that means cooking day and night until you get... [ ding ] you got paid! that means adding people to the payroll. hi mom. that means... best burger ever. intuit quickbooks helps small businesses be more successful with payments, payroll, banking and live bookkeeping. it is 5:00 a.m. on cnbc. archegos ripple impact amid the sweeping rules. speaking of archegos, the investment bank out with earnings this morning. squandering what would have been record-breaking quarter. how did credit suisse get it so long and no spac slowdown a $2.2 billion deal with the

focus on smart home technology. and is it a bubble or a bangle or bright shiny thing? it is thursday, april 22nd this is "worldwide exchange. ♪ good morning good afternoon good evening welcome from wherever in the world you may be watching. happy thursday i'm brian sullivan let's get to it. a check on the market and your money. the global markets are setting up the day dow futures are down a trend we have seen all week. not big moves either way up a little.

down a little. dow futures s 27 the russell 2000 bouncing back off the best day in nearly two months up 2.5%. watch the dow transport. transportation stocks are a leading economic indicatindicat. that on pace now for its longest weekly winning streak ever that's right dow transports up 12 winning weeks in a row if you believe in the dow theory and you believe the transports are the leading index, that's a pretty good sign for the economy. could be an rbi, but we have a better one than transportation stocks let's bring in the macro market and expand the conversation and bring in vesco strategist brian

levin. do you think that is some kind of great fortune or crystal ball on how things will look down the road >> it is a good leading indicator. it is very consistent with what you are seeing from the economic data and what you are hearing from policymakers which is ongoing support. when you try to assess markets and ask the direction of the economy. it is accelerating it is hard to find data that doesn't suggest it is accelerating what is the direction of policy? that is a good back drop for the dow transports and risk asset. >> what is the biggest risk, brian, that you see out there? russia amassing on the border of ukraine. we have china flying fighter jets over taiwan we have iran and the nuclear talks there. we have covid that is still surging in certain parts of the world and a couple of states what do you see as the biggest

risk for viewers and investing audience right now >> you have a base case that is optimistic and two tail ritale risks. one tale is the covid risk and surge of the economy i would put that in the lower probability prior to the vaccine. the other risk is this overheats and you get inflationary appreciate and the federal reserve will have to raise interest rates sooner than you expected that means a stronger dollar and flatter curve. i don't assign a very high probability to either disrupting markets for the remainder of the year those are the two big risks. we saw those a few weeks ago with the concerns of inflation picked up and the disruption you saw and the speculative growth

we could see that again, but that is the risk that lurks out there. >> i'm reading the same stiff y stuff you are reading every day. there does seem to be a lot of chatter. not calling it necessarily, but a lot of talk that the fed may have to raise rates or will raise rates sooner than we think. they won't be ultra low forever because inflation is heating up. unemployment is back to the level of 2014. they may have to change their stance and quick >> so a couple of things the fed continues to believe it is transatory. we know there is a lot of pent-up demand about to hit the economy. the question is if anything structure changed as you move into 2022 and 2023 the fed still believes nothing structure has changed. i tend to agree with them. i don't believe you are about to

see an inflationary spiral beyond this year you will have a pick up i inflation this year because of the pent-up demand the investors need to see what it means to raise the interest rates. there is a freakout moment for the raise in interest rates for the first time there is no doubt as the fed tightens policy that you see the trappings with the market and stronger dollar. the question would be does that represent a buying opportunity or is that the end of the cycle? are we going to hasten the cycle signif significantly? if the fed raised rates early on, it would resemblea a rate hike early on. >> stocks can and will go up because it also generally ci

signi signals a certain sector maybe for ultra low rates, but it doesn't mean the overall market is will not go up >> it is not the first rate hike that matters it is the last one cycles end with some type of policy mistake or the federal reserve pushes rates too high and the yield curve and credit spreads blowout. we are a long way away from that investors look at what transpired they look at what has gone on with the market. many ways they assess if it is too good to be true. we are still early days of the cycle. are there risks? there are risks certainly. i see this playing out over multiple years not any time soon. >> words of optimism from brian levitt good to see you on here.

brian, thank you >> good to see you thanks >> take care all right. let's get some of the morning's other top headlines. including more on the archegos saga which may become the most expensive bad trade the world has ever seen. bertha coombs, how is that for a lead-in? >> yeah. that is true for credit suisse it could have other ripple effects. good morning, brian. s.e.c. is considering new rules. according too bloomberg, the regulator is exploring how to increase transparency for the types of dirivitive bets that led to the scandal and the short bets like gamestop this year in the meantime, a new spac deal in the works smartrent.com that sells tech to

apartment owners and developers is looking to go public through a spac merger that could value the company at $2.2 billion. it is used in about 180,000 locations throughout the u.s. and canada according to the journal, the deal could close as soon as today. and disney reaching a deal with sony pictures to bring new spider-man movies to streaming services and tv networks after they he play on netflix in 2023. not just "spider-man" but older sony films the company said it will add a significant number of sony titles to hulu starting in june. you know, i have to say i like watching movies at home better than the movies these days i'm a total convert.

>> that's a lot easier it is probably cheaper of the i like the marvel movies, bertha i was a giant comic book nerd when i was a kid i have a couple thousand marvel comic books in the attic all in bags with backings. every time a movie comes out, i hope these comic book prices go up like a nft so i can pay for my kid's college with "spider-man" 37. >> i think they are more real than nfts. >> yeah. i can actually read them >> and you can see the value on antiques road show you can't do that with an nft. >> i have weird ones from the '80s radioactive hamsters nobody cares we'll do a comic book segment again coming up.

be bertha, see you soon. >> learn something every day >> something that nobody wanted to know. nobody cared at all. all right. when we come back, a big data shocker that has that stock, that chart, surging more than 30% in the pre-market. who is that mass stock we'll bring it up. coming up, bubble, bangle or bright, shiny thing. the red hot ham optons. what one rental just traded at it will blow your mind and wake you up we're back after this.

welcome back time for a check on the big money movers three stock stories you have to hear stock one. whirlpool. up 1.5%. earnings beat estimates. $6 $6.81. everybody is buying dishwashers. stock number two is net gear lower on the back of disappointing sales for the second quarter now expect the second quarter sales between $3 million and $5

million. it is down 3.5%. stock number three teradata surging after first are quarter results after the close yesterday. that is the mystery chart. company expects earnings to come in between 67 cents and 69 cents up from guidance of about 40 cents. coming in at 69 cents on guidance of 40 cents that is why that stock is up nearly 30% right now and up 105% in just three months if you own teradata, i don't know, three months and one day ago, take the family out for dinner tonight congratulations. wow. still on deck. bubbles and bright and shiny things rising assets from dogecoin and hampton houses you will not believe what some houses in the hamptons are going

for this summer. we'll tell you anyway right after this >> announcer: today's big number 109. that's how many new spac deals were completed in march. a new record according to data from spac research issuance has plummeted so far this month dropping to just 10 after the s.e.c. that issued guidance and spac guidance as liabilities

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welcome back it seems that everybody has some bubbles on their minds these days prices rising from lumber and corn and dogecoin. it is hard to know at any given moment in time you are in a bubble it may not seem like a bubble at the time or they may seem to be everywhere we thought we would play a game to start the morning with our friend caleb silver. we will call it bubbles, bangles or bright shiny things caleb welcome. good to see you. we will do this like a game, but also news. here we go >> i'm ready >> first item, what else, bring it bitcoin. up 650% over the past year this is not 2017

fidelity and morgan and you name it and more. all of the financial institutions are on it bitcoin. a bubble, a bangle or just a bright shiny thing >> brian, all of the above it is a bubble you have an infinite number of investors chasing a number of bitcoin. only so much is mined. it is a bangle you can hold it forever. it is also a bright shiny thing. athletes want to be paid in it as soon as you see big stars want to be paid with it, it is a bright and shiny thing where is bazooka joe when you need it? >> i'm not sure that was the point of the game. you are supposed to make a hot take or a call you punted

>> all right bright >> you are on the 40 and you punted fair enough. >> bright and shiny thing. let's do real estate, brian. an apartment in hyde park in london with $248 million the most expensive apartment in london you can pay for it in in bitcoin. high ceiling great views of hyde park go out and throw the frisbee and come back. bubble, bangle or bright shiny thing at 1 hiyde park >> i'll go with the bubble i'll go with the bubble with the caveat first off, $248 million for a condo? that's amazing i'm sure it is quite lovely. we had new york city condos go for $200 million caleb real estate in special

spots is a fixed asset interest rates are low i will say it is a bubble only because the number of people who would be able to purchase it from whoever just bought it is about ten. i guarantee you whatever the cost is of that place, the maintenance or taxes is enough to keep most people out of the market i'm not saying the bubble will pop tomorrow $248 million for concrete with a view no thanks. sold to you, caleb >> butler included >> multiple butlers, i hope, at that price give me mr. belvedere and mr. belvedere's cousin >> the house in the hamptons just rented for $2 million

that is memorial day to labor day. brokers said $2 million. there is extremely low inventory. according to a report from doug douglas and miller, the rentals are down 41% in the first quarter. the median sales price jumped 31% to $1.3 million. i don't know what you get in the hamptons for $1.3 million. a plot of grass with a dog house on it? it is 20% higher than the median sales price in manhattan hampton sales? bubble, bangle or bright shiny thing? >> they are flying folks out on choppers almost every day from new york city and boston and philadelphia to look at the properties you have two seconds to make a decision they are snapped up. we have a bubble in the

hamptons it is extreme this summer. everyone wants to get out of town and get clams i think it is a bubble in the hamptons it's always been one. >> see, you are dropping in on all the places this is covid. it will go away. vaccinations this is going to be the last summer where a lot of people can go where they want probably for two or three months as opposed to taking a week's vacation here or there most wall street firms are not requiring five days a week until after labor day. this is it people say, you know what? the one time in the next 30 years we're going to be able to do it. let's do it. >> all right last one for you a rose by any other name nft of a rose called forever rose dropped on valentine's day in 2018 sold for $1 million.

the same photograph sold for $1 million. bubble, bangle or bright shiny thing? >> yeah. i don't know what to call it i have other words in my head. it's a family show and it's 5:30 in the morning i was trying to explain this to my dad the other day it is not a photograph it's like a digital imprint, sort of, of a photograph how do you display it? i guess you take a picture of the picture and hang that as well i think it is novel. i think the first ones are probably not be a bubble they will have value you over time they were the first ones i think everybody will try to monetize this. this show, this segment of the show, could become an nft. unlimited supply there will not be unlimited demand

bubbalicious call your buddy. bazooka joe, where are you >> you said it, joe. >> happy earth day good stuff bubble, bangle or bright shiny thing. you like that segment? if you do, we'll bring it back if not, we will never bring it back we'll sell that as an nft. up next, if you are thinking of flying this summer, you might want to book that ticket now what airlines are saying about travel demand coming up. also, if you are hitting the road or need something cool to listen to. subscribe to our podcast another cheap promo. we set you up for the day like no other show. with all due respect to every other show "worldwide exchange" on apple,

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bounce forward, with comcast business. good morning do you need good news? who doesn't. we will talk to an airline ceo right now. that's right we will give you the view from 35,000 feet. if you want the upbeat on the american consumer, talk more about it the airlines coming up. follow the money new numbers on big tech lobbying

efforts. eamon javers will join us to talk about the big money. and the morning rbi. not random, but interesting, but ra random, but expensive. the story of tax cheats. how we can pay for a lot of cool projects if we just did one thing. it is thursday, april 22nd this is "worldwide exchange. ♪ ♪ good morning welcome. welcome back wherever in the world you are watching, i'm brian sullivan here is how your money looks futures are mixed. slightly lower again, every day this week has been the same. not a big trend early on

now we're seeing dow futures off 5: 15 nasdaq off 10. we had a similar set up yesterday and the markets did well the russell 2000 in a steep slide for the small caps had the best day in months rising 2.5%. futures futures. not saying anything. take that with a pinch of sea salt fair value is up five points time for a bonus batch of big money stories. stock number one in this round sleep number raising guidance shares are down 6% because of the supply snag in the quarter remember the containers we talked about in south carolina you can't sell a mattress if you can't get a mattress that is hurting sleep number stock two. credit suisse. looking to raise more than $2

billion in capital after losses from the ill-fated archegos trade. the bank expect a hit of $655 million this quarter if you wonder how much that stings credit suisse says if the $4.8 billion charge because of archegos and costs related to the collapse of uk finance firm green sill were stripped out t would have reported the best quarterly profit in a decade if i didn't get that, my gpa would have been better credit suisse has more than $20 billion in exposure to archegos investments. thousands of credit suisse employees all over the world working their butts off all year long will wipe out the bonus because the firm getting hacked by one bad trade stock number three

shares of the debut. uipath rising up and raitradingt $71.80 it has a market cap of $36 billion. more airlines set to report their quarterly results today. we are not saying earnings american airlines and southwest and alaska airlines expected to post losses. it is the outlook. let's talk about that with steven trent at citigroup. steven, good morning we are hearing from gary kelly at southwest airlines and they are talking about domestic travel booming for years, it was the airlines to routes from france and tokyo.

do we want to buy the airlines with routes from dallas to boise? >> no, great question. good morning to you as well. i think what we're seeing in this evolution of the pandemic is certainly a bigger focus on domestic travel and focus on leisure and visiting friends and relatives travel we think in the moving forward in the post-pandemic environment, that those carrier was the best seat and customer profiles will be the winners, relatively speaking. i think in terms of what this means for the airlines and what it means for the bottom line, i think two questions i have as we look into the summer booking season what do we see in business travel and pre-pandemic basis? business travel is 15% of volume

more or less at least 50% of passenger revenue. that's still a big missing piece. where does everybody else put capacity if some of that business hasn't come back yet? we're constructive on the rebound run. more cautious than a few months ago. >> yeah. your ratings and a lot of credit, stephen. you have a sell rating a buy on united. is this a pricing power story? quickly, i was looking to buy a flight for christmas to a nice warm climate i looked last week i didn't book anything stupidly. this is real the price had more than doubled. more than doubled in a week. maybe united is fishing. i don't know if somebody hits that bid, it is a profitable flight for them this is limited capacity and that means people are willing to pay up you don't make it up in volume

you make it up in price. >> certainly you have takes there. certainly in terms of people looking for travel, especially at the shorter end of the booking curve and it is not particularly easy to massively increase demand in one instance. in that scenario, absolutely that can be an opportunity where the airlines can test pricing. especially as we look close in on that booking curve. i think as we get to the summer season, certainly depending on routes, and certainly depending on what carrier we're talking about. i think that's a scenario that's a little less clear. volumes, we think, are going to be there the post-pandemic, but bounce in demand as the pandemic is

subs subsiding. the volume and recovery is already here and will continue into the summer. >> stephen, sorry to jump in is summer your best bet? >> we prefer delta we think delta in terms of the position around hartsfield what it has done and what it probably can still do and in terms of the credit card program give that carrier. we are constructive on united. i would say united's relatively weak performance gives that evaluation protection versus others in the group. >> stephen trent thank you. pleasure to have you on. prefers delta to united. a rare sell. thank you. >> remy pleasure.

>> by the way, don't miss the trifecta of ceos doug parker at 7:30. gary kelly on at 9:30 of southwest. and ben minicucci on closing bell an airport of ceos today now to washington. we're getting new numbers and some big money proof that lobbying and big tech are juicing up they may be getting ready for a fight in washington, d.c eamon javers is joining us how much money is big tech spending on lobbying in washington, d.c. on k street >> it is millions, brian they are boosting over the previous quarter you get an uptick in the first quarter. you get a sense of the numbers that big tech is bracing for something here in washington with the anti-trust talk out

with the regulation and a lot out there. look at the numbers. the first quarter of 2021. the numbers in yesterday amazon spent $4.8 million. just behind them is facebook at 4.79 alphabet, 2.6 million. microsoft with $2.6 million. and apple bringing up the rear actually at $1.46 million. maybe apple is not as threatened by what is going on in washington as the rest of the big guys we have a debutante here robinhood. registered as a lobbyist for the first time first quarter lobbying spent a modest $460,000. you see the issues there that they are focused on. a number of bills proposed which they will follow along through the process. they are talking about following market struinfrastructure and volatility and settlement issues

here in washington, d.c. if you look at the number for amazon at $4.8 million that is a big spending number. not enough to put them to the top of the list overall. u.s. chamber of commerce spent $17 million in the same period of time. that gives you context the individual companies not competing with the big lobbyists in washington. tech guys are up and stepping up for a fight in. >> eamon, on pace for $20 million a year what do they want? >> look, the big thing for amazon is -- amazon is everything what we saw you over the pandemic is amazon takes over the entire retail industry they are into just about everything not an issue out there that amazon is not going to have a view on by and large a lot around tax that is the big ones we look at facebook and alphabet and microsoft.

what you are talking about is regulation around the question of liability on the internet are the internet service companies, social media companies, in particular, responsible for the content they put up through us users who are putting stuff on their sites is that a liability for the companies? the law says no and had said no for 20 years there is a move to change that we will see if they can push that back. there is conservatives and liberals gravitating to that idea and the social media companies don't like it. >> that law was written when we were dialing up to our aol account and dialing up $20 million a year. >> i remember. >> let's not forget, lobbyists are the ones that write the bills that congress then -- congress members are not writing the bills. it is the lobbyists and other firms. eamon, thank you

stay to that story >> all year. and coming up, we talk a lot about the rollout of covid vaccines on the program. why not? a story of a lifetime. the real story could be on the treatment side we talk to our top tech analyst next and as we head to break, chipotle blasting through earnings. online sales topping in-person orders for the first time ever that is important. digital pick-up orders are more profitable than in-person orders marvell technology closes on the deal with inphi. i have to say, i'm jealous of this story. "jeo "jeo "jeopardy!" announcing the final slate of guest hosts david faber has been added to

the lineup hosting, i guess, a week of "jeopardy!." i'm envious. david, a former "jeopardy!" champion you go, david. see you on "opdyjear!. the man never ages we're back after this. tailor made or one size fits all? made to order or ready to go? with a hybrid, you don't have to choose. that's why insurers are going hybrid with ibm. with watson on a hybrid cloud they can use ai to help predict client needs and get the data they need to quickly design coverage for each one. businesses that want personalization and speed are going with a smarter hybrid cloud using the technology and expertise of ibm.

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join the fight with the alzheimer's association. welcome back it is now a tale of two

pandemics this morning in america, 88% of us are now you fully vaccinated as of yesterday, the cdc reports that 40% of the total population, not just adults, everybody has received at least one dose 134 million people something to consider is demand for the vaccine appears to be dropping off in many parts of the country. we have big daily numbers. 3 million shots a day on average. the pace is slowing down some areas have more doses than ar arms in the meantime, japan could impose a third state of emergency in tokyo and india with 314,000 new cases in past 24 hours here is something crucial to remember this is not a year ago we know a lot more now it is not just the vaccines. treatments have gotten better. your next guest says we are likely interring the phase of

trench warfare against the virus. jeff borges is senior bio-tech analyst. he joins us now. what do you mean by the trench warfare time >> good morning, brian this is going to really be the issue the next three-to-six months you pointed out vaccine adoption is slowing we are at the 40% adoption we need to get to 60% to 70% in this country more importantly, to really open up, we need the rest of the world to be successful in vaccination rollout. as we know, that is spotty around the world first of all, the vaccine adoption needs to be consistent and high that will probably take months or may take us into next year. the good news is as you point out is the treatment has gotten better as the pressure has come off the hospital system and more research completed, we know how

to use remdesivir and ant antibodies the number of people hospitalized with covid is better we are not perfect we still have tragically 700 people dying each day, which is still an unacceptable outcome from the pandemic. >> it is because these treatments, geoff, it could be worse? i think me being on the road with the vaccines and this show has given more optimism and hope about the vaccine than any other network. that aside, we probably failed on the treatment side. i wanted to have you on. regeneron has treatments roech has treatments they are not getting media attention. which ones are the best right now? >> the interesting thing is we

deal with a lot of early companies. i can tell you for sure there are lots of capital going to early companies advancing promising treatments that are better than those available now. those that are available now are pretty good. the problem is, as you pointed out, they are not being used remdesivir, the anti-viral is used in 50% or 60% of people hospitalized in the country. use of remdesivir is modest outside the u.s. antibodies a catch-22 with the antibodies they are sitting in hospitals, but the indication is for pre-hospital patient if somebody shows up and says you want an anti-body. you are not sick enough to admit, so we cannot give you antibody some of the early stage companies, they are bringing forward antibodies to be given in the doctor's office or walk-in clinic

it can be given with lower doses. that will make the big difference even the current antibodies need to be used much more broadly both pre-exposure and post-exposure. >> listen, no one is saying covid will vanish over time. we get 60% vaccination, we still have 40% not vaccination we will have other cases even more people vaccinated the math tells us that do you expect the treatment and gilead and regeneron to get attention in the next few years? >> covid will be here for a long time this is a new pathogen coming to the human host it's not going way it is not going to miraculously disappear. we will contain it at a low level. just in the same way that we live with influenza and other

coronavirus and this we have to figure out how to deal with this one way is to have treatments in the tool box in physicians offices and drug stores if someone gets a referral or prescription treatments need to be distributed. of course, we need to improve vaccines as well as have treatments for early stage and late-stage disease >> well said geoff porges thank you very much. appreciate it. see you soon one more break we are back with your morning rbi. it is on your favorite topic taxes. that's right a tax rbi you want to hear iki of-sort of good news. we're back after this. nty hair, skin and nails gummies. the number one brand to support beautiful hair, glowing skin, and healthy nails. and try advanced,

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this morning's most random, but interesting thing has to do

with taxes don't turn the channel with so much talk about big spending programs. stimulus, sdinfrastructure, everything else. there is talk of raising taxes on companies to pay for it you cnbc viewer may not like that, but you might like this. fairly simple solution why doesn't the irs collect the taxes it is legally owed it sounds like a basic concept in fact, this is going to blow your mind. according to the irs' own data and "wall street journal." $380 billion in owed taxes is not collected every single year. they are going back a few years on the data. it is probably about the same now. nearly $400 billion a year people screwing up taxes or not paying enough or simply scamming the government and fellow taxpayer put it another way

that is about 1 trillion dollars every three years. one reason so many are able to skirt taxes? the irs is losing people for years. its budget slashed you may think, good. i don't want to get audited. think about it this way. $380 billion a year for context. that is three times the amount of money in the stimulus plan that would go to schools in the next seven years or enough to payoff every dime of student loan debt in four to five years. just collecting the money that is owed. think about that tax cheats random, but expensiexpensive. hopefully interesting. back to the broader markets. emily bowersock. emily, i'll not ask you to comment on the tax number. you deal with other big numbers. your clients

top wealth advisers. markets are getting frothy here. what are you recommending to your clients >> this time of year, we generally recommend rebalancing port portfolios especially this year i think there is a bubble building in the u.s. markets that doesn't mean it won't continue good time to take profits. >> where is the bubble >> i think it is mostly in u.s. large cap growth and consumer discretionary stocks those have run up substantially in price >> it sounds like you are naming a lot without naming big tech companies. a lot of money has been made where do they put profits?

where is value >> we see value in commodities certainly in international developed markets. one of the things that has happened recently is that the volumes of retail trading have increased very significantly it's doubled since 2019. about a quarter of trading volumes are retail traders you know, they are buying the kp exciting and interesting ai-related stocks. the place to look are the parts of the market that have not developed much >> i like it international markets. finally getting some love. the france market and uk market. some of the top performing emily bowersock. thank you. see you again. >> thank you

all right. that does it for us here on "worldwide exchange. another one down another one bites the dust see you tomorrow morning at the same time and same channel have a great day "squawk box" is next only one 5g partner offers unmatched network, support, and value-without any trade offs. so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure.

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good morning credit suisse shares are plunging the bank now looking to tap investors for cash after archegos losses wiped out what would have been a strong first quarter. chipotle smashes estimate after online orders smash in-person. and at&t and american airlines we have inn terviews with ceos both companies it is thursday, april 22nd, 2021 "squawk box" starts right now. ♪ ♪ good morning welcome to "squawk box" here on cnbc i'm becky quick along with joe