♪ let's groove tonight share the spice of life ♪ good morni ing and welcome o "squawk box. i'm david faber with jim cramer. carl has the morning off a look at futures as we get ready to start things up at the stock exchange a half hour from now, full trading week we're looking for -- what do we call that, down slightly lower open doesn't really matter. road map this morning, the rally pause, records still within

striking distance, stocks are on track for what would be -- we'll see, the first loss in four sessions, but really can't get much of anything out of the future moves right now plus, deal or no deal, t-mobile/sprint battle heads to court. 13 state attorneys general led by, of course, california and new york are seeking to block that merger. and it is an m&a monday, we have two big premium deals in biotech, sanofi and merck. i'm going to get to that jim does too stock picking so important there in terms of figuring out where those premiums are going to end up stocks overall set to look for a modest open this morning, this after friday's jobs report rally. that resulted in the s&p erasing its losses for last week trade once again in focus here, heard jim talking about it on "squawk box. the next round of u.s. tariffs against chinese goods set to go into effect, this sunday so we are now counting down.

and new data shows chinese exports to the u.s. fell 23% in november i don't know how much more there is to say on this, jim, i'll give you a chance if you want it >> look, i think that the president feels that he has the upper hand and the chinese feel they have the upper hand, or they wouldn't have ratcheted up, the u.s. pcs out, rather amazing that dell and hewlett-packard. i just think is that really the sign that you want to make a deal i think that's right with the president's face i think the president is feeling, wait a second, there is no goodwill on the chinese side. it would be incredible goodwill on the president's side if he said, listen, i'll hold off. that's not what i'm hearing. >> not what you're hearing >> not what i'm hearing. >> to what extent if any does the fact that jobs continue to hum along, that the consumer does not seem to be impacted at this point by the tariffs that are in place affect the thinking of the hard-liners of the administration, some of which i know are people that you at

least have a good sense for. >> yeah, i would say that the 100% president just felt the numbers really unbelievable. he put together a montage of people from all different networks saying that the numbers are good, not just his -- not just fox and i think that he's basically saying, look, i'm -- maybe the american people are really ready to take them on. look, i think the president was very upset about the chinese adopting malicious cybersecurity rules that are very bad for the united states. and i think he just feels like this is the time to walk away. the american consumer is strong. the enterprise doesn't seem that weak >> jim, you keep talking about it as though it is something that is not going to happen. >> well -- >> i wonder whether you feel that stocks adequately reflect an expectation it is not going to happen. sunday comes along, tariffs go into place, on monday are we here saying, oh, investors had

expected it or, oh, they hadn't. >> no, i think it is the former. i think the people continue to believe that there is going to be a deal, because they think it is rational. >> they do. >> this rational why not do a deal, good for both sides, i think if the president weren't continually prodded by the chinese, humiliated by the chinese -- >> humiliated? >> yeah. >> really? >> yeah. he keeps saying the mnuchin people keep saying they're on board, they want to do a deal and the president wakes up and sees the pcs -- our pcs are going to be outlawed when he would expect the pcs would be accelerated. more pcs so he wants some sign that -- some sign that the chaeinese wat to do a deal. >> the way i hear you talk, though, sometimes, and you were saying this on "squawk box," we

could end up with two separate for all intents and purposes systems. the economic world. >> right >> that would not necessarily be good >> no. it wouldn't. we're a consumer driven economy. >> we could. but eventually over time the chinese could outpace us. >> true. >> and success here doesn't mean success around the world. >> no. no i do think that the -- here is a good example, world bank we -- world bank is funded by the united states. world bank gives a lot of money to china. >> yes >> the president would like to see that end so mnuchin takes a point of view of, you know what, we're going to end it over time. president wants to see an end now. now. like, today. and he's frustrated by his own people >> he typically deals with that pretty quickly when he gets frustrated. >> yes, he does. while he's watching the school

lunch room "saturday night live". >> he's watching how much water is in the toilet bowl and complaining about that and faucets don't work and the drip, drip, drip. >> has some time on his hands, terrific. >> some of the stuff is -- >> look, i think it is fish or cut bait time. i think the cut bait is thanks for nothing, china you have done endlessly, provoked me, endlessly where is the big soy order and the answer is incoming. >> coming from brazil. let's get to stocks this morning. and let's focus in part on deals, of course, one of the areas i love, two deals this morning involving the push to boost cancer drug pipelines, merck is agreeing to acquire arqule san if i buying synthorx shares being acquired on the respective hopes for both of their drugs. it is the premiums here that are just extraordinary and, by the way, we have a full

screen this is the theme, the large buying small as a percentage of the overall market caps. the deals are tiny the premiums, if you're in some of these names, if you're in spark, awaiting fdc approval, raw pharma or dentis, these cancer oncology related platforms, you made fortunes >> yeah. >> by the way, it is interesting, just got to go out and buy biotech. no, you don't. there are plenty of overvalued companies as well we see down sharply on a failed drug test and/or simply overvalued and not of interest to the large companies that continue to try to gobble these things up in order to create the pipeline of the future >> and the pipeline so often is involving cancer >> yes >> the arqule deal, selective cancer cell killer, this stock was at 750 -- $7.50, goes down

to $20 the symbol thor for synthorx, that stock was at 18 last week, going down to 68 now, i mean, we can spend all our time -- >> a lottery ticket. >> yes s&p is up 25%. that's pretty amazing. so many people don't even realize that, but, david, either these stocks are dramatically undervalued or the mercks and sanofis are desperate. >> could be both what you'll hear from those selling the companies is they have wonderful signs they are still phase two, still a ways from commercializing whatever it might be in arql's case, its candidate say novel inhibitor in phase two dose expansion for ma llignancymaligs synthorx, a platform that produced a molecule that has the

potential to be the generation the bios see amazing science and a market mispricing that science. it is not as though this is the rule there are plenty where the market perhaps is overvaluing the science. but that's what it's about the shareholders of these large companies are encouraging them to take their shots. >> absolutely. that's why glaxo stock has done well after they spent a fortune. novartis has done well if you ever dialed 1-800-lab-rat. that goes you to charles river lab where they do studies on lab rats on these drugs. and you get a kind of a positive read from charles river. merck will take this drug, and sanofi will take the drug to charles river. and charles river will then do the work it is not like you have these companies are gigantic research arms they offload it to charles river and then there is sales teams.

that's what they do. there are sales teams. >> hoping that, of course, will get the approvals they need and/or being part of a larger portfolio. oncology is important here because in part there is not as much pushback in terms of the insurance companies' willingness to pay or governments willingness to pay there has been a lot of innovation in cancer. >> you've been following it too, the hospitals are willing to pay ten times. >> yeah. >> for the drugs and it is -- there is a lot of aspects of the healthcare system that have been crunched in price. not cancer drugs, going up the hospitals have -- i don't want to say they're hiding anything, but you can get away with anything given the fact that if you can solve or keep someone alive, it is worth it for the patient, the system doesn't seem to mind. >> yeah. we're going to keep an eye on all of these but it is the premiums themselves the deal size, they're not tiny, but they're certainly not megadeals. >> they're hundreds of these. >> so many of them.

>> sometimes we focus -- we focus so much on technology so to speak, but i know plenty of people who made their fortunes in biotech. >> yes >> entrepreneurs who start these companies, by the way, not necessarily scientists, but are very good at finding those people, and/or finding the niche, creating the company and then the exit. >> biogen been around forever, nothing. those are big pharma. >> it is an enormous company. >> enormous. >> these are what they once were. >> david, you're on the board of merck. you're buying something that was at $7.50 less than a month ago, paying $20 is it because it is only $2.7 billion that nobody bat an eye >> yes >> but that's incredible >> that's why. what is it for a company that generates cash like that, not much. >> i guess in order to be able to say we're in the game -- >> yep. >> i find these things unbelievable people at home, i wish they recognized, you know, you can buy a basket of like three of

these, four of these. >> if you buy the biotech index, it may be one of the few cases where it actually pays to pay a manager 1% or whatever the number is. >> the baker brothers. >> those guys are good. >> they're very good >> i got a buddy who is great at it too he's running all his private capital. the fact is that if you -- maybe there is public managers who really good at identifying the right science. >> there is right card bris toll m bristol-myers released some papers this weekend and, wow, positive >> yeah. >> versus say coca-cola. we'll talk -- >> i'm looking forward to that. >> goes up a little bit. >> ceo of coca-cola, celebrating 100 years as a public company, imagine that wonder who their venture investors were i don't know he'll be here ringing the opening bell up next, we have jim's mad dash. also give you another look at

futures here, of course, as we get ready to start trading 17 minutes from now a lot more "squawk on the street" straight ahead

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all right, this is the time when we stand on "squawk on the street" because we have a mad dash nice to stretch. >> sure. >> our enormous height >> enormous titans died this weekend. >> say again. >> paul volker, don marron died this weekend. >> both extremely tall let's get to a mad dash. >> it is a two horse race again in the home improvement sector there is lowe's, marvin ellison doing a great job and home depot. this morning, right in that analyst meeting's face, goldman sachs goes and makes a top idea of lowe's, talking about how the execution is turning around. marvin ellison is doing a remarkable job home depot people say, we're still beating lowe's, and that's true >> happy with you you keep saying that. >> they're not happy a lot of people aren't happy with me. it's okay. as long as the dogs are happy with me. they tend to respond to treats

so, anyway, i think lowe's is a great stock here one thing that happens is if ellison can drive the dotcom, e-com, he can make -- >> what has ellison been doing right? >> cleaning up the stores, changing management wholesale, making the stores more friendly to professionals without losing the amateurs and i think that when you go to a lowe's, it is a very different feel there had been a disarray feel at lowe's. and that -- he's really concentrating on execution and it is for real remember, he wasat home depot for a long time. remarkable man i think you can turn it around think. i agree with the goldman piece. >> doesn't mean you're negative on home depot? >> not at all. every time home depot reports, you say, yeah, they're doing so much better than lowe's. now, home depot continues to do well and that was an aberration that last quarter and their home depot, i understand -- aberration, aberration but no aberration to ellison's very quick turn and to be

applauded. he's done a remarkable job. >> all right keep an eye on shares of lowe's. also keeping an eye on shares of coca-cola. the company's ceo james quincey is ringing the opening bell right here at the big board and he'll join us soon after that. "squawk on the street" will be right back is the monolithic view of emerging markets obsolete? at pgim, we see alpha in the trends driving specific sectors of outperformance. where a rising middle class powers a booming auto industry... a leap into the digital era draws youthful populations to mobile banking and e-commerce...

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well, jim talked about it during the mad dash, we mentioned we lost two giants over the last couple of days, literally and figuratively don marron once ran payne weber

and paul volker passed away at 92 fed chair from '79 to '87, attacked inflation with rates we have not seen nor perhaps will ever see again it worked. >> yes, october he decided to -- fed chair volker decided to target credit. people feel after he broke inflation, that's when the great bull market began. there have been stutter steps, but a lot of people were -- think of volker as the man who made america a country that was regarded as not willing to take inflation anymore. >> the great bull market in bonds began too. >> yes, and it has been -- you can sell 14%, 15%, 16% bonds treasuries to people in the early '80s 30-year and that paper kind of just came due. i -- everyone respected volker

now there was a second volker, the volker who came in after the great recession. and basically said, we got to get these banks from taking on risks. very unpopular again, you know what he did? he took unpopular stances in an era where people seem to always want to please and i think that's extraordinary. if we had more leaders willing to take unpopular stands on behalf of the country, who knows what could happen. >> yes don marron also passed away suddenly this weekend at 86. we know him of course as the man who rang payne weber, built that firm and sold it at an incredible price, rewarding shareholders enormously, great investor, and great collector of art. started light -- a number of pe firms, helped to cede them to have them enormous success somewhat overlooked as a real giant in the financial services industry

>> and yet extraordinarily kind. you would meet him, say at a restaurant, go in to see him, and you would always be thinking, don't you know you're a titan? don't you know that you are powerful and -- and, no, he carried himself as if he were a great salesman trying to please you. and always felt great when i would see him. always felt like, wow, you know what, i'm in the game. and that was his way -- he will be missed. >> i know a lot of people who are close to him and who are going to miss him a great deal particularly because he was so vibrant right up until this last -- our condolences to both of their families. "squawk on the street" is going to be right back

you're watching cnbc's "squawk on the street. we're live from the financial capital of the world the opening bell will be ringing a little more than three and a half minutes from now. a lot of coca-cola behind us looks good, doesn't it >> it does. >> glass bottles, very nice. incoming t-mobile ceo mike seifert arriving in a manhattan federal court moments ago. there he is.

the company and sprint both looking to defend that $26.5 billion deal that they signed quite some time ago. but states attorneys from 13 states and the district of columbia say the deal should be blocked because it will limit competition and result in higher prices for consumers t-mobile and sprint rebut the claims, argue there is more competition than just four carriers in the wireless market including, of course, our parent company comcast, charter, both of which are using nvnos to garner new customers all the time and as part of the deal that was approved by the doj in terms of the consent decree, the divestitures going to dish would conceivably over time create another nationwide wireless player in 5g it is highly unusual to see states ags do something like this, perhaps not in the age of trump, where i would argue the doj comes under more scrutiny perhaps and people wonder about,

well, i should say at least there is this partisan view almost so you got now democratic ags going after the company here because they simply don't believe the doj did enough. >> we think watching this case, rather astonishing about states rights, same thing with technology states are asserting themselves where people didn't think they would assert themselves. david, there is a piece this morning by bank of america, merrill, about sky works and korbo saying the strength of the 5g offering united states is incredible you can't have a robust 5g market unless that deal occurs now, that's something john legere convinced me of over multiple months. i was very skeptical but legere pushed that to me and i agree. >> that's been the key argument, that's conceivably where the fcc said, yes, the doj with certain restrictions and/or divestitures from the two companies said yes

because they do view 5g as so important. and conceivably you need as much capital as possible and spectrum to be able to -- legere is in the courtroom as well. but, jim, the states say, you know what, it is going to increase concentration in an already concentrated market. they're uniquely aggressive on price, sprint and t-mo will disappear from the marketplace, make coordinated interaction easier and higher prices are going to hurt poor consumers. >> that's a federal issue. it is not a states rights issue. attorneys general are taking on issues that are disagreeing with what the longer term federal government view is for the nation >> that's because of the higher level of distrust overall. >> yes, it is. >> and in part people look at the doj's actions in time warner, at&t, warner bros. is politicized, how quickly rupert murdoch got his approvals for fox deal in terms of disney. i'm not taking sides here.

that's what they look at, they raise questions. >> this court case is so important because if the ags lose, at a certain point, they say, you know what, we don't have the time to do this, we're not in the resources to do this. they're getting together, they are not the force that determines u.s. policy maybe a federal court will disagree with that, that has not been the lay of the land, david. >> it hasn't it hasn't. we'll come back to it in a moment that was the opening bell here, of course. you can take a look at our real time exchange back at cnbc here at the big board, coca-cola, of course, we mentioned 100 years as public company. that's pretty impressive. >> yes, it is. >> you don't get a lot of those. james quincey in the middle there, he'll join us in a few minutes. at the nasdaq, forbes annual 30 under 30 list, young entrepreneurs and game changers. >> game changers >> anything with 30 in front of it, 3 in front of it -- >> one split, i'm right there.

david, when i was going over coca-cola, i remember when i was at goldman sachs, people say, what stock do you like coca-cola. why? well, it has been around for 70 years. and it pays a good dividend. now it is challenged by plastic. it is challenged by water. it is challenged by do millennials continue to like sugared water in an era where millennials care more about their bodies than the people -- baby boomers number of questions to ask mr. quincey, are the trends against him? the short-term is very positive. very positive. the numbers are very -- >> we're going to talk to quincey. it is funny, i was going to focus in part on sustainability and their goals there, it is such an important part now of their delivering for their changing investor base it goes to this theme i've been trying to emphasize, which, of course, is about esg and the significance of that investing and how much the assets are moving into at least with that metric those metrics we never talked

about. >> no. and we have to because -- >> how much water consumption do you have >> and water consumption makes excuses, plastic may be a winner i was with the robin hood folks last week, 10 million accounts very kwquickly. what do they ask first earnings per share no esg. they don't want to invest in any company that isn't at law. >> what is your carbon footprint. what are you doing with climate, agriculture, human rights, giving back, women in the workplace, water, packaging. >> i find it just so refreshing, so interesting to have a conscience while investing it is really extraordinary that these people spend a lot of time looking at labels. >> would be new for you. >> i pivoted beginning of 2019 when my daughter said, dad, do you want to be irrelevant or do you want to be relevant? >> so you have a conscience now. >> i had a konconscience but nom

daughter said would you like to be relevant, would you mention esg periodically >> all right dollar signs and stocks, what do we want to keep an eye -- i -- xerox and hp, i don't want to forget about that fight. they come with their deck at xerox this morning saying all the reasons why investors should be listening to them as they go out to seek the votes potentially in the future. they have not mounted a proxy fight yet, but it is a real possibility as we have said. they filed that presentation going to meet with their shareholders, hp shareholders. they continue to talk about how they delivered in their own program at xerox, jim, in terms of the cost saves that they have identified they talk about over $2 billion in synergies they need and it is -- it can be somewhat confusing when you look at the presentation itself, which i failed to bring up so i'm trying

to do that right now, but they are talking about a value of $31 because they're valuing the pro forma company, they're saying it adds $14 a share now, the deal is worth $22 $17 in cash, the remainder in xerox stock. they're saying, but profo forma that stub, at the multiple we think it should get, confusing, but their implied value they're saying is 31 actual value on paper, 22. he's going to make a big argument about why this they got to get three weeks of due diligence. >> i think the combination is a great one. they delivered a good quarter, no one seemed to care at all in the end, what happened in 2018 was that hp wanted to merge. so it just is natural to keep pushing and pushing. >> and they will the key date to remember, the

window opens on i think right around christmas for nominees to the board. that will be a key moment there, hp, does they allow them diligence in some fashion or stiff arm going to be sort of the key here and then is xerox going to move forward with a proxy fight. far, far smaller, $8.7 billion in revenue compared to $58 billion in revenue at hp but much higher margins, adjusted ebitda margins, at least, and they're talking about a company that combined free cash flow of $5.7 billion in their opinion. not a lot of growth, though. not a lot of top line growth. >> mr. laureus has a plan to restore growth including a great way to be able to sell ink, bundle the subscription form i know he wants a chance to try it i get the sense he's feeling, give me a chance, i can get my stock up and if we want to buy xerox, we will >> what else should we be watching this morning? >> there is a piece about boeing that people -- boeing dropped off the face of what we talk

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hello. we want to apologize we are experiencing some technical difficulties, but we're still broadcasting from cnbc the leader in business news. so right now i'll tell you that shares of canopy are up more than 9% this morning after the company announced it has put in place a new ceo. that new ceo as actually the former cfo of constellation brands, the company that took a large stake in canopy growth last year. bumping its initial investment in november 2017 at about 10%.

up to 38% last year and making a $4 billion investment against shares of canopy, up about 9%. and right now want to toss things over to courtney reagan with more news courtney >> hi there, frank thank you so much. quick check on the markets here. we have the dow down just about 22 points, we're only about ten minutes into trading and of course, this does come off what we saw on friday when we had a nice triple digit gain after that very strong jobs report we're going to bring you some news about macy's shares trading lower after a downgrade from goldman sachs. you can see shares down now about a percent. of course, we know the department stores have been in a rough patch of late. macy's specifically shares lost about half of their value so far this year, going into the holidays, that's certainly not what any retailer wants to see when you're losing some confidence from wall street analysts we'll continue to watch this and see how it pressures the rest of

the retail sector. as we continue to follow the stories going into the holiday season, which as far as we have can tell, online, we're setting some records after some weak traffic in the malls or weaker than expected traffic from last year's numbers in the malls and stores on black friday weekend i'm going to send it over to dominic chu. >> thank you very much, courtney reagan for that. as you can see, we turned a little mixed so far in trading today. we were poised to see probably the first down day out of the last four, just about five minutes ago with trading just starting and going the s&p up about one point right now as well the dow industrials hovering around flat and the nasdaq up .2%, 16% in one second i want to bring in steve liesman, to talk a little bit about just how the markets are setting up as we head into this trading week steve, the economy certainly a focus right now for many traders out there. especially given what we have seen so far over the last couple of weeks with regard to fed

decisions, economic data and everything else. what exactly does this mean now as markets get going, into what seasonably is a strong time of the year for stocks and markets overall? >> that big jobs report from friday echoed through the weekend, echoes through today, echoes through the fed meeting 266,000 is not a number you will forget very quickly. it speaks to strength in the economy. it took the bear case and set it back certainly several months if not into 2021, this idea we were definitely going to have a recession. that's one two, it raises questions about the extent of the slowdown we knew we were slowing down in the fourth quarter the gdp data, the economic data shows that but we're not quite sure really how much we're slowing in fact, now the idea may be we're not slowing as much as expected. >> it is crazy because over the last few months, we talked about the idea that there were some people looking for a possible redux of fourth quarter of 2018. it is very different right now, it is very different right now than it was back at the fourth quarter of last year, the fed is

certainly a big wild card in that. >> this is not your fourth quarter of 2018. we had fed policy going the other way, a greater uncertainty about trade. trade still exists as an uncertainty, brexit still exists as an uncertainty. that's two, but right now, the federal reserve is on hold the big question coming up for the wednesday meeting, how much will they bring down their forecast for rate hikes in the years ahead. right now they're still looking at a long run rate of 2.5% they're sitting now with this 1.5 to 1.75% range the idea i'm seeing is the fed will be on hold for several months into next year. >> the fed a key focus, very different this time than it was in the fourth quarter of 2018. now, we're going to send it back down to the new york stock exchange david faber, things are up and running for you all. hope thing stays that way. back to you. >> we'll hope so, dom. our viewers may have noticed we did go black i envision that guy from airplane pulling the plug. that's what happened here. our thanks to dom and frank and

courtney and steve for filling in there we are back here at the nyse as we mentioned, coca-cola celebrating 100 years as a public company want to have jim now take it over >> well, we are very thrilled to have james quincey, ceo of coca-cola and i got to tell you, james, congratulations you have ignited growth here the organic growth is 5% the street slois looking for 4.. you run a very big company how can you turn a ship like that at 5% >> i think what we have been able to focus is the things we control. the macro is out there a little. we focus on what we know how to do the marketing, the innovation and working with our bottle. coke is drawing at the fastest rate in the last ten years we're hitting it and building the portfolio with lots of other drinks. >> let's talk about the other drinks sparkling soft drinks, juice, berry, plant-based beverages water enhanced, water in sports drinks these are all very additive to

your earnings. >> absolutely. our focus is creating a portfolio not just of beverages, but of leading, winning beverages. that's what we're really focused on do we have the branding, the innovation, the design to create a difference with consumers that allows us to win the marketplace and we're building the portfolio. >> one thing that i find, i was with robin hood, an outfit that has mostly millennials, 10 million. one thing they talk about over and over again is sustainability i have my -- i imagine maybe a pilot project, i'll pass it over to you, this is a bottle made with recycled marine plastic when we hear about that island of plastic in the pacific, james, you're conscious of it and want to do something about it. >> absolutely. we know that high value plastics like beverage bottles, as long as we get them back, we can make them back into new bottles and we're very focused on driving, collection, to be able to drive that up and that's going to be a big win. but, still, plastic particularly low value plastic getting into the seas and what that bottle is a pilot

experiment, can we take any type of plastic, and use advanced chemical resickling and turn it into high bottle plastic which creates a circular economy the plastic problem can be more under control if we focus on collection and we get innovation to be able to recover the waste that is out there and re-use it. >> specifically to that, there is a wall street journal story today about new chemical uses that can actually create plastic from plastic, that is brand-new, for lack of a better term, as opposed to having that life where it can be used a few times. is that a real effort? you're a part of it and are your hopes it will become significant at scale >> absolutely. i think as we look at plastics, there is the high value plastic like beverage bottles, we can make new bottles that's easy. this new technology and that bottle there is an example of it and the article references the chemical resickling. if we can get that to scale, i think we can, not tomorrow morning, but over time, we can

collect low value waste, the marine waste, and turn it into brant new plastic, and that's will be a breakthrough. >> you have your sustainability goals as something you now prominently display. how important is that, how much time are you spending with your shareholder base, probably a changing shareholder base, talking about packaging and water and women and human rights and agriculture and climate, which a lot of this comes back to. >> absolutely. i think the attention that -- we have been having our sustainability goals out there for the last ten years like 1946 we launched the first returnable secondary packaging, the bottles came in. but the amount of attention by the investor base shot up exponentially in the last few years. we have a very clear strategy around the various areas you talk about, plastics, water, sugar, women and the community in general, so it is inherent to our approach, and i think it is something the investors are

super increasing >> confident you can get your estimated percentage reduction of carbon footprint of 25% by 2020 >> yes, yes i am confident we don't have all the answers, but, for example, we set ourselves a goal of becoming water neutral. some ten years ago we get 2020 and we got better in 2015 we have a track record of setting ambition sustainability goals, and going after them. in the end, there is only one planet, and we all want to live on it, and we want to able to do so with a good quality of life and that requires us to hit the sustainability goals, otherwise the only other answer is less. >> american company, american made, georgia, i find your company to be extraordinary. these days, they are ambassadors for the united states. you too, you worked everywhere, does it matter these days, united states considered to be a little bit different from the way that you have seen it over

time, more nationalistic, certainly more jingoistic, so to speak, you represent a world class company. what is the feeling around the world about us and does it matter that we're an american company, you're an american company? >> absolutely matters to coca-cola as an american company. i think the great success of the coca-cola company has been able to center on yes, being a global company and global brand, rooted in the core american values, which frankly are shared by most people around the world, and yet still be local to bring our business to life in a locally relevant way, local marketing or local partners. in the end, we create hundreds of thousands of blue collar jobs around the world, and that's why governments are interested in, bringing economic advancement to the people in the country. that's what the coca-cola business system is fantastic at. >> can you please talk about things like building a plant in gaza, building a plant where people don't build plants. >> we are literally present

everywhere, except for two countries in the world and we go to the furthest end to build a plant. we have plants in israel we have them in the palestine. we have them in gaza we are oftentimes in some struggling countries one of the few robust private robust private employers, and we will invest always with local partners wherever we are allowed to >> i know it's been a personal obsession, but i want to point out last week i dined with the ceo -- with the top people at which pot -- chipotle. can you manufacture enough >> we have not been able to make enough yet it's a fantastic brand >> please tell it, describe it

>> it's a beautiful sparkling water drink in a beautiful glass bottle, lots of authentic -- and we have not called the market correctly, let's say, we're selling all we can make, but we're dedicated to doing better. >> are we still going to be drinking stuff like 100 -- >> if you're not drinking anything, you're probably in trouble. one of the basic human needs are beverages. you've got to eat and drink. that's why it's a fabulous business with an amazing amount of growth potential. >> i know you see speak to shareholders can i presume warren buffett is happy with what we do? >> in my relationship with warren, i've always found when he's not, he'll tell me, so i

think he's doing good. >> it's a joy to have you, it's a stock i recommended most, and you continue to deliver. congratulations on these other issues, bet a great ambassador for the united states, we need more companies, more people who understand how great or country can be. >> thank you thank you. >> thanks for coming. all right. coming up, the changing banking land cap bb & tvmt and suntrust have finished their combination "squawk on the street" will be right back servicenow put our workflows in the cloud. this changes everything.

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jim, my, how the time goes by a very good analyst put out a disturbing piece about boeing,

now, david, boeing, as we often talk about, is part of a due oply, but i do feel that boeing's cash flow is important and we have to stay on the case, to be sure the longer the delay goes, hopefully boeing will have for problem with its different just putting it out there. >> it's had the worst year it could imagine for the company. on. >> frank colin did hit that on the air -- >> i'm sorry, i did not hear that boeing, a great american company, needs to pull this together, needs to get the max together. what do you have on mad tonight? >> a company call nutanix, and

dheeraj is a tough time, and takes for prisoners. i wouldn't be surprised if she slashed vmware tonight a competent torrie. see you tomorrow you don't go it anywhere, either bb & t's trust merger has closed, now we'll talk to the truist ceo keep it here

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mobile banking and e-commerce... trade and travel surge between emerging markets. every day, our 1,100 investment professionals around the world search out opportunities for alpha. partner with pgim, the global investment management businesses of prudential. ♪ good morning good monday morning. i'm david faber along with morgan brenner and mike santoli. carl and sara are off this morning. you can see the dow is down this

morning. we're watching the trade tea leaves, stocks falling the first time in four days, but as david mentioned some of it is coming back. plus a lot of biotech mergers, engaging in high premium mergers. and suntrust completing its merger with bb & t here's what wall street is marching on wednesday cpi data and the final fed meek of the year on thursday, the uk voerz, friday retail sales date sunday is deadline day let's get into it all with

roger altman, former deputy secretary secretary of treasury as well. good to see you. >> good to be here. we have this surprisingly strong jobs number on friday how do you put it all together how is the -- the markets seem to be trying to handicap a reacceleration in growth >> well, that's a good question, and we are seeing a reacceleration friday's jobs report, no matter how you look at it was a blockbuster. not only the headline number, 266,000 new jobs, with adjustments it's actually 307,000, which is an astonishing number, but also some of the internals, average hourly earnings, we would like toes it

higher inflation continued to be absent and then you look a little further, and you see things like temporary employment agencies reporting all-time report activity, job openings at near record levels, and obviously the unemployment rate itself so the implication is we're going to be higher growth next year, our really good macro economics analyst is expected 2.3 growth next year, real consumer spending is about 5% to 6% growth. as the market has rebounded, mortgage rates are 100 basis points lower, so this is really powerful stuff the question as to how it could be happening this late in the cycle, i personally think you

have two factors in, one i will also mention one is i think it validates the thesis that they put out about five years ago that every now and then we have a financially driven recession rather than ha conventional business recession, and they tend to be much deeper, on the other hand recoveries tend to be much longer that's one reason the great recession was so deep and the financial crisis preceding it. starting about a year ago we had a big ground of global stimulus, monetary easing. for example, you saw the fed balance sheet is growing again that is now with the usual lags, boosting ground here and actually elsewhere the third factor i have to say is, you know, economics to some degree is an art, not a science, and some people, including me, adopt know why it's this strong this late. in light of that, i know the

impact that all of the trade tariffs have been having, but in light of all of that, the fact that for the last 18 months-plus, we've had rounds of tariffs, higher tariffs put into place. we heard that was essential the end of the world the fact that it hand whacks does it tell us? >> it tells us a couple things, as we've all said, the export share of 12% is very low so the degree to which tariffing can hurt the overall u.s. economy is limited secondly, i think it continues to be an expectation that they're temporary, they're not permanent. whether it's investors, or confuser looking through them. >> the supply chains are moving, right? >> i think there's a a lot of factors that go into supply chains that's a good question

is the u.s./china tension as a whole, i just think the tariff phase is probably temporary, though everybody has different definitions of temporary the other thing is i think there is going to be a detente in trade for the near term. i don't think it is tariffs scheduled to go in effect on december 15th are going to take effect we'll see. only a few days to go. i don't happy to think they will i think we're in a treading water phase here where tensions will also rise, and i think people have gotten comfortable with that. >> you've gotten somewhat constructive on the idea that we'll figure out a deal. are you less so now? you're saying the december 15th tariffs won't go in, but -- >> if i don't say that, maybe you won't have me on >> we would always have you on, roger.

>> i know. i'm kidding. well, you're right, i thought they would make a real deal, a global deal, you know, u.s. and china agree on overall deal before this, and now it doesn't look like there's going to be one for a period of time but the degree to which i think i've been consistent is neither side wants a blowup. i think that the tariffs won't go into effect on december 15th, and china has shown some accommodation with soybeans, for example, i think both sides are trying to keep the tensions under control. i still think that president trump probably before election day would like to say we've solved it, and make an overall deal, but of course he recently said maybe he won't and maybe it will extend as to what he thinking will be a second term good news, i don't think the tengs are going up

other news, you're right there's no overall solution yesterday. >> we're heading into an election year. you have served in a number of democratic administrations you've been a new yorker, you know bloomberg very well does he have a shot? >> i think anything can happen you see the possible scenario that each of the first four primaries -- iowa, new hampshire, nevada, south carolina -- could possibly be won by a different candidate different candidates are leading in these different states. if that ever happened, it would not be the likely scenario, but it's just possible, then you would have the most wide-open race, at least in my lifetime. you would have the still unlikely but possibility of no first-ballot victor at the convention in that kind of unlikely but not impossible scenario, anything

can happen and bloomberg would have some sort of chance now, he's taking we all know, a completely unconventional approach parenthetically nobody has become the nominee, i don't think in my lifetime who has not entered those primaries, so history is against him a lot of other things are against him, not the least of which is his standing in the polls, but i don't think it's impossible is it likely no is it impossible no. >> is the general at this appointed why opened what we -- it suggests it's the president's race to lose is that going to change over the course of nine months? >> if the president were to lose, it would be one of the greatest upsets historically speaking in the history of the country. for two reasons -- first, only one president in my lifetime who has been running for ee

reelection has lost. that is carter, losing to reagan george h.w. bush losing to clinton, he was seeking a fourth term for the party in his white house. so only once has that happened in my lifetime i wish i were younger. secondly, the economic factors, as some smart person said to me, much smarter than me, his approval rating ought to be it 60% before friday's report it's trending 41 this morning when i looked at it. so losing under these circumstances is hikely impossible by the way, most of the critics of the markets have him winning. but he should be at a much higher approval rating >> so given that point, we've been spending a lot of time focusing on what if a candidate warren would look like for the financial circumstances. what would it look like with

president trump? >> i would have to say it would be a lot more of the same. we know president trump very well right now he's not going to change his stripes. he's a very -- very strong figure, a very contentious he figure he believe in a combative approach i think he would probably be even more combative, because he would be liberated from the need to seek election again. >> would the bull market continue do we get another four years of growth of strength? >> well, anything is possible, but as a betting person, would you say we're going to have four more years of recovery you would probably say not likely, but i would not say it's impossible probably markets would greet his reelection the day after pretty favorably during the first part of his presidency. anything could happen, markets

could turn down, the economy could turn down, though i don't think so, but he ought to be at a 60% approval rating. he isn't it's likely to be a close elect, all centering around four states, something like that, and it's -- it's the economy pushing him ahead and the controversy -- his own controversies. we're all so familiar with him, restarting hi-- retarding him, holding him back. now true u.s. is being run by former ceo kelly king he'll be with us to discuss the future of the company and the future of bank thes. here's the top performing stocks on the s&p - [spokesman] if you've tried college but never finished, (group cheering) snhu lets you transfer up to 90 credits toward you bachelor's degree.

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welcome back today marks the name of the new company formed by a merger between bb & t and suntrust. joining us is ceo kelly king congratulations on the closure of this deal >> thank you so much we are very excited. >> a two-year time line, what

will that entail, look like, particularly in regards to branch closures and layoffs? >> the first year there won't be in the closings in the overlapping areas. we made that agreement, so they would have a smooth transition thereafter we'll begin the rational closing process we'll plan for the consolidations which will occur about 12 months out. the actual conversions of the systems will occur about 18 months out out soon you'll see the branding the branding process is a very elongate elongated process.

it's complicated, but i think we will go well with it >> taking on a larger role one of the reasons was to take on the bigger banks and all these probably are you going to be able to com people with the larger banks >> yes, we absolutely will the primary driver of this combination was to be able to have the scale to noncompete, but be a leader in our industry. it may have seemed that weigh. we're still only about one sixth of the size of the banks, but here's the key in our markets, we're as large as any.

we have the second largest market share in our markets, and that's one of the fastest growing in the world it's not really about the international scale. it's about scale on main street. >> so, kelly, given that fact, with in deal close, does that mean you'll continue to be inquisitive, or do other types of partnerships, expand your reach? >> i promise you right now, we have our play full >> fair enough >> we've got three branches, and 5,000 teammates. we have a lot of work to make sure we do this right. we want to make sure all of our stakeholders are proud of how

truist comes together. >> how does the overall economic tone seem to you right now we're looking at perhaps some cracks, things like auto loan delinquencies going up, maybe industrial loans not growing too fast what's your expectation for the economy heading into next year in >> we get a pretty good view from all our clients we talk to them a lot. the mark is solid. companies feel good about their business they do have reservations about all the geopolitical shows, trade wars, things that come up. as best we can determine it's not meanfully slowing their expansion decisions at this point. it could over time if that were

to continue, it could exacerbate uncertainty and greater problem, but for today, i would say -- we just saw a fantastic job report, a 50-year low unemployment rate this is a pretty good place right now. it's not as robust as some of us have seen out of our careers, but it's actually a pretty good place. >> how are you thinking about, how are you planning for the presidential election in to 20 i ask that in part because there's some democratic candidates, like senator warren, who have come out andsh very critical of this deal. >> political expertise is not my strong suit but i would say it will be an interesting and exciting race. there's certainly some very good candidates, some likely discussions taking place i would

simply say that our industry is at the heart and soul of the company. we get much every try trying to get the economy grow, trying to make the wort better day to day we really are the heart and soul of the community, so if you add up the loans, depoosts, fees, that's what the banks community is so we're always pulling for the commune, for our clients we are well regulated today. the process we just went through was very thorough, so i think the focus should be on how to make the world a better place to be. >> because to the deal it integration is the key, of course, how are you changing what you do day to day

what confidence can you give investor from your past that says we're going to get this integration right? >> that is the key right now we do have a deep aliege usage -- fortunately in my career i've been through a lot of mergers, as you know. i had a good expectation of what we were getting into to be honest, it's turned out to be better than i thought. bill rogers, the former c oh suntrust, and i get along great. we have all our managers in place today. 90% of the ecological systems are ready to go, in terms of knows which ones need to be converted so i predict a smooth conversion we are tightly focused on getting the expense reductions

we think we'll get a net, we are on track to be able to do that, feel very confident about that, and we have not even counted into our metrics, in terms of performance, revenue generation now we feel really excited about the revenue possibilities, so tidy expense control, really good focus on revenue generation, really pulling the teams together in terms of culture, making our brand really shine in the marketplace it's going to be exciting. i think it will be good for everybody. i fully expect we will over-deliver. >> kelly king, thanks for joining us thank you. have a great day. >> you too. coming up. m & a monday

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that is the s&p biotech etf. you see it's up nicely this morning, on pace for what would be one of the best days in two weeks. the move today being led by these two biotech deals, merck acquiring arquele. sanofi, the willingness of big pharma to pay big, big numbers for yet to market science. it's been unabated, a feature this year. it doesn't mean every early boy tech you're buying will be taken out for 100-plus percent, but

certain if you pick right. >> huge companies starved for growth you know, the sector has had an incringe run there's been some encouraging clinical stuff happens, too >> so much much what we're seeing, is tending to happen at the smaller companies. the bigger companies are willing -- the results start to look promising. >> what's interesting is the people who make these judgments obviously see signs they believe can lead to something very important. it doesn't mean that every biotech company is doing this, in fact maybe they're spending overvalued. >> yeah, a lot of them doing

premium deals. usually in oncology, though not all, some related to gene therapy. when we return, today is the day that t mobile and sprint begin defending their merger, we'll discuss with former fcc chairman reed hundt

did morning, everyone. i'm sue herera here's your cnbc news update the house committee convening to formally received the findings against president trump. it is expected to possibly vote on at least two or more charges

against the president. >> we have even taken an oath to preserve, protect and defend the constitution of the united states if the president puts himself before the country, he violates a president's most basic responsibility he breaks his oath tote american people. at least five people were killed and up to 20 injured when a volcano erupted off new zealand's north island several more were reported missing, about 50 people, including foreign tourists were feared to have been nearby at the time of that eruption. and paul volcker has died. he headed the central bank when he took over the economy was suffering from runaway inflation. he put interest rates to report heighting, triggers recession. morgan, back downtown to you. >> may he rest in peace. sue herera

thank you. jeff bezos made headlines, about the dangers of leveling the playing field take a listen. >> my view is if tech is going to turn their backs on the department of defense, this country is in trouble. that just can't happen it's the -- it's safe -- look, i understand these are emotional issues that's okay. we don't have to agree on everything, but this is how we're going to do. we are going to support the department of defense. this country is important. as you both know, i was at the forum this weekend it was a pretty personal and candid fireside chat in terms of what jeff bezos had to share he started talking about his grandfather, who worked for the dod in programs like the early missile programs, and the impact

that that relationship had on him. also talked about the idea of a level playing field. you don't want one when it comes to things like the military and he worries we are moving away from an unlevel playing field, in which the u.s. dominates in space as well. he talked a lot about leadership, the idea of there's two types of decisions -- there's one that's a one-way door, big heavy-duty decision, called himself the chief slowdown officer in terms of those decisions, and he said the more frequent are the two-way doors that need to get made quickly. what he thinking about as amazon gets bigger and bigger, then slip into every decision to be one time, because you need both types for innovation

>> obviously his campaign or his project for 20 hough something year has been trying to keep amazon thinking about a nimble operation, but now he's talking about attacking multi-decade things like maintaining defensive supremacy. a different track in his thinking, i guess. >> the thing he didn't talk about is this jedi cloud contract, big protest playing out in court with the pentagon, against the pentagon as well also recently successful in its own protest against the air force, didn't talk about either of those, but the bottom line from jeff bezos, amazon is ready to work with, witness to work with the pentagon. >> would love that jedi contract if they could get it back. t-mobile and sprint in court

today looking to defend that deal our next guest was originally opposed to the combination back in 2014. this time around, though, he has a different view joining us is former fcc chairman, current coalition of green capital, reed hundt. always good to have you here they're going to court today and saying, listen, these two companies compete head to head, quite aggressively on price, you know all this. this deal has the likelihood of raising prices, particularly for poorer consumers there's no precedent where these efficiencies have ever offset the anticompetitive arms what say you >> the most important thing about this case, the most important job for the federal communications commission is to be lots of spectrum out for

companies to build 5g networks this is a national imperative. this administration has not been ability to get a success story here the department of commerce hack anticommerce in this particular topic. the fcc has not gotten spectrum our regulatory swamp at the pace that i'm sure it would like to do this trial is very much about who will be able to get spectrum to build these 5g networks >> so it's your belief if this deal set blocked by judge maurero, it would retard the progression of 5g in our country? >> that's my view. the national security issue is china is going forward very quickly, and or monthly, huawei, the big bugaboo is able to use the deployment in china to perfect all of its advances in

technology equipment so the imperative here for the judge, i hope, and certainly for the fcc, is to get lots of spectrum out into the hands of people who will build (5) network. >> it's not so much about the fcc as the doj, is it? there does soon tome a mistrue -- texas was there, then they left. what's your take here on is this political as well as protecting consumers? >> i'm one of the very lawyers in the country who actually tried an antitrust case against attorneys general all the way to a verdict. it's very rare for attorneys general to ignore the department of justice, even more rare for them to ignore both doj and the federal communications commission, so i think there's a political dimension to this. the fabric of trust has been

shredded and ripped along political lines, but that doesn't mean that the issue here is really in debate. whether you're a state attorney general or you're in the federal government or whether you're in business, you know the most important question is got that (5) quest out and nots much of that has happened in the last three years. it's an imperative >> so, reed, i think that begs the question given how rare it is, this moment in time we're in, in terms of this merger, what do you think the most likely scenario is it is it some sort of deal with the ags? some tighter, more robust i guess rules around what a fourth wireless carrier would look like >> yes, the rules their possible here are build-out requirements, requirements imposed by the federal communications commission that would say i'll give you the spectrum if you actually build the network

what the fcc has said is they would impose those rules, and the department of justice things, along with the fcc, that the company that should have that obligation and should have the spectrum as an outcome of the merge iris the company cal dish, so the question here, maybe the most important question is whether dish will live with those rules, and whether it convinces the judge it will do that build-out. then the fcc has other spectrum that it neither to get into commercial use >> yeah, i want to dig into that piece of it a bit more, reed, as well one of the conversations i found mimeself having over the weekend was the spectrum itself, the idea is if the u.s. is serious about this so-called 5g race with china, that the government -- including, by the way, the military sitting on spectrum, should arguably

release more of it to the public sector. >> no yes. the defense department needs to take it's cold hands off of a lot of spectrum. it needs to come up with a positive attitude toward the engineering solutions that allow satellite spectrum to use terrestrially. they might not have been able to solve these problems a decade ago, but they know how to solve them now nobody should underestimate the business and engineering power behind the (5) roll-out coming out of china we have to hurry up in this skin and solve our own political and regulatory problems to get that 5g spectrum deployed this is the platform for the new best them, this is edge computing, or distributed computing. we have to lead in that, too that's really critical for our economy. >> always interesting to point out, of course, one of the

companies is controlled by the germans, another by a japanese company. >> that's right, but they are operating here in the united states that's what i'm focused on >> i understand. somebody else who operates, and you mentioned it, morgan did, too do you think that dish can reliably become a true fourth competitor >> i would turn the question around is the government going to insist on the build-out requirements is the fc dr. and department of justice going to require that the conditions be met? and is the fcc going to get other -- out is it going to solve its problems with the department ofthat are softable, and are we really going to have a raise to build 5g that's what we want. >> finally sprint and t-mobile will -- with charter, with

comcast, saying hey, there's more than just wireless competitors. there are capable companies competing now. do you see that is a true competitor >> i do. there should be so much 5g spectrum that businesses should be deploying these networks, some on a small scale, some national scale, they are the platform for distributed computing, which as i said, is the next big thing and incredibly important to our economic and our social future as well, since so many good things can come from edge computing. we'll be watching it closely over the next couple weeks, reed hundt, we appreciate it, as always >> thank you. the dow moving lower for the first time in four sessions. you see boeing do you nearly 1%,

as the largest losing on the morning. more "squawk on the street" when we return

one market watcher sunday ruling out a hike. find out more on cnbc.com. more "squawk on the street" is coming up. we call it the mother standard of care. it's how we bring hope to our patients- like viola. her team treated her cancer and strengthened her spirit. so viola could focus on their future. cancer treatment centers of america.

appointments available now. welcome back to "squawk on the street." we have some breaking news on amazon we were talk ago short while ago about that jedi cloud contract to the pentagon that was awarded to microsoft, but amazon has filed a bid protest in regards to in court. it looks like amazon has just released the official complaint. big swaths of it are redacted right now, but about 110 pages, we're still digging through it amazon citing a stream of tweets that targeted bezos, amazon and "the washington post" as evidence of the president's interference in this contract's

competitive process, that trump attacked the targets, that the pentagon took nom russ actions to systematically remove the advantageses in the superiority, and artificially level the playing field between aws and it's competitors, including microsoft. we're going through this large, but largely redacted complaints. we'll bring you any other headlines out of it. it's a contract that could be valued up to $10 gill on. >> they see cite president trump's direct intervention. was it a topic of conversational all? >> the president directly -- >> no, no, this contract. >> the contract, yes, it came up it came up in some of my own reporting and interviews i did we'll be rolling out more of that content in the next hour, including microsoft president

brad smith sat down about the tech cold war, and one of the things we did talk about in that conversation is the jedi contract, and him responding the full interview is already online, but we'll roll some of that out on "squawk alley." >> amazon has to -- there has to be a company on company back and forth. >> this entire competition process has been extremely controversial. there was a protest by oral cal before an award was even given as well, which alleged basketly conflicts of interesting with amazon, too, so every step has been very high profile, getting a lot of attention. all right. let's go out to chicago with rick santelli. good morning, rick. >> good morning, mike. i'd like to welcome seth

carpenter, u.s. chief officer at ubs. you know, we had the third-end repo operation, it's affectionially returned to as d. heavily oversubscribed to. once again, tax issue looms, not only year end, this week threes, tens, 30s, and the settlement date is the 16th, which is the same day as the next tax day how does all of this occur, an issue we be a bit apprehensive this is drawing to another big day for the markets in liquidity? >> i think a little bit apprehensive the way you phrase it is probably right i don't think it is a foregone conclusion we will have catastrophe. i think there's a chance things could go hay wire like in september. people are bidding, oversubscribing those operations, they want to take no

chance when you talk about repo finance, if you're under financed a little bit, that's it, game over. people are being extraordinarily cautious here. >> if you look at all of the movement of funds since these operations began and started to grow, a couple of big banks have been huge participators in this operation. why are we creating all these too big to fail bank appetites for liquidity, and why aren't they in this game any more >> i think this is precisely one of the policy issues the fed is wrestling with, where you are right now, if there is another blow up, liquidity squeeze in repo, they'll see it as disastrous, as not being able to control front end rates. on the other hand, in the longer run they've been trying to ask that question why are large banks that in the past inter mediated money markets not doing their fair share the vice chair of the fed talked

about some regulation may play, it made the bank system safer, but introduced more rigidity in balance sheets that fundamental question, how do you make sure the system is safe as it needs to be, but still has flexibility. if you can't get both of those at the same time, the fed will be a regular participant in the markets. >> we're almost out of time, i need a short answer. when i had jim grant after all of this occurred, he said it was a stealth takeover of the repo market by the fed. do you agree with that do you agree with that even a little >> i definitely say i agree with it a little, i don't think it is so stealth right now, they're hoping it is tempora temporary occupation, they're trying to be a big chunk of the repo market until they can pump through liquidity. i think i agree with that a bit. they're an occupying force to try to keep things in control. >> seth carpenter, thank you for

your thoughts today. greatly appreciated. mike santoli, back to you. let's send it to jon fortt for what's coming up on "squawk alley." >> good morning, mike. sprint and t mobile are in court trying to get the merger approved boost mobile ceo joins us coming up on "squawk alley. ding, and l, ding, and l, it feels like i'm just wasting time. wasted time is wasted opportunity. >>exactly. that's why td ameritrade designed a first-of-its-kind, personalized education center. see, you just >>oh, this is easy. yeah, and that's >>oh, just what i need. courses on options trading, webcasts, tutorials. yeah. their award-winning content is tailored to fit your investing goals and interests. and it learns with you, so as you become smarter, so do its recommendations. >>so it's like my streaming service. well exactly. well except now, you're binge learning. >>oh, i like that. thank you,

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welcome back to "squawk on the street." i am dominic chu stocks are mixed following friday's big gains the energy sector as you can see, a real move following natural gas and crude oil prices lower. health care activity among the laggards leading the market higher, communication services, up the fourth session in a row. it is set to hit a three year high in trading, a few points away from the all-time high in july of '16. you have twitter and facebook and alphabet, parent company of google and netflix, riding high after 34 golden globe nominations, keep an eye on netflix shares and com services

sector back to you guys at the new york stock exchange >> thank you, dom. when we come back, goldman's internet analyst joins us, and details from morgan's conversation with peter teal "squawk alley" is next don't go anywhere. - [spokesman] if you've tried college but never finished,

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good morning it is 8:00 a.m. in silmi valley, california, 11:00 a.m. on wall street "squawk alley" is live. ♪ ♪ ♪ good monday morning. welcome to "squawk alley." i am jon fortt with me at post nine, morgan brennan and david faber. carl has the morning off >> we begin with the amazon ce