we should also tell you bitcoin moving higher, as michael sailor had micro strategy saying they will take out a $400 million loechan to b bitcoin, and there's your levered bet in crypto markets today. make sure you join us tomorrow "squawk on the street" begins right now. after 15 months away, we return to the new york stock exchange, for the first time since the pandemic, and we could not be happier good monday morning. welcome to "squawk on the street," i'm carl quintanilla with david faber and jim cramer. lots of news in m&a. pharma, apple, developers conference and more. our road map begins with overhauling the global tax system, the g-7 backing the call for the minimum corporate tax. the devil is in the details.

>> the largest conference gets under way, joined by the ceo of bristol myers squib later this hour. bezos set to blast off the amazon founder says he will fly on the first crude flight of the rocket made by his other company blue origin. first things first this is wonderful. and we should point out that our team at cnbc has been worked very hard to make today possible. >> i have to tell you, there are people, i'm going to mention one, brad, i think people deserve actual names, because the amount of work that people have to do to get things moving here, it is a little archaic, so it's not so easy to get things done, this is a fabulous set, we all missed each other, and even though when we were back in inglewood deliver cliffs, i was looking at david's back, and 35 feet apart it feels like old times. and maybe, just maybe there was

this interlude and maybe things are off the table in terms of a disease that we know can still hurt. >> of course, they have a big case study going here about how people work together, and in enclosed environment, and i also would say maybe it's a good message and image to put forward for the city, as certainly banks which are also going to be doing something like this starting today. >> what a great call i think that there are a lot of people that actually want to go back because they like interaction. and are tired of, at least a couple days a week, kind of sitting around, look, i was home a couple of times with my wife, and you know, by the fourth day, it was like okay, here's how you make the oranges, here's how you do the eggs and by the way, clean up after yourself, and this is just okay here you know, and they got tired they got tired of us. >> yes, i was tired of them, too. i was happy but we've been back in the office. in inglewood cliffs but being all together is obviously the key.

and you do hope it is a sign of a return to normalcy for many businesses it's starting and it will be interesting to watch the traffic increase around where we are in downtown in new york and start to see people going back to offices, obviously, this is a huge office market, as is midtown, together they add up to more space pretty much than all of the office space combined in the rest of the country. so it's not unimportant. >> and what it is, it is back, strength, i mean i don't want too patriotic about it, or what it stands for, but i think it's not bravery, it's just business as usual and that's what we need. business as usual. >> and we're going to be watching to see how things progress, even from here, given vaccination rates, and we're still looking at models that say 70% of americans will have at least one shot by september, maybe 70% of adults by the fourth of july, right and the white house wants that. >> scott gottlieb who has become maybe the greatest authority

about what's going on, who by the way, giving credence to the, yes, to the lab. >> the lab leak. >> not it was bio engineered but the lab leak. >> and sanguine, he was a little sanguine, about the prospects of many more people getting vaccinated, obviously the slowdown in vaccination, and also the pride that some people seem to take in not getting vaccinated it's a little odd. >> yes. >> misdirected. >> by the way, just the idea that there is a working vaccine that has been widely distributed, that's been proven to be safe, makes this short bit of sound amazing this is from i think our first show apart last spring, where we were still trying to get our heads around what was coming at us take a listen. >> good thursday morning, i'm carl quintanilla, with jim cramer and david faber, all coming to you live from separate locations, starting a little bit early, as the nyse is set to switch to all electronic trading on monday. >> isn't the emotional odyssey we've all been on.

>> isn't that crazy request. >> it really is. >> i think i look thinner. >> i mean look, guys >> but look, i don't know, people at home, i don't know if people recognize the camaraderie and the faux camaraderie of what we've been doing, and first, one of the things i love about david, he would be able to do this, but he was so far away, it was maybe something was wrong with his back o-are or something. >> we will get back to that very quickly. >> we actually have news this morning, too, guys which has not been the case. corporate news wise at least in the last couple of weeks we've obviously had amc and the move in oil and a number of important things and crypto and m&a this morning we've had an enormous private deal but blackstone and heldman and freedman and carlyle are doing for medline, a company that you may not have known but is an enormous medical supplies company. >> people are going to

immediat uh-oh, it's happening. >> and it is far less than a typical lbo, and back in the day, you talked about 80% financing and 20% equity check and here you're talking about an equity check of 13 to 14 billion in the firms combined, one of the largest of all time so that is more of a reflection of where we are and they have the qts deal which we can get to as well, which will be a public company and premium and an eye on the stock price. >> more return to normal >> maybe >> yeah. >> and it's not just private equity we have u.s. concrete, right >> you know, i've been to their headquarters multiple times, when bill sandbrook ran, it and he retired, april of last year, but talk about wanting to be in the infrastructure situation, would you really buy a gigantic cement company if you thought that the infrastructure bill is

going to fail? i mean this company is the primary beneficiary, it's all just about really kind of roads and they make giant projects, like a toyota factory, but what really matters, or headquarters, what really matters here is the faith that vulcan has, there are only two company, martin marietta, and they are going to be the winners >> and you talk about infrastructure, the qts deal, it's data centers, they develop them, and then they, i mean they create them and then they own them and what's interesting about that deal as we take a look at that stock, it is $78 a share all cash of course, fairly sizable, 10 billion when you include debt but the blackstone entities that are buying are not part of the private equity part of the business, it is the perpetual long-term perpetual capital vehicles and blackstone real investment fund and equity partners and they're buying it

to take it public, but they're buying it to keep it and provide yield and they're going to be providing for their own investors in the open-ended perpetual vehicles sort of interesting on that. >> they're hyper scale if you want to learn what this really means you have to go to the speech that jenson wang gave last week at the annual meeting about how their chips, their graph cal user interface cards work in hyper scale, co location, it means how quickly things go, and it's one of the smaller companies in this area, but i've got to tell you, when you listen to what nvidia has to say, you realize it's all speed, and it's all closeness and it's all this notion of just breath taking, where the speed of light these guys are talking about, and so what happens is, is that if you're left behind, and you don't have one of these, and you're trying to do it yourself, you may not make it. >> we're going to watch all of that, of course, then news over the weekend, the u.s. and other

g-7 nations have agreed to pursue this minimum corporate global tax, yellen putting that deal together, with the financ ministers, long way to go, in terms of getting it through the broader g-7 and certainly selling it back to republicans here, she had a number of interesting comments over the weekend, one was that inflation or higher interest rates would be a plus for society, and the fed's point of view. which some thought, all right, well, maybe we're in a new era. >> i thought it was great. i mean we have, we're in a boom, and we don't want the government to just ignore the boom that's occurring, you want people to get more jobs, i don't even mind the wage growth, i know stephen link was talking this morning, about really kind of like the dangers of wage inflation and i get that, but i really feel that maybe people should be making more money, and also that it's okay to raise rates a bit, and why should we be so low with business so strong >> it's okay to raise rates a

bit, i don't want four hikes instantly. nobody is talking about raising rates any time soon. >> 2023. >> 2023, okay. >> it's good, look, i think they can't ignore what's happening. i mean the "for hire" signs everywhere. >> the lead in the "new york times" yesterday was about the changing dynamic between employers and employees, in favor of employers for the first time in decades. >> giving leverage over employers right before our eyes. that's how neil irwin's headline put it >> it's tough to keep people, because people get taken they get taken very fast if you have someone good. >> you do. >> yes. >> can you say she's been taken? >> no. [ laughter ] >> it was one of your favorites, too, come on. >> she's been taken. >> those are the old days. >> those are like 1998 >> is that long ago though >> no. >> here's the issue as i know from my restaurant, okay, there's a belief that because

there's the unemployment, the bonus that things will get better in october, i used to think that, i think it's part of it, but this is a lot of people, a lot of people who did get sick who are out of the work force, but it turns out that there are a lot of people, this is something i never thought, but paychecks told you that, who are opening businesses, they have a lot of money, they want to open businesses, people want to spend a lot. >> set their own terms >> right >> and so it's very difficult to say to a cook, look, we're going back to the old days, you're not going back to the old days, people aren't accepting that they're just not accepting it. >> i saw some data this morning that i think it's half of u.s. restaurants are operating with 20% less staff than usual. >> look. >> makes sense. >> if there's a bartender out there, tell you, i'm ready. >> what you are paying >> negotiable.

>> my cousin was a bartender before he joined the peace corps and he didn't make much money. i can say right now, because the guy was part of a group that won the nobel peace prize. never would have happened if these wages were available now >> bartending? >> he wouldn't have solved that problem in khartoum where he was, sudan, solved the problem. >> he would have been a bartender. >> there you go. >> we will talk more about the global minimum tax and the degree to which it weighs on large cap stocks this morning, when we come back. and nyse president stacey cunningham on everything from reopening progress to the ipos to meme stocks and it looks like we will get to 21 points for a record close for the dow resqwkn e re" ommo "ua othstetfr the new york stock exchange straight ahead

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if you're just joining us this morning, it's the first show back here at the new york stock exchange and joining us, i guess help celebrate and talk about the reopening process and business of course is the president of the nyse, stacey cunningham, we could not be more pleased. >> we could not be more excited to have you back, carl it's great to see you and david and jim, and join the rest of the gang that is making their way back in. >> yes we've had our afternoon show here for a couple of weeks, we're starting to look around and see what the lay of the land is it feels kind of like before, i got to say, but is that how it feels from an operational standpoint >> we reopened a year ago and as soon as that first day back, you could feel the energy, even

though it was far fewer people than had been here, you could just feel it starting to come back, and so it's been building over the course of the year, we pulled back a little bit when the rates in new york got worse, because that's how we're approaching this is we're responding to local conditions and we're scaling up we are in a really good place right now with the vaccination rates continuing to increase, and the prevalence rate so low so we're able to start welcome you back and welcome companies back, they're bringing in bigger crowds all the time. >> yes. >> is there like a plan in a drawer somewhere for when things, if they were to get worse. >> yes. >> and you're ready to reach in there. >> we're ready to scale, it's all about increasing and decreasing based on local conditions and responding to what we're seeing, so right now conditions are really good, it's giving us the ability to welcome people back, to remove masks and to distance when vaccines are in place, and so there's a lot we can do, and when we're ready to scale back if we had to, we're hoping that we don't need to use that plan but we have one. >> at this point on the floor, 50% roughly.

>> roughly 50% and it's been increasing and increasing in the building, too, because most of our employees are remote, so within the office tower, that's been starting to increase as people are beginning to come back with their vaccinations and listed companies are increasing their numbers when they come in to celebrate their ipo, just last week the one-year anniversary for jared isaacman the ceo, the first company it go public in ipo, after our reopening on the trading floor, and he said i'm coming in, i have to, if i have to wear a haz-mat suit and we were masked up and it was great to see the group on the podium with no masks last week celebrating the one-year anniversary. >> speaking of listed companies and businesses, some of the names like amc that have seen wicked volatility, i wonder, do you think we're in a world now where you could see names, albeit small bucket of them, trade up 100%, in a day, like it's no big deal, and if that's the case, from here on out, are

the volatility tools the measures you used sufficient >> yes, i would say it is a big deal when you see movements like that, i would hope that all of the investors that are participating in these stocks understand that there are risks in the market, and that their own behavior can also impact other investors who are in the market i get personal interviews from people sometimes when they are impacted by rapid moves in the market, saying how could this possibly happen? and i certainly have gotten those in response to some of the meme stocks that we've seen, so i would urge people to act responsibly, it's an ecosystem, speculation though is not new, and that's, you know, you think back to the tulip craze in amster zam in the 1600s, that certainly is not a new thing for there to be speculation but people have to understand the risk profile it is real money it's real dollars. it's not a game. so i think if we continue to see rapid moves in stocks and i urge people to act responsibly. >> you don't think the halting process for example needs to be

adjusted >> i think it's been a very helpful tool to slow things down we are constantly looking at the protections in the market and ways to improve on them, to improve resiliency, our job is to protect investor confidence and what we've seen lately is not great for investor confidence. >> we're going to continue this conversation in person luckily from here on out. >> yes. >> thanks again. >> for all of your help and helping us return home. >> welcome back. it is just starting. we got a lot of fun happening this summer, too. >> stacey cunningham, thanks. we will take a break, cramer's, mad dash and a look at futures on this monday don't go away. the maestros of the creamiest-ever, ♪ ♪ must-have smoothies. ♪ ♪ it's irresistibly delicious. ♪ ♪ more almond breeze, please! ♪

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time for a mad dash, as we count you down to the opening bell, usually i have timing somewhere, i can't see it, how much time? okay, we got a little time. >> a little close. >> we're close >> we're close >> we're closed in, too. everything's got panels closing us in now. >> we're our own group here. i want to talk about a stock >> yes. >> that's what we usually talk about for the mad dash. >> one of great stops of this era is gm and barclay's came out and talking about the strong supply chain execution mara barra, they may not be as hurt by the chip shortage this is the auto shortage. we keep talking about shortages and costs and we don't talk about how much cars are going up in price and how much used cars and how much trucks are going up and everything is, this is another thing we don't talk about, prices are sticking you would think that there would be a level, david, where people just say you know what, i've had enough, but there's such small

business need, there's pent-up demand, there's government, obviously, the stims stim checks. >> a lot has been response to their plan in terms of becoming all electric by, when is it? >> soon enough. >> i wanted to salute mary barra. >> the ford numbers, ford gave us their numbers >> farley, too. >> these guys are coming, they're coming for bezos farley just said pointblank i'm going to crush musk. >> musk. >> musk. >> not bezos >> i keep going there. >> bezos is going in space. >> musk. musk tstaying on land. >> they all want to go to space but mary barra who i don't know wants to go in space. >> no. >> is doing a fabulous job does not get talked about enough why? not a self promoter. she is fantastic >> you still prefer ford to gm if you have to choose. >> yes, ford has had such a big run, we actually took a little profit in for the trust. gm could be a coiled spring and

take that more ev, and this -- >> from here >> this yellow hummer, this yellow hummer, the one that, my wife spoke to mary directly and i have to have one of those. and you don't ask the ceo of gm, you actually say hi and good job but they are doing so many things, these two auto companies that are unheralded. and i knowvolkswagen, too. and mary bar ra, fabulous. musk, look out >> and tesla as we know has been down but still has a market cap that is seven, eight fold. >> yes >> we got an opening bell coming up from the new york stock exchange straight ahead

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accessible to everyone is how i'm going to spend the rest of my life. iffy not at square or twitter, i would be working on bitcoin. if it needed more help than square and twitter, i'd leave them for bitcoin. >> that's jack dorsey of square and twitter in miami over the weekend, of course, bitcoin miami, telling an audience, jim, of 15,000 people, bitcoin changes absolutely everything. >> well, look, i'm a believer in cryptocurrency and i am in a hedge, versus what the governments of the world, or government in particular are doing which is continually printing money, i used to say as a hedge owngold because i'm been a gold bug but now a bit of a crypto bug now just as a hedge, okay? i don't swear by it. i just think that when you look at these, even bitcoin, it has had a very big move up, but it's not, i think safe right now in terms of where, you know, it can head down a little bit, just because it feels a little again,

just too much enthusiasm because of miami >> there are though a lot of incredibly intelligent people who are far more, certainly that have a deeper understanding, who have similar sentiments to mr. dorsey's there that somehow believe this changes, and it will change everything. >> el salvador >> look, i find it find, just because why shouldn't there be some something, a revolt against what's happening, with our treasury, with what's happening just, we print money like crazy people, i mean that's all we do, we all know here that we can't possibly in our lifetime pay these bills. >> right. >> so don't you want something that is worth, you know, limited -- >> convertible into dollars, still. >> well you don't have to. people down there. >> crypto. >> miami was total crypto. >> yes >> yes, definitely an enthusiastic crowd, and it continues to make a couple of

headlines this morning let's get to the opening bell here at the big board. citi and citi pride network, celebrating pride month at the platform celebrating the listing via spac as for square itself, there have been headlines friday, about moving to offer hardware wallet, and then today, there's news that square is investing in their own solar-powered bitcoin mining facility. >> look, i mean nvidia, a lot of the speech, i keep saying going to what jensen wong was saying, we do have this special card that is meant just for ethereum mining, and obviously, the stock moved up huge last week. i wish it were one, with the changes they've made in terms of hyper scale speed but i think it was actually about the ethereum card and how everyone wants it. >> because of crypto

>> because of crypto. >> even though they have tried not to make that a key part. >> exactly right. >> because it got fairly volatile for them. >> it was hurting the gamers >> right. >> but i just think that you get these people who give you the, some comfort that this thing is going to be there. and that it's not craziness. and all of these things have one thing in common at the miami conference, too, whether it be the meme stocks or crypto, they want to go after sellers, you sell, they will track you down, they will find you and they will, i don't know, whatever they can do to you and make you look bad on twitter. >> what about all of the people who talked about ransom ware being the main use of currency to some extent we don't know how much has been going on and by the way, it's an enormous problem, it's been in the news a great deal, it's going to continue to be, we talk a lot about cyber attacks, but we don't know, how many have actually occurred where people have paid ransom ware and moved on. >> we don't know and we do know

that there's talk, this weekend, talk that the government might say listen, you cannot pay ransom, across the board, kind of like what happened, david, in the '70s, where jimmy carter, basically outlawed paying ransom so that could be one way to make it so to the bad guys, listen, you can do what you want, no one is going to pay you. >> well, the president's got a summit coming up with putin, in the next week, and the commerce secretary was talking about whether we're considering any kind of military response and she refused to say we're ruling anything out on some of these cyber criminals. jim, this fda biogen alzheimer's ruling, some are saying it could set the tone for alzheimer's research in the future, the sixth leading cause of death in the country, is this a big deal? >> yes, i was going back and

forth with meg terrell, and saying it is a huge debt, and obviously with bristol, there are people who feel like that you can't say no to biogen because we don't have anything, so it's like something's better than nothing half a loaf. it could be a half loaf situation. or it could just be snake oil. >> but this is where, this is the drug where we thought it was going to get recommended for approval and then it didn't, right? >> because there is a lot of belief that, you know, frankly, there's no real science, there's just people who are demanding it, and i know that eli lilly, which my trust owns is one of these situations where it looked like they had something, and they came on "mad money," and basically said they had something and when they, you know, a few weeks later, they said maybe not, they do have something that reduces plaque, but all are lear that the plaque is necessarily what is causing it, maybe an effect of whatever it actually is causing it. >> and i'm on this american

migraine foundation, helping the headache society in america and helping the brain and do all of this brain stuff >> yes. >> there is a big believe fer do you these things, you got to start them, like 30 years ago, you can't just start now because it is already in process and that's something, having to do a 30-year test on a drug, well, you got to start >> it takes a long time. >> and i think that's one of the things, all of the brain experts that i deal with, i've got some real smart guy, brain surges, david. >> we shouldn't forget, an effective treatment for alzheimer's, even if it retards the progression of the disease, it will become the biggest selling drug in the world. >> bar none. >> so it is worth it to keep looking. that's what the brain guys are telling me what they're hoping, the brain guys are saying, maybe one day everybody does take it, we all take it and lipitor and it goes

off patent and then nobody makes any money, but holy cow, for those first years, what would you pay? >> you'd pay anything. >> you'd pay anything. >> yeah. >> you'd pay anything. >> it is huge. >> so many people are dealing with loved ones who are suffering from dementia and those things anything >> we had a conversation with stacey cunningham a moment ago about the meme name, amc is up 14%, not 100, but you were really on top of this while you were out last week. >> yeah, look, i know adam aron for a long time, the ceo of amc, he did a couple of fundraisers, he did the fundraiser, david, with the hedge fund, mudrick, and they flipped that. >> good for both parties >> mudrick is a distressed fund had, a very strong track record, that's what they are, they don't play in the equity, they bought in the equity, they sold the equity, it improved their debt position and they are out

entirely now by the way on both the debt and the equity and had very strong returns. by the way, when you own the debt to some extent to hedge, you're going to short the stock so their gains may not have been quite as large as everybody would imagine, but that's what you do, but they're out entirely, they're not a part of this. >> 10 billion in debt. >> 4 billion net. >> and a leasing issue. >> you're absolutely right 4 billion straight which he can pay off a lot if he wanted to. but what i think adam aron has done is start talking about being aggressive and look, what movie theater chain might not be for sale? i mean you can have everything he could be king he could call disney and say you know, what you want to be in the theater, here's the deal >> really? >> really? >> yeah. >> and disney goes, oh, i'm shaking. >> i don't think so. we have this thing called disney plus. >> sorry. >> okay. >> but i was thinking more about like a horse head in a bed >> or maybe buy you. >> we will give you a price he can't refuse. >> i think adam aron has done a

magnificent job but more importantly i think the meme people they are looking at this one if you sell it, and okay, they don't want sellers but what i think they're thinking is the old days, the old days of, you know what, the stock market is there to raise money, they thought this hurts, too, by the way, and adam aron needs money so let's give him money. >> it's amazing. >> he will save the condition. the company was bankrupt. >> i know. >> adam aron save it. >> saving the company and having a company that has a market value of over $25 billion, $27 billion, two different things. >> do you think that gamestop -- >> that in any way, shape or form reflects the future. >> tesla >> you can go down the road with tesla where you can make an argument about incredible growth to come. i can't do that with amc. >> amc could buy a hotel chain be getting into the business of shopping centers

it could become anything that's hospitality oriented this. man knows hospitality. >> so that was my question raising money to do what and you see it, whatever it is, it would be a new model. >> he didn't have enough money to do any of those things and nobody's going to take his stock. >> how do you know >> i do know. >> do you talk to everybody? >> i've been living on this planet for the last -- >> according to bezos, that is no longer meaningful. >> he's going to another planet. >> to do a deal. >> musk and bezos, both taking off. >> inter stellar hovers. >> adam has been a genius, but sold a little too much at nine but i know if i say anything negative about amc, my twitter feed will be, you know, the usual harassment, but what's more important is i told people to walk away, i told the sellers to caulk away, give it a break, and david, you're talking about the hedge against the bond. >> you short the stock to hedge

the bond position. i want to get to a story on friday, real quickly, bill ackman creating a new vehicle, creating a new thing >> this is our first faber report >> psth has been maimed. take a look. because it did come down the biggest spac of all time, remember, by ackman but not doing a spac deal and no longer going to be a spac we were working through this on friday morning, tried to understand what was a very complex story that had been just presented to us and at this point i can give you a lot more, jim, and i would love to get your thoughts as well but what you're getting now is three separate deals, 10% of universal music and we can go zbo through the fundamentals of universal music and talk about its dominance and percentage wise, 41% of the u.s. and 31% worldwide and warner music, they will make an argument that at the level he's buying it at, 42 billion overall value, for the company, he's buying it at a lesser multiple to ebitda than warner currently trades at maybe the. we'll see. but that's part of it.

then you get a spac that is still left that has a 1.5 billion left and not a spac, but a main co and a bunch of cash and then go out and potentially do a deal with that. then, you also get this special purpose acquisition right which gives you the right to be in the next deal, which would be called a sparc, no time limit, no redemption rights for anybody, but also you don't have to put money up until when he decides and/or brings the deal to you. that's kind of the new vision he's got here, and that could have as much as 10.6 billion, so it could pursue a very large transaction, if it wanted to all of which adds up to sort of a very interesting combination of things that mr. ackman has put on the table here, and the question will be, how to shareholders react to it do they just sell? do they want to get out? or do they actually believe that this thing is going to be worth a lot more because of the option value in that spar, right? it's a five-year, call it 20,

basically, is what you're getting there. his ability to go after another deal with remainco no time limit but says he wants to move fast is what we hear and then the deal that is being bought at below what it is trading at. >> if you're an ackman aficionado, you buy it and if you are looking at the actual economics and not an aficionado, you sell it. there are a lot of people who are wanting to be investing with ackman and look, if you love ackman, you love this. >> that's a very interesting creation, carl. >> yes, but you see it as a natural evolution of the spac model and sort of rolling -- >> you start to wonder and then if you do this deal, you get actually another spar, and you can keep perpetual,.t-is perpetual spars, you get this right, for this next deal, if you want, where you can buy in at 20, maybe it will trade above that because people believe i will do the next deal really well i don't know i don't know

>> we're going to watch it. >> yes. >> we will keep an eye on it. >> maybe nothing matters >> amc matters that's all that matters. adam aron. >> the dow is up 57. bob pisani here at the nyse. good morning. >> it is starting to peel a little bit more like -- feel a little bit more like normal with you guys back. subways are a little more crowded. highways are a little more crowded. flattish open. let's call it that new high 4232, the old highway back on may 7th. sideways since then. everything is moving europe closed at a new high or at a new high today, and two or three points away from a new high let's call it close enough and the reason we've been doing so well is not just rotation, essentially everything has been up look at the sectors, we have new highs at the close on friday, we had new highs in energy, oil was at a 2.5-year high financials are at a new high bank stocks were at a new high and health care lagging a little bit. and tech stocks, 2%, from the

historic high there, so we've got cyclicals moving up, we have defensive names like consumer staples hitting new highs as well the whole market has been essentially rallying the big story is essentially are we at over this goldilocks scenario that we've been talking about, and so far it has been holding up perfectly well for everybody. pandemic is receding at this point. tax concerns are notably lower here and biden has essentially taken the corporate tax issue off the table. and bond yields have been notabl notably lower and enormous new spending is receding a little bit here and inflation seems to be peaking in some way here. the big story is the earnings situation, and if you're wondering why are we still at new highs, the numbers keep going up and going up dramatically so for the second quarter, like at this, 54% beginning of april, we will be up, year over year, and that's enormous, and today, it's 62%. they keep knocking the numbers off, even q3 has gone from 19 to 24%. and it's going to go higher. i know people who now have 70% increases for the second

quarter, and 75%, when you get those kinds of numbers, overall, that pushes the market up, pushes the expectations up, you think at this point, the analysts would finally get this right, carl, that they finally stop underestimating, but they're still doing it and the numbers keep rising as the primary mover for the market carl, it's so good to see you back here. >> i know, we've been dreaming about this bob, i'll talk to you about it in a bit. still to come the farmers battle against cancer stay tuned with an exclusive with the ceo of bristol myers. first of all, the bond report and look at treasury, the 10-year around 1.57. ahead of the consumer inflation data and we will get cpi on friday. we're back in a moment the aflac post-pain show! aflac! what a day of upsets. ha ha. jill is certainly upset

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cnbc exclusive hey, meg. >> that special guest is dr. giovanni, the ceo of bristol myers, it's good to see you this morning. we are meeting around the cancer research conference. this is the biggest event in cancer research of the year. tell us, when you lock into your pipeline, what is the most promising research going on there, do you think, for new advancements in cancer >> thank you, meg, and thanks for having me. it's a real important for us, when i step back and look at my last ten years, it's incredible the progress we are making so for us this year, it's multiple really exciting opportunities. the first one is our third check point inhibitor after in metastatic melanoma that is yet another opportunity to transform the treatment of that important disease. we're also presenting data on

hyperdomide, it's potential medicine that could, again, transform the treatment of multiple myeloma, new technology called protein stasis, very very exciting we are continuing to invest in cellular therapy presenting the longest two-year follow up data for our bcma therapy for multiple myeloma and a lot happening with octivo, of course long-term data in both lung cancer and melanoma, but also new cancers like gastric cancers, so really exciting data for us. >> i want to pick up right there. we're showing the chart of opdivo's sales we did see a decline last year, down to $7 billion what are you seeing in that immunotherapy market with opdivo and all of the competition in this space more entrants coming in.

do you see prices potentially dropping with that increased competition? >> well, first of all, i'm really excited because opdivo is returning to growth this year. i'm very confident with new indications, and the opportunity to launch opdivo in combination with the hormonal therapy, across multiple types of tumors, we are at the beginning of a new phase of growth for opdivo we are continuing to invest, to generate differentiated clinical data that has really made a big difference for opdivo. when i think about competition, physicians and payers around the world are continuing to reimburse medicines and prescribe medicines based on the data they have and that's really important for us because we have one of the broadest data sets in the entry with opdivo. i feel good about us continuing to grow opdivo

>> always great to talk to you we're back one day i hope to see you in person again i know it can happen. >> i hope so too. >> i wanted to ask you, you reaffirm your full year outlook on the last quarter, despite missing on both the top and bottom lines your explanation as to why the numbers missed was due to difficult comps and a lot of that was because they're up against issues involving stocking up on medications last year are you now seeing a return to normalcy given the fact that there's no more need to -- you're not going up against the stock up quarters that really were tough to beat because i think that miss of top and bottom line did smart to a lot of shareholders and bristol myers. >> thank you, jim, i think it's an important question. from my perspective, what was important in the first quarter, we grew sales and earnings per share. as you said, we confirmed our guidance for the year because we

feel good about the momentum we see in the business. opdivo returning to growth, strong performance with eliquist i like what i see. in the first quarter, we saw a significant impact in the markets particularly in oncology from covid related issues, and as you mentioned, we are now beginning to see that in the second quarter, some of those trends are stabilizing, and it' our expectation that the second half of the year should normalize. with the strength of the business and what i'm seeing, i'm confident with the guidance we provided for the year. >> dr. coforio, it's david faber, i would like to follow up on specifically your anti-lag 3 antibody, the data you're providing today or very soon, the third check point to improve cancer outcomes in phase three it's the first one to do so in

years, and obviously front line melanoma, it's a deadly cancer we all know unfortunately people who are suffering from it. am i missed something, is the market missing something here. what is data going to say. this would seem to be a pretty important moment for obviously the lag 3 inhibitor with opdivo. >> david, i fully agree with you. it is an important moment. think about what has happened in melanoma in the last ten years, we have moved from a 5% of patients surviving one year to over 60% of patients surviving one year after diagnosis, and opdivo is the standard of care however, it remains a significant unmet medical need many patients are still receiving mono therapy, and the data clearly shows when you add, there is a significant improvement in progression to

survival which is one measure of efficacy so this is really exciting for many many more patients, and also of course we're taking this new agent into other cancers, beginning with the adjuvent, the third check point inhibitor from bristol-myers squibb we're really excited it's the beginning of another chapter of our immuno oncology story, and we'll continue to present the data as it emerges. >> a lot more to watch giovanni, we appreciate you being with us this morning thank you so much. >> thank you >> meg, thank you. jim. >> heading over to headquarters. i've got trade web, and then i've got t-mobile. we'll probably, att might come up you never know. >> it's been a while. >> when we take vacation, they

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. good monday morning, welcome to another hour of "squawk on the street," i'm carl quintanilla with morgan brennan and david faber at the new york stock exchange as we are back for the first time trying to find our cameras again dow needed about 21 points to be above a record close we got it at the open but we've settled back a bit jim and i were just enjoying returning, and it's going to be something we can talk about on the 10 as well what a pleasure it is to be back. >> oh, my gosh, seriously, it's been 15 months carl it's exciting to see you in person i'm in a different part of the exchange right now, but i'm going to rejoin you on set in a moment we talked about the reversion to the mean in the stock market, the broader reation we have seen amid reopening this is the "squawk on the street" reversion to the means, we'll be back down here at the new york stock exchange.

some things have changed but many things have not it just sort of speaks to how crazy the past year plus has been, guys. >> that's true i think the point's been made a couple of times, like a dream. like woke up from a very strange episode, but so many of the old habits and customs that we enjoyed before, you appreciate now a lot more i think we can all say that. >> absolutely. well, we're 30 minutes into the trading session. we're going to do that here from the stock exchange for the first time so here are the three big movers we're watching biogen, on its experimental alzheimer's treatment. some expert say that there is not enough evidence that the treatment provides meaningful benefit. nonetheless, you can see shares are up fractionally. peloton getting a by rating at luke capital with the firm believing the financial impact of the treadmill recalls is overstated keep in mind, peloton is down 30% year to date, up 4 1/2%.

we'll end with visa. upgraded to overweight at piper sandler, saying it expects visa to benefit more from the vaccine driven recovery than rival mastercard it also, the company that is, announced a new partnership with goldman sachs this morning as well you can see the shares are up more than 1% carl >> morgan, thank you very much our senior markets commentator, mike santoli has comments, taking a look at the meme trade, how it relates to the overall stock market, essentially comparing and contrasting the degree to which the side show of some of these meme names is witnessing violent price action while the markets themselves are relatively calm. >> right now, it does seem as if the market is big enough to include it all without necessarily one version of how to invest, over taking the other one. at the same time, we have eruptions in volume and volatility we actually have extremely calm core indexes, so we've had this

regular kind of macro move higher, cyclical leadership, rotation under the surface, seven-week trading range everything seems like the market is kind of doing the roughly expected thing, relative to data and policy, and at the same time, we have a little bit of this speculative activity that's really overtaking a lot of the attention span of wall street. one key thing is what i call tortoises, long-term investors are still steadily putting huge sums into plain vanilla index etfs half a trillion dollars year to date, net inflows into epidquit products like that that shows that the public is engaged in a long-term way in the markets that's not necessarily all one thing or all another. the big question, of course, is do you get a volatility eruption to a degree that really does spill over into the broader markets. something similar happened january and february i do think you have the overall market ripe for some kind of a pay back, and the volatility in the heavily shorted stocks,

caused a lot of hedge fund losses and a lot of pull back from other positions that really did cause what, a 5 or 6% pull back. i don't think you can handicap when or if this is going to happen when it comes to amc and related stocks it's instructive to know the market has always accommodated people at various time frames, and gamblers, as well as asset al allocator. >> the question would be at what point does the market no longer find it amusing? s >> that is the question. in other words, could there be a misallocation of capital, if that's what this is, so tremendous that really it starts to undermine people's understanding of what else is going on, and what really underpins the rest of the market or a portfolio effect. if people start taking losses because they have been betting against certain stocks or they have to chase them and they go further to the moon, does that destabilize the tape anymore i do think that's the question

but you know, it's a 30, 35, $40 trillion, i mean, billion dollar enterprise value for amc. the market every single day misplaces $40 billion in value on an individual stock, so i think in the grand scheme of things, it's absorbable. >> clearly but it's still amazing got to admit. >> and watching it right now >> it's amusing anyway watching the volume in am,c, probably trade more than it's flowed and to your point, $29 billion market value we'll say 4 billion in debt, cash and leases, but, you know, 34 billion, 33 billion, enterprise value i can't explain any of it ever. >> and also, david, receptive to the idea that we always have seen this before, that somebody was always the fastest, always a story line, always a version of a viral stock that was out there, you can go back to the dawn of this building and the

new york stock exchange, and that's what a lot of the activity was i do also have to be receptive to the idea that there is something new about the speed at which a network can seize on something like this, and all of a sudden it goes from just being a hash tag tobeing real money thrown into the market on new york stock exchange and inflating the value of a real business. >> indeed, and game stop shares also up 6%, and that has maintained the level you thought it was when this first started mike, thank you. the u.s. and other g7 nations agreeing to pursue a minimum corporate tax. elon m y ylan mui has the details a global minimum tax at 15% in an effort to stop the race to the bottom in corporate taxation treasury secretary janet yellen has helped drive, for member countries to get rid of the digital services taxes aimed at

america's tech giants. however, the countries would still be able to attach 20% of the profits to the largest multinationals that have at least a 10% profit margin. in a statement, google expressed openness to the deal saying we strongly support the work being done to update international tax rules. and we hope countries continue to work together to ensure a balanced and durable agreement will be finalized soon facebook was even more direct. vp of global affairs nick clegg, we want the international tax reform process to succeed, and recognize this could mean facebook paying more tax and in different places yellen argued that a minimum tax would give companies more certainty and give governments more revenue to rebuild. >> the global minimum tax would also help the global economy thrive by leveling the playing field for businesses and encouraging countries to compete on positive basis. >> some countries like ireland

are already raising objections and of course any deal that yellen agrees to would still need to be approved by congress and republicans are urging caution. guys, back over to you. >> ylan, that is exactly where i was going with this, is how likely is it to see this implemented, you need to get countries on board, not to mention lawmakers here, and perhaps just as curiously, how long has this actually been in the works? >> yeah, it's been years in the works, morgan, and we could still see several more months before that final deal is ironed occu out. g20 finance ministers are meeting next month that's when we expect to see a broader agreement. there is still oecd countries and a bigger group that could need to get on board with this as well. and then each country needs to go back to its respective legi legislature and pass and implement this deal. we see a danger, such as what happened with tpp. so many countries agreed to it, and president trump came in and

blew up the deal that's certainly a risk in the u.s. as well, and you could see perhaps some other countries take that hesitant approach to moving within their own domestic legislatures as they see if the u.s. is going to be the first mover here there are already negotiations underway this summer about what to do about the corporate tax rate, both domestically and globally if this agreement is actually reached, then they would have to reopen the books and renegotiate and relitigate that through congress, so we still have a ways to go, guys. >> a lot of moving parts it's going to be a big story you're going to bring us all of the twists and turns as they emerge ylan mui, thank you. as we head to break, here's a look at our road map for the rest of the hour, bezos blasting off, announcing he and his brother will be the first to flying on the blue rocket this summer >> and apple's worldwide developers conference kicking off this afternoon we're going to tell you what to

expect. it's time for the smack down, wwe back to full fan capacity stephanie mcman will join us on the group's big return as "squawk on the street" continues live from the new york stock exchange esg is responsible investing. who's responsible for building esg into your investments? at pgim, the pursuit is on for outperformance. as active investors, to outdeliver with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential.

out of the meme trade might be

impacted our seema mody is here to explain. >> that's right, you may not be as insulated as you may think for the wild swings in meme trades, given the rapid rise in the amc shares, accounts for 15% of invesco's leisure and entertainment. amc and game stop are the biggest component in the russell 2000 value fund. the biggest shareholders include private banking practices of goldman sacks and bank of america, and other funds that have significant exposure include a number of small cap funds managed by invesco, vanguard, and sofi's, and it is these passive funds widely known for being less volatile that in total own about 15 to 20% of amc shares, so it's not just a younger cohort of retail traders that are riding this wave. the holdings of these etfs could change, the process of

rebalancing, theftse russell is coming up on the 25th of june. it really just depends on the etf, and a quick check on volume, once again, amc, the most actively traded stock, so far about 97 million shares have exchanged hands and become partners, pointing out at this pace, amc is set to double the 30 day average by the close. morgan. >> seema mody, that is a goo tee up for the next guest. thanks for being with us what could this involve in terms of more regulation those discussions are starting to happen. we have executive director of the millikin institute center, former s.e.c.commissioner and acting chair as well thanks for being with us this morning! thank you, morgan, it's so great to see all of you on the floor of the stock exchange. nature is, in fact, healing. >> yes, and it is great to be here i must say so there are many moving parts

to this discussion we're having whether it's amc over the last couple of weeks. i would also put gamestop yaer t -- earlier this year in a similar bucket, and archegos, shining a light around issues of market structure, is that the likely area you could see changes when it comes to regulation. >> yes, in fact, that's one area the s.e.c. is going to be focused on, one is on market structure. the other would be on the investor protection side, so let's start with market structure, right, the s.e.c.'s, you know, in the case of think of things like gamestop and amc, they are concerned about sort of two things one is market manipulation, which is the illegal practice of intentionally, artificially accepting the price of a security, and the other is the overall functioning of the markets in instances that you have potential price >> let's take market manipulation first what we see is retail investors

are coordinating to an unprecedented event in chat rooms, in, you know, social media, and all of those sorts of things, so what the s.e.c. is looking at there is they're looking at are there any insans where there's anything that even looks like illegal market manipulation or people addressing their right to free speech in these chat rooms, so what you can expect to see from the s.e.c. is, you know, they already have an army of enforcement attorneys. they're pouring through all of these things they have an arsenal of electronic surveillance, and if they find even one instance of potential market manipulation, we can expect to see on the enforcement side, really a message case coming out of this. in terms of just the regular functioning of the market -- go ahead. >> yeah, i was just going to say, and of course as we have this conversation, it dove tails into the retail investor side of the picture as well, which of course is very much in focus

given just the activity we're seeing by individual investors and names like amc right now. >> like i said, what we're seeing is an unprecedented amount of coordination, you know, in these chat rooms, right, and so a long time, whether you talked to market participants, regulators or academic economists, they tended to label retail investors, we call them noise traders, background noise in the markets to the extent they don't really signal any future price movements, and the reason for that is individually, individual trades tend to be small and in terms of buys and sells, they tended to cancel each other out. now in the new environment where retail investors can congregate together, coordinate on one side of the trade, now, all of a sudden the aggregation can signal future price movements. that's something that regulators, market participants and academics really have to

question the assumptions about retail investors just being noise traders. >> michael in terms of market function, i wonder, i know you're well read obviously on set settlement cycles, does that allow us the tolerance for volatility to increase and maybe stay with us in structural ways that we don't yet understand >> yeah, in fact, when i was acting chairman of the s.e.c., that's when we moved from t plus 3 to t plus 2, to shorten the trade settlement cycle people have asked, why didn't we go even shorter because shorter trade settlement cycles, to your point, lowers liquidity risks, with respect to delivering securities and the cash to dtcc. it lowers brokers margin requirements, and allows for more smooth functioning of the markets. there's a simple really why we couldn't move beyond t plus 2 was at that time, you know, this was four years ago, the

technology wasn't there. and particularly on the payment side, on the banking side, we not only have to have the securities delivered to the dtcc, we also have to have the cash there so what we need is faster payment systems and banking systems. since then, the market has developed all kinds of unique things, use of things like stable points and perhaps the technology is there to help us actually shorten the trade settlement cycle when we moved from t 3 to t 2 in our final role we directed the staff of the s.e.c. to do a study that was due last september that looked at what would be the cost and benefits of moving to an even shorter trade settlement cycle that was due to the commission back last september. many of us have called for the s.e.c. to release that study, to look at whether in fact, we should change the change settlement psych cycle and redue risks. >> you seemed to think we could, and benefit from that, if technology allows for it.

>> i'm not a fan of instantaneous trade settlement technology is there for it you need to take into account trade disputes, and one of the nice things about bhlock chain, one of the downsides is once it's in there, it's an immutable trail. we could possibly move to t0, trade settlement cycle, maybe at the end of the day or t1 that's a question for the regulators or the industry to move forward do the cost benefit analysis what would be the cost of moving to a shorter trade settlement psych and will what would be the benefits of moving into the system. >> michael piwowar, thank you for joining us today. >> thank you, great to see you. >> joining blue origin's first crude rocket flight later this summer we've got deilnetas xt as "squawk on the street" continues.

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good year up over 66%. this of course as wti crude has briefly hit $70 a barrel that would be the highest level it has seen since october 2018 oil up 40% overall on the year and morgan a lot of activity at the options at the $100 a barrel level. the journal deciding to write a bit about that this morning as well. >> a lot of energy and energy. it's official, jeff bezos is going to space, when blue origin conducts its first human space flight july 20th, bezos will be on board, alongside his brother mark he made the announcement via instagram this morning >> i want to go on this flight because it's a thing i have wanted to do all my life it's an adventure, it's a big deal for me. i invited my brother to come on -- >> that flight, which is scheduled to occur on the 52nd

anniversary of the apollo 11 moon landing would be 16 days after he cede the role of amazon the online auction commenced last month, and culminates in a day of live bidding saturday proceeds going to the company's foundation the current highest offer, $2.8 million that hasn't changed since we got the news this morning. so far, nearly 6,000 people from 143 countries participating. as for the flight itself, this will be an 11-minute round trip journey past the edge of space on board the reusable shepherd capsule, and sub orbital rocket. three minutes of weightlessness, with a landing using parachutes in the west texas desert there are six seats in this capsule, three days of training prior to liftoff basically everybody is in here all together you will get to unbuckle and experience that weightlessness this would make blue origin the

first of the u.s. commercial space companies to put a private paying passenger into space. it's also part of the reason why shares of the most direct sub orbital space tourism competitor, virgin galactic are in focus today those shares are higher with this news. bezos could become an astronaut before sir richard branson who has had plans in place for years now. his trip is expected to occur later this summer as well. but branson just tweeting a few moments ago, quote, many congratulations to jeff bezos and his brother mark on announcing space flight plans. jeff started building at blue origin in 2000 we started at virgin galactic in 2004, and we're now both opening up access to space how extraordinary. watch this space i mean, i said it back in 2019, and then covid happened, but now i'm going to say it this year, 2021 is shaping up to potentially be the year wihere

all of these talks about billion backed companies and billions going to space is becoming reality. in the case of bezos specifically, it's almost like the buffet lunch auction but for bezos in space. >> for a while it looked like bezos was pulling away space had a couple of problems, and you want a horse race in this, and it feels like we have one again. >> we have this big bipartisan china spending bill, almost $250 billion making its way through congress this week why do i bring that up because packed into the bill is the possible provision for a company like blue origin to get awarded several billion dollars for a human landing system, part of the artemis program, this is potentially a very big week for blue origin. >> there's six seats >> so two of the six are the bezos brothers. >> and another seat will be the online bidder who wins the auction this weekend the other three seats are

question marks. >> you're going to get a lot of time with bezos. >> he can't get up and walk around he has to sit next to you. >> in the eleven times you're going to get time ahead of time, too it's a lot of bezos time. >> in the west texas desert. >> how often do they see these go up when they're fully up and running, do we know. >> the near term trajectory for blue origin, ultimately they're looking to do this pretty regularly. a lot of question marks around price tag as well. i mean, obviously this is a oneoff bid, but you're probably looking at a price in the hundreds of thousands of dollars, at least at virgin galactic, it was a direct comparison here. the expectation, no matter which company, those prices are going to come down given the reusability factor and the more people you have going to space kind of line the space industry. >> and you have spacex with

inspiration 4, talking about space tourism on a whole other level. it's getting interesting. >> a good beat to cover. >> i think so. >> let's get a news update with rahel solomon back at hq. >> good morning. protesters took to the streets of minneapolis for a fourth straight night they are protesting the shooting death of winston smith the 32-year-old was killed as u.s. marshals tried to take him into custody officials say there was a warrant out for his arrest on a felony firearms violation. according to police, smith fired at officers before he was shot by two deputies. three people are dead and three injured after an early morning shooting in south florida. police were called to an apartment complex near the homestead air reserve around 2:00 this morning. officials say three people were killed at the scene including a woman, a child and the suspect shooter who died by suicide inside that complex. overseas in southern pakistan, 40 were killed when two express trains collided.

the cause not immediately clear, but train accidents are common sts,e poorly maintained signal syem and ageing tracks are an issue more "squawk on the street," we'll be right back. don't go away. folks the world's first fully autonomous vehicle is almost at the finish line today we're going to fine tune the dynamic braking system whoo, what a ride! i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100 like you you don't have to be a deep learning engineer to help make the world a smarter place does this come in blue? become an agent of innovation with invesco qqq ♪ i wish that i knew what i know now ♪ does this come in blue? ♪ when i was young... ♪ you need a financial plan that fits the way you want to live in retirement. a plan that can help grow and protect your money - now or in the future. with an annuity in your plan

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welcome back to "squawk on the street," i'm morgan brennan, along with carl quintanilla and david faber, live from post 9 here at the new york stock exchange we are about an hour into the trading session. all the major averages are down slightly let's get a check of the biggest leaders on the s&p, specifically, so far, some of the reopening names, cruise lines like nor wwegian and carnival we'll up that chart. progressive, tesla is down about

2% nucor, the s&p is down about 2/10 of a percent, david it's day one of apple's annual wwdc, it's kicking off later this afternoon our josh lipton has a preview of what we can expect jos josh >> david, apple is tight lipped about what's coming. this is the big software show that apple unveils versions, messaging features, and privacy protections. for the ipad, apple will reportedly unveil new software that revamps the home screen and multitasking it's possible we could see mac book prose, featured apple's custom design and one ship though it's a long shot, maybe tim cook even previews that much talked about apple vr headset as well this conference kicking off today as apple stock is down about 5% this year under performing the market and the broader tech sector,

skeptics clearly worry that when apple asked for results, that's a as good as it's going to get, convincing the millions of developers they should be spending time and money building apps for his platform that if they want to reach consumers, his products are still the smart bet. carl, back to you. >> good set up, josh thank you. our josh lipton, for more on wwdc, we're joined by apple analyst, chris zencar. good to see you again. >> thanks for having me, carl. >> the conference has never really been considered a big catalyst for the stock but after a middling month and a half, i wonder if you think there could be easter eggs in there perhaps that investors can trade on? >> yeah, i think you're right, carl, it's been viewed as a major capital in stock last year, which did get investors quite excited. this time i think the wwdc has been overshadowed by the

litigation, the lawsuits that's been going on. josh mentioned a little bit of the software, and other chatter in the box that have been on the 3 d maps or vr applications but you would say at this point no one is expecting anything major to come out of this. >> right it seems like a lot more of the emphasis right now or the focus maybe for you as well is just phone unit forecasts and the cha chatter among some of apple's peer group hasn't been all that exciting is that a supply story and how much does that translate to apple >> sure. i think what has happened, like you mentioned earlier, apple had a strong number the end of april. i think since then, two things have actually shifted, one is we've seen a lot of increase in covid cases in places like india and southeast asia, and we are also seeing some moderation and demand in places like china. i think those are inkcrementall

impacted the nonapple ceremony unit, like sam samsung, and thas going to spread and potentially have an impact, and also keep in mind that we are still running in a tight environment where components are restricted so that could limit some up side to demand. >> i wonder if you think, you know, watching apple talk to their developers and court that audience over the years, this is the first time, i think, where that conversation has come so closely on the heels of a case like epic games where there's been a lot of discussion on the app about the model of the store. do you think that conversation or that back and forth is any different as a result? >> you know, that's an interesting question let me phrase it this way, right. there has been lawsuits going on for a couple of years. there was a case that started a few years ago, which is

regarding like, i would say what is different today is there's a bigger focus, and especially because of folks like epic, it has brought the lawsuits more to the forefront. the last couple of years, it's more on the backside and the back burning, not having an impact the other thing i would also say, no matter what the outcome, there's a pretty good chance the body that's going to lose is, and that's another year. any meaningful change to the app is still a year out. >> so krish, it's morgan i'm looking at apple in the dow, the second worst performer year to date, down 5 1/2% it was a strong performer maybe before the year. what do you think the next catalyst is for this name to actually begin to power higher >> yeah, morgan, that's a very good question. the biggest difference thistim

around i would say is that there's been a lot of questions on multiple, i agree a year ago there was always a big question. the difference is you're seeing a retention into, you know, cyclicals and value for the first few months of this year, and obviously apple is on the other end of that trade, and right now, you're seeing estimates, over $5 in earnings, the real question is what kind of multiple do you want to put on it. there's an up side, if you think that multiples will be there over time, and you can easily get with 180 stock i think it gets to that level. i think it overcomes these near term hurdles, and i feel like that has probably been an overhang on the stock this year, but i think as we start getting more clarity on some of these lawsuits including, it opens the

gate for the stock to move higher. >> down 5 for the year it's going to be interesting to watch. we'll see what happens this week, krish, thank you so much, good to see you. >> thanks for having me. wwe making its return to live events. we'll speak with stephanie mcman in just a moment first let's get a check on the market as we kick off a new trading week major averages down slightly the s&p is down about 2/10 of a percent, still pretty close to record highs the nasdaq is down 2/10 of a percent and the down 66. we'll be right back. stay with us

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summer the 25 city tour will be debuting mid july and expecting full fan capacity. the summer slam will take place in august from allegiant stadium in las vegas and marks the first time summer slam will be held from an nfl venue. streaming exclusively on peacock. joining me now is stephanie mccann, wwe, chief brand officer. thank you for being with us today. >> thank you very much for having me. >> so as you roll out these live events to fans in the stadiums, what are you seeing in terms of ticket sales and demand? >> we've actually seen a really significant, you know, trends, and we're very excited it's one of the reasons why we have decided to have summer slam from an nfl stadium for the very first time, august 21st, on a saturday, and, you know, we've seen very positive trends, and let me just say, last night i was at the 6ers game where my husband hhh rang the liberty bell, and it was almost full

capacity there, and man, it feels good to have people back as you guys understand being in the studio there told all together. >> it's so true. as things reopen, you realize how socially starved many of us i think have been. that being said, what will the experience look like for fans when they return to these stadiums >> i'm hoping that they're going to see the community around them they're going to have each other that's going to be loud, it's going to be explosive, it's going to be what wwe brings, that kinetic energy, it's going to take you an an emotional roller coaster and do what we do best, put smiles on people's faces and create memories that last for a lifetime. >> we mentioned peacock, this deal with our parent company you transitioned to that a few months ago obviously wwe was ott, the original streamer when it came to content and adopting that new technology now that that transition has happened, i wonder what the lessons have been learned, what

the process has looked like for the company, especially as we see so many media enterprises right now, trying to figure out the streaming game. >> absolutely. i think one of the key lessons that we learned is that we done want to be competitive in the technology business against the likes of disney, and app and will -- apple and amazon we want to be competitive in terms of content we are story tellers we're very grateful for our partnership with peacock where you can provide the best, our premium content, for peacock as well as, you know, move forward and double down and invest in our content and what we do best. >> stephanie, you mentioned going to the basketball game, fan behavior has been a story for the nba in the past couple of weeks i know the wrestling audience maybe has more tolerance for that kind of thing has it made you think about protections for players or the degree to which fans should be

kicked out for behavior we don't think is appropriate >> absolutely. we're not new to the live event business that's for sure. we actually have in the nonpandemic area, 500 live events throughout the year all over the world when you think about wwe, we never went off the air we've continued to produce our content seven hours a week, no off season, no reruns, and we did have our first return to events with wrestle mania, which is akin to our super bowl with the nfl reference. actually, also at raymond james stadium, a few weeks behind the nfl. we had 25,000 fans, both nights. wrestle mania took place over two nights, over 50,000 fans, and let me tell you, i had the opportunity to stand on stage next to my father, who is the chairman and ceo with all of our superstars and to feel the energy of our fans in attendance there wasn't a dry eye between all of us, and we changed our tag line from "then now forever" to "then now forever together"

because that's what this is all about, bringing people back together bringing all of us back home. >> stephanie, i realize that the show never stopped, essentially, it changed but never stopped for wwe, but now that you do have fans in person, what are the forecasts around ticket sales, merchandise sales, what does that mean in terms of the next leg of sales growth for the company? >> absolutely. the majority of our revenue is contractual through media partnerships but when you think about our live events business, it's over a hundred million dollar business for us annually. cpg has continued to deliver strong returns during the pandemic, especially given ecommerce offset the live event ticket sales and merch, so we look for key growth trends in both of those areas. >> and how important are international markets? i mean, when i see stats like wwe has more than 1 billion social media followers across all platforms, number one most viewed sports channel here in the u.s., number four in the

world, where do you see those key markets going forward as well >> absolutely, and we're also in 190 countries and 28 different languages and we see nothing but growth we actually internationally is a huge focus area for us we did the domestic streaming deal with peacock, and now we're looking at international partners we're also looking to replicate what has been so successful for us in the states with our performance center, creating local talent, local content, local consumer products, local live events, really replicating the business that has been so successful for us here in the states internationally we see huge growth potential internationally given all of those factors. >> stephanie mcman, thank you for joining us today. >> thank you so much for having me. quick alert here on biogen before we go to break. we are halted for news pending as the fda is set to rule on an alzheimer's drug that some say could be a potential block buster, depend ongoing where we go with it it's been called the mother of

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welcome back to "squawk on the street." i'm lesli picker it's a rather quiet trading day to start out the week, although markets mostly lower among the sectors, real estate is leading, raw materials lag. we want to draw your attention to some of the consumer discretionary sector in the s&p 500 overall are the cruise lines norwegian, carnival and royal caribbean up more than 1%. those moves come as they set their sights on the july 4 weekend as a resumption from a u.s. port. now, for the first time since march 2020, i will say i will send it back downtown to you guys carl >> lesley, thanks. as you know, june is pride month. all week long we'll be spotlighting cnbc contributors

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the collectibles market is booming like never before with everything from whiskey to watches being flipped and traded at what had been higher and higher prices. our robert frank has more for us robert >> good morning, david you could call it the gamification of collectibles, brand-new crowd of young traders driving up prices and taking their cues from social media look at car options. used to be only four or five auctions a year. now they're almost every hour on bring a trailer. collectors buying porsches and

jeeps and flipping them for profit 20 to 30% sneakers now have daily volatility indexes like stock x, i'll show the daily price. some air jordans and dunks up more than 50% for the year online watch sites like chrono 24, also seeing really heavy trading in popular models like the rolex daytona. those retail for $20,000 they're being flipped online for over $50,000 but trading cards, that's where you've seen the biggest frenzy eight of the ten most expensive trading cards ever sold were sold this year pokemon card just went for $195,000 a babe ruth card went for more than $5 million. that card will be secure adve that's where we are. guys

>> wow i didn't realize securitization of the trading card, right i mean, robert, you've been following this market for sometime is there any -- anything that conceivably would halt this level of speculation >> no, we're not seeing any signs of it. and what's interesting is you look at the mean stocks. whether it's sneakers, or whiskey, this used to be a quiet collectibles market. there is no end of young traders that are buying this stuff online seem to have endless amounts of money to do it, are making huge profits doing it and then rolling those profits into more purchases. so, you know, the pipeline and the cycle just keeps going, and it's because of all the liquidity and all the profits that they've made so far everyone looks like a smart trader in this market, no matter what they're trading >> yeah, it's just fascinating, robert and it's fascinating to talk about something that doesn't

necessarily have an nft attached to it as well. robert frank, thanks for breaking that down for us. i mean, david, just taking a quick look at the markets, the market is fractionally higher. the s&p and the dow are slightly lower. real estate, health care utilities are the outperformers in terms of sectors and stocks but that's going to do it for "squawk on the street" on day one back at the new york stock exchange tech check starts right now. ♪ ♪ good monday morning. welcome to tech check. i'm carl quintanilla apple's worldwide developer conference kicks off the the stock has grinded steadily lower. can apple change the