good morning it is 8:00 a.m. in scottsdale, arizona. it's 11:00 a.m. on wall street and "squawk alley" is live. >> good tuesday morning. welcome to "squawk alley." we're in scottsdale, arizona at the code conference. we're also live in post nine at

nyc. kara fisher is here. only she can get away with the sunglasses >> it's bright in here >> yeah, absolutely. >> we always talk about what the lead is. >> yeah. >> after the first night what is today? >> we're doing our best, we're so sorry we'll try to improve for most of the big companies. i think it was interesting you know, a lot of them are very admitful about the problems they're having and trying to tend towards solutions and the things that are coming and just wait to see what we're going to do it was a lot of i'm so sorry >> for a long time the conversation was, boy, mobile is huge hook how fast these certain companies are growing. look how it is changing the world. look at china. and now will is not so much talk about growth and competition anymore. >> right >> it's about you're already big. >> yeah. >> snou you're innovation is going to be how awe void getting regulated to death >> or please regulate us we look forward like andy jasy which is a massive company,

talking about how he didn't want to get spun off because it's better to be bigger. they're all talking about how it's better to be bigger , then he said we like facial recognition. they have a thing calls rekognition with a k we'll be happy to cooperate. that kind of stuff which is sort of interesting >> all right you mention spinoffs i think the first piece of sound we'll spplay is from susan last night who is a long week and the first sound we is if the head of instagram talking about this general take take a listen. >> if we split it up, it might make a lot of my life easier i think it's a terrible idea it depends on what problem you're trying to solve if you're trying to solve election integrity or approach the issues like hate speech and

you split us up, it would be making it more difficult majrle for us in instagram to keep people safe. right now there are more people who work on integrity and safety issues at facebook than anybody who works on instagram one thing that we don't talk about enough, i think, in general is the tension that's arise. there is a real tension between privacy and between safety you, the more data you have access to, the more you can keep people safe and identify bad actors of all sorts. the less private everyone is and vice versa >> do you buy this idea that there is safety in size? >> that is -- you know, severing a mess because we're so big. but being big is going to help us get out of this it is a weird circular logic i think they have to be saying this they say you split them up and create value there are $31 billion run rate growing 41%. instagram is an enormous growth

stock. so are they better apart or dynamic and everything else or as he says, not able to pay for the things they need to pay for? >> here's my problem with the we need to be big to fix it argument the way they got big is buying all the different services so they can share data. >> right >> and that's part of what people have a problem with i don't know where the data is going. all the different things it's being used for the companies seem to have trouble keeping track of it. then at the same time, you have companies like aws that are platforms, creating this technology that they're sharing with people who are not a part of the company >> right. >> why couldn't they continue to do that? if they have the great algorithms that they can sell to one of their former units in order to better police, why wouldn't they do that if they have the technology? >> it's funny, andy said i don't want to do analyst meetings. here we are with all this help it helps us to be part of a bigger thing the google people say the same thing. the facebook people say the same thing. and so i think they're all trying to avoid the idea of a

breakup. they definitely know it's in the air. they know a lot of politicians are talking about it on all sides elizabeth warren and trump talk about it the other day so i think that's what they're trying to avoid is get the ideas. we'll fix this if you only give us a chance except that's how we got into this fine mess. and so it was interesting. i thought the most thoughtful people were from twitter i think that is a smaller entity which is trying to deal with all the issues i thought especially i had bakebor and vigigoti talking about the problems one thing they did is we asked susan if she thought social media including youtube radicalized people she didn't answer. and he said, yes yes, we do think that. we're trying to deal with it so that is a very refreshing remark in that regard. >> susan was hesitant to answer a couple different questions including the notion of a spinoff. here's that sound. >> 100% we worry about that.

and i'm very, very focus on that it keeps me up at night worrying about that which is why we focus so much on the policies we've had in place around the violent extremist groups, which groups we designated there such as i mentioned earlier, the kkk, american nazi party. if you have any affiliation, if you claim any affiliation, you're not allowed on twitter, period you can't have any accounts. so i want to be very clear that is our policy. we'll continue to enforce that >> obviously that is twitter's lead counsel talking about maintaining civility >> she answer my question. specifically that when i was growing up, you didn't have white supremacist, nation of islam, anti-semitic voices with a mainstream platform. social has given them that and she is concerned. >> you have to go idaho to find that it was an interesting question the question is what do we do

about it now as i written many times, these are amplified and weaponized a lot of things dhant exist befth before susan, they made a really hard call the other day around extremist groups it's just the right call it's the right thing to do but why didn't they do it sooner and how difficult will it be now at this point to implement it given everything has gone on for so long? i think that's the issue is the slowness to realize the problem which i, again, place at the feet of regulators who have sort of taken a dive on tech for a long time. and one thing that was interesting is i wrote a column ten years ago talking about this you know, when the fdc was taking a dive on google. here we are ten years late eastern just starting to do it it's an interesting problem. >> and, again, answering a question about a submitoff from google this is the ceo of youtube >> there's a push to break up some of the companies, what would happen if you were split off from google?

>> i don't know. i have been really busy this week working with all these other concerns so i mean, i don't know. i worry about it i don't know pt we would figure it out >> nobody wants to be a ceo, i guess. nobody wants to be a -- they all want to stay within the safety of the larger company. it is really funny andy doesn't want to be a ceo. nobody does. it's a hot seat. susan doesn't want to be the ceo. the instagram guy doesn't want to be a ceo. >> when you break them off, they love it sometimes. paypal and ebay, they were saying the same thing. we can't do it we need them together. but then fwloek off and paypal is looking pretty good now it's been wonderful. >> scott, if you listen, he makes a persuasive case that breaking them up will unlock enormous value for everybody and then create much many more checks and balances. >> you sound like you're an advocate of that idea. >> i don't know.

at first seems like the extreme thing. we should start with regulation. but it may be sometimes breakups appropriate, sometimes regulation like with apple, the controversy around that, breaking it off maybe regulation around pricing. maybe smart regulation. >> you are -- sometimes it doesn't work we look at hp versus dell, right? they managed to stay together and people argued slapping on emc and vmware, they're doing much better. look at hp it's a bunch of different pieces consumer, not the power. >> it wasn't the most powerful company before it got split up it's like splitting up a rotten fruit. instagram is growing it is a massive juggernaut >> i know you'll have displays of innovative technology, things like moon shots. >> we're going to the mobility lab. we're going to put you in a jet pack send you off.

sorry, carl. >> are those getting a down play because we're having to have this larger conversation about the future of regulation maybe regulation is what is next >> it's what we're talking about now. one thing i talk about in the article is let's talk about the next inventions. and also what we're going to do about them before problems, like facial recognition great thing to talk about. it's coming everywhere so how do we need to do it let's talk about that now and anticipate the problem so that we can, if it does get rolled out, it gets rolled out properly it's going to get rolled out where are we going with vr and health care, transportation mobility which is really important? this opens up a cornucopia of problems and advantages. and so that's what we want to talk about one thing i want to show is how cool the mobility stuff is there is a thing that walks on rocks. there is a jet pack. there is drones you can ride i'm going to -- there is scooter action for me. to d today in the cards. it's really interesting. some of the stuff is really interesting. as we innovate, we have to keep in mind the reprecushions.

>> maybe we need to shift the innovation conversation. it's like for years we were talking so much about innovation and pressing the accelerator now we're talking about anti-lock brakes it's still innovation. but how do you keep this thing from crashing and injuring everybody? >> do we have less cars because of seat belts? no people kept driving cars it's just being prudent about things >> stanley drunkenmiller was on our air last week and said that if you were going to go to economic war with china, the last thing you would do is attack the companies that are going to be your best players for the next 30 years. >> the china discussion. >> why haven't they said, hey, we're the best thing you got going. >> they have it is the xi or me argument. we have internet that is censored and controlled by the government there is no way we'll have that here and so we'll have to struggle

with that. but i think the issues around is putting investments into ai and into technology education. putting investments into math and science. putting investment s into research that's what the government should be doing. a very good use of government money. you don't have to be a toddler to do something great. >> do you think tech responded to the notion that they're too left, too in favor of the democrats? >> it's not true that's just not true the question is how do you monitor the world? like they now control how everybody talks to each other, private companies are in charge of all our communication they're going to run into problems nobody's going to be happy you can see that by a lot of the complaints they come if the left and right.

i want go back to the internet is digital containment policy possible can you have free trade in a digital realm with different internets? >> i don't know. that's a big question. the russians haust the cold war. they made it up in other things. they're finding other ways to get at us. free and open internet is such an asset to this country but it also presents enormous vulnerabilities. it presents all kinds of ability to abuse it. we have the government putting in proper guardrails its okay to have a seat belt it doesn't mean the government runs the thing when they try to con flat the two things, that's where everybody gets them. it's either this or this that's not the case. >> finally, session you're most looking forward to >> i think mary maker's slides, the internet slides are going to be great she's been analyst and venture

capitalist and does the where the internet is going. i'm alwaysed from in that i'm excited to interview netflix people that will be really interesting. i think ed williams who has done some interesting things. and you in a jet pack. that is the highlight of my day. >> kara, thanks. >> thank you so much >> always good to he soo you. >> see you tomorrow. >> yes, indeed morgan, over to you. >> thank you, carl great stuff so far i think i can say this on behalf of mike, he is feeling a little overdressed in the high right now. >> somebody has to maintain grown-up professional standards and have no fun whatsoever and that's me. >> let's get a check okay let's get a check on the markets right now. the dow is up 64 points. we're off highs of the session but still closing back in on record territory with the s&p 500 2% from the april high.

>> it's kbangs a combination of and fatigue. we didn't get the mexican tariffs going in but also just the fact that the markets, especially the bond market, got so clenched up playing defense and yields at two year lows. now you're easing off of that. this relaxation trade is okay, maybe there is a middle way here between recession watch and, you know, and having to have the fed rescue us. that's the me where the question goes if here not going to hear from the fed until the meeting next week. and so we're a little suspense so yields going up is good for now. we're still bumping up on the s&p 500. and i think the last two days, it's been a little friction as we try to get past it. >> the other thing that seems to be getting traders attention is the vix. that is still above 16 right

now. >> it's definitely bate of an anomaly. i think there is a vent risk perceived out there that's kind of filter into the options market, the vix reflecting that. that's obvious lit fed meeting, the g-20 you have the defined events within the 30-day window ahead that the vix covers. i think it's just going to be stubborn in going down much from here now if the market from here gets another tail wind and goes to new highs, i mean it will obviously drain away some of that anxiety in the short term i think that's why we're seeing that elevation it's also reflection that traders have not fully bought into this rebound rally which, you know, by backward contrarian logic may not be bade thing if people are skeptical of this move >> yeah. one thing that is not working in the markets is industrials worst performing sector. led lower by aerospace and defense stocks raytheon, united technologies on the heels of that mega merger.

but in terms of aerospace and defense, we're getting news out of boeing. het let's get to phil lebeau. >> we're getting the may orders and deliveries this is when the company says this is how many orders we have for a particular aircraft. and in particular, we're focusing on the 737. we're not going to go through all the numbers here we had a bankruptcy in india with jet airways last month. jet had a sizable order for 737 maxes. that obviously will not be an order that they will follow-through with. so the latest numbers when it comes to the 737 max is a negative 68 in terms of orders this year. but the backlog for 737s between the ng and the max is still robust over 5,500 but it is lower compared to a month ago now standing at 5,546, down about, what, 37, something like that compared to a month ago. guys, back to you. >> phil lebeau, thank you. still ahead here on a special edition of ""squawk

alley,"" we're going to be talking beyond meat which is actually down 20% right now. stock was up 500% after getting a downgrade at j.p. morgan today. easterlyin' vestor will join us next and later, much more from our exclusive coverage of the code conference out in scottsdale, arizona. don't go anywhere. we're back after a quick break johnson & johnson is a baby company. but we're also a cancer fighting, hiv controlling, joint replacing, and depression relieving company. from the day you're born we never stop taking care of you.

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nick cooney from lever vc. thank you for joining us today, nick what do you think of the valuation of beyond meat right now? >> it is certainly a phenomenon, even with the drop today, if you look at the performance over the past week, it's still up over 30%. as you mention, up 400% from the ipo last month what we're seeing, i think the high valuation we're seeing still even with today's drop is a reflection of two things --

one is this company and the growth and the earnings and the great as j.p. morgan put it, huge revenue and profit potential for the future for beyond and part of it is a reflection of the space in general. this plant based meat space which is growing very quickly in the u.s. and projected to grow a whole lot more in the coming decade >> nick, that's a good point you raise. beyond meat is only publicly traded company if investors want to get into this area of agratech how far of a head start do they have on the competition coming >> you're right. our fund lever vc we do early stage venture capital investing in companies in this space there is a number coming down the line that are going to have ipos or very strong exit that's are going to do very well. beyond meat is one of the market leaders. if they hit the earnings projections for the year, that should put them in the number one slot in the u.s. if not globally but this are others coming you look at beyond meat, they're

in a few product categories, hamburgers, sausages, ground beef crumble this are a lot of other categories in the meat and dairy side of things and a lot of geographies around the world clearly, they're emerging as a market heeder. they're going to continue to fill that role i think for many years to come. we're going to see other winners in the future as well. >> nick, i guess the other related question is what is the nature of that leadership? what is pro pry takery and what is granding and first to market and consumer preference and things hike that it does seem as if tremendous enthusiasm for this overall category is running through this one stock with, you know, 10 or 11 million shares freely float on the market and that's what explains a lot of the huge move in the price >> i think you're right. in terms of what sets beyond meat apart, i think two things i think it is both marketing they've done an excellent job in terms of bringing on

professionalage heats hike kyrie irving from the celtics and others who support these products, who use these products and say it improves health and performance. a number of other things on the marketing side of the equation but then also on the product itself they have one of the best if not the best product in its class in the burger category and the sausage category and i think that is reflected in the sales generally. and also in some of the deals they are able to strike with leading fast food companies like carl's junior, del taco and we'll see who comes next >> and this isn't the only company plant base meat company that you're invested in as well. where else are you investing as a venture capitalist and what else do you think will be coming in the pipeline even beyond these types of burgers >> yeah. so our fund we focus entirely on this alternative protein space both plant base and meat and dairy and clean or so-called lab created meat and egg and dairy

products and so there is a number of very exciting companies out there we do primarily early stage investing for beyond meat i invested in 2015 when they were a lot smaller and privately held so there a number of other companies in various sectors both on the meat side and on the dairy side we see this company growing very quickly in europe. there are emerging market lead tlerz. a little bit in terms of the longer term play and arab wsia. there is huge demand for the products there is government push for consumers towards plant based proteins we think also in terms of geography, there is going to be some very big winners elsewhere around the world >> beyond meat specifically, stock up 400% since the ipo. are you going to stay invested or cash out? >> investment still this we'll see how they do.

i think that probably the price will settle down a little bit after the drop today coming out after the j.p. morgan report that's all i can say for now what we've seen so far is short sellers, short sellers betting against beyond meat have not done very well they lost $400 million the last day or two i wouldn't bet against beyond meat i wouldn't bet against the plant based meat space. >> yeah. definite i had been an interesting one to watch from a trading perspective thank you for joining us all right, we're going to send it back down to scottsdale, arizona now to jon fortt >> coming up, think about this, morgan shack, medium, uber, nest, stripe, but just a few of the many investments general partner siegeler is joining us a lot from code straight ahead stay with us (osamah) cancer is... the ugliest disease mankind has ever faced.

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european markets set to close momentarily. we have a breakdown of today's action >> hello, mike fresh measures out of china aimed at the industrial sector is fueling global markets. chinese stocks posting the best one day performance in a month and in europe, they were higher as well lead by a basket of industrial names that are responding positively to beijing's announcement encouraging local governments to use special bonds to spur major development projects now european still giants are up about 6% lighting manufacturer up about 4% that company xwgenerates 20% of the revenue in china last year one of the largest brokerages announcing that it will be the first chinese company to list in london seeking to raise about $2 billion as part of the gdr the chairman says the listing will offer international investors exposure to china's financial services market.

now despite better than expected jobs data out of the uk, there are signs for the retail sector. shares of ted baker, check it out. hitting the lowest level in six years after the british fashion brand announce fresh profit warning extremely difficult trading conditions, deeper price cuts are now expected and you can see the stock losing nearly a third of the value today at $954 down 29% thank you >> let's get to sue herrera for an update. here's what's happening at this hour. the half brother of the north korean heeder who was killed in a malaysian airport was a source for the cia. that is according to a report from the "wall street journal. many details of the relationship remain unclear he is said to have met several times with agency operatives the japanese government announced it will stop issuing visas to new research students of the tokyo university of social welfare

that school has lost contact with more than 1,000 foreign students in the last three years. the government says the students drop out but are still able to stay in the country legally because of their student visas this is the first time japan will restrict foreign students atany university here at home, the governor of alabama signed into law a bill requiring anyone convicted of a sex offense against a child under the age of 13 to begin chemical castration a month before release the individuals must continue treatment until a court deems it no longer necessary. several other states have versions of chemical castration on the books as well north of the border, canada announcing it will ban many single use mastic items by 2021. including plastic bags, straws, and cutlery. they announced the measures calling it a problem that we simply cannot ignore you're up to date. that is the news update this hour, guys i'm going to send it back downtown to you, morgan. >> sue, i'll take it thank you.

up next, inside look at alphabet's venture capital arm and cnbc exclusive that is right after this he can bra. meantime, take a hook at major averages hanging on to gains though well off highs of the morning the dow is up 53 points right now. the s&p 500 is up 5% energy and communication stocks are helping with those gains is this ride safe? i assembled it myself last night. i think i did an ok job. just ok? what if something bad happens? we just move to the next town. just ok is not ok. especially when it comes to your network. at&t is america's best wireless network according to america's biggest test. now with 5g evolution. the first step to 5g. more for your thing. that's our thing. feel that? that's the beat of global markets, the rhythm of the world. but to us, it's the pace of tomorrow.

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welcome back to "squawk alley. uber, shack, rework just a few of the big tech names hitting public markets this year they're all tied to alphabet's venture portfolio which holds 300 active companies more than $4 billion under management. joining us now to discuss alphabet's venture capital arm gv general partner a lot of initials, gv, mg. you're in a interesting position having been a journalist, writing about the challenges that tech is facing now. now being an investor, from the seat where you are now, is this an opportunity for innovation or is this just an crisis in. >> i do think it's an opportunity for innovation as you guys know, these things, innovation in general at a high level seems to be cyclical in

nature companies are started during interesting times where you think that they wouldn't necessarily be started because there's just no room for new companies to come into the scene. but it does -- it is really starting to feel like this is one of those times where there is a bunch of just -- a bunch of little interesting companies out this that are sort of mid atlanticing the-- sort of plant their seeds right now. >> case study for that kind of example is >> i mean, this are many things over the years but like instagram dating back to a few years ago and before that even facebook in the era before that, right >> it use to be that the ipo was the default expectation. and then in the enterprise, a couple companies, cisco was an acquirer now it seems like companies are not only staying private longer, but you've got a number of huge tech companies that acquire a lot. april sl acquiri apple is asquiring lots of smaller things

what do you think about the exit likelihood is now base on what it was ten years ago and what the ideal outcome is >> yeah, as we're seeing now, obviously, the ipo window has opened up and we're finally seeing a bunch of companies that have raised a bunch of capital over the past several years finally being able to go out into the public markets. and that was just not available for a long time. and so i think it was the two things mag off one another both a lot of private capital being able to extend the runway and the ability for the companies to grow in a private manner mixed with the public markets just not being ready for the companies yet. and now it's coming back the other way it feels like. seems hike a good natural position again and maybe, you know, potentially like we were talking about, resunset a way that it allows newer sort of startups to come back into the scene. >> is there a pileup of dry powder what happens to that exit money? can we start to build stereotypes wrf it's goiof wher

going to go? >> i don't think there is a pile of it. i think the companies are increasingly doing a ton of different things as they move into different markets, there is more money to be spent on new things and in a general sense, we live in a world where tech permeates every part of our lives increasingly there is a lot of capital still out there for a lot of interesting startups to come out. i think we're going to see more and more companies formed in the next few years as a result of what we're seeing right now. >> speaking of general interesting things, we're talking a lot about beyond meat which has had an amazing run as a stock and down 20% today on a downgrade. it hooks to me a month ago gv invested in impossible foods which is a rival to it what do you think of the run and interest in this space and request is alphabet investing in fake meat? >> so we've been investor in impossible foods for a while dating back a few years now. when we were looking at that investment, it's not one i'm in charge of, but it's definitely a

compelling space what beyond meat has done in the public markets. impossible foods, you see the dwe dwe deal with burger king. the public appetite is will for the products i don't know if you tried them yourselves, i honest i had love the product. it's really good i mean, you know, you can argue whether or not it tastes just like a meat based hamburger, but it's a really good product i think the market both the public market but also just the market for impossible with burger king and the other partnership that's they have is showing that there is real demand for this. >> who is trying to figure out the total adjustable market? looks at alternative or plant based beverages. is that a fair analog >> i think where everyone is trying to be more health conscious and thinking about the environment with the way that animals are raised and certainly, you know, the climate and everything that is going on. i think that there is parallels to that, yeah.

>> how much does nationalism, how much do trade and tariff barriers enter into the conversation now over the past few months when you at gv are looking at companies to invest in, where they're base and the implications of the technology >> yeah. honestly, for us because we invest in the earlier stages, we're not too concerned about that there is so much green field in front of them before they get to the point where they start to think about the worldwide expansion element of the company. >> finally, you're in uber i believe, yes >> yes >> not lyft? >> no. >> what is your characterization of the two models and in general are you a fan of big broader moon shot, you know, diverse if i indication or a profitable model. >> dara who has taken over uber has done xhaent jan excellent jb getting the company public

they have a game plan going forward. and lyft has a game plan i think that is one of the massive markets that they're both going after where, you know, there is potential we've seen it on our dale qui lives. we see to change the world in which we live. when we look at those, we see the huge potential to still grow into that. >> does autonomous really have to come sooner than later for profitability to happen? autonomous tech snolg a thing that is massive immictions for far beyond even ride sharing just in terms of society in general. so i think that we're still a ways away to see how that plays out. not necessarily. >> thank you for being with us stay cool. >> thank you guys. morgan, back to you. >> fascinating interview thank you, jon coming up, a changing of the guard at best buy. but first, take a look at

markets right now. gains of the morning with the dow up as high as 186 earlier. now back at the nat line up near 7. it is turning negative as well rick santelli, what are you watching today >> you know, morgan, i'm watching the dollar index. the dollar index is a tricky one. that's what we're going to discuss right after the break.

the dow is going for the seventh straight upday back down to nat line as the morning has gone on. a little fatigue is setting in you look at also the s&p 500 is at a level that has sort of stalled out a few times in the past right below 2900 off quusly, we' obviously, we had a 7% decline in may that has goot enthem a hill winded let's get to the santelli exchange rick >> thanks, mike. there is a lot of moving parts lately to the marketplace. but one that's always prominently featured is the robust rally not only in equities but in tech especially but like to monitor the interest rates below it and they have bottomed to some extent in all maturities it's always difficult to call a

bottom because there is not that much distance from the lows to where we're trading. a ten year note is hovering at $2.15. it's a nice bounce but uche i had like to give it a dozen basis points before you feel comfortable the point is if you're trying to rate the dollar, i mean interest rate the dollar, look over time. it's very complicated. in july of 2016, when interest rates were at their lows at 135 and the second late of the double bottom, that is a couple months before the dollar index peaked at the most recent high over the last ten years right around 103 and my opinion, all of factors affecting the dollar index, the two most prominent right now are probably the euro currency which is over 50% of the dollar index and maybe the fed and maybe they're actually related let's go to the board. this chart starts at 2011. you can see there is a beautiful

trend line here that hits all the major bottoms. i was referencing earlier that $103.30 high in 2016, like i said, right about here is when interest rates and the ten year were around 1.35 it's not so easy it's logical the dollar should be best when interest rates are at the highest we had inverse correlations. a lot of it has to do with the fed and prognosis. there are two things to pay attention to this is a whopper of a move, thinly trade 180. the average? 90 look at how well 90 worked and it's a two-fer it was the midpoint and it's where it touched the trend line. so most likely what is next stop for the dollar index is problem bhi meet that line but it isn't going to drop like a rock you're going to do something in here and it's going to meet that line whether it violates it or not is the trade. you have a protective stock. the point is watch the euro currency because since it's over 50%, it is the reverse image

many believe, including myself, that that might correlate with right around a 114.5 euro currency put both of the charts together especially pay close attention to the foreign central banks that gave the euro a boost which impacted in a negative way the dollar index we're going to go to arizona and the code conference. carl, back to you! >> all right rick, thank you very much. when we come back, an executive shake-up at best buy a profile of the new chief executive is next. later, more from day one of our exclusive coverage of the code conference here in scottsdale, arizona. we're back after a break my degree from snhu has helped me tremendously. the flexible class schedules allowed me to go to work full time,

run my catering business and be a mom and parent. when i reached this accomplishment, it was like, it's here, it's happening, it's now. we at southern new hampshire university are the ones who succeed. we are the ones who break through.

hey! i live on my own now! i've got xfinity, because i like to live life in the fast lane. unlike my parents. you rambling about xfinity again? you're so cute when you get excited... anyways... i've got their app right here, i can troubleshoot. i can schedule a time for them to call me back, it's great! you have our number programmed in? ya i don't even know your phone anymore... excuse me?! what? i don't know your phone number. aw well. he doesn't know our phone number!

you have our fax number, obviously... today's xfinity service. simple. easy. awesome. i'll pass. welcome back to "squawk alley. a change at the top today for best bay hubert joly becomes executive chairman of the board, stepping aside as ceo, handing the reins over to cfo corie berry. we have more. >> reporter: corie berry has been with the company 20 years, starting as a financial analyst. she's had 15 roles with the retailer and best buy is riding the wave of an extraordinary turn around. seven years ago they brought in new ceo hubert joly who figured out how best buy could hold its own against online retailer. they have had strong same store sales growth and employee turnover is down

now the key question is, can barry build on that base those who follow the company say she was instrumental in the transformation i'm told the understanding within the investment community is that barry will continue with the best buy 2020 plan and its strategies that joly created and by the way, joly is not going anywhere jeffries remains bullish on the company and says its involvement in healthcare and expanded service offerings such as in-home advisor and tech support that it's gaining traction and are more promising barry is originally from minnesota, home to best buy's headquarters, fitting. she studied accounting at a women's liberal arts college in the state, st. benedict, and she delivered a commencement there a few years ago and she opened the speech with a story about how she responds when people refer to her as a girl and she says this still happens she says she corrects them that she's not a girl, a gal, or a lady she's a woman. speaking of, barry now becomes just one of 33 women to lead a fortune 500 company and at 44,

morgan, she's also among the youngest >> yeah, one to watch. this has been quite a transformation story, best buy thank you. and don't miss best buy's executive chairman hubert joly at cnbc's inaugural evolve summit that's taking place june 19th right here in new york city. register now at cnbcevents.com/evolve. and when we come back, dow has been looking for seven in a row today with sec again leading the charge across the major averages the last week or so the sector in the green, five straight sessions now and up over 9% in that period alone we head back out to scottsdale next for a final wrap-up on day one of code. stay with us

i don't think we have reached the place where we know enough to determine the tipping point of antitrust, in part because some of these things are so opaque as to -- i don't want us to make decisions where we're simply breaking it up, the terrible analogy i use with ezra was like trouble with tribls you don't want it to proliferate. because you're trying to solve one problem, you create many more this isn't as simple as breaking

up the baby bells or breaking up railroad system. we really do have intersectionalities and interdependent technologies that i think it's very naive to say that you can simply say, now you shall disperse we're not ready for that i think the first step is regulation i do think we should have an eye towards antitrust and i think there are some companies that are reaching an inflection point where antitrust conversations can happen faster. >> that was fair fight founder stacey abrams on the antitrust issue surrounding big tech, one of the big themes in scottsdale, arizona. it's like the trouble with tribbles nice "star trek" reference there. >> about a bunch of furry creatures that proliferate and cause havoc. she's a measured vote on this which i think a lot of people in tech are eager to hear the fear is that there's going to be a pitchfork wielding crowd that goes smashing companies up. that's the fear and for somebody from the left to bring a

different perspective on that, it's probably heartening >> of course, antitrust bar is higher or lower depending where you are in various parts of the world, right they may be able to manage regulation threats here but they've got to handle things in europe, for example. >> i think the risk and the possibility, carl, is that the threshold for antitrust changes in the u.s it has been consumer harm for 30 years but the question is now are we shifting toward this european standard of being able to protect competition and what exactly does that mean when you've got, frankly, google, facebook, apple, amazon, and more, big companies competing with each other, so the definition of antitrust is tricky >> right right. we talked to jim, he used the word humility. humility, this year. cara talked about we're sorry. you talked about putting anti-lock brakes on the car. we can't escape this theme this year >> there's a difference between humility and humiliation and i'm not sure what we're getting here i know that tech feels under

pressure and barraged but i don't know if that's internalized and there's a true feeling of, we're going to get better at this, we need to, it's an innovation priority >> big morning so far, of course, david solomon of goldman, later on today, as we continue our coverage from code. for now, let's get -- thank you, morgan and mike and we'll get to "the half. guys, thank you so much. i'm scott wapner post nine the tech run front and center this hour that sector in the midst of its best five-day burst in seven and a half years so how far can it go it's 12:00 noon, this is "the halftime report" >> announcer: stocks surge, tech seeing its best five days in eight years. the dow shooting for seven straight up days we'll dig into several beaten down sectors and debate whether the bottom is in or if this sudden uptrend is too much too fast we're also expecting comments from