texas. 11:00 a.m. on wall street. "squawk alley" is live ♪ ♪ ♪ ♪ happy friday welcome to "squawk alley." i'm jon fortt with carl quintanilla and julia boorstin this hour consumer apps have dron tons of attention the past year whether it's investing in social media or audio. now there are shake-ups across the board. vlad the apologizer, more on the robinhood's regretful tone in the gamestop hearing, we'll look at what to make of australia's strong stance on social.

and canada joining in. and we'll talk about bitcoin hitting a trillion market cap. take a tour inside clubhouse with joanna stern. we're going to start with a look at the new retail investors. robert frank has more. robert >> reporter: good morning, jon more than 10 million americans opened new investment accounts last year, the largest in recent history. a new study shines a light on who they are and how they actually trade now the study was by the finra education foundation and the university of chicago. they looked at people who had opened investment accounts for the first time in 2020 most were between 30 and 59 years old, so they're slightly older than that 20-something day trader we hear so much about they're alsomuch more racially diverse. a third are african-american or latino african-americans' share of new investors is actually double

that of existing investors now the new investors also is a very small investor. most had account balances of less than $2,000 and a third balances of less than $500 their main reason to start investing was retirement and they were motivated to start investing by low, minimum investing amounts. the rise of no minimum or low minimum accounts may be more important to this new investor than all the free trading we talk so much about now most are not active day traders. they trade less than three times a month. the new investor is less likely to actively trade than existing investors but they need more financial education. when they were asked five questions, they scored an average of 1.4, nearly half the score of existing investors and most of their advice comes from

friends, family and colleagues they did not ask about subreddit groups we don't know where that ranks >> i wonder about crypto currencies julia, in a way this sounds to me like that same group of investors that we tend to see coming into the market at the late stage of a bull market and, to me, the question is always how do we help them to have a good experience, the right resources to continue their education about the market so it isn't a thing where they pile in when things have already run out and they go away and don't get the benefits of being in the market long term >> well, jon, it seems like there are two different pieces of this puzzle and almost on opposing sides on the one hand you want to protect the retail investor, that they don't get involved in anything they can't handle that

they don't understand, and that's a lot about transparency. you want to give the retail investor access and the ability to compete on an even playing field. while both pieces are important it will be hard to have both of them in play at the same time. >> yeah, it's going to be very interesting, jon, the point has been made on our air including by the former ceo of ameritrade that from an education standpoint, from an education standpoint there's never been a better time. as we've seen on so many fronts the amount of disinformation is high and people will have to learn to separate the weak >> we don't always do the best job at speaking to people in plain english. are we addressing people with the nuts and bolts math they need to get through life

let's turn to facebook and the news blackout in australia with lawmakers in the uk and canada slamming the social network over the decision joining us is joanna stern, senior personal technology reporter, a cnbc reporter. it seems the british empire is upset about this one, but one has to wonder maybe america is next we used to be part of the empire >> i've heard a lot of people saying this is just australia. i think the biggest thing we can take from this is this is going to have governments all over the world looking at this battle between big tech companies and the media companies, and how it all shakes out we're seeing what some of the tech companies are willing to do, where they're willing to bend and break and where they're not. we're seeing talk of it in canada the lawmakers there want to push for paying for news. the biggest mistake we can think of now this is a localized thing. >> so there was this long-standing position on the internet that information wants

to be free, links, there's no real value in that i think we've learned over time whether it's at google where the whole foundation of their value chain is in links and being able to rank them or at facebook where, you know, you're getting a look at a thumbnail image. you're getting a headline from a reputable organization once that's circulating on facebook, no question that news content has value. so maybe it's worth asking why don't they want to pay even for circulating a link >> i think actually what we're seeing in australia the blackout, what is facebook without news it's what it was originally. the thing is called the news feed so if you don't have news there, you basically just have what facebook was originally. and i think you can look at a lot of issues around socia media and it sort of leads to a lot of this. one, the business model, the ad-supported business model is part of this the reluctance there are in some cases shares between the media companies,

facebook and media companies in most cases there aren't there's just the links and the big question around this is what constitutes content? is it a link, a summary, a full article? we have examples of a full article, a full piece of content and you have apple paying publishers and apple news for content. >> it's really interesting, joanna, when you look at the contrast between the way facebook is handling there and google handled it. google making a deal with news corp google wanting to get these negotiations handled before this australia law goes into effect i want to note that now, just today, a report facebook and google could lose bargaining power because there's a bill in the works to help news outlets negotiate together with google taking this approach with news outlets maybe getting collective bargaining power, how does this play out ultimately?

>> i wish i knew i wish i knew. i think the news corp. deal is unique in some sense if i knew i probably wouldn't be sitting here i would be in some boardroom making the deals i think the news corp. and the google deal is unique. it's a shift in progress google news showcase and it's a shift in product it will be a display of premium news and that's what a big part is about they will pay news corp. to promote that content and there's a share in there again, not too dissimilar to news and tech partnerships i think we'll see more of that more of these big tech companies creating products where they can justify we're going to pay for this type of content but not a small blogger who has a website and they make the argument i get

so much traffic, you give me so many referrals that it doesn't matter i'm okay with that i think they will try to level the playing field that way >> joanna, it sounds almost like the discussion revolving around getting a share of app revenue and that is, yeah, we're going to throw you a couple peanuts but keep the lion share for ourselves. do you see those two policy shifts happening along parallel tracks >> i do, but i think one of the big things, and i bring it back to the ad-supported revenue model this is part of that we've seen other media companies or smaller companies like substack, they're developing different business models about that content the share between the company and the creator. i think that there's just going to be a rethink about what that all looks like >> speaking of creators and

platforms you went on clubhouse to check it out as facebook, twitter and others follow on this audio craze i wonder as a reviewer and somebody who has looked at it technology, consumer technology what you think this represents i think it could be the evolution of the podcast where you get more information about your audience, might be more interactive and there might be more business models >> we don't quite know yet i made this point in the column and the video and the podcast, so many ways of telling the story through audio. i do think a lot of this is pandemic fueled, that we're all sitting at our phones looking for something to listen to and watch. we don't necessarily want to have that camera on. it's allowing people to create and experiment with this talk radio format the question of where the line between podcast and this falls,

i don't think we know yet. we end up in a space you can use this to promote and to create shows and the company and founder have been clear how they want to build their model. you pay for tickets to your event and the company takes a part and you take a part >> traditionally customers are concerned about volume, about buzz, the marketing and growing scale. we've seen some of the most critical decisions founders make is about principle and i wonder if you think it will be critical for platforms, clubhouse, to establish real identity, to establish fair payment systems, to establish rules around what is said in what kinds of forums and how they're labelled, policed or not >> yes one thing i've gotten a sense of from the founders, they speak on the appfrequently, that

is the focus, not the tech back end is as big of a focus as the creators and the ecosystem and what this place is and so it actually comes back to our first part of the conversation which is these are tech platforms but primarily content is king. and what happens with the content and who gets paid for the content and how do these companies make the content i think what's interesting about a new startup, a new social media startup they are able to learn from decade or longer history, the misfalls of facebook, of google, the issues we've seen around so many of these issues i do hope that is the focus though there are technical issues they tell me they are working on as well >> clubhouse can learn from facebook and twitter mistakes but now they can learn from clubhouse. i'm wondering, "a," whether you think those giants getting into

the social audio space could pose a threat to clubhouse and if social audio could be a real moneymaker for other platforms >> yeah, it's clone central. it's going to be -- we just know what's going to happen the playbook, we saw snapchat stories and then everyone had stories including linkedin and tiktok and now instagram reels there's no doubt now when there's some new hot thing, some new way of presenting content on a social media site, that facebook is going to jump in and twitter. twitter has spaces honestly, it's a clone it's very similar. it works similarly i like using both of them. i don't necessarily have a preference because they do work so similarly if they're going to be big moneymakers i think it comes back to a different sort of model. if you have these creators and you have a podcast or a show, do you charge for an event? a lot of these are live conferences. can you charge people to say come to this or subscribe to our

six events and you share that revenue and so i think it's something new. >> joanna, what can we learn from previous kind of social trendy copying fests, whether it's live video, which seems to have kind of died out to an extent or it's things like stories which everybody has adopted but i don't know if they're still driving the same kind of engagement or want to move on to audio because it's always on to the next thing. >> right when you think about facebook, it's time spent. they want people on their apps, on their platforms for longer. again, advertising so audio, great. you'll have more time spend. it will be more time because you're listening and can put your phone down and one of the points this is like ambient social media

here you don't have to look at your phone you leave your phone in the car in your cup holder, in your pocket when you're walking the dog, you may leave it on the other side of the bathroom i will not confess to that fine, i confess to that. it's another way to always be immersed in the platforms. >> at least you don't have to touch it if it's on the other side joanna, thank you. >> i'm not saying anything i'm not going to say where i left the phone, in the bathroom. >> never escapes social media now. roku shares down fractionally despite a beat in the surprise profit. shares off nearly 1% revenue not enough to keep the stock in the green this morning but roku shares are still up more than 75%. a lot more "squawk alley" straight ahead

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okay if you're counting so far this year there have already been 160 spac ipos. that's on pace to exceed the number we had last year obviously. and an instrument our next guest is bullish on mark may, joins us to explain always good to have you. happy friday >> happy friday. thanks for having me back. >> you're calling it a spac ipo. explain why.

>> i'll tell you part of it is simple, carl, that's what we're hearing from large investor in the street taking our cues to when i talk to my formal wife, portfolio managers and who we're hearing from in today's market their best ideas are coming through as you just mention ed spacs, th front end and the back end they're getting some of their best new ideas right now >> so how are you advising investors, even our viewers, to keim an eye and take advantage of this wave but one eye on the long-term business models we'll see on the back end? >> the bulk of investors, i advise them to mainly

participate on the back end. the target is announced. there's a merger agreement that's filed and you do your research we think a lot about on the back end using this to go public. the companies that we will be taking public through the spac process through the product and for investors they need to have that same sort of eye and diligence and work that they do within any investment that they make go through the filings, learn the business, and decide if you think it's a good investment or not. it's really not a lot different than an ipo for the bulk of investors that are out there >> mark, i wonder as there have been so many spacs that have entered the mark as they are all

looking for deals in roughly the same size, how does that change the price of these potential spac deal targets because everyone is looking for them >> there is a supply/demand imbalance in terms of the number of spacs looking for targets the primary thing we see causing is not so much the valuation because they have to price these things for institutional investors to invest either in the pipe or in the open market primarily it's causing the spac sponsors to have to be much more competitive in the terms they're offering targets there are a lot of spacs vying for these targets and so what really ends up happening as part of the merger agreement which is the m&a element of this

transaction, those terms are coming down in favor of the targets. what does that mean? now you can -- the dilution you take on by going public through a spac is not all that different than what you take on through a traditional ipo. and then the company is dual tracking more and more of these processes, ipo and spac and focusing on spacs and there are many >> so let's get into that. we were in the weeds for a minute maybe we can go bigger picture are spacs addressing that earlier stage part of the market where we weren't getting a lot of ipos for a long time where the revenue and market cap profiles of the spacs you've been looking at once they do get the acquisition target and are off to the races >> jon, i think you touch on one of two types of companies that i'm generalizing that make good

spac candidates. one is they're earlier stage or there's something else happening at the company, maybe they're merging with another business. but both of those scenarios point to the need to have to look out in the future and the spac product unlike the ipo product allows companies to publish their forecast and walk investors through their comfort level and that does allow some earlier companies going through changes like covid, like in the travel industry or something like that allows them to talk about their go forward business. the other companies that are in industries that are not well known by investors part of the team that helped a large cannabis company go public went public through acquisition corp

many of the investors had never invested in the cannabis company before having that extra time to educate investors is another scenario we see working well for this product >> i wonder, finally, houchl of this interest do you think is being fed by long-term frustration over the inability or just the scarcity, watching big names on day one and not able to take advantage of that initial lift >> yeah, i don't think that's so much driving it. there are two things driving the surge in the stock market. one is the marketing overall are obviously at record highs. there are more and more targets looking to exit through the public markets so spac sponsors and the investors know there are

more targets now than before they are looking for new and creative ways, direct listings don't work for everyone because you need to raise capital. spac is addressing some of the issues and able to raise a pipe with committed capital, the performance of these spac transactions >> right clearly anyone who thought it would be a passing fad is having to rapidly recalculate and with your help pretty good research it's great to see you. have a good weekend. have a good one. >> watch shares of palantir. it's worth noting the stock fell

significantly the last two trading sessions after reporting earnings but it is up about 15% today. former fdic chair sheila behr weighs in on gamestop next

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welcome back i'm rahel solomon and here is your cnbc news update this hour. the texas power grid is set to come out of emergency this weekend. the focus of the crisis now shifts towards distributing bottled water to the 7 million people still under orders to boil tap water and in washington six capitol hill police officers have been suspended with pay and another 35 are under investigation in connection with the deadly attack on the capitol on january

6. researchers have taken a step to protect species in danger of extinction this black-footed ferret is cloned from an animal that died more than 30 years ago, the first time an endangered species has been cloned. elizabeth ann is her name. she will be raised with other black-footed ferrets at a breeding facility in colorado. that is our cnbc news business this hour. >> i hope that story ends well you never know with cloning. all month long here on cnbc and "squawk alley" we are observing black history month. here is b.e.t. co-founder and contributor robert johnson showing how successful people can help close the racial wealth gap. >> the viewers who watch cnbc represent some of the most powerful business people in this country. i urge everyone to look at black opportunity the same way they looked at opportunity for themselves we're going to give you equal opportunity that we had. we're going to give you access

to capital that we had, and we're going to ensure that you have a chance and a fair shot at participating in the american dream. >> later this hour we're going to chat with the ceo of a company that works to create a safe, inclusive and equitable work place in the meantime read more on bcomnvt--ynson's story at cn.c/iesinou

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the dow is getting a bit of a lift from all the classics, the financials, energy, industrials, and materials up better than 1% so, jon, that's a dow record high jpmorgan record high caterpillar record high. bitcoin record high. >> we are on that record streak for so many things, carl meanwhile robinhood, on the other hand, is being vilified. market makers questioned and stock gamification scrutinized in hearings yesterday but no consensus view emerged from the house financial services gamestop hearing what's the likely road map then for reforms? for more on that we're joined by former fdic chair and founding director sheila bair happy friday it's great to have you >> thanks. >> it's unclear maybe what exactly comes of this. but what are the top things that you think should >> right well, i would prioritize really

shortening the settlement cycle for two days the core with the disruption and the havoc created when robinhood had to suspend trading was a margin call in the centralized -- the entity that does centralized clearing. there's a two-day float. there are two days before when you do the trade and you actually get your stock or get your money and that creates a risk for the centralized counter party. and they have to make margin calls. the risk of the other side of that trade defaulting increases. if we went to a real time settlement, you wouldn't have the problem. the technology is there to get there. shortening the settlement is important even from two days to one day would help a lot with this centralized exposure that we have that can lead to these destabilizing margin calls we probably need more

transparency around the margin itself there's not much about what the margin requirements are. that is probably something the s.e.c. needs to look at as well. >> bigger picture, what do you think of what robinhood really is and what it's doing ga gamifying, making options trading and trading on margin more fun there's confetti is it good is it bad? does it matter >> to paraphrase casablanca we're all shocked gambling is going on in our equity markets yeah, it makes it a game it's speculative, it's risky, you have new novice traders coming in probably not understanding the risk that they're taking active short-time trading time and time again is not the way you make money the way you make money is to thoughtfully invest long term, pull the your money there and keep it there. you want to get the ben fefits f the market we're still seeing highs today.

take a page from jack vogel, the long-term index fund, and watch it grow. this short-term trading may be fun but it's dangerous, it's risky, and there are always smarter guys on the other side of the trade making the money. the classic case is a sleazy practice, never should have let the horses out of the barn they trade in front of published market interests they trade in between the spread they make a lot of money off of it i think aoc hit the nail on the head it's not really free trading it's just less transparent cost. you're losing on the quality of execution but you're losing on the quality of the execution and there's big wall street players on the other side of your making money.

this idea robinhood is democratizing this i don't think that's what's going on invest long term find real value and put your money there. >> sheila, there was so much interest in payment for order flow yesterday i wonder if you see it banned and what is the impact who wins and loses there >> we won't be banned. the traders love not having to pay commissions. they don't understand that they're still paying for it. it's just not transparent what they're paying for but i think commission-free trading is here to stay. it's very popular. i can't imagine politicians or regulators having the courage to take it on aoc had an interesting -- maybe we should require at least 50% of it get rebated to the investors. that might be an interesting idea probably a lot of resistance to that, too. i have a history on this i used to work for the new york

stock exchange decades ago battling bernie madoff on this it was done in the name of creating competition for exchanges, but that was the wrong kind of competition. the competition should be on who has the best publish not on who wants to pay for order flow. again, it's just the horse is so far out of the barn i just don't see regulators or politicians at this point sadly >> so, sheila, if you don't see that being banned, you also said people should be investing for the long term, but we know they don't. they aren't. they're very much interested in these shorter term trades. what are the reforms you think are practical that could really be implemented right now >> well, i think shortening the settlement time is something that we should be focusing on. more transparency, transparency around short positions, i think, is important looking at margin requirements looking at capital requirements for broker/dealers this can help provide more

stability to the financial system i support a transaction task it's too easy right now. we need more friction. so creating a little more cost especially for high-frequency rapid trading would be a good thing and have a stabilizing influence on our equity markets. these market structure problems have been neglected for decades. there's no -- i wish there was a magic wand but there's not they've been building for years. they will take years to resolve. i have a lot of confidence in the nominee for the chair of the s.e.c. gary gensler but, again, there aren't any quick fixes this will be a long slog >> sheila, i'd love to get you to expand on what you said about bitcoin earlier in the month and that is stay away. nose bleed levels. if you're wealthy, fine. but you don't have a lot of confidence we're beginning to get some indications that at least corporate treasurers are giving it a look.

does that evolve your view at all? >> you can tell influential -- i think the price went up when i said that. i stay away from it. it is very volatile. no, i don't think that's where corporate treasure should be sitting there. elon musk wants to do that, there's a real question about that it's highly volatile you want stability in your cash accounts, i would assume there's all this talk about finally have inflation and the dollar will lose a lot of value because of all the spending we're doing. yeah, that is a risk but nothing compared to the volatility in bitcoin. people need to make their own decisions. i do think corporate treasure should know better in terms of retail investors it's just not a good place to put your money understand there's a difference between the technology, the blog chain technology i think is very promising that could help us lead to faster settlement times.

there's a difference between the technology and bitcoin itself. there's no intrinsic value with bitcoin. don't confuse the two. a lot of promise with the technology but the coin itself, no >> well, okay. a lot of people disagreeing there, but great to get -- >> yep >> -- your perspective the trillion dollar market cap on it now. what do you think would be a real step forward? what technology can do for the retail investor, the saver, the individual in our society right now that really needs to do better things financially, what can tech do? what would be progress >> well, payments is really the big area where we have a payment system now, getting cash from point a to point b it's antiquated.

this is why you have settlement and equity settlement as well. using block chain to get money from intermediaries as opposed to having to go through the large financial institutions to facilitate the transactions for you will be faster, safer, and lower cost for consumers it will also help the government itself you can see how the government has struggled in getting the pandemics payments out to households the household payments, the unemployment benefits. it's a very clunky payment system so using distributed ledger to disintermediate those transactions is really, i think, a huge promise for technology and block chain in particular. >> the u.s. behind a lot of other countries on that. >> yes, indeed. >> sheila bair, thank you. >> happy to be here. thanks for having me keep your eye on a couple of the light names. luminar and velodyne key players in autonomous vehicles we got a report out saying apple

may be looking to partner with suppliers and self-driving project. those names and some others get a boost on that potential interest a lot more "squawk alley" still eaahd. ve seen centuries of this. with a companion that powers a digital world, traded with a touch. the gold standard, so to speak ;)

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if you see wires down, treat them all as if they're hot and energized. stay away from any downed wire, call 911, and call pg&e right after so we can both respond out and keep the public safe. in honor of black history month key players making an impact our next guest is a former media executive and has a company with more safe, inclusive and equity work place cultures. joining us is the former head of digital products at .e.t. and

member of the hulu launch team thanks for being with us this morning. i want to start off by asking you to explain how it works and what it is you do with your corporate clients. >> thanks so much for having me, julia. happy to be here with you. julia. so tequitable. it is a culture that works for everyone, and we created this third-party confidential platform to help address bias and discrimination in the workplace. so, for example, if my boss makes a sexist crack that's not the totality of who he is or he tries to touch my locks. i'm not going to go to hr for that, that's the nuclear option, and i would like that behavior to stop. then i want the company to take immediate action and what

tequitable tries to do is help the employee in either of these situations how to move forward they don't have a great sense of what's happening on the ground in the day to day in the culture and we try to provide data and insights back to them on that. for us, it really is about providing a sounding board for employees where they can come, get advice, explore their options and figure out their next steps, and then we use data that we a nonmynonymize for us it's really important to work on both sides of the equation to create change. >> lisa, it is so interesting because twitter just made this commitment that 25% of its executives would be from underrepresented minorities by the year 2025. what do you think of that kind of commitment? is that the kind of thing that works? is that something that other companies should consider doing?

>> absolutely. yes. there's no question. oh, we can't hire and we can't find black folks and we can't hire them. just do it it can be done one of the things that's been interesting to me is since there have been laws that were passed around minimum requirements for underrepresented folks on boards, magically, folks have been able to find people and to find really, excellent, remarkable great-fitting candidates and it's about making the commitment and making the effort that counts >> lisa, great to have you i'm not a corporate lawyer, but if i were, my first question would be when there's a lawsuit, what happens do employees with tequitable say something should have known that was going on and it isn't the same as talking to hr. do i somehow get protected by the idea that i proactively sought data and engaged in this platform

what happens >> no. it's a great question, and i don't play a lawyer on tv, but i have been able to satisfy the kind of inquiries from -- from the greatest of legal minds. so there's a few things. we are based on the model of an ombudsmen, and ombudsmen have been around for centuries, but in the u.s. since 1960s and there is a legal guide and we are building on things and practices and models that have been learned from. no, ombuds are independent and not behold tone the company's management structure and also confidential we won't even acknowledge if someone has spoken with us or not and we are also impartial and neutral. we don't take the side of the employee nor do we take the side of the company we are really trying to provide fair processes and to ensure fair processes, and then we are very specifically informal and

off the record so we say that in english and we say that in legalese we don't collect personally identifiable information so we have all kinds of mechanisms in place. we shred notes and do data purchase so there are all of these ways that we don't even retain those records, so that's the end all and be all of it we don't collect them, retain them and we're legally binding >> yeah. i was going to say, given that frame, the way you're framing it, what does it say about traditional hr efforts to read the sentiment of their workforce through employee surveys is that sort of a dinosaur step at this point? >> so i, you know, i think that there is an ecosystem. i think there are pieces across the landscape that are really important. doing an employee engagement survey or pulse survey, that could be a great way to get a baseline and to have something concrete that you can measure year after year against so you know where your benchmarks are,

but i will say that the disadvantage of employee engagement is you have to worry about survey fatigue and they don't feel it goes any place there's no active feedback and it's a one-way street. we provide a learning platform so if something is happening in the moment we can help you figure out how to handle it as it's happening >> lisa, this is such important work we appreciate you joining us to talk about it especially as companies really understand the value to their corporate organization and having a more diverse workforce. thank you so much for being with us today >> thank you appreciate it. >> for sure. >> uber, meanwhile, losing a key fight in the uk over the classification of its drivers, but will that have repercussions in the u.s. over its drivers' employment status? head to cnbc.com for the latest and stay with us we're back in a moment

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in case you missed it, disney+ suffering some outages across the country earlier this morning as fans rushed to watc the latest episode of marvel's wandavision on the streaming platform, john i don't know about your kids my kids are all in, and it

harkens back to the things we used to hear about netflix on christmas eve back in the day, remember >> my kids i'm all in >> they had no issue with wandavision. the signal is loud and clear >> it's obviously working. there's so much excitement and it is very different than the netflix strategy of dumping the whole season at once i have to know this is a big deal for disney. hong kong disney opens today and there are two parks that are fully closed and carl, it's meaningful to show that half of disney's parks are partially open >> yeah. the hong kong news of course, there have been fits and starts over there, and it does lend promise, julia, as you suggest to parks back home may be opening for at least the summer and i know six flags this morning did talk about hiring

workers for all of its parks and all of its water parks to be open come summer and that reopening is definitely on the front burner one quick programming note before we head over to the half. we can't knock the hustle out of squawk box they have jay-z coming on with becky and joe on monday. that is a cnbc exclusive everyone have a great weekend and let's get to headquarters on the half. >> we look forward to that, carl thank you very much. welcome to the halftime report i'm scott wapner front and center, the breaking point for stocks is there one if rates keep rising we'll discuss and debate that with our investment committee and try to find out where your money will work best in the months ahead joining me for the hour today, take a look at our lineup, joe terranova is here along with josh brown, pete najarian will be along in a second and brenda and liz young and the director of market strategy i'll take you to the wall an