it is 5:00 a.m. here here is your top five at 5:00. boeing, caterpillar and more a ceo swap involving nike, ebay, service now. we'll have your head spinning. wework choosing a lifeline as it looks to silence skeptics and move forward zuckerberg back on the hill behind the embattled libra

currency call it the advent calendar for the 1% the price tag, just $112,000 it is trending coming up, october 23. just 63 days until christmas "worldwide exchange" starts right now. ♪ >> good morning. good afternoon, good evening welcome. i'm brian sullivan let me be the first to wish you a merry christmas. why not? we are already seeing decorations at the stores. your chart has nothing to do with earnings. it has to do with that wild ceo shake up that has the service now ceo to nike. service now down on that move. they'll miss their ceo

apparently now is the ticker and that stock is now down nearly 10% we'll get you more on that story coming up. first, how your markets and man are setting up the day a lot of individual stories to chew on. overall, the markets didn't do a lot. futures are down a staggering six points we are seeing s&p down down a couple of percentage points in japan, the nikkei 225 grinding higher. again, day after day, thenikke seems to be going up anoth another .3%. we have it up two, three, four tens of one percent. keep an eye on the nikkei. china did fall we are not seeing these big moves. remember brexit, the deadline.

it looks like boris johnson will be able to get his plan through but we are just not sure now the week's big story continues to be what else? earnings today, another big day we get technology to autos to multinational industrial giants and tomorrow, you better get ready for the busiest day of the earnings season. 46 of the s&p 500 are set to report let's talk about this. bill stone, cio of avalon investment bill, i'm going to ask you a question, i'm going to whisper i don't want anybody to hear this do earnings matter to stocks right now? yesterday, it didn't seem like they did too much. >> i don't think the headline number as much matters everyone expected we'd probably see a negative year over year earnings number. global economy in slowing mode

but a large percentage of what i calculated in the first two days of the week, we had 82% of companies beating on the earnings side. you talked about japan coming back i think a lot of that is the markets are moving ahead and really signaling at least that the economy is starting to pick up some is steam, may be an overstatement. at least stabilize and get a bit of a turn. we'll see it turn out that way >> from the streets and our loyal viewers, gosh, what is it going to take? we've got trade and earnings and nothing seems to impact the overall markets. why is that? we have really good earnings earnings is what really matters

in the long run. really tough year over year earnings if you you are looking for a return and low interest rate environment. it still is the place to be. we've seenome positive move. we can't put any tn tell you fo when we'll get there th are less that it will be a no-deal brexit. we think we are at phase one haven't signed the deal yet but we have moved in a better direction. central banks have gotten involved rates are lower. you are seeing markets playing the inflation trade. you are seeing some better news out of the cyclical companies. >> you have seen a move on the horizon. would you agree with that? >> i agree

i've said people are overreacting to the pubs we never really saw the high chance in short order. that has receded shorter at the moment the best place to vest your client's money right now is where? is. >> i think you stay to the areas. industrials, consumer discretionary. clearly it is what is keeping our economy growing. >> listen, your astros needed a little help last night i watched the whole game >> i went to bed i got the orange tie though. >> good call call it a game of c suite

musical chairs nike announcing their ceo is stepping down and will be replaced by ceo of servicenow. parker elaborated more on the move >> we've spent a lot of time over many months working on succession planning. this is not something that happens in a matter of weeks it is really unrelated to organ project or any other issues. this is about me and the board building on the momentum we've got. adding the horse power, do it while i'm here and in position to lean in and make this as successful as possible >> he'll stay on as ceo through

his transition he'll keep his seat on the board until next june. shares are down about 9.5% former sap ceo mcdermott announced his exit would become their new ceo. if donahue looks familiar, he's the former ceo of ebay >> wework beginning a new chapter with a new owner and without its cofounder. more on our daily wework update. >> it is feeling that way. softbank will proto $5 billion in new funding speeding up the payments of an existing commitment of $1.5 billion in financing. softbank will now have an 80%

control. cofounder adam neumann was ousted last month. he will be paid nearly $700 million. most of that is through a loan to repay a credit line from jp morgan softbank and ce o's son are doubling down on the investment which now tops more than $13 million. saying, softbank believes the world is undergoing a massive restructuring. >> i'm sure more to come on that on deck, one of the world's leading managers, you will hear

his big idea first on "worldwide exchange." wild move in shares of chipotle. we'll tell you why later the bear case for caterpillar. is it industrial recession ahead? very busy hour ahead woo we'll be back t that one 'a-ha' moment. science is a process. it takes time, dedication. it's a journey. we're constantly asking ourselves, 'how can we do things better and better?' what we make has to work. we strive to protect you. at 3m, we're in pursuit of solutions that make people's lives better. at 3m, we're in pursuit of solutions but in my mind i'm still 25. that's why i take osteo bi-flex, to keep me moving the way i was made to. it nourishes and strengthens my joints for the long term. osteo bi-flex - now in triple strength plus magnesium.

welcome back and good morning.

it is 5:12 still dark the dow futures are down still. >> some of the world's top investment managers are gathered in tel aviv. raising money also to treat and cure pediatric cancer and other childhood diseases aaron, it is great to have you on raising a lot of money for charity. this is big work what is your best idea >> thanks, brian my big idea this year is alpha bank in greece now in the market in greece. we think the shares could double

over the next few years. the main opportunity for alpha bank -- >> interesting, we pointed out the best performing stock market in the world this year is greece is this a bet on the nation in general or is this an individual story? >> it is an individual story but it hinges a lot on the recovery of greece as well. really, the way i like to think about alpha bank is, you have a bank trading at extremely low valuation today. you talked about the macroin greece being a head wind is now finally a tail wind. so greece and alpha bank can benefit for a lot starting to shed a lot of nonprofitable nps.

>> what p is the risk? greece over the last 10 to 15 years has had its issues it tends to go from boom or bus bu bust quickly what is your out look? >> we have been involved in greece since 2012 restructuring. i remember a lot of people asking about the risks we felt they were very appropriately priced in and more now we are seeing a similar type of asymmetry with alpha bank the risk for a bank is always that they are going to need to raise capital at unattractive levels we don't think that's the case for alpha bank anymore

they've passed stress tests when greece was flirting with leaving the euro in 2015 now they are shedding their nonperforming exposures roughly at book value. we don't think there is much risk to the down side in terms of value raising we think very, very little down side >> your best idea is alpha bank of greece. probably the first ever greek stock we have heard as the best idea we love it appreciate you for coming on thank you for joining us >> thank you for having me next up, shares of texas instruments taking a nose dive we'll tell you the reason ahead. our random but interesting fact of the day is a question for you. what american city has the best

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>> salsa, selfies and semiconductors chipotle reporting better than

expected digital delivery. they want more drive-thru lanes. snap reporting a third quarter loss reporting better than expected users. the market didn't care shares are up. ps, don't miss the interview with snap ceo on monday. stock three is ti, texas instrument's third quarter sales. claiming customers are simply being cautious down nearly 10%. still to come, is hopping congress leader carrie lam on her way out?

and zuckerberg set to testify again. 'she making the trip back to the hill more when "worldwide exchange" returns. made to. it nourishes and strengthens my joints for the long term. osteo bi-flex - now in triple strength plus magnesium. servicenow put our this changes everything. you're right sir... everything. no not everything, i mean you're still blatantly sucking up to me gary. brilliantly observed, sir. always three steps ahead. six steps ahead. sixteen. so many steps. you done? a million steps ahead. servicenow. works for you.

welcome back, 5:23 in the morning. the sun is setting on hong kong. the question, have the protests in that city cost the leader her job. reports are out that china will

replace carrie lam china denying the report calling the report on beijing's plans, quote, a political rumor with at tierier motives. in the meantime, hong kong government officials have announced they are withdrawing the controversial extradition bill that sparked protests there. still to come, will boeing's quarter be grounded because of the max problems as we head to break, today's big number 9,475. how many flights american airlines had to cancel in the third quarter because of the grounding of the 737 max we are back after this ... or 57, make nature's bounty hair skin and nails step one.

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you can see where things happen, before they happen. ♪ with esri location technology, you can see what others can't. ♪ >> in the hot seat, mark zuckerberg heading to capitol hill head. just the tip of the iceberg, we are live in d.c. next. earnings season picking up boeing in focus. facing a growing crisis over the 737 max. speaking of executive shake ups.

nike's ceo is stepping down and a major strategic shift. wednesday, october 23. just do it you are watching "worldwide exchange" on cnbc. welcome back, 5:27 on a wednesday. i'm brian sullivan hope you are having a great start or end to your day here is how your money and investments are looking now as we are just about half way through the 5:00 a.m. hour futures are flat down seven points. that could turn. there is a flurry of earnings out today, tomorrow, thursday, friday four more days even though on a wednesday. it is early. facebook ceo set to return to capitol hill to discuss

cryptocurrency ambitions the company finds itself under broader scrutiny about its practices. more from watch with more which we hope includes more video of her running down the hallway trying to talk to mark zuckerberg >> reporter: the appearance is at the full out culmination of charm offensive. i did see him. he was working the hallways. he met with at least one congressman, democratic representative emanuel cleeber he said he was thoughtful and recentive. maxine waters has called for a

more tore yum on libra until lawmakers have all of their questions resolved zuckerberg promised not to move forward anywhere in the world until it has the blessing of regulators he did defend the initiative arguing that a simple, secure and stable way to transfer money is empowering. he hopes libra will lead to more people making transfers on the facebook platform. declaring monetary policy the sole province. saying libra will not compete with sovereign currency. china is moving quickly on similar ideas. his statement, brian, is seven pages long his testimony today will fill a lot more than that

>> his statement is seven pages long they are going to have a long period where he's going to be talking, reading from a script we can expect a lot of zuck today? >> we can. there are 59 members on the committee. each gets five minutes to question him you are looking at 300 minutes of questioning, five hours in the hot seat that is not excludeing breaks and chit chat. it will be a very, very long day for mark zuckerberg and for us >> it will these questions/statements, some of them on the internet, what is it kind of thing >> they'll hopefully go deeper this is not their first hearing on libra

they've had zuckerberg before the committee or congress, they know a little more of what to expect i expect they'll broaden the conversation beyond libra and talk about potential for election interference, political advertising, political bias and housing. they'll get to questions on that as well. >> there will be a long day. thank you. for more on this, we are joined by senior policy analysis at aei reading the story this morning that facebook's spending on lobbyists has gone up by 70% over the past year is facebook's charm initiative going to work with representatives on capitol hill? >> it is a big push. mark zuckerberg may be sort of the most distrusted, disliked

ceo. i was trying to think earlier since when some of the older watchers may remember chain saw did you know lap. >> breaking out the past >> he's not a beloved ceo -- >> you think he's hated that much >> i think he's a deeply distrusted -- by the average person in america, maybe not in washington, d.c. on both sides of the aisle, i think they just don't trust mark zuckerberg has he made progress republicans like what he had to say about free speech. they are worried about suppression of conservative believes across social media it is a long way to go >> what is the end game here nobody is trying to break up

facebook, not like an amazon or a google >> yes, they are elizabeth warren would like to do just that a lot of other democrats, even some republicans think if you broke it up, there would be more competition. maybe they could do a better job dealing with privacy the likelihood is still low. >> what kind of questions would you ask mark zuckerberg, jimmy >> if we are going to stay on target, if it is on libra, i would like him to explain how this is going to defend the dollar and extend american leadership since there has also been suggestion that this currency should be backed up by more local currency depending on the country. i'm not sure that is a strong

argument facebook is talking more about that they want facebook to be viewed as a national champion company if it is not them it will be china. i'd like a deeper dive into that area >> is it going too far -- i'm going to go out on a limb here and say free speech. we are talking corporate america. should we go as far as to say, why don't we ban any political ad for three months ahead of the election why not? i know it will cost a lot of revenue. >> is it going to cost a lot of revenue? >> is it free speech >> listen, facebook in the united states, we are talking hundreds of millions of people >> i'm talking paid ads, not like your mom saying, i'm voting for jimmy. >> in this environment, if they

did that, given how intrinsic that would be to the trump campaign, i think it would be viewed as anti-republican, anti-trump move and not seen well for them. this causes tremendous pain for overall little revenue >> what's better than arguing about politics at 5:36 in the morning. >> love it >> earnings season rolls on but really only one name in the dow to watch that is boeing one day after replacing the head of the commercial airplane unit. phil lebeau joining us now from chicago. kevin mcal aster

never heard of the guy >> it is not a huge surprise he's been at the company for three years. you may not have known about him, he's well-known in the aviation world he had previous experience with general electric there he's a long time executive he's had problems. that is the majority of the problems other issues, a lot of issues that have been swirling around boeing he is replaced now by stan deal. he's been with boeing for 33 years. you and i may not know him he has vast experience in the commercial airplane division for a number of years. he was involved in several programs including deals with asia and china key relationships with customers

for boeing this move announced yesterday as the company prepares to announce q 3 earnings rare to say an earnings report, the numbers really don't matter. but i've talked to a number of people who said, they have to hit 209 a share. people will be focused and watching the cash flow numbers almost all of the questions revolve around those and talking to analysts. this is the first chance we have heard since being removed as chairman does the company stick with its forecast by returning the max fourth quarter we'll talk about that as will other executives on the conference call. numbers come out at 7:30 this morning. all about the max and what they have to say about getting it

back in service. >> what is the current status of the production line, phil? >> 42 a month. they are parking them around the country. a number of them parked in san antonio, moses lake which is a little east of seattle many of them parked around the plant in renton. that's an issue itself the question becomes, do you drop down production lower if they do, that could mean furloughs of employees they have said, they expect to ramp up production in 2020 if you drop down production, it will make it tougher to ramp up. >> if boeing says we are going to slow or stop production, that

is the proverbial next shoe. >> yes that puts the question on the stock. i get the question, why is the stock still trading in the 340 to 350 range, shouldn't it be lower? not like customers are saying forget about it, we're going to airbus they really can't. to that extent that is supporting the stock >> thank you very much another stock to watch this morning, caterpillar the stock underperforming the broader market so far. this u.s./china trade war thing hanging over industrials nearly 20% of cat's revenues stem from asia joining us, brian, how much are you expecting the china issue to

weigh on cat, if at all? >> it is a piece of it about half of that or 10% of sales are china might be slightly higher. that's one aspect. the second part is energy. the last several months, we've seen some pull back in capital spending and activity within the united states in oil and gas as the industry is focusing a little less on production growth and more on profitability. those are two things i expect to continue when they report. a china softness and b, less activity on energy >> what is the key thing to focus on china? energy what is the one number >> it is going to be both. both are similar importance. >> starting to see production

taper off is that going to be another overhang >> again, with energy, it is not so much about production tapering off first thing, you are taking off older rigs in places that become less profitable as that part of the field matures. that will be an ongoing trend. a lot of capital in the oil price in 2014, 2015. that activity will revamp up a lot of industry and focus on profitability. halliburton decided to cut like 9% of the u.s. work force. you've seen caterpillar stuck in a trading range all year in terms of upside, we haven't seen it. >> do we buy, sell or hold cat >> sell it >> sell it

dump it? gone >>ly say this, for this price, there is no reason to belong on this stock you get another drop down, you could trade it i'd be a seller here, not a buyer. >> like the straight talk. thank you, brian coming up, if it wasn't enough, two more stocks you need to watch as they feel the pain of the president's continued trade war. plus, you got an extra $112,000 lying around you got to hear about this one stick around

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revenue. when you sell fewer things, it tends to hurt your sales they raised prices twice stock is down 5% they are not going to raise prices anymore on anything shares of six flags were down. attendance, spending did fall as did revenue from sponsorships. i robot's third quarter results beat forecasts the maker of the rumba down 18%. citing tariffs would hurt. we showed you shares of snap before, now an upgrade on snap chat jp morgan chase changing their

rating from overweight to neutral. saying valuations and third quarter results. snap fell and stock is up 14.60. $20 is now 5.40. too err will i to do the match in my head here now with the advent calendar for the 1%. look how tall you are. i'm not 6'8" like some of us you are in rare form today i like it. the tiffany advent calendar. a four-foot tall displace. gifts range from sterling silver to diamond pieces.

including a tiffany blue motorcycle and 11-day kenyan safari >> only four of them they've probably already sold out. >> $112,000. >> four people in america that will buy those at a buck twelve. >> i just had a birthday >> happy birthday. i'm a libra. >> what's your sign? >> i'm a cancer. i'm homey. nesty. >> already used to pick romantic relationships. now one app wants to use your sign to pick stocks. insert your name, date and vesting experience and it will

push out stock options the app doesn't take into account the time of birth which some argue is a crucial part >> is that true, what time of day you are born >> this is true and what hanna tells me >> someone get hanna on the phone. >> she's in london >> they don't have phones there? london is a modern city. >> created by a company named mischief maybe you don't want to take stock picking options from them. >> what are we doing the chinese zodiac are we supposed to get along, libras and cancers

>> we are. >> you are the scales of justice. the world series kicked off last night. that's why i look like this. i kind of like both teams. the astros with an early lead. nats fall out quickly. slapped the shot putting d.c. on the board. juan soto hitting a long liner against the wall astros get two more boards washington surprising a lot of people taking game one 5-4 see if they go back to d.c. up 2-0. on deck, charles schwab's kathy jones. and more about fisher's comments when we return

your employees must love you. thank you. ah, you could say that. so how are things with you guys? great. thank you. thank you, sir. lunch next week? terrific. say hi to the team. will do. call my office, i will. -sounds good. alrighty. servicenow. works for you.

>> softbank has reached a deal involving wework under the deal, softbank will provide $5 billion in new financing and up to $3 billion softbank's stake will be up 80%. nike has announced a leadership shake up the move will become effective in january speaking exclusively to closing bell parker elaborated on the move. >> we spent a lot of time working on succession planning this is not something that happens in a matter of weeks

it is really unrelated to other issues this is about me and the board really wanting to build on the momentum we've got add in the horse power and do it while i'm here and in a position to lean in and make this as successful as possible >> losses for fisher development continue to mount out of his lewd comments. an announcement to pull making the loss around $2 billion >> kathy jones tell us, good morning, by the way. what is the primary dilemma bond investors are facing right now it has been a great year in

fixed income a lot of people have been on the sidelines. they don't know what to do they are afraid to get into the market they've missed the move. they need the income seemingly desperate. seeing a lot of that spread. a little bit of widening making that jump underperforming making that higher jump generally speaking yields that we get are still

pretty low going deep down the line when suggesting the flyer speaking to the investment grade. even the upper tears have some treasuries and bonds the municipal bond market valuations have improved those are more attractive in some cases after taxes than they are for treasuries >> kind of an amazing situation now. how does it end?

$14 trillion in negative debt around the world 1.8, how does this play out? >> we think we are still in the lower for longer world maybe 10-year yield back up at 2%, maybe 2.5 at some stretch level. still a slow growth inflation world. actively holding down short-term rates. we don't see that changing anytime soon. >> hinting at the meeting to speeches that suggest to another rate cut they'll probably try to go on

pause. because of deterioration and growth is still pretty serious >> i saw your tweet. did you punish your daughter about the comments >> she's been forgiven >> she said well how much couches are you going to buy the rest of your life? ouch >> didn't buy the red couch. >> let's get random but interesting. we asked you what city in america has the best fiber optic network? you are probably thinking san francisco, mountain view, boston, new york no the city with the best network isn't a city at all.

it is a town ammon, iowa. small and punches above the rate they built the network themselves residents can opt in or not. it is either $3,200 for life or $20 for 10 years but then you own it kind of a big time idea from a small town i'm off tomorrow, i'll see you friday "squawk box" begins now. >> good morning, it is official. wework has chosen its lifeline we'll run through the rescue

packet stocks plummeting on earnings news we'll get you ready for the bigger report from boeing. caterpillar and eli lily october 23, 2019 "squawk box" begins right now. ♪ >> announcer: live from new york where business never sleeps, this is "squawk box. >> good morning, everybody welcome to "squawk box" on cnbc. we are live from marketsite at times square you'll see things are a little lower. the dow is down around