his part to join us any time soon.

we always welcome mr. hayes. >> you'll get him and i'll sit back and enjoy the -- people are still reeling from the mollenkopf versus cook thing i say bury the hatchet. >> clearly mr. mollenkopf was interested in burying the hatchet. qualcomm is down today. >> it's a moth to flame. >> a lot more focus on 5g as you have been talking about, jim. >> right. >> given that, it refocused people on the opportunity, in terms of the 5g chip sets, apple and the larger ecosystem you mentioned ericcson earlier in terms of that side. >> right some sellers are coming into tech today, interesting. >> they do say they think we're

past the bottom of the cycle. >> they did. >> yeah. >> okay. >> and then samsung, of course, all of south korea was weak because of these reports about the galaxy fold. >> and apple stock has been going up ever since. samsung is still very much doing a will the of stuff, 5g, cornered their own market. i've never seen a situation where everyone was buying a stock off the phone and now they're selling. let's get to the justice department and listen to the attorney general, william barr. >> good morning, everybody thanks for being here this morning. as you know, march 22nd, special counsel robert mueller concluded his investigation into matters related to russian attempts to interfere in our 2016 presidential election, and he submitted his confidential

report to me, pursuant to department regulations as i said during my senate confirmation hearing and since, i'm committed to ensuring the greatest degree possible of transparency concerning the special counsel's investigation, consistent with the law. at 11:00 this morning, i'm going to transmit copies of the public version of the special counsel's report to the chairman and ranking members of the senate and house judiciary committees the department of justice will also make the report available to the american people by posting it on the department's website after it has been delivered to congress. i would like to make a few comments today on the report before i do that, i want to thank deputy attorney general rod rosenstein for joining me here today and for his assistance and counsel

throughout this process. rod, as you know, has served at the department for nearly 30 years with dedication and distinction and it's been a great privilege and pleasure for me to work with him since my confirmation he had well-deserved plans to step back from public service that were interrupted by my asking him to help in my transition rod has been an invaluable partner, and i am grateful that he is willing to help me and has been able to see the special counsel's investigation through to its conclusion. thanks, rod. i would also like to thank special counsel robert mueller for his service and the thoroughness of his investigation, particularly his work exposing the nature of russia's attempts to interfere with our electoral process as you know, one of the primary purposes of the special

counsel's investigation was to determine whether president trump's campaign or any individual associated with it conspired or coordinated with the russian government to interfere in the 2016 election volume one of the special counsel's report describes the results of that investigation. as you will see the special counsel's report states that his, quote, investigation did not establish that members of the trump campaign conspired or coordinated with the russian government in its election interference activities. i am sure that all americans share my concern about the efforts of the russian government to interfere in our presidential election. as the special counsel report makes clear, the russian government sought to interfere in our election process, but thanks to the special counsel's thorough investigation, we now know that the russian operatives

who perpetrated these schemes did not have the cooperation of president trump or the trump campaign, or the knowing assistance of any other american for that matter. that is something that all americans can and should be grateful to have confirmed the special counsel report outlines two main efforts by the russian government to influence the 2016 election. first, the report details efforts by the internet research agency, a russian company with close ties to the russian government, to sow social discord in american voters by spreading misinformation charges in federal court were brought against several russian internationals and entities for their respective roles in this scheme

those charges remain pending and the individual defendants remain at large but the special counsel found no evidence that any american, including anyone associated with the trump campaign, conspired or coordinated with the russian government or the ira in this illegal scheme indeed, as the report states, quote, the investigation did not identify evidence that any u.s. person, knowingly or intentionally, coordinated with the ira's interference operation, unquote put another way, the special counsel found no collusion by any americans in ira's illegal activities second, the report details efforts by the russian military intelligence organization to hack into computers and steal documents and emails from individuals associated with democratic party and hillary

clinton's campaign for the purpose of eventually publicizing these documents. obtaining such unauthorize d following a thorough investigation of these hacking operations, the special counsel brought charges against russian military officers for their respective roles in these illegal hacking operations those charges are still pending and the defendants remain at large. but again, the special counsel's report did not find any evidence that members of the trump campaign or anyone associated with the campaign conspire d or coordinated with the russian government in these hacking operations in other words, there was no evidence of the trump campaign collusion with the russian government's hacking the special counsel's investigation also examined russian efforts to publish

stolen emails and documents on the internet the special counsel found that after the giu disseminated some of the stolen documents to entities that it controlled, d.c. leaks and goosifer two, giu transferred some of the documents to wikileaks for publication. wikileaks then made a series of document dumps the special counsel also investigated whether any member or affiliate of the trump campaign encouraged or otherwise played a role in these disem disemanation efforts these acts would not be criminal unless the publisher also participated in the underlying hacking conspiracy hereto, the special counsel's report did not find that any person associated with the trump campaign illegally participated

in the disemination of the materials. during the 2016 presidential campaign, after reviewing these contacts, the special counsel did not find any conspiracy to violate u.s. law involving russian linked persons and any persons linked with the trump campaign that's the bottom line after nearly two years of investigation, thousands of subpoenas, hundreds of warrants and witness interviews, the special counsel confirm ed to interfere with the 2016 presidential election but did not find that the trump campaign or other americans cloouded in those efforts. after finding no underlying

collusion with russia, the special counsel's report goes on to consider whether certain actions of the president could amount to obstruction of the special counsel's investigation. as i addressed in my march 24th letter, the special counsel did not make a prosecutorial decision regarding this allegation ten episodes involving the president and discusses potential legal theories of connecting those to an obstruction offense. after reviewing the theories outlined in the report and with consultation of the office of legal counsel and other lawyers, the deputy attorney general and i concluded that the evidence developed by the special counsel is not sufficient to establish that the president committed an obstruction of justice offense although the deputy attorney general and i disagreed with some of the special counsel's

legal theories and felt that some of the episodes examined did not amount to obstruction as a matter of law, we did not rely solely on that in making our decision instead, we accepted the special counsel's legal framework for purposes of our analysis and evaluated the evidence as presented by the special counsel in reaching our conclusions. in assessing the president's actions discussed in the report, it is important to bear in mind the context. president trump faced an unprecedented situation. as he entered into office and sought to perform his responsibilities as president, federal agents and prosecutors were scrutinizing his conduct before and after taking office and the conduct of some of his associates at the same time, there was relentless speculation in the news media about the president's personal culpability, yet as he said from the beginning, there was, in fact, no collusion

and as the special counsel's report acknowledges, there is substantial evidence to show that the president was frustrated and angered by his sincere belief that the investigation was undermining his presidency, propelled by his political opponents and fueled by illegal leaks nonetheless, the white house fully cooperated with the special counsel's investigation, providing unfeddered access to campaign and white house documents, directing senior aides to testify freely and asserting no privilege claims. at the same time the president took no act that, in fact, deprived the special counsel of the documents and witnesses necessary to complete his investigation. apartment from whether the acts were obstructive, this evidence of noncorrupt motives weighs heavily against any allegation that the president had a corrupt intent to obstruct the

investigation. now before i take questions, i want to address a few aspects of the process for producing the public report that i am releasing today. as i said several times, the report contains limited redactions, related to four categories of information. to ensure as much transparency as possible, those redactions have been clearly labeled so that the readers can tell which redactions correspond to which categories as i do recall, those categories are 6e material, grand jury material, information that the ic believes would disclose sources and methods, information that would impair the investigation and prosecution of other cases that are under way and, finally, information that implicates the privacy and

reputational interests of peripheral third parties as you will see, most of the redactions were compelled by the need to prevent harm to ongoing matters and to comply with court orders, prohibiting the public disclosure of information bearing on ongoing investigations in criminal cases, such as the ira case and the roger stone case these redactions were applied by department of justice attorneys, working closely together with attorneys from the special counsel's office as well as the intelligence community and prosecutors that are handling the ongoing cases. the redactions are their work product. no redactions done by anybody outside this group there were no redactions done by anybody outside this group no one outside this group proposed any redactions and no one outside the department has

seen the unredacted report with the exception of certain sections that were made available to i.c., the intelligence community for their advice or protecting intelligence sources consistent with longstanding executive branch practice, the decision whether to assert executive privilege over any portion of the report rested with the president of the united states because the white house had voluntarily cooperated with the special counsel, significant portions of the report contained material over which the president could have asserted privilege. and he would have been well within his rights to do so following my march 29th letter, the office of the white house counsel requested the opportunity to review the redacted version of the report in order to advise the president and the potential invocation of privilege, which is consistent with longstanding practice following that review, the

president confirmed that in the interest of transparency and full disclosure to the american people, he would not assert privilege over the special counsel's report accordingly, the public report i am releasing today contains redactions only for the four categories that i previously outlined and no material has been redacted based on executive privilege. in addition, earlier this week, the president's personal counsel requested and was given the opportunity to read a final version of the redacted report before it was publicly released. that request was consistent with the practice followed under the ethics and government act, which permitted individuals named in a report prepared by independent counsel the opportunity to read the report before publication. the president's personal lawyers were not permitted to make and did not request any redactions in addition to making the redacted report public, we are

also working with congress to accommodate their legitimate oversight interest with respect to the special counsel's investigation. we have been consulting with chairman graham and chairman nadler through this process and we will continue to do the lim redactions, i believe that the publicly released report will allow every american to understand the results of the special counsel's investigation. nevertheless, in an effort to accommodate congressional requests, we will make available, subject to appropriate safeguards, to a bipartisan group of leaders from several congressional committees a version of the report with all redactions removed except those relating to grand jury information. thus these members of congress will be able to see all of the redacted material for themselves with a limited exception of that which by law cannot be shared. i believe that this accommodation, together with my

upcoming testimony before the senate and house judiciary committees, will satisfy any need congress has for information regarding the special counsel's investigation. once again, i would like to thank you for being here, and i will now have a few questions. >> mr. attorney general, we don't have the report in hand. so could you explain for us the special counsel's articulated reason for not reaching a decision on obstruction of justice and if it had anything to do with the department's long-standing guidance on not indicting a sitting president and you say you disagree with some of his legal theories, what did you disagree with him on >> the -- i leave it to his description in the report, the special counsel's own articulation of why he did not want to make a determination as to whether or not there was an obstruction offense. put i will say when we met with

him, deputy attorney general rosenstein and i met with him along with ed owe callahan, who is the principle associate depu deputy, on march 5th, we specifically asked him about the olc opinion and whether or not -- >> a split screen there between the attorney general and the indication on pinterest, 21 to 22 the headlines out of the justice presser, the report out of the special counsel's office confirms the russian government did seek to meddle in the 2016 campaign, did not have the cooperation of the president or his campaign, reference to ten episodes involving potential obstruction by the president, but the attorney general going on to say that the evidence of noncorrupt motives weigh heavily against those allegations. eamon javers, we have the press conference now under our belts and we will await the hard copy. >> that's right. i think the most significant thing you heard there from the attorney general is on that issue that you mentioned of

obstruction of justice, what he's saying there goes a little bit further in terms of explanation for his own decision as to why mueller's findings on obstruction of justice ultimately don't mount to a chargeable offense here of obstruction of justice what barr is saying is though there may be evidence of obstructive acts by the president that we'll read about in this report, ultimately the president didn't have corrupt intent because he also didn't fire mueller, didn't take any steps to block the special counsel's investigation, and he says that goes a long way to getting past this idea that the president had any criminal intent in terms of obstruction of justice the attorney general there suggesting that maybe if the president had taken some of those steps, it might be a different situation. but because the president cooperated fully, didn't take any steps to block the investigation, and the attorney general's mind, this wasn't obstruction of justice. >> all right unfettered access to documents, asserting no privilege, no

proposed redactions, we'll keep our eye on this story later on this morning in the meantime, jim, dow added to its gains slightly on the news >> yeah. look, i think anything that makes the president is clearly viewed as being pro stock. this pinterest, want to go over this again, it is expensive. but no one thinks -- it is not it is going to be propable next year but it is the chip people want something internet that is fresh faced and viewed as being a positive company. actual positive company. and pinterest is that. i think it will bring in selling of other teches that -- because companies that are buying pinterest don't have enough money to take in pinterest and not have to sell something i say pressure on facebook here. >> see any indication move up 22, 23 now, pricing at $19 that would give it a market cap above $12 billion. actually a bit more. above the last round -- >> that's important.

i think we're itching for something that we can have that is new, that isn't twitter, that isn't facebook this is the kindler, gentler internet play. but i don't know if there is enough money around to own facebook and pinterest if you are a big tech buyer just don't know if there is. by the way, let's lump in a sales force. small acquisition, i thought it was good sell sales force to buy pinterest. once you start getting real good companies -- pinterest is not a bad company. if you can stomach it, you can buy facebook on the day like today, people realize, i got to sell more, pinterest is opening up higher than i thought people thought it would be $16 to $17. >> the initial projected range, $15 to $17 we should warn investors, it is a dual class structure you're going to buy class a, class b has 20 votes a share >> i know. >> it does sunset with the executives leading the company, which is different than lyft,

which didn't have that provision. it is a good point, carl these governance provisions are important or at least they don't seem to affect the way -- >> they don't. and let's see, in terms of what else is being sold, health care. they can't rally they can't rally everybody is so afraid we're going to get medicare for all. >> and prescription drug prices. >> and prescription drug prices. >> that and the thought if you were truly worried about a trade war or mueller, you were hiding in some of these defensive names and now there is no reason to -- >> let's sell -- 8c. >> united health is holding its own. >> up three at one point i'm using merck as the tell. they're doing very well. merck is just -- from 83 to 72, and merck is just killing bristol. and opdivo, bristol, these are major shifts out of merck into

the united technologies. >> you tweeted a moment ago, the gainer, top three gainers on the s&p are macro names. united rentals, snap-on, unp. >> a lot of people short snap-on, thought they would miss lilly goes down again. uri, fantastic numbers union pacific, i'm glad you have -- you can ask him, isn't the country doing much better and he may say, look, some of this was because we had the west/east china trying to fill up the pipe. most of it is because we have strong categories across the board. >> and, again, the resilience of our economy versus the european pmis april, 47.8. prior was 47.5 very little -- >> spain is going to come out ahead in this period and a lot of that is because they have a stable political system and great banking system. >> and spain >> versus germany, the banking system, every day you hear

commerce, deutsche this, deutsche that. >> i was with an executive at a company that does a great deal of business in europe, and it is the same refrain, things are slow >> slow. >> slow. >> pepsico had a good quarter. there you go there you go pepsico. judy hawn, credit suisse, they bet against -- >> you can't can expect real growth out of europe, even germany, talking negative rates. >> other than lamborghini, building five a day. >> their car registrations are down seven months in a row. >> you can't get one you can thank heavens you can't. my wife was interested after going 180 miles on a side street we ought to get one of these i said it is not like that we have a lot of houses. it is not like, don't be david faber on me. don't buy a $40,000 car. i lived in my car. i'm not going to pay the price of a house. >> with your corduroy suit and your -- >> corduroy suit.

>> what do you got tonight you got your pick of topics? >> 5 below is a company that makes -- you know it makes cold apparel, right >> right >> no, it is five trinkets go to 5.50 because of the tariffs. rei is the place to go for cold equipment. >> i'm aware of rei. >> eighth in market, where my mom sold lingerie when she was a young lady. >> they knew textiles. >> my dad sold gaberdine trousers slacks >> slacks. >> slacks. my father said, no longer trousers, their called slacks. i said, dad, they're called pants. >> jcpenney. >> numbers are bad for sephora that's why ulta is doing so well. >> we'll see you tonight "mad money" 6:00 p.m. eastern time. >> great show. >> just to recap some of the

data we had in the past hour and a half retail sales came in at 16 above the 1.0 estimate claims 192 once again a new 49-year low and i think now leading economic indicators for that we turn to rick santelli good morning once again. >> good morning. let's go in chronological order. february read on business inventories. expecting a number up three, exactly as expected, up .3%. and do understand last month . up .8%, that makes the month over month inventories the biggest back to may of 2011 last month, up .9%. just to throw that out there leading economic indicators is a march read it is coming in also like spot on with expectations up .4% we did lose .1% from .2% to .1%

last month they're all solid numbers. a little weakness in europe. they weren't so bad. bund yields tapered off. our yields are tapering off. a lot of that has to do with the long weekend and, of course, a big run over the last ten days in the interest rate complex carl and the gang, back to you >> rick, thank you very much once again, good thursday morning, welcome bah to "squawk on the street. i'm carl quintanilla with morgan brennan, david faber at post nine sara eisen is off today. markets, interesting action in first half hour. we were up 100 on the dow. now up 57. s&p has gone red despite some of the good data we had so far this morning. rick, of course, just bringing you rei, retail sales, claims, and philly fed 85 was just a touch below the estimate of 11 in general, guys, it has been solid macro commentary and, of course, huge activity in the ipo space. two tech unicorns racing to the public markets this morning. online image board pinterest

ready to begin trading here in a moment $2 above the high end of the range at $19 latest indication $22, $23 zoom communications, priced at $36, values the company at more than $10 billion full team coverage bob pisani looking at pinterest early indications here at the exchange jon fortt at the nasdaq covering zoom we begin with bob and pinterest at post 8. where are you? >> post 8 covering this number, only cnbc inside the booth here is where the action happens. remember how this process works. this is called building the book you have goldman sachs represented this is shawn here, he's communicating with goldman sachs, they're the lead book runner here, there are several book runners that are providing shares to the public but also the key is gts, who is the marketmaker here, and they're right there as gl

gleglen cor glen coral, the two of them together with goldman and the other book runners are building that particular book getting orders to buy and sell at the open. when is it going to happen we don't know. let's see if we can get in here and talk to patty murphy, another one of the dms down here what is the indication, any indication of $22 to $23 >> what a great company, first unicorn, tech unicorn to list on the new york stock exchange in 2019 gts is very honored to represent this trade we have a lot of demand, priced $2 above the range at $19. we're out at $22, $23 right now. we're not there on volume. we're fine tuning the price and the depthof the book we have a ways to go on volume, pretty good demand in that range. >> give us a sense of what you're doing right now and do we have any idea about the time it is a little early, but give us a sense of what you're doing right now to build that book and how it works. >> we have a lot of time left. we're not in crunch time at any mode but right now, we are displaying

price and volume at each price point in this range to all the asset managers, to all the banks on the syndicate right now, it is just really displaying volume and price. >> and right now, sales, we have traders behind you, floor traders also standing, yelling out orders to buy and sell at the same time. you're consolidating all that interest around the different points >> they really care about anything in between 22, 23, the amount of volume of each price point, just the way they can display that liquidity to the customers on the phone and then we get to crunch time, then there are customers probably will react to the prices and liquidity that we give them. >> we saw this -- pager duty, pager duties, price kept slowly moving up and at the top, we saw a whole bunch of sell orders, people were saying, kay, you want to buy it at $39, we'll be happy to sell it at $39 and then

the price dropped. it is an auction. >> it is a transparent auction our job is to add liquidity to the book up and down, fine tune the price, work with the syndicates, there is always a price where customers would sell it and always a price where customers would buy it these deals are a lot of demand. our job is to fine tune that and advertise that >> thank you still don't have a price, sometime around 11:00 a.m. we'll be down here back to you. >> we'll check in with you throughout the hour. meantime, jon fortt at the nasdaq monitoring the zoom ipo how do things look there >> it is hard to say, carl, exactly when these things get started. don't see indications yet, this is priced at $36 you wouldn't know it from this shot, but this room filled out, lots of people from zoom on the other side of the camera there and as we talked about, this is a very interesting day with pinterest there at the nyse,

zoom at the nasdaq, both companies up against stiff competition from tech giants zoom has been facing down cisco, microsoft, google, adobe just grown explosively also managed to be profitable at the same time. so really eager to see where this opens i hear a lot about the demand continuing to be strong as they continue to build out the book for this so we're going to be here for the rest of the morning, eager to see how this opens up and have eric on, the founder and ceo with us coming up on "squawk alley". >> jon, back in 2017, valued doom zoom at $1 billion right now about ten times greater than that. what is your sense in terms of how we have seen this valuation soar in less than two years? >> it is pretty extraordinary. on a couple of counts. one, their growth is explosive,

above 100% year over year. they have this sort of model that has gotten people into the funnel, but then actually paying enterprise paying for this communications platform. got a number of interesting partnerships, of course, with resellers, also integrations with the likes of say, ring central. they have managed to both do this explosive growth, but then also profitability at the same time for example, ring central has been public for a long time. doesn't have even that level of profitability. so right now i think when there are a number of investors who are both interesting explosive growth and perhaps as we saw with lyft, wary about losses, zoom has a story that fits very comfortably right in the sweet spot of both of those things, guys >> yeah, of course, now you get reports, i believe ricoed yesterday that microsoft approached the company about acquiring it in the past do you think that's added to some of the investor excitement here >> i wouldn't doubt it you take a look at gardener's

magic quadrant, a research outfit that is very deeply embedded in the enterprise and they have this way of measuring both how capable it is in terms of delivering technology and how visionary is it in delivering technology you want to be on the upper right-hand side of that quadrant, well, zoom is there. even as a small company, up there with cisco, with microsoft. those are a couple of names you would expect to be taking a close look at zoom both in the past, perhaps in the future. the price keeps going up, fair to say >> jon, thank you. jon going to be continuing his coverage of that zoom ipo, speaking to the ceo once that stock begins to trade. here at the new york stock exchange, we're awaiting for zoom and pinterest right behind me here in terms of the piece you heard from bob pisani, $22.50 to $23.50 let's talc more about the public li listings we're joined by cameron ansari,

former head of corporate development and strategy at pinterest and early uber investor victor orlofsky cameron, do you own any stock, by the way >> i do. >> exciting day for you. >> my co-workers here, like a trip down memory lane. >> once we get past day one and the excitement of that, and we'll see where the stock opens, how do you believe investors are best served measuring the progress of this company imetrics. >> with pinterest in particular, i think mau tells part of the story. i think engagement and the uses of the platform which are really for people to find inspiration and think about commercial intent, product zofry, things of that nature, different than other platforms out there that are purely an mau focused story. you can look at pinterest and think about how much are they

generating peruser, which is our average, that metric will go up over time as they get more mature. >> and engagement. you look at the valuation today, you were there until 2017, towards one of the last rounds, it looks like the market cap will exceed the last round is that in your evaluation somethinging that should be the case >> i can't comment on the valuation, the market will do what it does it has been all over the place this morning we look at in six months when all of us in this room, the lockup comes up and the investors and insiders can do something with their shares and where the stock is trading then. today, a great moment for the company. the valuation will -- >> you mentioned lockup. you anticipate you'll sell some shares when the lockup comes >> we'll see. >> i assume it was an important part of your compensation. >> i think for a lot of folks, it is a big event, a nice moment seeing everyone here is exciting, i think. >> victor, it is a tale of two

tech unicorns today. one at the nasdaq, more enterprise facing and will be valued at almost $10 billion based on the ipo share price last night the other here at the stock exchange, more consumer facing, pinterest. also valued around $10 billion in terms of what we have seen with tech ipo performance so far this year, and how investors are approaching these two different pieces, how would you expect this to shake out today and beyond >> okay, yeah, hi. yeah, first of all, i just wanted to -- i think they did an exciting job and eventually if you look at pinterest, and zoom, you wouldn't find them to be something similar, but i do find a lot of similarity in both companies. they both started in 2011.

and they changed the world of communication. so pinterest changed the world, we communicate with brands and zoom has changed the world we communicate with people and i think that's a lot to say about the user experience, right? so pinterest gives a unique user experience to choose the product and to pin the product and buy the product. zoom is really exciting to communicate with people. so yesterday we had a bet with my wife, where to invest to. she is a frequent user of pinterest. she's buying through pinterest a lot and she's like using it on an everyday basis. so that's what i do with zoom. i spend my time in the conference room and among all

companies i try, zoom is far the best in my mind in terms of communication. so invest each in the company, me and my wife, in the companies we like the most but that's very important thing, right. why this company defers from others is because they changed the user experience, they changed the way we think about the products, and the communication, right so i am excited about having this ipos. wanted to say thank you for the teams, both teams, they will continue to innovate and there is tons of talent in both companies. so i would assume they will be doing really great throughout and they will become a great competitor to both men

zoom and facebook, twitter, pinterest. >> okay. cameron, i feel like i'll be asking this question a lot today and beyond as somebody who used to work at pinterest and so focused now in your current role on financial technologies, the opportunity in terms of monetizing those monthly active users on the platform, shopping, the possibilities there, payments, et cetera, how would you expect that to play out. >> i think the big thing people think about is e-commerce. folks are coming to pinterest with an intent to shop and find products to potentially transact on eventually. how is this site going to leverage that and have links to retailers, you have something called product pins which have the inventory of items, the pricing, the retailer which you can buy and click through and shop with that retailer. today that's in the early stages it is a lot of opportunity there. both domestically and something like 94% of the revenue is

domest domestic a major opportunity in western europe and some of the markets in which pinterest has a lot of users to monetize those in advertising and potential e-commerce. >> we had a discussion earlier about the way pinterest is different from other names than social liabilities to come from being in social. are there guardrails against offensive content? how does that even play in something like pinterest >> it always had this deep belief to keep the site super brand safe i see the guy behind me who led that department. so it was both man and machine, whole different department that monitors content as well as we have algorithms and machine learning that detects things that shouldn't be on there and the whole goal is to keep the site a place that feels friendly, warm, inviting to brands and to users and doesn't have hate speech or inappropriate content, things like that. that's a major priority. it is the disney of consumer internet sites >> you ran corporate development, you oversaw a lot of deals, they'll have a currency to use now. is there a lot of opportunity,

do you think, for pinterest in terms of further consolidation or other things that might be out there they would want? >> sure, look, one thing you saw last year, spotify went public, they have been active in the m&a field. we have been active for the past several years of pinterest largely smaller deals, so once there is a public currency you can use and a lot of cash as well-being raised in the ipo, i would expect you can see some deals in the future, absolutely. >> we'll ask ben silbermann as well thank you for joining us >> when we come back, we'll talk to the ceos of both pinterest and zoom as soon as their stocks open for trade interesting news out of unp today. results, a rise in quarterly profit giving it a boost we'll talk about the economy, pricing power, intermodal rails and more look at the top performing names on the s&p, which is down just about 3 points dow is positive. back in a minute was ahead of its time.

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welcome back to "squawk on the street." video images of ben silbermann, ceo and co-founder of pinterest. he'll join us here at post nine as soon as pinterest begins trading here at the new york stock exchange stocks within striking distance of new records, highs of the morning as pinterest and zoom headline a big day for public debuts at the nyse and up town

at the nasdaq. mike santoli and leslie pickard joining us now a big week in general so far for 2019 in terms of ipos. >> it is it is a bull market, acting like a bull market with hopped up ipos if you look at what the overall market has favored lately, it is growth over value, it is tech over most other industries, and if an investor who has both of those boxes checked off can get a stock that is not in his or her index and can have the chance to outperform, a new name that has been around for a while, i think that's why you're seeing a relatively strong initial uptick for these ideas. >> pinterest indicated to open up 20% higher today, zoom up more than 30% higher if you can get that much alpha in one day, that's kind of the mind set of hedge funds that buy into these things. now, the challenge is how long they hold on to it after they buy. if you get too much flipping on

day one, you can see a situation where the stock starts to precipitously decline. >> which is what we saw with lyft you were following that situation. is that a conversation that is being had actively i imagine it is with bankers and other folks involved in the ipos you've been speaking to. >> that's a huge component of the book building process. they take a survey of all of the investors and how much they're willing to pay for a certain amount of shares investors will always overpromise on what they want to buy and at what price. because they expect to get less allocation than what they put in for. that said, if you're the underwriter for any ipo, you want to make sure that the -- you're creating a good trade-off between price and longevity with these investors. meaning that you're not going to just stretch for the highest price if you get a book of investors that are probably going to flip on the first day. >> mike, how much are we worried about this taking all the oxygen out of the room as far as the broader market is concerned? >> i think at this stage, not terribly worried if one thing has been absent in

the last few years, it has been a lot of new stock offerings, a lot of new equity supply there has been more stock brought back out of the market than issued to the tune of half a trillion a year over the past few years. these amounts that are being sold certainly $2 billion here or there, even if it is 10 for some of the bigger deals, that is not just going to tip the supply and demand balance f you get overaggressive on the valuations, if you have that collision of private company venture capital silicon valley math with public market, you know, scrutiny and discipline and what we actually want to pay up for, that could create a little bit of static in here i think a bigger issue with lyft you needed to find a price at which investors are willing to sign up for years and years of capital burn and maybe some day down the road at the horizon have a profitable company. >> you've reminded viewers, but

pinterest's losses are mild compared to lyft. >> $63 million for them. lyft was close to a billion dollars. uber, their operating losses are $3 billion, three times what we saw with lyft. at least in this market, in 2018, stocks for companies that had no earnings performed double as well on the first day of trading, up about 20% compared to companies that debuted without -- or with earnings. >> yeah. guys, thanks for joining us. zoom ipo is zooming higher, that indicated price of $52 now versus $36 one to watch as this morning unfolds. >> speaking of the ipos, we'll be joined by both ceos separately after the stocks begin trading. ben silbermann from pinterest and eric yuan from zoom. dow hanging on to gains, just barely n'gowack to 2894 dot ay. to a single defining moment...

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♪♪ ♪♪ ♪♪ welcome back new indication for zoom, every minute it seems it goes higher

5401, priced at $36 a share. zoom will open for trade in the meantime, dom chu is at headquarters and he's looking at internet etfs for our etf spotlight. >> that big pinterest ipo, and zoom puttinging in a lot more of that attention on u.s.-based internet and social media companies that are putting in focus again this idea that these trades are big and while we are tracking the individual stock moves for big stocks like this, the facebooks, the alphabets, amazons and netflixes of the world, many investors use exchange traded funds to gain exposure to baskets of the internet related issues. sector-based funds focused on tech and communication services hold many of these names, there are other funds that are more specific, more heavily exposed to social media. first trust dow jones internet fund, this ticker fdn, $9 billion etf that counts amazon, facebook, netflix and pay pal as the top holdings

this particular etf gained around 22% year to date, up 32% since the lows back on december 24th it is about 4% away from its highs that we saw in the -- over the 52 week period other smaller etf focused on social media or telecom could also at some point maybe hold some of the names like pinterest and zoom depending on the strategies still, that particular fund, morgan, one to watch as we talk about all of the internet stocks in the context of pinterest and zoom going public. back over to you >> absolutely, dom, thank you. we're awaiting the first trade at the new york stock exchange coming up, one of the most followed pinterest users with 13 million strong she joins us to discuss the plat foreign minister and h form and how she uses it to help drive business growth. more "squawk on the street" after this break obvious.

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hello, everybody i'm contessa brewer with your cnbc news update at this hour. north korea state news reports the country test fired a new type of tactical guided weapon it is the country's first such test in about six months, possibly a sign of its displeasure with the deadlocked nuclear talks with the united states a 6.1 magnitude earthquake hit taiwan causing damage to buildings in the capital of taipei the depth was six miles acording to the u.s. geological survey. the subway system suspended service. schools along the east coast were evacuated a hospital official on portugal's madeira island says authorities expect to identify the 29 victims of a tour bus crash by saturday. the bus veered off a road and rolled down a steep hill last night. it was carrying mostly german tourists that island is a popular european holiday destination.

firefighters were honored at the elysee palace. they battled the flames for 14 hours before they could contain it that's our cnbc news update at this hour. back to you, carl. >> contessa, thank you. pinterest's first trade is expected soon. the valuation moving higher on some of the early indications. like snap, it might not be widely used by a certain investor base. to help us dive into the service and how they make money, joining us is one of pinterest's most followed users, los angeles based designer joey choi thank you for the time today appreciate it. >> thank you for having me >> how long has it taken you assemble that many followers >> i've been on pinterest for nine years since the very beginning. and the very beginning i had a social presence through blog and early social media days. so our following began to grow

as pinterest became more used widely. >> you were able to grow your design business and you worked with companies like microsoft, target, urban. can you characterize their level of interest in you because of what you're doing on pinterest >> these days brands are looking to work with influencers who can reach people multiple different ways because we have products, a lifestyle brand, people want to see how you can be inspired by those things we can create something and pinterest allows us to do that by creating content and sharing it with all of our followers >> joy, i know you have footprints on twitter and instagram. it looks like the biggest influence you have is on pinterest. why do you like this platform or why do you prefer to use this platform more than the others? >> well, pinterest is such a great tool for me for my team

when we're sharing ideas and trying to get inspiration, and also for me, so natural to see things that i want to do, recipes, home decor ideas and maybe something i want to approach in the future, so the people following along are looking to follow along with that aesthetic and inspire them. me cure rating my own feed helps them to create experiences they want to have too in their own lives. >> what do you think the company needs to do next as a public company to ensure that its growth will continue >> i think the amazing thing about pinterest going public is the ability to grow and offer more customization for its users. they have added so many features over the last nine years, i've been so thrilled to go along with that and see it as it is growing. i think it will allow them to do more things for their users and put a use to it, customize pages and settings more to the way people would like to. >> joy, i was going to dig into

that a bit more and see if there is anything you want to see built out further and improved upon. >> yeah, i mean, i would love to be able to look at my page and be able to make it a little more custom custom headers or just the way that it looks, change some colors around. something i can make it feel a little closer to my brand when people are coming to it and tieing it back to my main website as well. >> we know the demographic skews heavily female i used to hear numbers like 90%, but i'm told lately more like 60%. how do you describe it to people who probably say i would never even be on this platform, doesn't sound that interesting to me. how do you evangelize for it >> i would say 15 years ago or so, when i first started my business, i was ripping up pages of magazines and putting it into a binder an that's how i saved my inspiration, pinterest is the online version of that to me it is an online scrapbook and the place where i can save thins i'm interested, the goals

i have, ideas i want to follow and things i want to do either now or in the near future t makes it easier to get to it online. >> you're interested in building out your profile and your business on pinterest. would you invest in the stock? >> yeah, i would invest in the stock. >> are you going to? >> i will make decisions very soon but i hope to. thank you. >> really quick, we mentioned nearly 13 million followers on pinterest, about half a million on instagram and i think probably in the 80,000 range on twitter. are you interested in trying to grow those or are you putting all your resources into growing your pinterest following >> we're mostly focused on pivot rest and instagram as a visual-based company for me it makes sense to focus on the platforms that are visually based those are the most visually based and the place we can reach our audience the strongest.

>> congratulations on all your success. and obviously it is a huge testimonial to the power of the platform, which we're watching closely today. joy, thank you joy cho joining us today from o joy. the indications on zoom getting interesting at 56. the initial range was 28 to 32 then 33 to 35. and we look to open 20 bucks higher than that >> strong growth and turning a profit, i guess. it is being seen as a double premium here at least ahead of those first trades >> when we come back, don't go anywhere unp hitting an all time high this morning ceo lance fritz will talk about the rails and what is going right. we're awaiting pinterest and zoom we'll talk to both ceos as they open for trade lots of all time highs today names like nike, estee lauder, png, pepsi, honeywell, microsoft, va. n'goway.is so...how many credit cards

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one of wall street's biggest rolls says the market rally has a long way to go find out what he's watching on tradingnation.cnbc.com more "squawk on the street" coming up.

two big public debuts this morning. one, of course, pinterest here at the new york stock exchange we also have zoom, the video conferencing company, it is now showing an indication to open at $60. it keeps moving higher this after pricing at $36 a share. let's check in with bertha coombs, live at the nasdaq market site with more. bertha >> right now we're still very much in the initial stages here. they are trying to pair off buyer and sellers here in the ipo. they paired off about 1.5 million shares at this point still no real indication exactly when we'll be opening here jpmorgan and goldman sachs are the lead underwriter this say highly anticipated ipo, one of those tech unicorns that

is actually profitable zoom provides video conferencing, it competes with the likes of cisco and microsoft's skype for business however, it is one of those that a lot of folks on wall street and in silicon valley have been watching, reporting that microsoft as recently as earlier this year tried to buy zoom, but they decided to go public instead. but they are also getting some big backing in this ipo. take a look. people are waiting for the opening trades here. among the investors here, at the ipo price of $36 a share is sales force.com. sales force venture will be taking $100 million stake in the company, which is profitable and with that, they are pricing here, they're going to be well above $10 billion in terms of valuation. even just at the pricing of $36 a share, it was putting them at

about 28 to 30 times their revenues but this is a company that is growing very quickly it has more than doubled in terms of earnings and revenue over the last couple of years. and, again, it is profitable not the only ipo here today. i want to mention we also have an ipo that also upsized its offering and also priced above the range. that is green lane holdings. this is a vaping distributor, they distribute cannabis supplies to nearly 10,000 retail establishments in north america. they priced $17 a share. opened at about $29 a share. and is doing very well here in its debut. but all eyes at the moment here on zoom, we're going to keep monitoring the situation for you and give you an idea of when we think we might get that opening trade. back over to you, david. >> bertha, thank you i'm sure we'll see you more as all of this unfolds this morning. union pacific surging, up more than 4% now, trading as an all

time high on today's session unp celebrating the 150th anniversary of the transcontinental railroad completion, a route that the company is still using today joining us now on our first cnbc interview, union pacific chairman and ceo lance fritz lance, great to see you today. i'm going to jump right into it here in terms of those record first quarter financial results, a lot of catastrophic and really difficult weather that impacted the railroad last quarter, like many other companies we have seen before. you said here in the results that the unified plan 2020, which is that longer term strategy, the implementation of precision scheduled railroading helped create a robust network allowing you to continue to normal operations. how did that happen? >> thank you for having me this morning. the way the unified plan 2020 helped us recover quickly is

that essentially it removed work from the network, we're touching cars fewer times and that gave us more capacity in our terminals to handle a surge. and we did one other thing that i'm very, very proud of the team for thinking of and that is the hardest part of the network is our manifest part of the network, switching cars and terminals and building trains versus our bulk products which tend to be unit trains from origin to destination. and what we did was we focused on running the manifest part of the network completely in its entirety to the extent we could. and as a result, that most difficult part of the network was maintained through the outage the outage was epic for us we had our east/west main line severed for almost two weeks, 13 days, and as far as any of us could tell, that hasn't happened at least as far back as we can see, let's say 50 years ago. it was an epic, epic weather issue. >> wow and certainly, you know, added

to a lot of noise in terms of data and economic metrics we keep eye on in first quarter given the fact that union pacific touches just about every type of good in some form or fashion, to some extent that is moving around the u.s., what is your take more broadly on the state of the u.s. economy now? >> u.s. economy feels pretty good to us if you looked at the first quarter, so we were down 2% in volume, but the weather impact alone was a handful of percentage points. and if i think about what the quarter could have been, the weather impacted directly are energy business, impacted our green business, impacted several other commodities, ethanol, the car load business to a degree. as we look forward in the economy, the industrial economy continues to feel pretty good. the gulf coast investment continues to come online we see strength in steel, we see strength in plastics and industrial, the construction

product markets. automotive industry looks like sales are expected to be something like 16.8 million units for the year that feels okay. our intermodal product both international and domestic shares some promise. a little bit of a head wind in domestic intermodal in that trucks are a little looser, but overall the economy, people consuming things, that feels pretty good. i guess the one question mark we have is on international trade and on that topic, we need congress to ratify u.s. mca and close the deal with china. once those two things are in hand, the economy will feel pretty darn good to us >> lance that was my last question, you know you do have some macro bears who continue to point to car loads year on year worries about paper and cardboard, worries about trucking as you pointed to how would you advise them to process some of the metrics? >> yeah, so i think the number

one issue for us is our unified plan 2020 in the psr implementation is creating a more reliable consistent service product. there is demand out there that is not yet showing itself to us and won't until we demonstrate that consistent reliable service. as we do that, i think there is lots of opportunity to market for us not just in truck conversion, into our domestic and intermodal product, but the car world. if i look at the broader economy, consumers still feel pretty good, the job market looks pretty good, continuing to consume, the industrial marketplace continues to look pretty good. and the one area that we just got to keep an eye on and get right is the trade >> yeah. topic i'm sure we'll be speaking much more about in the coming days, coming weeks and coming months lance fritz, thanks so much for joining us today on this busy earnings day shares of union pacific up 4% right now. thank you. >> we continue to track the two

large ipos, one here, of course, the new york stock exchange, pinterest, another at the nasdaq zoom, the indication for which has been moving up until just moments ago when 60 seems to have been perhaps the height of 5950 now the new indication for the video conferencing company leslie picker covers capital markets for us, joins us back here at post nine. they seem to be getting closer on zoom. this is also, actually, i should say pinterest behind me maintains sort of 23 to 23.50 for a bit of time as they get the book together there as well. >> they have been narrowing the range, looking like it could open in the 23s. that would imply a pop of upwards of 20% for zoom, it is like about 60% at the open. if it opens at that level, which it looks like it could >> 268 million fully diluted shares outstanding you can do the math at home in terms of 60 times that number. it will be interesting to see the market cap battle here

because actually we'll both be very close in terms of overall size >> i don't think a lot of people were expecting when these two companies went out and started marketing their road shows bankers i spoke with said they did expect zoom to be said they did expect zoom to be a winner and expected it to be hot regardless of where they priced it just because there was so much demand clamoring for this stock. pinterest, interestingly, came out with a conservative valuation. when you compare it with some of the other publicly traded peers in search and social as well as e-commerce it actually did look like a pretty high valuation at last night's pricing of $19 a share. that implies an enterprise value to forward revenue ratio of about ten times, which is double that of a lot of the big social search e-commerce companies that we are all familiar with. >> given the fact especially with a name like zoom, the

message here for retail investors especially given what we did see with lyft >> it's a great question. a lot of times the calculus in pricing these things is what is the variable for retailer. it's a lot harder to be able to predict what retail is going to do. when you have a name like lyft, pinterest, uber, you can expect that retail will come in around the margins especially on day one and help drive the stock higher. over the long-term retail does get out of a stock that seems to be experiencing some momentum on the downside. on day one you can try and count on that. with a company like zoom, it isn't a brand name and it doesn't have as much of a retail components but from the conversations i had yesterday and this morning, it says the book building process was so strong for zoom they did feel comfortable pricing where they did. >> typically, you don't get large allocation for retail for

the actual ipo itself. retail is expected to come in and if jim cramer was sitting here he might say don't at least given these levels. ten, 11 times revenue is pretty astounding, although they are growing their revenue base over 100% a year. >> exactly. you pay a premium for growth. when you compare the two companies, pinterest was founded in 2009, you're looking at a decade old company. zoom is a lot more recent, 2011 i think it was founded. clearly more in the uptick stage for zoom than for lyft but still very nice top line growth for that company which is largely advertising base which as we know is very competitive. >> advertising revenues in very much in vogue whether it's pinterest or zoom right now. thanks, leslie. let's get to dominic chu back at hq with some news out of the senate majority leader, dom. >> new companies took very old

world ones, shares of tobacco stock under pressure after mitch mcconnell announced that he will introduce legislation to raise the federal national minimum age to buy tobacco products to 21 years old. it currently stands at 18. he plans to introduce that bill which will cover all tobacco products including ecigarettes as well as some point in the next month. the two dozen states are contemplating some of that similar legislation so shares like altria all moving to the downside recovering slightly here in the early part of trading today. back over to you, carl. >> fascinating step in legislation. thanks, dom. let's get back to bob pisani on the floor post-date and check out what the latest is on pinterest, bob. >> we talking about pricing 15 to 17, came in at 19 right now indications are 23 to 23.50.

it's been there for a little while. patty murphy, what can you tell us. >> we're kaled 23 and a half. it looks really good. the customers getting really customer on volume. we're probably a few minutes away from crunch time and then right now the customers are really getting comfortable in that range. >> when you say a few minutes away, 15 minutes 20rks minutes, half hour? >> ten to 15 minutes away. we're getting really comfortable with the bulk. we're applying gts technology to capitalize and do the depth of the book on both sides. the customers are really crunching together in this 23 and a half range and it looks good. >> buyers and sellers are behind you shouting out orders to buy and sell at this point. we were talking about the fact that it's been around 23 for a little while now. is that an indication that people are happy with this range or could that change immediately? >> it could change, but i think

we're really comfortable. listen, 25% above the deal price, it's been healthy. the volume is there. glenn's doing a good job of talking to the brokers. he's getting a lot of good indications, right, glenn? >> absolutely, yeah. >> they seem real comfortable in this price range and, you know, textbook print that looks like it's coming up and what a great company, so we're probably about 15 minutes away. >> thank you. the important thing here and i brought up that $23 for a reason. last week with pagerduty priced at 24 standing right here at this time, all of a sudden the indication flashed 37 to 39 pricing and there was a wave of sell orders. you could hear it from the floor come in. what that meant was more than 50% above the price, a lot of people who were having stock to sell, hey, great, you want it at 39, take it. and the price dropped and it opened at $36. so, yes there's an indication that a lot of people are

comfortable at 23 but if it goes up to say 24 or so, we could get another wave come in and price at 22. it really is a dynamic auction. there are people just standing around with stock to buy and sell and they're yelling at each other going into it. >> you're watching pins, i got to get your take on what's happening at the nasdaq and zoom >> the important thing about zoom is very simple here. you've got a company that's brands name. you've got a company that's profitable and profitable on a cash flow basis as well and you've got a company that's making money in general, so i think that is a very, very important factor. it's certainly true pinterest is losing money but only a very small amount of money, $50 million a year and that's a major factor as well. >> we'll be watching 23, 60 on zoom. we're waiting those ipos when they begin to trade.

we'll talk with both ceos. dow hanging on to pnt52ois, s&p down two. don't go away. i need it to guide this analyst to customize flood coverage for this house. so that this team, can inform this couple, that their payment will arrive faster than this guy. hey. ♪ ♪ so whether i'm processing claims due to this fine gentleman... (car engine starting) or suggesting premiums for this young lady... ai can help change everything at this company. expect more from ai. ibm watson.

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8:00 a.m. at zoom headquarters in san jose. it's 11:00 a.m. on wall street and "squawk alley" is live. ♪ ♪ ♪ good thursdays morning. welcome to "squawk alley." i'm carl quintanilla with morgan brennan, david faber at the new york stock exchange. you got pinterest set to debut shortly. jon fortt live at the nasdaq as we await zoom's opening trade there, awfully big show ahead this hour. we'll talk to pinterest ben silverman immediately after that stock open