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good friday morning. welcome to "squawk alley." i am carl quintanilla with morgan brennan and jon fortt they addressed the policy on political ads, the company remains under pressure about the election elizabeth warren says here's the thing, trump isn't just posting a lion his own page for his own followers, facebook is accepting millions of dollars from trump to run political ads, including ones with misinformation and outright lies. joining us to breakdown the speech, response and more at post nine, early facebook investor, roger mcnamee, author of "zucked". what were you most surprised by, rocker >> that he wanted to come out in public and say all of that

to me, the tin ear is so extreme that if it hadn't been for all the other nonsense coming out of washington, it would be the only story people would be talking about today. at the end of the day facebook isn't actually having a free expression problem, it has an amplification problem, it has an issue of essentially because it uses micro targeting to increase engagement, it is going to promote things that get people to spend the most time on the site that's stuff that appeals to fear, outrage. mark's hole thing is so obviously irrelevant to what the conversation should be about that -- >> it is not obvious i think -- i didn't think that's where you were going to go something he was saying makes sense, difficulty in policing political ads, he has a great point along the lines of just because something is not true doesn't mean it can't be in an ad

do you want a corporation policing political speech. but yes, i think the fact that the algorithms is opaque on what gets promoted, it is not just about free expression, it is amplification. >> let me tell you why i don't think it is free speech or free expression issue those ads aren't going to everyone they're micro targeted to a set of vulnerable people in my mind if you take away the algorithm amplification of micro targeting, mark's speech is correct. because of those two things, he is talking about things that are completely irrelevant to the real problem. >> why doesn't facebook do that? >> the business model depends on micro targeting and amplification. >> their data collection enables them to target with that precision. i read the speech three times now. i could not identify the thesis, what is mark zuckerberg arguing

for in the speech? for social networks to exist, for facebook to do whatever it is doing i don't think this is a stirring defense of status quo. i think zuckerberg's end game, no one is happy with status quo, republicans, democrats, no consumer is happy with status quo of facebook. i think the end game is we, facebook, are the national champion of america's values go ahead, regulate us. put all of these regulations on us in accordance to whatever values we have we can afford the compliance costs and we will not have competitors. we will be a national information distribution. >> sort of gdpr at large >> beyond that content moderation standard, there's a 230 debate on the hill, facebook wasn't there. facebook as far as i can tell is nowhere on the debate around content moderation centers i think they would be happy for the government to step in and regulate them, such that competitors can't afford the cost of reviewing every piece of content. >> reminded me of a barack obama political speech in the runup to

the 2008 election. he put forth broad political american ideals that we can all get behind andsaying this is what facebook stands for, but roger, to your point, i'm not sure that's what the issue is with facebook now. you listen to some of this, yeah, that makes sense, kind of agree. he was arguing for facebook being the internet as opposed to being a platform for targeted messaging. >> and i would bring in the point on this, but with a little different spin in my mind mark's framing of the thing is incredibly self serving. the challenge for regulators is you don't want facebook to be a monopoly of public square, which it essentially already is. you don't want google having that level of dominance. what you want to do is use regulation to change the business model you want to force them out of the model they have today because that model, surveillance capitalism, is undermining so many different aspects of social

life in the country. not just democracy but also public health and privacy. i think you have to go after the heart of the matter. >> is a breakup what you're talking about? >> the breakup is like the last step, deals with competitive stuff. in my mind i want to prohibit third party commerce and private data i want private data treated as a human right, like a body part. facebook, google, microsoft, amazon have a data voodoo doll about each and every one of us, every digital touch point we have in our lives. and it is as much part of our body as our kidneys or legs. the notion that a corporation is allowed to own that data would be analogous to going to the doctor, having them repair a broken leg, having them own your leg. it is insane in my mind we have to stop that. the problem with the regulatory thing is that's new and that requires innovation in regulation and that's tricky. >> i think mark would be happy

to accept a deep intrusive behavioral regulation how they can run ads. i think they would be happy to accept the josh holly proposal of what you can scroll and see granular software features. >> which is why i don't want to let them do that >> they're up against elizabeth warren saying the best answer is break them up. actually, we do have moments in america where corporations effect what we see and hear. we're on a network with standards and practices department there are other networks that compete with different standards and practices. a simpler solution than the government telling one dominant company how it should run and make money i think that's what he is up against. >> talking about this through the lens of facebook with the zuckerberg speech yesterday. earlier this week, you had twitter modifying policies for world leaders. principles and approach. i wonder, is this a facebook specific issue or is this a broader industry issue, and if so, who is going at it the right

way and who isn't? >> i think this is strange for me to say. i think one of the answers is that these companies are converging on a set of policies, whether or not they feel competitive about what the policies should be, they're running up into a very heated 2020 election where if they say we're not letting you lie in ads, there's a meaningful chance the republican candidate for president will not be allowed to run very many ads because he tends to lie that's a big problem for them. >> i don't think lying in an ad is particularly partisan, do you? >> i think in this election particularly one of the candidates is more prone to lying than whoever the democratic candidate will be >> with all due respect, i think that the core issues here, the way you're framing this is clearly where the industry wants it to go in my mind, the job of policy makers is look at this, go is there a better way for this to come down. in my mind it starts with a notion that they're allowed to in va

invasively come into our lives. >> that's the thing, we put this in our homes voluntarily, putting profileson facebook voluntarily. how do you regulate and police that you say you don't want private companies to own the data, when people fork it over because they want to put up a tick tock video, how do you do that without getting in the way of people's freedoms. >> here's the issue i have, jon. increasingly damage from this data is not your data used against you, it is your data used aggregate with everybody else against other people. if you're in christ churchurch, didn't need to be on facebook live to be dead, needed to be in the mosque same at the walmart in el paso, same thing in myanmar. now we're coming into territory where this data is a lot like things like plutonium or cloning

human babies certain things from a societal point of view you don't let people do, even if they want to. don't let people use heroin. i'm saying i think mark benny who have is right when he talks about the narcotic of the business model i am asking people join me in a thought experiment what if i'm right, what would you want to do differently current course and speed, we can't have these platforms encourage candidates who lie they encourage really socially dysfunctional behavior across a wide range of activities i'm going hang on. this is america. we can do better. >> one last theory is maybe they're being so laissez faire because they're thinking of payments for the next five to ten years, that's where their focus is do you think that's fair >> zuckerberg points out over and over again, political ads are a small percentage of

business, it is de minimis for us we are doing it because it is the right thing to do. i think the big answer for facebook is they want to be a generational company, last a long time, want to be big. these problems are because of their size they're saying two options let elizabeth warren break us up if she wins on accept onerous regulation such that competitors don't exist. i think they're aiming toward the regulatory scheme. >> guys, big questions good way to start the hour thank you very much. >> my pleasure. when we come back, netflix shares are falling, getting a downgrade over at mcquarry former netflix exec will debate where the stock goes from here stay with us here, it all starts with a simple...

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welcome back to "squawk alley. netflix being do you knwngraded mcquarry stock is down about 5% now after popping on the heels of earnings joining us, the analyst behind the call, and netflix's former director of content, simon gallagher. good morning to you both tim, i'll start with you why the downgrade? give us the details. >> it is quite simple. u.s. subscriber growth reached a nice high level, i think pace of growth is slowing. given last quarter's miss and this quarter's miss in the u.s. and lower number for q4 expected than we previously had caused us

to look at numbers going out i thought they were too high given coming competition, lowered u.s. subscriber growth forecast, led to lower implied valuation. >> simon, should netflix, i see based on comments from reed hayes two days ago, should they be worried about competition >> i don't think so. i think people should be more focused on churn off pay tv services if they're going to dive into the details, they need to look at the content lineup on disney plus and apple you talk about 619 titles launching on disney plus versus 6,000 plus titles on netflix in the u.s. i really don't think -- disney will be a fantastic service, volume is not there. i think the -- i don't think the threat is as strong as everyone thinks. >> simon, it seems to me to be

about data versus inspiration and creativity disney has a machine for creating content that people seem to like, but netflix has a global platform, rich data the question is, is that data going to let them make smarter bets about what to make and who to show it to? you work for a couple different streamers. how big a difference does the data make? >> i think it makes a big difference you see that in the earnings jump yesterday, pop 40% above what was projected i think ted and reed and the team at netflix are very well aware, are learning every day what content they do and don't need, and ability to bring down content spin is only improving over time. there's tremendous room. they're paying .001 cent for each title on the service. disney, .01% ten times as much perfect

individual title netflix can definitely scale back volume of content on the service and learn every day what they need in each individual territory. their ability to bring down costs is only improving over time. >> just to dig into that a little more, tim, if you have the u.s. market maturing here, i know you mentioned that you suspect pricing power is limited and yet content costs continue to climb, how sustainable is that is there a tipping point, whether it is netflix or some of its other common competitors, a tipping point in terms of prices to be paid for that content? >> i just think with competing services coming on at lower price points, and they will be attractive services, it makes it harder for netflix to raise price over time. they still have a couple quarters ahead of price increases from earlier this year rolling through. i think they can still get some interest from higher tiers still have subs growing the next two, three years

with so many streaming services coming on in the next few weeks, customers have options and will jump around. netflix set the standard, sign on or off with one or two clicks it is easy others would be the same consumers will jump on and off services i don't think netflix permanently loses subscribers to disney, might lose some for a period of time when they go to disney plus, then come back to netflix, watch the next episode of their favorite show i think it is increased churn by which i mean on and off, on and off. the competition means pricing for content will continue to rise, demand for content will continue to rise marketing costs will have to remain high, netflix will send out messages to get you to stay on or come back on the cost is high >> if it is as easy as changing

the channel, what's going to be an acceptable number on churn and are subs going to be relevant as a metric in two or three years? >> i don't know what the right churn number is. again, i think of churn in terms of turning on and off, on and off, on and off. that overall will probably limit the ability of netflix to simply keep adding subscribers. you know, i just think these are a lot of attractive services that will have interest of a lot of people. >> simon, how should we look at the value of netflix, is it just in terms of how much they're spending on content, how many people look at it, or do we have to look at this as a global membership platform where even if it is not advertising, they start to sell something else >> you bring up a good point currently speaking to 160 million plus jim cramer of "mad money" talked about the ability to speak to

international consumers better than anyone. it presents an opportunity not something on the road map immediately. i am sure they consider it, think about it, i don't think that's anything on their road map at the moment. they're about being laser focused about delivering the best streaming service, not trying to sell phones, not trying to do the best shipping, they're just about building the best global streaming service. i think at the moment they're succeeding very well with that >> i agree the international opportunity is great. >> got it. lastly, simon, i have to get your thoughts on big bets on film you have apple opening its first film in theaters "the elephant queen" big bet at netflix on feature films. what's the difference between that and tv series what do films bring to the table? they don't engage the consumer for the same duration as a tv

series does, but again, they create a big splash, create a halo around the platform, and they get people to engage. sure they may only engage for 90 minutes, but then it has given you a jumping off point to discover other content, and also the service, what you like to watch. off the back of that film, maybe there's an associated tv series or something that they might be able to drive you to. >> gentlemen, thanks for joining us today tim and simon. >> thank you. meantime, speaking of movies, today marks a big first for apple, releasing a movie in theaters ahead of it being available on apple's own streaming service in a few weeks. what does that mean for the likes of amazon and netflix who have their own big screen strategies julia boorstin has more. >> reporter: john, movie theaters are the new battleground for the streaming giants to compete for subscribers and for top content

creators because you need to put movies on the big screen to qualify foray wards such as as cars, golden globes. apple nature documentary opens in ten cities around the u.s. and uk, included in apple's november 1st launch. it is drawing rave reviews, apple is sure to highlight in promotion of the new service this is one of three releases this naul, followed by an indy film and crime drama "the banker" in december. netflix is releasing ten films, most ever in the key fall season amazon five. the most high profile "the irish man. november 1st same day as apple tv plus launches netflix offers this in independent theaters before it streams on netflix the end of the month. none of the films will stream the same day they launch in

theaters netflix's theatrical releases are less than a month. apple is also doing limited releases while amazon is the outlier, three traditional theatrical releases for three months, access to big theater chains in addition to this fall doing two releases with two week runs this fall, streamers are chasing awards and critical attention to promote their services to potential subscribers and to draw top talent. the thing about talent, they not only want to qualify to win rewards, they also want to know with the crush of content their work isn't lost on these shows there's so much out there now, guys >> that's true you have to get paid but you have to get seen that's part of the game. julia boorstin with unbelievable changes in media the last few years. nearing close of the week for the european markets biggest movers of toy'das trade up next.

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european markets set to close in a moment on what's been kind of a rough day. seema mody is here with a breakdown of the action. >> hi, jon global markets on the lackluster gdp report, negative session in asia pulling european stocks down with it notable weakness in the european auto stocks with that china exposure french car maker renault, shares down nearly 12% after they cut sales and profit guidance for 2019 the company citing tough market conditions and economic backdrop that's less favorable. some of its key competitors are under pressure, and similar story for auto suppliers like michelin and pirelli renault's challenges are not isolated, it is a wider problem

for the larger industry that's under pressure in large part due to sharp decline in demand from china. that's one sector to keep an eye on finally, we count down to tomorrow's vote in the uk, prime minister boris johnson is fighting to secure approval of the deal backed by the eu tomorrow we have seen a runup in brexit related names, uk banking stocks up 10%, guys, just this week but the question is whether the story could change if those votes are not secure tomorrow. back to you. >> seema, thank you. sue herera has an update for us. >> thank so much, morgan here's what's happening at this hour, everyone secretary of state mike pompeo traveling to israel from turkey, meeting with the israeli prime minister netanyahu in jerusalem to reaffirm the two countries' close ties >> we had a chance to talk this morning about all of the challenges that the world faces

and that israel and the united states face head on together, an important beacon of hope and democracy in the middle east the american people value this relationship energy secretary rick perry announcing his resignation, speaking on cnbc earlier today, says he wants to return to the state he loves and that would be texas. perry says he will leave his post by the end of the year. he served as energy secretary since the trump presidency began. and california firefighters battling a wildfire burning in santa barbara county the fire which broke out thursday afternoon near el capitan canyon burned 443 acres. authorities say it is about 20% contained. it closed nearby highway 101 for a short period of time santa ana winds whipping up flames that's the news update at this hour back downtown to you guys. >> hope they can contain it fast, too. thank you. getting a check where we

stand across the major averages s the dow down 73 points, s&p down 4 communication services and tech stocks leading losses. the dow on pays for a second straight week of gains back after this break. staffing a small business is challenging.

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reserve who is one of the leading monetary policy experts saying policy is not on a preset course the committee is deciding what to do with rates, quote, meeting by meeting, echoing language the chairman used. the fed will act appropriate to sustain growth another note, bill purchases growing the balance sheet should not be considered quantitative easing says the economy is in a good place overall. notes the following risk u.s. economy confronts global growth weakening, disinflationary pressure, fixed investment from business declining and manufacturing is weak two other speakers, saying it may be wise to take more time before deciding whether to cut again. esther george, kansas city fed president saying the economy does not require rate cuts carl, the issue here is i think whether or not to take clarita at face value meaning he is

neutral or the market takes at the is not leaning where the market is priced, therefore go ahead and expect rate cut. interesting question whether he means to guide this way or that way. in the actual language he is using, he is very neutral about what the fed will do the end of the month. >> kaplan used the word agnostic are you having doubts about october? >> it is more in play than the market is priced for last night, 83, 85% problemability of rate cut there's a bunch between now and then, durable goods, ecb will meet the problem for the fed, things they want for the decision happens on the day of gdp or a day after which is the jobs, few days after the jobs report, or in the most important case of all, the xi trump meeting, potential meeting is two weeks

after. i don't think anything right now is more consequential for what the fed does than what happens on the trade issue >> all right steve liesman, thank you >> pleasure. meantime, elizabeth warren's proposed wealth tax has potential challenges for ceos whose wealth is tied to stock price. robert frank joins us at post nine to explain. >> hey, jon. how to value a person's wealth that's tied to a volatile stock. netflix ceo, reedhastings woul have paid 120 million in july when worth $4 billion, today would pay 30 million less because of what happened to netflix stock. warren said a wealth tax would be based on a person's net worth the end of the year, presumably december 31st. accountants say that could lead them to talk down stock price

toward end of the year runup to the date, talk it back up, allow it to bounce up in january once they pay the tax bill. also have the issue of stocks possibly suffering in december because executives and founders would need to sell the stock, some cases millions of shares, just to pay the tax. look at jeff bezos he would owe 3 million under warren's tax plan, 8 million under sanders' plan. he would have to sell millions of shares. the other problem with tax and wealth tied to stocks of course is that you have big swings in tax revenues harold hamm was worth 19 billion last october, now worth less than half that his consolation, he would pay $300 million less in wealth taxes because the stock has gone down the issues with wealth tax, this is probably minor, but points to how volatile wealth is today because they're tied to stocks

that can swing wildly within a month, let alone within a year >> have we ever seen a proposal similar implemented, if so, what were the consequences? >> the most similar thing is the estate tax, the government says this person just died, what's the value of the estate. with wealth tax, rather than pin to that day, they fwgive you the option of six month period there are all kinds of games accountants and lawyers play for the lowest valuation possible within the six month period. we would have that times ten. >> hang out with us for a bit. all of this ties into the growing conversation about capitalism, whether or not it is in crisis. sales force chairman and co-ceo mark benioff joined us earlier this week with his own thoughts on the subject take a listen. >> capitalism is dead, need a new capitalism, new sustainable fair, more equitable capitalism.

not that just values shareholders but as important, stakeholders capitalism value in stakeholders, who are stakeholders, customers, employees, partners. we have many, not just shareholders. >> bring in bradley tusk thanks for being with us. >> sure. >> is capitalism dead? >> no. i think what you're seeing from benioff, warren, andrew yang with universal basic income are introduction of concepts that have their supporters, have some merits to it, but the time between when the idea is floated out by a politician or ceo and it becomes public policy and law, we're looking at years. >> are we talking economic strat i have indication, language of mobility, arguably harder to move from one economic rung to another? is that at the core of this? and what's the solution? >> people are frustrated

people both sides of the equation figured it out. you look at it with two frontrunners, donald trump and elizabeth warren are both populists, but in many ways saying similar things. the system is screwing you over, i'm going to get vengeance for you. they obviously disagree on a lot, but that's appealing. that frustration is not going away anytime soon. benioff recognizes that if you keep the status quo going, the guillotines will show up sooner or later, you have to change course at some point but the distinction between warren saying i'll make jeff bezos pay a billion a year and the reality is still significant. >> is a wealth tax unrealistic way to try and level the playing field for economic equality? >> if you're trying to say i want some people to have less money, a wealth tax does a good job taking money away. you say i want a wealth tax to fund universal health care or college, whatever it is, you can

create a government program, you can fund it, whether it is effective is another story, and the reality is governments is not as bad as republicans say it is or as good as democrats say the graduation rate of community college is 20% putting more money doesn't solve it. >> do you think it would dampen innovation and lessen incentives for entrepreneurs like bezos and gates, he would have started amazon even if we had a wealth tax. do you think that's true >> i do think she's right. ultimately jeff bezos wants to create, change something take down the status quo. >> that innovation machine you don't think would be effected? >> not really. i invest in early stage startups these founders have a big idea, trying to change an entire industry, not thinking whether wealth tax impacts them opposed

to ipo. >> they have aspirations to get wealthy. >> sure. >> how do you get wealthy by not innovating. >> i agree i'm saying, the incentive is eroded at the margin i am not going to be as wealthy. >> or at a certain point you question my company is based in new york city, pay really high taxes, pay 100% of employees' benefits there's a point i say do i want to keep hiring and grow if the incremental profit goes down. >> this is my question we have seen state migration by wealthy people. >> that's different than saying i'm going to stop working. warren's advisers figure the ultimate tax rate for the wealthy before they decide it is not worth working any morris 75%. we have a long way to go between 37 and 75%, the point at which mosey c most say it is not worth innovating, i am moving to

florida, retiring. >> at what point do you think we can say the political culture has shifted change listening to the democratic debate, very little talk about small business, about entrepreneurs, about aspiring to create and employ. it was about these people have the money and we're going to get it from them it seemed different. >> i have been thinking a lot about that, jon. remember warren said in the debate that i don't have a beef with billionaires, but we built the roads, fund the schools, got you there. that's word for word what obama said and got scorched for it, she said it, no one paid attention. i think the extent to which the crisis changed fundamental view of the wealthy has continued into today i think the electorate is very populous, the fact that warren is where she is is reflection of that i think this election will be as much about wealth and the wealthy as it is about other policies it changed america has changed.

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you should buy right now we'll debate that list the call of the day, one firm's best idea in the market. we break it down with the investment committee we get you ahead of next week's important earnings a lot on the docket, mcdonald's, amazon, many more. we'll do that at noon. guys, see you in about 15. >> scott, thanks we're watching j and j, close to session lows. down after announcing they're recalling some baby powder, finding traces of asbestos they received a report from the fda on contamination of talc october 17th, reviewing manufacturing records on where the product was distributed. plan to do lab testing on samples of that. cramer highlighted what's potentially litigation risk on this name, despite what the print was about other health care companies >> biggest dragon the d on the o

let's get to the santelli exchange good morning, rick. >> good morning, carl. breaking to the markets, fed comments pushed it down from 174 down to 173. virtually unchanged on the day, down a smidge on the week, not a lot of movement this week. in europe, more movement here we are challenging especially in the dow contract highs, all-time highs, other indexes are not far behind today we learned that china's gdp at 6.2, basically lowest since record keeping in the '90s may sound like a better number anybody that traded options, understands delta, is not working in china's behest with regard to future outlook should the fed ease? they've done two, should they do three? it is a tough call, based on markets, i don't think it is a tough call based on markets,

economy, and all of the other issues that should be involved, especially watching european rates have an aggressive bounce. they were minus 71 the end of august, traded inter day as high as minus 33 yesterday, hovering just on the north side of minus 40 basis points, a big improvement. we never think about china outside the politics regarding the trade war. if there was no political time line, maybe many americans and more politicians would be tougher. i don't know all of the ultimate details. let's go to the boards look at the shanghai composite, stock market in china, look at it on a monthly basis and go back 20 years, here's a chart of their stock market, roughly 2940 now, with all-time highs in '07 it is basically half the u.s. dow-jones average, doesn't look nearly like that chart. maybe what's more interesting, this is the trade war era.

you can see how their market acted. look at ours you could argue we did a lot of sideways for a year and a half, sideways here is better than sideways down there, no matter how you slice it and let's slight off this, look at gdp year over year. you saw it was 6.2 this goes back to '05. china's gdp, here's our gdp. you see the crisis era times last look, the new gdp for third quarter is most likely going to be somewhere around the 1.8, at least that's the current read. which would you rather have. which stock market would you rather have. which side of the negotiating table would you rather be on morgan, back to you. >> key charts there, rick. thank you. after the break, the rise of ghost kitchens what they are and why everyone is using them. no, it has nothing to do with

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the latest trend in the restaurant world. restaurants large and small are looking to cash in by using extra kitchen capacity to

service delivery. these researchual kitchens are run out of existing restaurant kitchens. there are ghost kitchens which are stand alone centers. both serve the growing online delivery category. they have become virtual kitchens for florida based hurricane grill and wings. sold strictly on third party delivery apps. they are seeing a boost in sales. >> virtual restaurant enables to sell more product and have incremental profit and make more money. they're making an extra 2,000 to $5,000 a week. >> data finds ghost and virtual kitchens can utilize between 10% and 50% of square footage and generate 75% to 100% of the transactions of a traditional restaurant operating in the same category. uber eats has 4,000 virtual

restaurants globally. uber eats handles the tech components on its app. >> the virtual restaurant brings 35% incremental sales relative to what the parent brick and mortar business does on uber eats. >> these concepts are known by many different names. they may vary in their form but all focus on one thing and that is growing delivery business. wendy said it will have two kitchens open before the end of the year to help it grow in areaess that help offer delivery opportunities or areas that may not have worked recently. wendy's is the first big fast food player. >> this is absolutely interesting. a lot of people think fast food will be one of the last places. delivery of fast food can be

expensive. there are added fees. analysts say while the concepts may be smart, that's one area that consumers could pull back because you have to pay an extra $4, $6 or whatever. >> you mentioned the real estate which is a very big deal. kitchen complexity haunts a lot of these. does it mean they can't do new items very easily? >> a lot of them what uber is doing is identifying foods that certain areas are lacking and then the kitchen concept will make a different food specifically for delivery. you have to imagine a lot of operators will choose something that can be done quickly and easily. >> not everything travels well. >> this is the triumph of domino's pizza in effect. whoever ate at a domino's. it was a ghost kitchen delivering you your food. >> domino's pushed heavily into the tech space. they handle all of that

delivery. they don't use any of these third party delivery companies. they're doing everything in house. even though they're getting pushback, they think that the domino's model -- teaming up will be best for that company. >> uber's founder, this is one of the areas he has bichb investing in. >> it pits him directly against uber eats. he has a controlling stake in a company that owns cloud kitchens. cephalit's a great story. >> market session lows he.er back below 2,990. back below 2,990. 3w4r5

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why is that? it ain't got that vacuum in the back! we got to go. ♪ vacuum in the back, hallelujah! ♪ . welcome back. some sad news to report. cnbc has confirmed that mark herd, ceo of oracle as died at age 62 from an undisclosed illness. he stepped down on september 11 just before oracle's annual open world conference, stepped down to deal with health issues. mark hurd really a defining ceo

for a time of upheaval in big tech. he was the ceo of hp before he came to oracle leading that company at a time of transition after carly fiorina had left that company after a large acquisition. questions about the direction of the pc business and whether the large tech congromerate could survive. mark hurd known for watching -- he was pushed out and did resign over issues over expense reporting, but the co-founder and ceo at the time of oracle called hp letting mark hurd go the biggest mistake. mark hurd had been leading h