it is 5:00 at cnbc global headquarters your "five@5." breaking news of a ceo shake-up at a major bank. >> potential end to this win streak waiting for an end to the jobs report. >> and no sight in end, the death toll rises from the coronavirus. >> ceo says to expect profits sooner than later. >> casper investors waking up to

a rally after itsexchange debut. "worldwide exchange" returns now good morning and welcome in this morning for brian sullivan a look at how stock futures are expected to open we are indicating a lower open to the tune of 104 on the dow, the nasdaq indicating a lower open to the tune of 33 points. stocks with five straight winning sessions we saw that massive selloff a week ago it has been a wild ride. last friday, we lost 603 points. we'll see what happens since we are indicated lower at this

point. let's see the action we can see the yield is getting closer to dipping on the 10-year. getting a check on things if you were sleeping overnight. can you see in asia, we saw the japanese nikkei slip the hang seng lower and shanghai did add more than .3% looking at asia where things are lower. the ftse 100 is off. and the cac is down in early trade there. we'll begin this morning with breaking news and ceo shake-up by one of europe's biggest investment banks this is quite a story?

>>ness phenomenal. the old world of swiss banking used to be a place of gentleman. all about the departure of thiam who was appointed in 2015 to try to turn around business after fears that swiss banks were too racy and they needed to derisk i'm following the trajectory of the share price here the net loss, a settlement with the doj, continued arguments about behaviors in the swiss banks. and he continued to try to reduce the risk weighted assets to shift it more into wealth

management in the asia pacific region and away from less than reliable income streams in investment banking that went on for three years then we get to this point where khan left to cross the street to ubs. a scandal unfolded as it became clear that credit suisse or elements within management set up an operation to make sure that khan didn't take other members with him over to ubs so khan starts at ubs. the spy scandal erupts thiam is vindicated. after an investigation, they say he did not know or authorize the

investigation. it didn't wash with everybody and the scandal continued. the question is, did he know what happened? is he being sacked because of the underperformance of the share price. the way it is being presented is that he left with the board's approval there is more to come out around this story next thursday, we get full year results and fourth quarter numbers. perhaps, they are concerned that actually his aggressive program of restructuring hasn't delivered the return of equity targeted at 14% he has promised. we'll wait and watch >> it is interesting that the stock is down even further under him, it lost about half

its value. it appears investors were super thrilled with the job he had been doing >> absolutely. they will argue that the bank has a clearer objective. it is focused on the wealth management division and domestic swiss banking operation. there is clarity in the business objectives he has reduced the reliance on less high quality earnings the overarching program is that regulators have insisted that european banks have increased the credit, the capital levels which meant the banks have had to derisk. we've seen the u.s. banks engage as the global economy has

recovered since the crisis back in 2007, 2008. if you measure on the metrics, he has not improved that share price performance. it has weakened. >> thank you for all of that moving on to the latest on the coronavirus outbreak the death toll climbing to more than 600 as the number infected surges to 31,000 a report that president trump and chinese president xi jinping spoke on the phone over the crisis with xi jinping con firnlifirmiy are doing all they can breaking the last few hours, china's central bank saying the economy could be disrupted

adding that it is preparing policy tools to support the economy. s&p taking down the estimate for china's growth from 7% to 5% they are delaying the release of the country's january trade data eunice yoon with the latest. a lot going on here as it has been every morning this week >> absolutely. the chinese manufacturers that would normally be contributing to exports are now switching gears to make medical clothing for china. foxconn with a lot of factories here are retrofitting production lines to make more masks and other protective gear. this is the apple supplier that started making surgical masks in

shenzhen general motors as well along with chinese partners have set up 14 production lines with a goal of manufacturing 1.7 million masks a day. all of this as president xi jinping has been declaring this a people's war against the virus. a lot of manufacturers are under pressure to ease the shortage but also to make sure they have enough masks for their workers so they can continue to make what they always make. burberry said its demand in greater china has been affected. 24 out of 64 stores in mainland china is closed. foot traffic is looking really low in some stores that were

open with stores with limited hours. the company said as of now, the spending looks as though it is holding up they expect that to change now that so many companies have put in restrictions from chinese nationals from spreading >> parent companies of names like coach, michael kors giving outnumbers too burberry doing the same there. thank you for continuing to follow this one for us when we come back, can wall street make it five in a row that's the question we'll ask our next guest futures are lower by about 97 points shares expected to surge at the open plenty of question marks about growth in 2020 >> and the bull case for casper

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beautiful. look at that shot of chicago there. snowy morning. let's get a check on some of the stocks on the move today shares of pintrest soaring revenue jumping 46%.

beating estimates for average revenue per user and gave a bullish forecast for 2020. shares higher on 17% aurora cannabis shares dropping as the ceo steps down. booth will stay on as a board member and advisor shares down 14% on that news shares of myriad genetics after the ceo resigned reporti reporting second profit and revenue that missed forecast that said it was primarily due to prenatal testing. straight ahead, you'll never guess where paul singer is investing more than

$2.5 million the stock is up 7% on the news >> and tesla is doing some damage to young veorinsts interested in apple. stay tuned r with a world-class software experience. we ended up creating, as you all know, so much more. peloton is truly a category of one and we're just getting started. now, let's do this. together, we are going further than we ever thought possible. rowithout the commission fees and account minimums. so, you can start investing wherever you are -

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♪ ♪ ♪ ♪ ♪ stock futures pointing to a lower open nasdaq lower by 48 and s&p 500

lower by 13. seeing this possible five-day win streak in jeopardy as asia caps one of the worse weeks in nine months. joining me now, patrick armstrong. good morning thank you for being here last friday, we saw the stock market in the u.s. really take a tumble then we had this nice winning streak here we are indicated towards a lower open >> i think corona really hurt the markets. you've seen copper prices hit really hard. i think the market reassessed the overall developed market outlook. most likely, we are not going to have significant impact if coronavirus stays around the similar levels the path of least resistance is

higher that policy is going to continue there still is economic growth the market may be overreacting we have not changes our position around corona yet. >> we have a long way to go until november 2020 thinking about this u.s. election we are starting to get early results. we know the iowa caucus was a bit of a mess. does any of that figure into the calculus that make they are thinking more about the democratic front runner, if there is one >> maybe a little bit. i wouldn't draw too many conclusions. democratic candidates, it looks like bernie sanders, buttigieg,

biden are all in with a shout. market is more worried about sanders and warren with health care stocks, we think rhetoric will be stronger than policy change the senate will likely continue. we don't think there will be the extreme reforms. i wouldn't draw any connections to u.s. health care. >> still a clouded outlook we've been talking a lot about energy and how it is an outof favor sector global economic growth looks like it is slowing what do you make of winners if energy isn't one of them

>> we've been selling our energy company. we've been buying this year. vestas wind does wind turbines i think the stock prices just as importantly benefitting there. companies have esg foundations seeing investor demand they really want to have that esg backing right now. these are companies that are growing. they are not cheap we think the favorable tail wind and demand will power these ahead. versus oil and gas it is hard to see much upside. >> when it comes to some hedging, what do you think is the best way to play it right

now? in the global asset, we have 6% to 7% in gold. the platinum that link to gold and palladium prices have hit $23 an ounce platinum still below $1,000 an ounce. looking at $1,400 an ounce right now. a lot in production of autos but there will be a shift away from palladium to platinum >> interesting look. thank you very much, patrick armstrong. straight ahead, uber shares are shifting into overdrive.

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. markets potentially falling short. losses could change with the january jobs report. expecting those numbers. casper investors resting easier as the stock ends the first trading day higher

the second half of "worldwide exchange" starts now ♪ welcome back here is how stock futures are looking. half way through the 5:00 a.m. hour the dow jones pointing to a lower open to the tune of about 119 points s&p down by 11 and the nasdaq off by 40 points as of that selloff we logged in a number of gains thursday, friday, we'll see what happens. we'll get a look in the meantime to other top stories we are following with frank holland

>> we are following breaking news that credit suisse ceo is stepping down. he'll be replaced by the man who currently runs the swiss unit. following the conclusion of the spy scandal. they found zero evidence that thiam was aware but he is still stepping down. paul singer's hedge fund has taken $2.5 million stake of softbank adding that they are pushing to repurchase $10 to $20 billion in stock. a recent runup on tesla stock. the company surpassed apple as the number one holding the top stock in the past six

trading days has been a roller coaster week with shares up 15% i think we'll see more of the elon musk dancing video. >> it has been quite a week. thank you, frank set to get the latest read on employment picture in this country with the release of job's report 158,000 jobs are expected to be added and unemployment rate is expected to hold at 3.5% the jobs added number would be a dip of the increase of 176,000 an increase on average of 223,000 in 2018. that drop would come as we move closer to the election in november joining me, andy green, and senior fellow, mati dupler

andy, i'll start with you. the average monthly gains are falling over time. and that is to be expected >> the key here is that we do have a slowing economy in particular, we have had problems in the u.s. they've been quite poor overall slowing to very poor levels. continues to chug along. gains are going to the top as gains of the s&p 500 are record

highs. working families are not seeing their benefit in terms of wages and earnings >> as we look forward to 2020, we think about the economy and what that means for the incumbent president. the economy has started to slow. on iowa with the caucus. what do you make of the picture and what it means for the election picture going forward >> it is a vision problem democrats have there are competing visions that democrats are trying to sell it is a hard sell. yes, over the last half of last year, that may not be the case anymore. there may be an expansion for

the first time since july. indicating we had a higher surprise to the upside with 291,000 jobs added i think we'll see a strong jobs number and that will bolster the trump campaign it is true we may see fewer jobs added because the labor market continues to tighten what we should be looking at is heading into this summer around july and june is when people's opinions start to crystallize ahead of an election the trump campaign has a lot here to continue to harold strong economic data americans are feeling it americans feel better off now about their finances

74% thinks they'll feel even better next year, which is the highest we'll have on record the president will continue to emphasize that as they move closer to the election how are democrats going to go up against that why would choosing a democratic president be better for this country? >> the overwhelming gdp in this country votes in places that are blue and democrats have been winning those votes for a long time national numbers are looking good says as much about democratic governmenters and policies where you see minimum wages go up and other proworker -- that does about

places that will be the swing states were people will continue to struggle. this gets to my second point which is everything donald trump has been doing is to make the economy work this is in spite of what he's been doing, providing massive tax cuts that do not benefit working families but go to the very top all of these things when democrats are not talking about each other but turn the messaging fire fully on to the facts and president trump, he will start to see that narrative move dramatically. >> much more to talk about here. we have a busy show. please come back and join us

soon uber shares are higher the company is facing a key 0 profitability goal stock is higher by almost 8% but down 12% making going public making a come back. joining us on the line, he rates the stock with a $40 price argue et th what else did you have to make on the call? >> caller: it was an interesting call a lot was shared management added more guidance there was a lot of numbers shared on a lot of guidance. they first shared that they would 5:0 celebrate that goal in

terms of reaching it by this year, stocks shot up after hours. then they explained how they would get there. they are going to sacrifice short term results to get there. we've seen those stocks move back up to that level. >> how much of uber eats plays into getting to that if you are looking at the different businesses >> caller: it does it has been the growth engine for thecompany the last little bit here off about 70%. that seems to be the big number moving forward the questions over the last 12 months, is uber eats a good business that's the same question we were asking about ride sharing 12 to 18 months ago. they are applying a lot of the same playbook. but about 12 to 18 months behind

where that ride sharing business is i think there is a clear path forward to drive eats to profitability. we've seen ride sharing flex start taking place we have to be more patient >> does it sound like you have to be more patient through early quarter this year? >> caller: it is definitely g going to be choppy one thing we've seen them announce, they've said they want to be number one or two for whatever market, both ride sharing and eats they divested out of uber eats india. >> thank you for joining us here in morning i'm sure you'll be busy today following that reactioning

>> coming up later today, don't misinterpreter view with uber ceo on "squawk box" at 7:00 eastern. tune in. president trump just tweeting, this is what it says, quote, just had a long and very good conversation by phone with president xi of china. he is strong, sharp and power fully focused on leading the attack of the coronavirus. he feels they are doing very well nothing is easy but they are being successful as the virus starts to warm great discipline taking place as president xi leads what will be a successful operation we are working closely with china to help. coming up, casper's decision to cut their pricing

>> this doesn't stray us from the long-term focus. coming up, vice president mike pence at 10:30 a.m. eastern. orwi ehae"s ckn "wlddexcng iba i a moment my biggest fear was losing my independence. mmm... good. so i've spent my life developing technology to help the visually impaired. we are so good. we built a guide that uses ibm watson... to help the blind. it is already working in cities like tokyo. my dream is to help millions more people like me.

doprevagen is the number oneild mempharmacist-recommendeding? it is already working in cities like tokyo. memory support brand. you can find it in the vitamin aisle in stores everywhere. prevagen. healthier brain. better life. casper investors may be resting easy closing up more than 12% after pricing at the bottom of an already lower price exchange good morning, brad purcha were you surprised to see that appetite of investors on the first day after you saw that price lowered

>> caller: i'm not surprised they are a great brand, they make a great profit. there have been questions around the profitability of course. one of these companies they've focused on some of that maybe seems to be slowing. not so much of the consumer interest do you think in the long run, casper has an opportunity to be an investable company. we think that opportunity still exists when you consider the strengths and weaknesses here, we've been a great brand. casper consistently shows up on

page 1 their product ranks very highly in surveys like consumer reports. we think they are still in early innings. if you look back, companies like temperpedic got started with one item if you look at companies like purple, they've started to hid stride there is still an opportunity for casper >> what do you think this means for other direct to consumer companies. does this give them more confidence that an ipo could be okay >> that's a great question our massage has been that you need to have a business model

that stands on its own two feet. that is really a channel, not a business strategy. the good news is that initiatives like opening up more stores, partnering with retailers has proven to be an effective strategy in the return for these brands but you've got to execute and have a path to generate the most successful strategy >> thank you for joining us. we'll see what happens on day two. thank you. on deck,ing resurgence of american manufacturing the rebound furniture makers are building you can always watch or listen to us live or on the go on the cnbc app "wlddexcng worwi ehae"ill be

back in just a moment. when it comes to your business internet, which is more important? ♪ ♪ okay, i wish i didn't have to choose. like the more i think about it, the more i want to jump to each room. what if i said you can have it all? ♪ ♪ comcast business gives you connectivity that goes beyond. that's what we want! that's speed, reliability, and security, all from one provider. touchdown! get started with internet and voice for an amazing price. call today. comcast business. beyond fast.

a look at washington, d.c. this morning the headlines you will need in 60 seconds cnbc has learned spacex is considering spinning off the star link satellite business providing high-speed internet to anywhere in the world. musk said the company could bring in $30 billion a year. >> shares of viacom cbs is working on streaming assets. the company is looking to build on the all access platform by

combining with viacom including plutotv and others goldman sach is reporting to reuters they will raise in the buy outfund. shares down marginally the number of american workers in furniture manufacturing manufacturing has been cut in half one town faces a new unexpected problem. here with a more unique design >> we traveled to hickory, north

carolina when the recession hit, unemployment spikes to nearly 16%. now with a come back, they have a new problem on its hands not enough stilled workers >> it is competitive because we are all fighting for the same pool of workers. there is not a large pool that want to come work here there is still the thought process that manufacturers are not stable in the furniture industry because it has had its highs and lows the furniture industry is extremely stable >> bessette furniture and others are turning to the furniture academy to fill that void. a public-private partnership with companies and area community college. students study for nine months

in a discipline and when they graduate, they are guaranteed a job at one of the companies. since it began, more than 300 students graduated manual is studying manual cutting. he left a job in retail and moved across the state for ru is, the promise of a job and $30 an hour provides for a better life. >> provides everything we need and even take vacations now and then >> bassett furniture expresses concern about the coronavirus. and sellers that import and will now need to buy doe messicly also hickory, north carolina, my

producer's home town >> why has this come back? >> so certain parts have come back bassett said it is all about customer demand. waiting for custom, imported up ultry just takes too long. >> it does take forever. i know from personal experience. what is the pay like the one gentleman says he makes about $30 an hour. >> someone with more skills will reach that level going through the academy will start you higher starting at $15 an hour and opportunities to move up they want the message out there that this is a stable job.

>> it sounds like he moved from across the state to take this job. is there a pool of available workers or are they pulling him in >> this is this public/private partnership. there is not a huge pool of labor. only 300 graduates so far. they are in demand there is more talent there than had been because everybody left. they have a new younger pool of talent, which is key >> really interesting stuff. thank you so much. we'll stick with the u.s. employment, joining me now, the chief u.s. economist talking about this slim sector of the manufacturing economy i can't imagine you expect a big resurgence in this area?

>> no. but i love that story. something we've heard some about. this is a different conversation from what i'm here for but it begs the question of university and do kids need to go to university and take on this debt in terms of the labor market today, we like where we are. the labor market remains incredibly tight and will grow tighter. whether we think about 2020, it is easy to make the case that it will be a solid year thanks in part to tight labor markets. do you think you'll see a stronger growth than 2.3% for the american economy >> i think that's a bit too high but nevertheless right around 2% growth if you back in with simple math,

your starting point if the consumer is about 70% output, that is kind of your floor or starting point it is roughly getting to 2% growth for the start of the year >> what is your outlook? >> we are looking for 150,000 jobs we would temper expectations a catch up thing going on. sort of an exhaustion going on speaking to someone with a

construction view in the back drop you need to know where is it relative to break even at what point does the unemployment rate continue to go down pressure. anything north of 100,000 jobs is a good outcome. >> a very interesting point and way to look at that. thinking about growth, we are talking about the coronavirus here and overseas. it seems relatively contained. we have not seen near an outbreak a number of firms are saying, look, this will be worse than sars what do you think here we are in this feel good environment. the consumer confidence number

came out yesterday this reporting was out through february 2, a few days ago that drives home where the consumer's head is at. if you look at google trends and the search on the coronavirus, the peek was also a week ago from that point until today, it has fallen it is easy and reasonable to make the claim that you may have seen the worst it was only worth less than a point. >> from the u.s. perspective >> there could be disruptions to the supply chain we came through that relevant enoughly unscathed there was pressure and, look, we've been telling people to temper expectations. a lot of pressure emanating out

of the trade front we think that will be another factor overall >> thank you for being here today on this job's friday it has been a busy 2020 so far >> thank you for joining us this morning. futures are pointing to a lower open "squawk box" begins right now. good morning, uber shares they are jumping after the company said it would reach a key profitability goal sooner than expected. breaking overnight, the ceo of credit suisse resigns the countdown is on. january jobs numbers coming in at 8:30 a.m. eastern we have predictions straight ahead. friday, february 7, 2020 "squawk box" begins right now.

good morning got a big show today i'm andrew ross skorkin. joe and becky will be joining us shortly from pebble beach. ceos of so much. we want to take a look at the markets. we are in the read. >> all of this will likely