final check on the markets without getting in your way. futures pointing to a record ♪ ♪ high at the open for the dow this morning you're looking at the dow up by 141 points, s&p 500 up about 14 and when you open a new brokerage account, points join us tomorrow "squawk on the street" begins right now. your cash is automatically invested at a great rate. ♪ that's why fidelity leads the industry in value while our competition continues to talk. ♪ talk, talk >> welcome to "squawk on the street." i'm carl quintanilla with jim cramer and david faber at new york stock exchange. dow futures up 130 looking for a record open, reflecting hope the welcome back to "squawk on novel coronavirus spread is the street." i sat down with the u.s. army peaking as the number of new daily cases falls to the lowest secretary ryan mccarthy for a since january. got powell on the hill, day two rare interview at the exchange yesterday. we talked about the white today. europe is a relatively green, house's fiscal 2021 budget oil sup, even as opec cuts its proposal coronavirus response efforts and the latest on the pentagon's demand forecast for a sixth jedi cloud contact and even the time our road map begins with the new army's investments in tech were discussed. take a listen. hampshire squeaker, sanders narrowly beating buttigieg with >> combat is all about speed we've got to be faster than your opponent amy choklobuchar close behind you have to make decisions

faster, put lead on the target the rally rolls on, faster the technologies you mentioned investors watching the impact of will ultimately be able to bring course of the coronavirus amid all of our weapons systems signs the new reported cases could be slowing down. together collectively and make a decision faster and prosecute a and softbank profits plunge target all of that is foundationally wiped out by vision fund losses. under the cloud architecture we'll get to that as well. the race for the democratic we've got to get to the cloud as presidential nomination, bernie quickly as possible. sanders winning last night's new that will bring the synergies hampshire primary by a minimal with all of the capabilities we've been talking about all amount together quickly, prosecute a he finishes with 26% and former target, and win the engagement south bend, indiana, mayor pete buttigieg. senator amy klobuchar surprise so the artificial intelligence third place finish, tops warren is like a craze right now with everybody talking about it can't get there without the and biden. cloud. >> i wonder what you think of sanders ramped up his attacks on all of the m & a and deal making we've seen in aerospace and billionaires >> at this point in the campaign defense in general in the last couple years does all the consolidation we are taking on billionaires concern you? >> it does and it is why we went and candidates funded by through the process of restructuring the army to create billionaires a modernization organization to get these nontraditional players to come forward and work with but we are going to win because us we need to get more energy from we have the agenda that speaks the silicon places and other to the needs of working people places where there are the best

throughout this country. engineering minds in the health care is a human right, country. we're doing that not a privilege. who would have thought microsoft would be helping us develop a good wednesday morning welcome back to "squawk on the street." synthetic training night vision sara eisen is on assignment. goggle they are the microsoft office teches right you'll see her later today they help us with our e-mail sitting down with the managing director of the imf and ivanka but very different very exciting. trump on the one-year anniversary of the women's the quaelt wealthy and powerful global development and they've proven to be a very good partner so far start paying their fair share of prosperity initiative. up 240 on the dow. >> with coronavirus cases taxes. >> this morning biden in the passing 45,000 the army has been single digits, jim above 29,500 and all three on if to the degree the markets helping out where it can pace for the best month since watching this and trading off of june we start with the new this, is it feeding the notion >> we have installations we've hampshire squeaker sanders would be easy to beat. sanders, buttigieg, and offered up that if we needed to klobuchar in a tight primary quarantine people that have been >> lloyd blankfein's defining finish why it matters for wall street exposed to the virus we can put them there and help treat them >> amazon's d.c. scrutiny facing and obviously that is an opportunity for us to learn tweet. if i'm russian i go with sanders antitrust and regulatory head this time around about the virus and start winds. amazon's chief of global sharing lessons learned. lloyd does represent wall corporate affairs jay carney street will join us this hour this is where the army's he's retired >> got too much time on his >> what the sprint, t-mobile research and development hands clearly. deal means for the future of 5g. command, we do tremendous work with the cdc >> he does have a little time on we are the ones responding to the commissioner is going to join us exclusively in a few sars, ebola. the u.s. army is built for this. his hands. good for him >> he's a young man. minutes. the 2020 democrats turn should probably figure something their attention to nevada and we are putting solutions

else out south carolina now after bernie together and teeing them up to i heard for a little bit he was sanders' victory in the new hampshire primary. toying with the idea of running for mayor. secretary esper and the not going to work. president and when we're called >> this is a serious putin we'll go there for more. good morning up we'll be locked and loaded to respond. as of right now it is just >> reporter: good morning, carl. endorsement. look i think the market will be there are 90 more delegates up helping get the individuals up because sanders won for grabs in those two states as exposed and treating candidates try to move toward the nearly 2,000 delegates they >> what are your expectations people don't think sanders will need to become the party nominee for coronavirus? be effective against trump later this summer. >> we don't know enough. >> it is early days. after new hampshire's results, i was in southeast asia week >> early thesis? pete buttigieg currently leads before last, thailand, >> take a look at the delegate the delegate count with 23 philippines, korea, and i kept that's two more than bernie asking everywhere we went, and count and what is coming michael bloomberg is yet to sanders according to nbc news. they didn't even know that much. really enter the race in terms elizabeth warren, amy klobuchar, so we're working with our allies of people being able to vote for and joe biden each have fewer in the region to give us as much than 10 delegates. information as they can. him. amy klobuchar moving up that is split among the candidates and the results in obviously we have thousands of iowa and new hampshire highlight traumtcally in new hampshire >> don't you think that's just how ambivalent democratic people deployed. we're watching it very closely important? voters are to back one candidate right now it's just how much or one ideology at this point in more information can you pull sanders/klobuchar ticket >> yes, i mean listen, there's out of china to help us? the race because we can help them no doubt bernie sanders will be take, for instance, sanders' we're very good at this. with us this entire it would base here in new hampshire according to exit polls, that >> yeah. senator tom cotton has alleged seem for the entirety of the primary season and and could end base, voters under 30 years old and actually repeated it again on cnbc this week that china's making less than $50,000, whose misled the public on the origins top issue is income inequality, up as the nominee. of the virus whose top policy priorities are it is even suggested that it premature that will be the case. health care and free college, could have originated in a lab >> he comes out health care for and who made their minds up to link to china's biowarfare all and united health is biggest back sanders long ago.

on the other side you have program. is this something, is this a stock premarket. >> he's always been saying that. buttigieg backers, who were theory that is shared or being he's been consistent which is why his followers stay with him. investigated or looked at? >> i heard it on tv. older, earning more than $100,000, focused on foreign policy and climate change, and i'm not aware of that. undecided until recent days here >> okay. it was a wide ranging interview. always said it's a human right in the granite state the interview in its entirety health care. the other candidate who got the >> joe biden was the only guy in should be available on cnbc.com lion's share of the last-minute this race who is saying decision makers, minnesota a bit later today. senator amy klobuchar, with in the meantime as i mentioned universal health care, health nearly 20% support the white house did release that insurance for all. and how is he doing? budget proposal for fiscal 2021 earlier this week. in terms of the defense budget >> and tonight in new hampshire, that's being proposed, largely >> not too well. as everyone had counted us out, >> he left for south carolina. flat year on year versus what >> the complexion oftilly. even a week ago, thank you, was allocated in 2020. it is still early. for the army specifically, the pundits. i came back and we delivered >> if sanders gets the army is requesting $178 billion. nomination does the market at about $13 billion re-aligned any point up until the election have to reckon with say tight >> reporter: at this point every away from legacy programs toward campaign is trying to find new future priorities. polling where the chances of sources of momentum for this one of the biggest to watch in him, you know, becoming next leg of the race as they try the coming weeks is future president or not, they're not to expand their appeal beyond vertical lift with one of those nonzero -- >> no, they're not zero but we those core demographics. the next three weeks, guys, will have to start talking about, be very critical to see whether competitions, names like boeing and lockheed going to be in hate him or like him, trump focus there. >> speaking of boeing, boeing they can >> kayla, is the expectation moves the market and unh account for about half secretary mnuchin moves the of the dow's gain this morning after the primary in new market hampshire last night and also when we come back amazon's jay larry kudlow moves the market. given what we saw in terms of

sanders could move the market, all the confusion with iowa last carney a lot of buzz surrounding his too, but not in the direction week that we are going to still op-ed about amazon's wages and bernie sanders ♪ you want, well, i want see at this point in time some >> yes more candidates potentially drop >> who does sanders look out, or is it still anybody's >> that's a fair point races specially when we see >> who are the great socialists someone like senator klobuchar of all-time? >> i -- who are the great pull into a more dominant socialists >> he's a socialist. position >> reporter: i think it depends, >> yes, he is. one, on money. it also depends on their day >> one would imagine he is not ♪ good for the markets >> that's the point. jobs people like vice president joe >> a lot of his plan involved biden who are full-time campaigners don't have an some sort of tax on trades elected office to return to at this point, they say it is just beginning. they are just getting started. the hope is that they will be able to raise more money to that >> you don't see any effort brian schwartz at cnbc.com has millionaires anywhere. you know why because he's a millionaire some reporting that overnight >> there's an op-ed piece some biden donors are ironically on bloomberg argues questioning whether they need to be funneling money to other he'd be good for the stock market sanders because he would candidates but it is still a little early for those decisions amplify the deficits already to be made we did see andrew yang and bullying the markets senator michael bennett both drop out of the race overnight forgives student debt gives and there are reports duval recent graduates more money to spend. patrick will drop out later >> a socialist would today, too >> kayla, thanks so much kayla tausche in new hampshire expropriate, make it so that if ♪ - [spokesman] if you've tried colleg(group cheering)shed, you think you look at your we got a fresh record for the snhu lets you transfer up to 90 credits

balance sheet, it's not what you dow and s&p at the open think it is. toward you bachelor's degree. >> yes following sanders' primary win - [woman] it doesn't matter how old you are, >> do you think you'd in new hampshire last night. then there was the former you can do it, you can finish. expropriate your apartment goldman chief weighing in on expropriate your home? - [spokesman] finish your degree at snhu.edu twitter following that result >> to the extent we talk about saying that sanders will, quote, the economy and the markets, ruin the economy clearly the idea of bernie with us this morning for more, sanders being the nominee for morgan stanley investment's the democratic party as most people believe trump would win another four years i'm getting that reaction in the andrew slimmin and conductor of market >> are you saying it's too early to believe that? >> i think it is, yeah research, brian gardner. what is important in your mind i think it is. now with iowa and new hampshire >> he's got california under our belts? >> that we have winnowed the apparently locked up who has california locked up field a little bit more. othroughout the country for the past twelve years, mr. michael bloomberg is here. >> people say sanders has an the report about the field vo: leadership in action. unbelievable organization in mayor bloomberg and president obama worked together narrow's from kayla, i think it california is narrowing pretty rapidly. california is early >> i'm aware super tuesday in the fight for gun safety laws, we're going to be down to three >> we could be over super or four candidates to improve education, and to develop innovative ways to help the top three last night and tuesday. >> i think it's 40% of the kel teens gain the skills needed to find good jobs. michael bloomberg and whether gatt they want to acknowledge it or delegates. obama: at a time when washington is divided in then we can have a conversation. not senator warren and joe biden >> i think this action today in are on life support. old ideological battles he shows us what can be achieved when i don't see a realistic path the hottest group right now looks like it's going to be forward for either one of them we bring people together to seek pragmatic solutions. health care, which is a we're kind of down to four repudiation of everything that candidates and they're going to sanders stands for bloomberg: i'm mike bloomberg and i approve this message. battle it out over the next i think that's the way to look couple of weeks. >> is it surprising to you that at it. >> maybe reflects warren's the market is not reacting more

collapse, combined warren/biden negatively to sanders? or is there just too much else vote in new hampshire from iowa going on is down 10%. causal reduction is not a good >> right, but sanders is, i mean thing. sanders is one of the two people >> no i'm not that surprised make it so there is no united because i don't think the market health she wants to wipe -- he would takes his candidacy seriously, the prospect of him winning eliminate you nilted health, take it out of the dow seriously. there is a gallup poll out >> i'm aware you come to buttigieg and welcome back everybody showing that 60% of voters think here is your cnbc news update at klobuchar's vote total, add in they are better off today than this hour. china reporting another drop in blamberg and/or biden and the four years ago, a plus 24-point new coronavirus cases today but moderates so to speak outpacing swing in trump's favor aboard the quarantined cruise the far left in that kind of environment, and i think investors just kind of ship "diamond princess" there was a surge of new infections. intuitively understand this, >> you're right about that they think that trump -- the 40 more people were diagnosed base case is that trump is going including seven americans. to win that brings the total to 175 sanders or no sanders. actually they probably think sanders is the weakest of the pope francis has dismissed a klobuchar represents what we four democrats that are kind of proposal to ordain married men thought biden would represent. left in the race in the amazon region to address have you been listening to her she's on xm. a shortage of priests there. i don't talk about my politics, >> andrew, the same question to the issue had become a flash you whether it is this presid t point between progressives looking for change and some but she represents something that would not send the market down she doesn't. conservatives who have used the she would not send the market presidential election or the debate over priestly celibacy to heighten opposition to the pope. down a fire inside an exxon mobil

i don't want to say pro sts not. refinery lit up the sky around coronavirus concerns, what is driving it >> you've had negatives that hit baton rouge, louisiana last the market night. local fire officials say they coronavirus caused a 3.5% were able to contain the blaze who knows where liloyd is going before it spread and it is now to go. >> people reminding us that in extinguished no injuries have been reported decline peak to trough that is not much and new york's madison november of '09 he apologized a radical candidate won the square garden went to the dogs first two primaries and the market is hitting an all time last night for the role in the subprime the westminster dog show high i think you have to take a step narrowed down a field of more back and ask what is going on? crisis and onemdb and libya. than 2600 dogs to seven group he said "we participated in the market whistling by the grave yard i think the answer is that we're things that were clearly wrong winners. the best in show went to that and have reasons to regret." seeing a classic case of a >> he should take up being a beautiful dog, a standard disc jockey. poodle she is the fifth standard poodle >> goldman is like will you stop capitulation year where people were too bearish last year and to take the top honor but the first since 1991 with the tweets? >> what is it, like i think they are taking advantage of lloyd -- >> can he do whatever he wants every pullback to reverse their as i like to say, it's all about private citizen, entitleed to direction and get in the hair his opinion without a doubt and that is mitigating the pullbacks that's some hair cut on that dog. >> that is a lot of hair sharing it must take a while to brush that plenty of people might disagree are the bad news hitting the out. with him in terms of the markets. so i think this is all about the >> i think it does, guys back to you. russians >> he could have said the reversal of last year's overly >> they're all gorgeous, sue chinese, the hackers, cyber arcs bearish opinions by people thank you very much. shares of amazon trading down ten, hackers not so great near an all time intraday high >> andrew, we're seeing that >> but yeah, i think he's got to even as the dollar has rallied but the tech giant facing increasing scrutiny. find some productive things to in recent days, in recent weeks. yesterday the ftc called on the company and other big tech firms do >> david, that's insulting. that stronger dollar, is that to turn over decades of here to stay >> no, it's not. how much of a risk, how much of acquisition information and of >> frank lund said having the course 15 senators including a drag could that be on earnings

sanders and warren penned a wealthy complain about say in this year? >> i think that is a great letter calling on the company to this case sanders, it's not a change its culture, quote, point. look, i think the opportunity good look, just as warren used right now in the market is to amazon's dismal safety record lee cooperman on our air to her indicates a greater concern for advantage. profits than for your own >> oh, my. geez, it was awful fade the stocks that have all workers' safety and health joining us to respond cognize a rallied on this perceived global >> from that day on she did nothing but go down in the weakness that is going to cause polls. >> that was her high water mark. by whether it's the boeing press secretary jay carney wrote >> maybe no connection at all? strike or the coronavirus, and >> no, no, i think that was a an op-ed a to go back into the value areas time when senator sanders that have really under performed praised amazon jay, always good to have you screed, the attack on someone good morning and thanks for since mid december but i notice joining us giving a lot of money away >> good morning, carl. didn't resonate. some of the banks are starting thanks for having me >> that was a moment to break out again >> so why write an op-ed i don't know if it mattered or i think the point is that the not, maybe when they unveiled basically extolling the virtues her health care plan economy -- i still think the of a $15 minimum wage? economy is going to surprise on >> she sold mugs to hold >> for a couple of reasons billionaire tears on her the up side this year albeit, it might temporarily look weak in primarily because amazon has been a subject in political website. >> today the ftc is against all the first quarter, and i think debate, in the campaign the faang stocks the opportunity set is more in especially on the democratic the value areas, the industrious side of late, and we welcome the she was early on anti-faang. financials that have traded off attention. we welcome the scrutiny. on this immediate negative news. but we also want to make sure >> those are wert a lot if you that those who are paying ask get that >> steyer was at goldman with >> one market watcher i followed attention to that part of the me this morning said the best bear he's a billionaire debate understand what amazon what does he get, how much did case he can think of right now really is and what we're about one of the things i wrote in he get, 3% is that powell doesn't follow >> what he did get in new that column is that phrases like through on expectationhoe. big tech and the tech industry, hampshire? >> really? double what i thought i'd get. they obscure more than they

>> prepared to talk more about that is one reason some say the enlighten. i mean, you guys know at cnbc market got dinged in the latter how different we are as a half of the session. politil in south carolina. what are the politics right now company from some of our, quote behind a fed cut in an election worries about the unquote, big tech peers. coronavirus outbreak continue to ease, china reports its lowest year >> i think for the fed it is our primary business is to just steady as she goes. number of new cases since store, pick, pack, and deliver january 31st i mean, i think powell has been the death toll has risen to over billions of physical goods that requires enormous 1,100 people infrastructure and enormous oil opec lowers its 2020 demand attune to what the president is saying but trying to keep his amount of employment forecast cites the outbreak as a distance i think he'll play it right down that is very different from major factor behind its trading in bits of data. the middle, not get drawn into we don't offer a service free of decision, jim, but we were doing charge in exchange for your data 3,000 new cases a day, now doing the election, but not carry that we then monetize. a little over a thousand that is very different from some water for the president. other business models. i see the fed staying fairly the focus of that piece was, you >> people talking about how apolitical in their traditional know, that moment when bernie sanders, a senator from vermont, they're treating agrgressively role, not pumping up the champion of workers' rights, called me to congratulate amazon economy, not hurting the president's chances. on raising our minimum wage to early on you know the" wester dam jay powell wants to maintain $15 an hour. that puts us well ahead of our some level of independence or the appearance of independence competitors in the retail >> it's cairnal views carnival p industry coupled with enormously for the fed. so i think he is trying to >> there is no coronavirus on maintain a posture of positive health care and maternity leave benefits independence and neutrality as >> right and they won't let the ship best he can. >> that nobody else among our sometimes it comes across as stay wall street they upgraded las competitors can match. being a little bit more hawkish

vegas sands and wynn as well as a huge investment in i think they're early. than he would be otherwise upscaling. but i think he is trying to >> all right so then why not just pay the i think you are upgrading las protect the fed. wage and go about your business? vegas sands and wynn is an >> is that your take as well why try to convince others to do >> yeah. so aggressive thing when you have articles on the front page how i think the negative, the because, jay, the response is, biggest negative for the stock people are still getting it and market this year in my opinion oh, amazon's big enough they can will come in the second half of afford it. and they want to crush rivals spreading. the year if the economy shows a cowan every day has an who perhaps can afford it less optimistic thing to say. >> well, i think some of the lot of strength. will the stock market start to do you feel optimistic rivals we're talking about are awfully big. >> j&j has a release out today, worry not about a fed cut, a fed in fact, much bigger than we are. it is often misunderstood that going to talk to hhs about reversal after the election and amazon is not even the biggest discount that in advance accelerating develop of a vaccine retailer in the united states. >> that is real. that, to me, is the biggest moderna they did the $500 negative for the stock market, walmart is by almost two and a million equity offering at 19, but that's not now half times the size of amazon. looking good it's the vaccine that is the that'll come later in the year and we believe that $15 an hour hope, the pill, no no one seems to have the pill. >> all right, guys as a lot of progressives believe the vaccine is still very a long way to go but things are definitely getting interesting is the minimum anybody in the difficult to say it's going to be before a year now. andrew, brian, thanks, guys. united states should be paid for >> thanks, carl. an hour of labor you know that doesn't buy very well, coming up take a look much at shares of sprint and by setting our minimum as we did when it comes back it won't be t-mobile this is today. part of the, what comes back of course, one day after the in november of 2018 at $15 an hour we drove wage increases not which would be great just within amazon but across apple is the barometer for judge green lighted a deal in which the two will get together the country. everywhere we invest and we or t-mobile essentially buying offer that minimum, in many china. apple flies that means the china sprint just what will that all mean for trade is on. i'm uncomfortable because i 5g we'll ask the fcc commissioner regions of the country the minimum is above 15 for us, that

don't trust the chinese to next as we head to break here is a helps workers around the region. necessarily give me the most look at the top stocks in the accurate figures s&p. they let the w.h.o. in, which was good it helps drive activity in the they won't let the cdc in. woman: what does the word "partner" really mean? economy that again produces more >> there is a narrative, you got someone i can trust. to set the human toll aside, growth (impact, click) >> i get the case for $15 that's important, but if the who is with me for the long-term. minimum wage disruption in production is not and also why you wrote the op-ed but it came on the heels of this that intense plus you get the not only livelihoods. letter from 13 members of the response of stimulus from the u.s. senate who weren't talking chinese, do you wind up ahead of that in order to help people, i need more than products, about minimum wage but safety record and looking for a where you would have been response from amazon i need quality support and insights. that wasn't exactly addressed in otherwise? >> you're like in stratosphere, the op-ed. that's true. can i find someone who partners with me how would you address that now the stimulus in japan is >> well, the op-ed was written to achieve people's long-term success? before the letter. incredible, plus by the way with capital group, i can. but, look. one of the things i say in the there's an undercurrent, a lot talk to your advisor or consultant for investment risks and information. op-ed is we're a big of chinese pass-arounds, say you institution, a large company like all big institutions we can sell stocks. should be scrutinized and our all you have to do is register job -- i run both public with the government as a seller. relations and public policy, platform in the cloud age. which means our conversations huh. >> you underestimate the impact when we started datadog nine years ago, with governments -- is to make on the chinese economy our mission was to break down silos and bring teams together. sure we pass that scrutiny with >> i've been saying 1% to 2% flying colors. nearly 9,000 of the world's most innovative companies rely so we'll engage as we have with how am i underestimating members of congress on this >> for q1 growth on our platform daily to run their business and delight issue. the facts as anybody who studies >> one to two. their own customers. >> one is aggressive we see a massive opportunity in the years to come, not that you ever get that injury reports understands is and as we celebrate today's milestone, that across the country injuries no >> you can have negative growth. we are even more excited about the future.

>> a lot of people are coming are woefully under reported. back to work that was true at amazon a number it's just that it's spotty congratulations datadog. i mean, i had columbia of years ago and then we changed yesterday, colm, they have a lot the way we report injuries of product >> they do what did they say? that spiked the numbers for us >> it's spotty some factories are up, some we report well above what is factories aren't required by osha but we did it because we wanted >> jpmorgan had a chart last the data we wanted to know exactly what night of rush hour traffic in was happening so we could invest accordingly to improve the working additions for our workers. we are putting in another $300 ga gangzh gua million this year on safety guangzhou. it's coming up a little bit. products to do just that >> i ordered 3 m and must have we welcomed the letter pressed the wrong button, i have 13 united states senators, 12 boxes incredibly important people, they all know that our i feel horrible, giving away the fulfillment centers, our masks for halloween. >> can i have a few? warehouses are open to public >> okay, sure. tours. we've invited every member of i got some congress to come have a look for themselves at the working >> more for the go bag, ever since 9/11 you have to have one of those oh, thank you. conditions, far less than a >> no problem. majority of those senators have ever visited one >> these are not m95s. we would love to have all of these are just -- them come. >> jay, on jedi, is it really >> they weren't ready with your calculation that you're those. going to get to depose the president? eunice yoon wears one. >> yeah but she's in beijing >> well, that's for lawyers and >> bingo courts to decide

it is very important to us that >> always prepared, jim. >> always. always >> by the way, a reminder, don't a legal, full legal review take place to examine what we believe miss the special report tonight was blatant political on the coronavirus, outbreak, interference that took place in tonight at 7:00 p.m. eastern this process, that affected the time here on cnbc. there's a lot to get to this decision that was made and that's because on the merits morning. we'll get cramer's mod dash, we believe and the case will opening bell, shopify, lyft. contend that as a -- there were >> oh, david flaws in the decision making david, you're scaring, you're on process, as you know, again, it's a pleasure to talk to folks "the wester dam. who know this business it's not a bank robbery. it's a mask! >> should it go down aws by virtue of its early start in cloud computing and its >> that's great, david aggressive innovation over the >> looking for the record for the dow at the open. years is just, you know, a we're back in a moment superior service right now to our competitors. we offer a more comprehensive service of the kind that the department of defense is looking welcome back to "squawk on for. and all we're trying to do the street." it is time now for our etf through this protest and this spotlight. we're taking a look at vanguard request for a legal review is to communications services ticker ensure that a proper decision is vox now trading up about a half made on behalf of u.s. percent up nearly 3% over the taxpayers. >> just to dig inside a little last week though bit more, jay, protests are a taking a look at both t-mobile and sprint over the same

reality of government duration, pulling the group contracting and happens often higher of course after especially in high profile, high yesterday's merger deal was given the green light. value competitions like this one. so it is not surprising to see t-mobile continuing to climb higher today amazon put a protest forward and coming off its best daily go through the court process, performance since 2012 and per se, but history shows that sprint hovering around the flat line this morning after seeing to see a competition award that huge surge of over 75% in overturned is very rare. so this is also seen as something that is kind of high trading yesterday. >> well, joining us now with his profile and risky. is this really about jedi reaction to that deal and what it means for the future of 5g is itself or is there more on the line for the fcc commissioner brendan carr amazon >> no. commissioner, nice to see you i think it is about ensuring and have you with us this morning. let me get right to a key part that the government, the department of defense, is free of the judge's ruling and what of political interference in is really a key part of those who say this is going to be these kinds of decisions that beneficial for 5g? that is the entrance of dish affect the capabilities of our into the nationwide market armed services why do you feel, if you do, that dish will become a viable as you said there are a lot of competitor to the likes of protests in this arena and verizon, at&t, and t-mobile therefore a lot don't succeed. this is highly unusual for some nationwide >> the entry of dish was a of the reasons we've laid out in significant input to the judge's our filings. pretty unusual to have this kind decision as i think you said of political interference that there's a lot of factors that go we've seen in this case and we into it from the spectrum just want, you know, independent holdings to its financial

position that the judge gave a lot of weight to but stepping back i think the decision sent legal review and make the right two really important messages to the market first, the judge's decision shut decision >> another criticism is the area the door on these frivolous, ofing obviously considered -- what could have potentially been everything considered within the 50 state ag lawsuits piling on top of extensive federal review law but, nonetheless, you're incredibly aggressive at amazon at doj and the fcc at seeking to always avoid as so that is a good signal to the much as you possibly can market in terms of pro i think a 1.2% tax rate on 2019. competitive transactions prior to that i don't believe not getting stuck in a quagmire of frivolous lawsuits. the company paid federal taxes for a couple of years. >> again, back to dish, new york, iowa, certainly as our commissioner, they are getting viewers know very much in favor spectrum they're getting the prepaid of the headquarters in queens. but the critics of it came back business of sprint called boost. they're getting the right to use to those tax incentives time and the t-mobile network for seven again warping them a bit, no years. but it's going to cost them an doubt. but why is amazon as one of the enormous amount of money to largest companies in this really at least realize their country so aggressive on taxes ambitions. are you confident they can actually be that fourth carrier since you pay your fair share? when it comes to 5g? >> absolutely. with this supercharged network >> let me tease apart these two that combining the assets of things on the taxes we pay, we pay what sprint into t-mobile creates, there is a provision in the the law says we have to pay like

every company in the country and transaction that gives dish every individual who files his effectively cut rate access to or her personal income taxes that new network we take advantage of the it immediately comes online with incentives that are in the tax customers from the boost code, you know, the ability to divestiture and has access to infrastructure right off the take deductions, and as you know bat. so particularly when you look at where we were as a status quo for decades with both wireless market with sprint, republicans and democrats in which the judge's opinion if you charge the u.s. tax code has look through really understood that sprint was dead man created incentives for companies that heavily invest in the walking. so strengthening t-mobile, united states and infrastructure, companies that hire a lot of workers, and bringing in a company like dish companies that compensate those >> we're 13 minutes before we that has the spectrum assets to workers. all of those three things are get started with trading, what enter the market and hit the ground running, that is going to things that amazon has done for we like to call hump day and a long, long time not just in be really disruptive, pro the last couple of years competitive competition that we're excited about. start talking stocks >> yeah. do you have any expectations i had a this merlot last night dish is going to have a partner and the result is the tax rate >> almost at my age could be of significance, the judge in you've talked about. i hear the critics retirement, we hope not. his decision yesterday mentioned this is not channel 2. this is charlie victor confidential, potential i came from the obama partnerships do you know anything in terms of the one that you liked viacom is what dish may be planning? >> i don't know the specifics of ringing the bell, that stock is administration we had discussions about how the what that could have been referencing to windfall from the reduction on its own race to the bottom. but again, i think stepping should be invested rather than i think wants to sell one times back, one of the great signals add to the deficit we just follow the law earnings it's incredible. from this from an antitrust like bethlehem steel did in perspective is the judge if people have an issue with the understood you have to look to

1988, david, cvs reports this the future the judge got that simply tax rate that any company pays, you know, their issue is with morning. maintaining the status quo and now, my travel trust owns it the tax code and not with the initially the stock was up two looking backwards isn't the company. that's what i've said to right approach to a rapidly democrats running for president i happen to like the stock including my former boss, vice changing market like telecom and president joe biden. lisa gill says the numbers are >> right >> change the tax code and we'll technology the judge embraced the follow that. good >> well, they did. that's up one, that means it's disruptive new competition we just want to -- they lowered that's going to come, down two particularly looking toward 5g the rate to 21%. i don't want it to be down two, still paying 1.2%. my travel trust owns it but i've i think that's the right way to seen the pattern approach tech and telecom transaction. it is a great signal for the i mean, praise to your lawyers people say it isn't that good. it was good, a guide up from 680 economy in terms of pro >> i don't think it's that complicated. we invest -- you look at the to to 7 and change for this year competitive deals. >> commissioner, i guess numbers and the amount of money building off of what you just we invested in infrastructure in 2020 but there's always what's said right there, so much of the those years, as well as the lurking is amazon, the front of pushback and criticism around amount of money we paid in the store did more than 2. this deal had been the concerns compensation to our employees. during a period which we hired looks like the pbm did 10 so around decreasing competition, there's a lot good here. ultimately leading t more people in more places in they'll pay back the debt. prices, potentially lower america than any company that quality services i realize there's this exists so that's how the tax code is >> how did aetna do? three-yearw is plays out written. the tax code is written, i think >> okay. i think the stock will end up politicians and regulators and rallying but beforehand it will >> right off the bat there are freak people out policy makers have long believed that's the way it trades conditions in place to prevent >> meanwhile talking about that incentivizing companies to freaked out, people were freaked any rate increase from taking out -- create jobs and invest was the >> because it cut numbers! place. but more importantly, to your right thing to do. if they change their minds, so it cut numbers right here. point, for many americans, they be it. people were sick about it. then he comes down here and weren't seeing four nationwide we'll follow the law people are like people are saying are you kidding me? accordingly. >> what about here in new york

providers, particularly in rural then he guides up and he does america. where the state and city of, you they had one or two choices. know, have not paid or given the number and people are saying with this combination for the well, he didn't guide up enough. first time, as the judge's incentives to the likes of alphabet or facebook or even opinion points out, there is apple who are significantly he needs to go to 7.20. going to be three providers of increased their employment here the same scale and scope it is going to be a type of but of course ready to give you 7.05 mid range is fine but competition we haven't seen. there's guys who take in stocks then on top of that as you said $3 billion as a result of a dish coming in with the spectrum nationwide contest off heat seeking missiles >> let's be clear. assets, with cut rate access to i'm so happy that you asked me because people don't want to go up against amazon without this network, i'm really excited this here is the difference about the competition that we're new york city and new york state realizing they reinvented themselves with the health hubs. going to see in wireless now what you need. came to us with the proposal to say a cook at my restaurant cuts invest in queens, in an area of >> of course, 5g has been his finger, there's no mini queens that they believe needed defined perhaps as a national clinic he goes to the hospital and they priority by the administration, investment and would benefit give us a bill for $8500 from the kind of investment we were going to make there particularly as it concerns our the companies you just mentioned this is what's wrong with the competition with china do you believe we're well as well as amazon have properties in manhattan, have american health care system 8500 positioned at this point, for a couple of stitches for a real estate in manhattan and commissioner, given the chinese employees in manhattan and, yo can mandate things that we know what? fing we're not getting incentives for finger philadelphia and houston has health hubs. can't? that because manhattan doesn't i pray for them. >> in 2016, i thought we were at require incentives according to they'll be fantastic serious risk of ceding u.s. i'm glad you took off the mask, the folks who decide on that at david. it was freaking me out the city and state level leadership in 5g to china. >> that was a try it on this administration at the fcc, >> it was a shtick we have flipped the script if the requests from new york >> i didn't see people on the the u.s. now has the strongest government officials wasn't to subway with them at all. 5g platform in the world lease more space in manhattan in >> why don't you go to "the

tonight show" with that thing. this transaction lets us extend some of the highest real estate they started to take them off? that leadership by accelerating areas and highest investment >> i haven't seen them. >> take the sun way. the build out of 5g to 99% of areas in the country the request was to go to queens because they [ whistles ] the u.s. population. that's a big win, getting rural thought that was where they >> good for you, good way to travel america 5g on that time scale. wanted the investment. >> you have clorox wipes >> i don't it is a disappointment to us the >> i'll get you some >> to that point, commissioner, i have a whole box of them. offer that the city and state, i mean, obviously it's like >> sometimes i wear gloves but rarely another day another report on mayor and governor and automatic we're back after this. huawei and the pushback in the investment or development board uhh, excuse me, is there a problem here? said they wanted to pursue u.s. on that company as well do we have enough competition, do we have enough companies that are going to be able to come in didn't work out. new york is a great place. and help support that 5g when people point out we leased new space in manhattan and say, initiative that aren't chinese see, they didn't need subsidies, >> absolutely. we've taken action at the fcc they are missing the point that effectively prohibits insecure equipment, like >> ridiculous. >> ask the residents of long equipment from huawei or zte island city feel about losing that investment. from going into our network i think you'll find a majority going forward. we have the proceeding looking wish we were there >> full disclosure we have a at taking that equipment that is already in there out of the former colleague who has said network. and there is enough equipment suppliers, hardware, and there are the new open access software there will be a bid to run base networks that are going to against ocasio cortez. how would you characterize her be really good replacements and deal in queens make sure we have a secure >> the congresswoman whom i network, which is key.

respect very much, i think there >> of course, the other piece of was a bit of a perfect storm, i this is spectrum understand her perspective certainly the c-band auction i think she misrepresented the plan has been getting a lot of facts perhaps unintentionally on attention especially for folks a number of occasions and she like myself who follow the said things like, well we could satellite operators that are going to be paid billions of spend that $3 billion whatever the figure was on something dollars to free up some of that else and of course you know and we know that that $3 billion spectrum for future 5g use doesn't exist unless amazon generates it by investment so the money isn't there how is that auction plan playing out and is it the type of this was incentives that amazon template that is going to continue to be implemented, or would have received only after something like a private auction we met the requirements of the actually going to be on the table so things like 5g spectrum arrangement with the city and state by investing heavily and can move faster? hiring substantially >> well, we do have a lot of and only if we met those targets you're in a no parking zone. private transactions that take would those incentives kick in oh, i... i didn't know. place, a secondary market. and the money is created by the you didn't see the sign? it's been extremely beneficial tax revenues we generate to moving spectrum to its that money doesn't exist that... that wasn't there when i was here earlier. highest valued use (whimper) really? there are unique considerations amazon is not building you know, in italy, that play with the c-band headquarters in long island city they let you park anywhere. that is unfortunate but, you spectrum in particular satellite know, we move on and i'm -- i providers did not have the have a good day, sir. rights to use the spectrum look forward to the growth we with geico, the savings keep on going. terrestially that is part of our thinking to will have in new york city >> yeah. just like this sequel. bringing this back to the fcc looking at the hq 2 process more 15 minutes could save you 15% or more doing a public auction of those on car insurance. broadly though i wonder with new terrestial rights.

(glass shattering) but it is a big win where we hindsight being 2020 if you feel (frustrated yell) landed this proceeding like there are mistakes made or (car horn blast) (yelp) there's going to be an auction you would have done it of up to 280 megahertz of prime dealing with our finances really haunted me.ttle cranky. mid band spectrum this year and thankfully, i got quickbooks, that is going to be a real significant boost to building differently. and a live bookkeeper's helping customize it for our business. out 5g particularly in the one thing i love about the suburbs and rural america. culture at amazon is we fully own our mistakes (live bookkeeper) you're all set up! we spend a lot of time looking (janine) great! >> you disappointed a lot of (vo) get set up right with a live bookkeeper shareholders of the likes of at our decisions assuming we can always do better with intuit quickbooks. intel i think as morgan just that aplace to safety and to mentioned with the plan that was investments and to a lot of a bit different than things anticipated. having been involved in the hq 2 the chairman said, listen, i'm process, sure. not necessarily in favor of there are ways i wish we could accelerated relocation payments have approached it differently both in terms of the messaging around it as well as our because, one reason, the reason i targeted, i favor them is engagement with governments, but i think it is important to note because they are -- they would that if you go around the only be paid the full amount in country and talk to those cities fact if they did so in the that did bid on the process and follow through i favor those payments because didn't succeed, a lot of them told us, and they said publicly, they're in the public interest why are they in the public that they felt really good about interest, commissioner the process because they were you're watching cnbc's >> there is a unique situation able to highlight why their here where if we're to try to clear up this c-band spectrum on "squawk on the street. the opening bell in seven cities maybe weren't the best minutes. our own without the assistance possible place for the jim if they call it hypothetical of the incumbents that have significant investment and the on a carnival cruise is it 50,000 jobs we were looking to infrastructure already in place guidance >> it took guts for carnival to in those spectrum bands, it would have been a pretty slow place. but were great places for come out two different cruise ships process for us smaller investments.

nobody seems to want potentially five, six, or more that's how we ended up with a you have the "diamond princess" years. by getting those incumbents substantial investment in nashville. nashville made a bid and the "wester dam. onboard, it accelerates how this is legitimate carnival says quickly we can open this up. it wasn't right for 50,000 that is going to be a big win employees or even 25,000 by for the u.s. economy so from our decided separate from hq 2 we're 55 cents to 65 cents impact. perspective at the fcc, going to locate our east coast, reflecting through payments the value of the work that the our eastern operations center if operations suspended but april that would be suboptimal >> "we're unable to determine c-band incumbents can do to there, our logistics center clear that spectrum more quickly there with 5,000 new employees makes a lot of sense the full impact on the year. that's been a great experience while not currently planned if it's a big win for our economy in nashville and in tennessee. it's a good result for those the company had to suspend all >> jay, two quick ones companies as well. ops in asia through april," >> right and, finally, t-mobile going to >> yes >> is navarro going to meet with you're talking 55, 56. be controlled, owned 40% bezos? >> look, i think there was just >> the "wester dam" not the something by the germans, 27% by a miscommunication there amsterdam, david, "wester dam" japan's soft bank. senior executives from amazon, the experts in this area around no concerns there though about they have no coronavirus and it foreign ownership. counterfeits have met with mr. can't land >> exactly right so how is arnold donald going to those ownership levels have gone navarro and his team as well as fill up a cruise ship if one of others in the government they are eager to meet again to them can't even get home through thorough vetting and help solve this problem. we, as you know, if we want to they are quickly working to develop alternate plans, keeping review by the fcc. actually address the issue, the the judge not only looked at guests updated on board as economic models but had a bench focus, the people who have the information becomes available. trial judge of the credibility details and understand clearly of the business plans. what the challenge is or the holly land america line said in those types of decisions just right people to address it don't get overturned on appeal a america do you want to stay on next up is a rapid build out of we're -- the idea as i saw mr. the infrastructure a ship where there may not be a navarro say that we're place you can land >> we'll be watching it closely

the cdc's advice for cruises, it facilitating counterfeiting is i of course. that's an important point you made on the appeal as well think -- we're spending reads like it say floating commissioner carr, thank you incredible amounts of money and >> appreciate it hospital ship. dedicating enormous resources to >> you were very focused before coming up, i sat down for a we heard from carnival, focused fighting counterfeits. why? because as you know customer rare interview with the u.s. trust is our most important on the whole cruise liner. army secretary, ryan mccarthy. asset. >> my wife tells me we have to wide ranging interview to talk customers believe in us. stop it. they order from us because they >> travel at large think they'll get what they you were cautious on hotels. about the army's coronavirus ordered. and any time that customer trust >> yes how are the hotels going to make response, investments in tech, is eroded that is a huge hit for their numbers? and the white house budget some of these stocks are out -- amazon we have an enormous amount at >> "the journal" is reporting on proposal released earlier this stake in making sure we fight this problem it today week >> finally, this ftc request for >> carnival cruise is down three still to come jay carney and his take on bernie sanders and the information into past cents. regulatory and antitrust head acquisitions, is that for show royal caribbean is up. winds. and a reminder you can always watch us live on or is that a real thing? >> you know, this is fresh news. hope springs eternal this thing the go on the cnbc app at fidelity, online u.s. stocks and etfs are commission-free. has turned it's just all i keep hearing and i haven't really dug into it from wall street is it's just i don't know look, as we said before, we another form of flu. stop it, jim >> the chinese have large cooperate with any government entity that wants to talk to us and ask us questions and tourist classes, spends money in investigate if they so desire. new york and around the united states and trips that go to china, all of that is not what my experience in recent happening. years i've been in amazon for >> there is so much hope in this market hope that this thing turns almost five years in terms of acquisitions was whole foods markets which as you know we dr. fauci has not seen it turn. purchased. when we announced we were going

to acquire whole foods, you he's the expert, they don't let would have commentary and him in the ophthalmologist, that was not a great situation. i don't trust them the only thing i trust today is commentary in both washington, shopify. >> we'll sneak in one quick d.c. among government officials k fo t on.pe as well as in the elite don't go away. newspapers that we were taking over grocery in america, that we were instantly going to be the largest grocer in america because we were in fact buying the grocery store that a lot of those folks shop at. as you know, whole foods is one of the smallest-known grocery dana-farber cancer institute discovered the pd-l1 pathway. chains in america. with whole foods, 3% or 4% of pd-l1. they changed how the world fights cancer. blocking the pd-l1 protein, grocery. many of the chains you know, big names you know, are lets the immune system attack, significantly bigger than we attack, are. attack cancer. as a competition matter, it's pd-l1 transformed, hard to argue -- i don't see the revolutionized, immunotherapy. pd-l1 saved my life. saved my life. argument we're somehow saved my life. anti-competitive in grocery at what we do here at dana-faber, 3% or 4% of the market changes lives >> jay, appreciate it very much. everywhere. everywhere. everywhere. everywhere. >> we're going -- my team spends everywhere.

a lot of time on these issues. we understand we have both well-meaning critics as well as self-serving critics, self-interested critics. we try to work with the former and politely disagree with the latter. >> right we appreciate e thinformation, jay carney. >> appreciate it. >> back after this ton app help s pick the starters? great question, no. but it can help you pick your room from the floor plan. can the hilton app help us score? you know, it's not that kind of thing, ♪ but you can score free wi-fi. can it help us win? hey, hey! we're all winners with the hilton ♪ price match guarantee, alright? man, you guys are adorable! alright, let's go lose this soccer game, come on! book with the hilton app. if you find a lower rate, ♪ we match it and give you 25% off that stay. expect better. expect hilton. ♪ ♪

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yesterday's question of jay powell on the house finances reported ahead of uber we would services side was really light do you expect any more on the senate side? >> probably not. have been buying lyft. remember, this is a hope springs i like the questioning to be more drilled down to their eternal. how much is carnival down on balance sheet, whether they think monetary policy is "westerdam" and princess effective currently and whether carnival is up, up, david! they have the tools to deal with [ bell ringing ] any changes that come our way. [ cheers and applause >> david, carnival's up! but i doubt we get those >> i heard you, jim. >> you did over the bell questions. >> peter, you pointed out in >> there is the opening bell greece we have ten years under the s&p 500 as brett fills in at 1% ten years at 92 basis points in italy. i understand in italy politics turn to a more hopeful direction the big board, drd gold limited at the nasdaq viacom celebrating and politics is at the epicenter the anniversary of b.e.t. why you're shocked rates are networks retail another day of which going down and maybe they're strengthening it out there's divided fortunes but at the end of the day there's bed, bath with disappointing comps, and then politics are never fixed there's shopify, jim, which is how crazy is it some of going to the moon. economies have lower interest rates than us when central banks say they're not responsible for >> that stock could be up 100 the level of wealth and stock easily their growth is extraordinary. market pricing >> yeah, it's quite astonishing but the negative interest rate that is the ultimate empowerment of small business. policy is this natural drag-down oh my god, that is par boll aboc of yields everywhere

every day everyone searches for it was a great quarter you have the growth they have where they can find yield. and it's a big company but their anything with a plus sign certainly looks more attractive gross margin, david, gross than anything with a minus sign, merchandise value 47% growth think about that irrespective of the quality of the data. what is that versus ebay >> i'm glad you phrased it that total revenue up 47? way. >> a lot more. with the coronavirus, everybody used to be buy dips, buy dips in listen, they are a great play on stocks the growth of e-commerce, the minute coronavirus hit, nobody wanted to buy a dip but period they should have >> you and i have an idea to sell some sort of garment we i think could be said for the come up with, maybe we want to rates, coronavirus, safety good deal of what's going on in bring something back, who knows. interest rates in the u.s. has we call shopify we're in nothing to do with the fundamental dynamics that we are business we're in business three hours later. >> we do instagram, call shopify, invest with us it's a discussing viruses. it has to do mostly with a rigged game. your final thought canadian company, major american >> i agree, anything with a plus companies that wanted to buy sign is attractive, more son them they will not, refuse to be bought and by the way, just in than anything less than that terms of the hope springs it's just the gigantic yield eternal i've got cignesignet crap. >> excellent peter, we have to leave it there. thank you for joining me coming up, shares much lyft >> it's zales.

>> look what gina's done and what harley's done today after the earnings down big. these are incredible stories imagine traveling hassle-free with your golf clubs. incredible stories >> they're both good >> that's a record high for the dow obviously, we're up almost 200 points s&p and nasdaq set records of their own yesterday. they're up 6 of 7. jim, it's sort of despite people wringing their hands over the jolts number, the number of job openings the lowest since december 17. >> there's this element which just says someone will break out of quarantine, not unlike "the stand" which is there's just now you can, with shipsticks.com! fear no more lugging your clubs through the airport or risk chairman powell talked about having your clubs lost or damaged by the airlines. that i talk to restauranteure restaus sending your own clubs ahead with shipsticks.com makes it fast & easy they talk about the virus, the to get to your golf destination. virus. with just a few clicks or a phone call, there could be a lot of job we'll pick up and deliver your clubs on-time, guaranteed, for as low as $39.99. openings so the chairman stands

a-ready. in the interim the shipsticks.com saves you time and money. semiconductors led by micron on make it simple. make it ship sticks. fire, important notes this morning, very positive on micron >> ubs >> talking about the idea dram prices are going up and nam prices are going up using an aggressive price target. this stock fails at the $06 level. i think it takes it out. >> ubs goes to 75. we believe the time has finally come when micron can materially outperform over a sustained period of time >> i think it can. look they tighten supply they came on "mad money" and came here and talked about cutting back on how much they produce. so did the other two guys. this is an oligopoly some say it's a slap hop appy oligopoly. it worked in this case, that's why micron i think can break >> how much pressure on amos and

cisco? >> amos will have a good number. we know that lam stock is the shipsticks.com saves you time and money. second best performer in the s&p after chipotle but we're also a company that controls hiv, i think applied materials will be terrific. cisco a lot of people talking fights cancer, about a turn they have blown it for a couple repairs shattered bones, of quarters. this is important that chuck relieves depression, robins do it restores heart rhythms, i want to circle back to a stock that you mentioned that is going helps you back from strokes, and keeps you healthy your whole life. to be the worst performer today, bed, bath, a true quandary what happened this is why i want you to buy from the day you're born we never stop taking care of you. it, and listen what he did mark gave no guidance last time when he did the quarter, he gave no guidance. last night he cut guidance may i remind him, he had no guidance so whatever vice he got from what lawyer, the chairman i think all those people need to be broomed and broomed yesterday. do you not cut guidance when you have no guidance that is -- zsh did they go to good morning, it is 8:00

college to get stupid? a.m. at lyft's headquarters in san francisco. i ware swear to god they went t it's 11:00 a.m. on wall street college to get stupid. and "squawk alley" is live ♪ >> are they going to turn around or not you were enthusiastic, it came off the lows back in, you know -- >> you think it's dead because amazon and targeted? >> stock was $75 five years ago. ♪ slow ride >> they bought back so much stock. >> much more than the market take it easy ♪ cap. they have cash they can do things but they were ♪ slow ride i search for the word because i am jimmy chill now, i say it was ill-advised to get to cut guidance when you had no take it easy ♪ guidance to cut. who would do that? slow ride ♪ who would cut guidance when there was no guidance? >> good wednesday morning. welcome to "squawk alley." >> i don't know. >> exactly i'm carl cant nina quintanilla a lot to get to today with our are they on the "uss westerdam >> they don't have guidance to cut. >> he's sitting there thinking first guest, this morning lyft what the hell did i do down almost 9% >> or raise the guidance >> fold some towels. >> meanwhile, you got all four

members of the trillion-dollar club as we now call them, microsoft, apple, amazon, google in the green and helping our gains today and the president even recognized the group yesterday in the oval. >> we have four trillion-dollar companies, someone microsoft, one is apple, one is google, one is amazon. amazon, google, apple, and microsoft, and so you have an m, an a, a g and an a, you have maga >> it's ma, if you go with al ma bet. >> he should have stuck with faang. the ftc is investigating it. one arm doesn't know what the other is like the u.s. attorneys who quit off that leniency. >> roger stone >> u.s. attorneys quit >> every one of the companies i demanded publicly and privately will you please buy somebody could you just buy some

companies. >> that's not happening. >> they never do what are they being investigated for, companies they bought i'm seeing so many stupid things that's really starting to piss me off no guidance and cutting guidance, going after companies the president likes, when i bigd t begged tim cook for an acquisiti acquisition. >> microsoft made acquisitions >> they've been the least. >> apple did beats facebook obviously has 22 billion, whatsapp was a large dollar acquisition and alphabet also doesn't do large deals. >> no, i begged them to use the cash >> didn't work out for them, remember that? >> they're looking at smaller deals they've done the idea the ftc is trying to get their arms around is are they stifling innovation in some fashion. >> invest nothing they having io

>> artificial intelligence will that stifle the innovation or ability of other companies to raise capital? >> zuckerberg is signing people to new teams to develop apps because he is not confident in the company's ability to get regulatory approval. >> that's fine >> if you're the companies you expect a large acquisition of any kind, perhaps not a small deal >> they know that. >> what was that one they did with fitbit, right >> they can't get that close >> thank you >> you're welcome. did exa exactly. >> this is rear guard action the ftc and maybe it covers the flack of the president, someone says the companies are stifling innovation listen, the ftc is investigating maga maga faang. i think do ifaang. you didn't like that i don't know softbank reported earnings, guys. >> what was the segue there? >> none.

there is none except it's a faber report, we're going to talk about it because there's a lot to get to here because yesterday we spent a lot of time talking about softbank in part because it was a holiday in japan, the stock hadn't opened the adr is trading here. you could see that's the reaction in japan from judge marrow rm decision's to low sprint and t-mobile to get together if not the stock would have been down sharply massa giving his presentation today in japan after the earnings from softbank and going through detail elliott of course taking that position that we learned about last week wanting some potential changes in governance, perhaps wanting a buy-back not quite sure where we start. let's actually start with the revision fund. you heard from marcello earlier this week talking about the

wework foundation. masa said it's not near where you might think. they came back and said hey, have you taken a look at our portfolio since the beginning of the year those numbers are true and real. 1.3 billion was the gain now it's 4.3 billion why? a lot of it is uber. they have invested 7.66 billion in ububer, down a billion and n up 1.5 billion because uber has been a rocketship forever the last three months up 54% over that time. they're up on slack significantly and they pared losses in garden and health a big health for the vision fund as well. of course the big loser is wework which they now control. you saw marcello talk about getting to free cash flow positive by '22 and generating as much as $1 billion by '24 we'll see if they really can hit

those numbers. masa trying to focus people on the gains that the vision fund has had, saying basically the rumors of our demise are perhaps overblown at this point, and there is a look at the five-year financial plan for wework that they also are talking about. is essentially echoing what we heard from mr. clarette earlier this week. of course they have a new ceo. we talked about vision fund two on the conference call let me share that with you he did basically talk about l s lessons learned there. about to start vision fund two, another ten companies is what they're looking at for new investment opportunities "question are preparing a pipeline if you will people say vision fund is failing but as a matter of fact" this goes to the trillion of gains, that's the yen "i think the next one should be smaller because again we have cause concerns and anxiety to a lot of peop people, so maybe we make size smaller and collect fund as a bridge for the next one to two

years and achieve some results." that's where they seem to go with vision fund 2, and how much of that is because nobody is showing up to give them money. a lot of it may be softbank money. >> are they keeping the prices of deals really high again >> yes >> ya >> create more unicorns. >> they may continue to pump more money in. he is focused on governance overall it would seem at the companies they're investing in and at their own company, this goes to elliott again which by the way well timed on elliott's part given they got in front of an unexpected decision from the judge but masa on the earnings call said buy-backs continue to be a consideration he also said we'd like to have more independent directors by our june meeting and we are adopting enhanced governance standards for our investments. that's where things stand with softbank at this point again that big reaction is in response to the sprint deal, if it was just taken in isolation

these numbers don't look that good, but he comes back and says also the measures on ebit, not on asset value because of accounting we don't get credit forralie baba but when uber loses money it hurts us it is an accounting thing he goes into some detail on the call as well and says come on, at our asset value we are doing better than you would believe based on media reports. >> i want to say a lot of people are mad at me. the westerdam is the no the "uss westerdam. i'm making the point it's american carnival and the stock sup, anyway, just want to do that before the bond pit carnival is up $1, people think everything's good. >> s&p and dow at record highs, all three indices on pace for their best month since june. bob pi san see, good morning >> powerful rally today, 4:1 advancing to declining stocks. new highs are expanding as well. risk on here, energy is even rallying, semis of course,

industrials, a number of new highs in industrials, bank stocks even up as yields have moved up utilities on the flattish side as you can see there you want to watch china stocks mchi, the broadest etf for china, mainland china, hong con, alibaba, trade i watch this is a "u" shape. this was january 17th or so, just before the coronavirus hit so you see that u-turn a lot of debate about accuracy of the data but the market wants to believe there's some kind of bottoming in the number of cases that are going to be reported in the next week or so. we have new highs, we'll hear from pepsi tomorrow. they'll give us an update how their sales are doing, the stock of the day tomorrow i suspect. highs of the big industrials like inger some rand, illinois toolworks, eaton at a new high ment so of the semis were at new highs as well, seeing new highs there in some of the ones like applied materials as well. so a nice expansion of new highs. remember the four things that

had been moving markets all throughout the year, and three of the four are positive, strong u.s. consumer and no recession the trade truce, the fed is neutral and still adding liquidity, that may change in the next few months. here is the one that's the "x" factor, whether or not the global economy is bottoming, even before the coronavirus, the manufacturing numbers in asia being still notably on the weak side, let's say three out of the four definitely positive and the fourth one is still up for grabs. remember about 75% of the way done earnings season q4 numbers keep going up, that's a good sign. this number has fallen this happens for the quarter we're in but falling fast. a week ago this was 4.8% now down a percent that's on the coronavirus concerns now again, much faster than normal, that's a little disconcerting. the market has levitatede tempo they'll be made up in the

subsequent quarter, maybe but that's a very, very big assumption for the markets to make right now everybody's buying in to that thesis guys, back to you. >> bob, thanks bond sipits rick santelli at th cme in chicago >> good morning, carl. rates are depressed domestically and globally nonetheless up two basis points across the curve i like to call that a parallel shift in the yield curve really there's not much wiggling going on in the curve, three months to tens or twos to tens and two days of higher closes in yield. today may be the third as you see the three-day chart of tens, also note 160 has been on monday and tups a besday a break of nem resistance and small time frame. we popped through that we could do better, opening chart of october you can see why, you know, we have bottoms here in the low 150s, open it up just a couple more months to august, and of course, we have the 146 cycle low, and of course in our memory we have 2012 and

2016, both happened to be in july, where you have 136 so there's plenty of consolidation down here, traders are still leaning towards going through a testing at some point. the issue is timing, it's always about timing and markets they just don't think it's the right time to do so now. if we look at a 20-year chart of the dollar index, this is fascinating. you realize the september 2019 high just under 99.40, we're a little more than half a cent away from there. should we pop through that, we would then comp. all the way back to may 2017 dollar's really sizzling this year, up six out of seven sessions and right now it's up again. finally the dollar/yen always been the safe trade where the yen does better against the dollar but look at how strong the dollar is against the yen, close to a breakout to the best levels since may of '19. carl, david, jim, back to you. >> all right, rick, thank you very much. as we get set to keep our

eye on the powell hearing today, testifying before senate banking committee yesterday and told the house side the economy is in a very good place, and shrugged off concerns about a recession and the impact of the coronavirus. we'll monitor today and bring you headlines. for jim's sake in case you missed t a question from congressman garcia from illinois >>climate change say risk to the financial sector jim cramer host of "mad money" on cnbc in a discussion last week said major institutional investors want nothing to do with fossil fuels because of concerns about climate change. to guard against climate change impacts the bank of england decided to stress test the uk's capital banks, largest banks, pardon me, and insurance companies against the risks associated with climate change, will the federal reserve follow suit and develop climate related stress tests >> esg and climate were one of

the big themes that he threaded yesterday. >> they have to be this morning, bp came out with what they even submit is ambition, ambitious for net zero carbon emissions by 2050 >> bp. bp they take -- they take stuff out of the ground and burn it. >> they're trying. they should plant a million trees by the way talk about reducing methane intensity of operations by 50% how much are they flaring now? when you look at parsley, only flaring very little but i have to point this out because they're trying, going to fundamentally reorganize to become a more focussed, more integrated company but this is the thing. they are going to try to be carbon neutral by 2050, net xu row. "the wester dam" can dock in

cambodia this is big. >> so interesting seeing the contrast between corporate america, corporate world, frankly, and the u.s. administration, when it comes to so many of these as well >> what's happening is a lot of the companies are saying, before they were saying hey, listen, t care why do we care that's not the way anymore >> still to come this morning, the senior vice president for global corporate affairs at amazon, jay carney, a lot of buzz surrounding his op-ed on the company's wages and bernie sanders. just south of 3375 back in a moment ♪

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jim, what's on "mad" tonight? >> we have shopify, the hottest stock around and then signet, the recovery you have to ask anybody do you have any time exposure pba said today listen, not getting hurt i'll ask signet but these are two winners.

gina turned signet around. congratulations. a real shout out >> sounds good see you tonight. "mad money" 6:00 p.m. eastern time when we return amazon's jay carney and his take on bernie sanders, the jedi contract, and a lot more dow is up 209. to managing your fleet... to collaborating remotely with your teams. giving you a nice big edge over your competition. that's the power of edge-to-edge intelligence. ♪ yes i'm stuck in the middle with you, ♪ no one likes to feel stuck, boxed in, or held back. especially by something like your cloud. it's a problem. but the ibm cloud is different. it's the most open and secure public cloud for business.

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