investors following the invest or crackdowns. it is thursday, july 29th, 2021. >> friday eve. >> thursday is better than friday the anticipation matters "squawk box" begins now. good morning welcome to "squawk box" here on cnbc i'm andrew ross sorkin along with certain kernen and morgan brennan. becky is off today the futures here as they syndicates that deal

the 10-year note trading at 1.2. we flip it around to 2.66. we mentioned, robinhood set to debut in the market. the biggest ipo since facebook i don't know about that. >> in size of cultural significance >> the zeitgeist >> yes i remember getting texts from big guys saying you made a big deal now look. >> in that is the thing. when there are ipos that have gone terribly. i would not say terrible, but pinterest with the ipo i didn't know the price. now it is four or five times that a year or two later >> maybe that provides interest and support for robinhood. they priced it at the low end.

>> let's talk about it the stock trading app pricing at $38 per share. the low end of the expected range. the range was $38 to $42 the company raising close to $2 billion in the offering. value d at $32 billion all in. the founders of the company sold $50 million worth of stock themselves personally. >>. >> we want to price it at the low end. we want it to be a good day for everyone okay the other things, we are giving so many investors access to getting in on the ipo price. it is unclear what that will many i thought all robinhood types and reddit types were dime in hand they hold penny stocks worth

$150 maybe it isn't a different type of ipo a normal ipo gets flipping >> does the retail audience flip and does the institutional money come in because they say the retail money is smart money or the retail money is dumb money that is the underlying question as they are trying to figure out who gets the shares. >> you can make the argument not smart or dumb, but valuable money. going back to gamestop how valuable that is with retail investors' trades. you mentioned facebook back in 2012 when it went public, they sold 25% to individual ipo investors. there have been other examples where you had the larger allocations of retail investors that hasn't necessarily on day

one been the smoothest ride. >> no way? 2012 no way 2012 >> 2012. nine years ago, my friend. >> nine years went that quickly? it was like yesterday. >> i remember mark zuckerberg. they rung the opening bell from hq not our hq facebook hq. the first time i have seen them do the remote opening of the exchange >> the pandemic has been time -- it has really screwed up our -- two years went pretty fast dealing with masks and all this crap i can't believe it has been nine years. i remember getting that email. you guys are really hyping this thing. now it's down. we didn't hype it. it was a big story just like this is.

sorkin, no one can deny, robinhood has a big future, right, morgan? >> yeah. >> it should have a good future. the only thing i don't know which is the big question is how you do you think robinhood relative to coinbase and td ameritrade and when do they look like each other and move over time robinhood has the special sauce. the question is how can you keep the special sauce going? >> to your point, there is that debate and argument out there ahead of today's debut that robinhood is overvalued. >> based on being worth $12 billion. >> compared to the other online brokerages and the like this is the bigger story of the

idea and i mentioned facebook nine years ago in general, the thinking outside of the box where public offerings are concerned whether it is giving more shares or direct listings or spac. the idea of engaging more people more broadly in the process. >> the question is looking at the markets this morning the opening of duolingo yesterday. up 36% on the day. a lot of people inside ipo land thinking this might have a good shot to go to the moon as they say. >> great window. great environment. if there are problems with this, i don't know what it means it is valued at more than a year ago and valued three times today. >> three times. >> yeah. three times. it makes for an interesting conversation that's why we do things like this there are days i ask myself why. >> that's your answer? >> yeah.

watching shares of facebook. social media giant beating the street on the top and bottom lines. the company is warning that revenue growth is expected to slow significantly in the second half mark zuckerberg on the conference call last night ahad this to say. >> the ad business is so large and it will take a long time before anything we do with commerce is meaningful at scale. i think overall, the strategy is really to work our way down the funnel from discovery and all of the things that were already world class with ads to making those ads increasingly point to shops across our different services >> all right facebook shares down about 4% right now pre-market still up 31% year to date, however. we're going to continue to keep

an eye on that given the fact we had the big march of big cap tech this weekend. despite the fact we are seeing a lot of earnings beats. still poised to be lower for this week for the major averages >> anticipate good results they have been incredible >> earnings catching up to price. right. some other stocks. we don't want to talk just faang. uber dropping on reports of softbank selling a third of the stake. softbank is planning to sell 35 million shares to cover the losses on didi the wall street journal reporting that this company is considering going private to placate chinese regulators to compensate investors for the losses suffered since it listed in the u.s. last month ford shares are trading higher automaker reporting a surprise second quarter profit.

sales rose 40% beating forecasts. strong demand for vehicles allowed it to forego discounting them as the chip supply is improv improving. raising guidance for the year and talks about headwinds are the rising commodity prices and $1.5 billion in costs related to the ongoing shift to electric vehicles andrew, when was last time you took a trip on the road? >> on the road >> you hear about my -- no, i went on it. >> your one on friday. >> adaptive. i went to cincinnati on friday and came back on sunday. i drove the whole way. the adaptive cruise control. i'm telling you, god is my co- pilot. adaptive cruise control. >> for the tesla >> it is >> it is not as good. >> i will tell you, you can set how many lengths behind.

all you need to do is steer which makes your mind say you don't need to stay awake that's fine. everything go. go ahead a few times i did that and it was trying to talk me into that's what happens. >> i'm thinking of the viewer who turned on the tv you don't need to stay awake you don't need to stay awake >> i'm hypnotizing >> wake up >> it is a game changer. adaptive radar controlled cruise control. don't worry about getting a vacuum cleaner in your minivan get a car with adaptive cruise control. >> that was the feature i was looking for. >> that's all i want >> the vacuum cleaner. >> he shop fs for a new car. a minivan with a vacuum cleaner. that's sad. >> my car gets messy coming up, jay powell's message to investors as we head to break, a sector

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the fed says the economy continues to strengthen even in the face of covid resurgence steve liesman joins us can we talk, steve i have a question for you. you need to do the professor thing. you need to explain something to me >> all right >> make it clearer go ahead >> you want know do the bit here, joe? i'll bring people up to speed. the fed in the july meeting left interest rates unchanged near zero. jay powell said the fed had, quote, the first deep dive in the discussing of tapering in the $120 billion of asset purchases. the fed up grade the assessment of the economy and made in the reducing of purchases. powell suggested more improvement was needed in the

economy to start it up >> i would say we have ground to cover on the labor market side i think we're some way away from having had substantial further progress with -- with -- toward the max employment goal. i want to see strong job numbers. that's the idea. >> all that suggests the if i had fed is likely to taper in the next meeting in november or later and reducing that to asset purchase as early as december. more likely in january the fed chair continued to say the spike in prices is temporary over the resurgent of the covid. we are learning to live with the virus and each new surge has less impact. joe. >> thank you, steve.

you read this today. let's start with the last paragraph. we know there is scuttlebutt what the president does with the new term the journal saying that since they missed the inflation targets, they have the economists that are figuring out inflation. they missed it by a country mile pce and inflation. they are not even close. they say one trade of the modern fed is to never take responsibility the financial panic of 2008 was the bankers. then the fiscal policy now the inflation surge is beyond its control if powell will not accept responsibility for price level which is central to his mission, maybe it is time for a new fed chairman who will. what do you think of that, steve? >> a lot to unpack there, joe. you know, i don't know i agree with the recounting of history on the financial panic

i think the bankers and banking and lack of regulation had the fed and other places was responsible. >> not in the day-to-day operations the regulatory issues were their domain, too. i don't think it was due to staying easy for way too long which is what is happening now they have one mandate, steve one mandate? full employment. >> that's a story that is told, joe, and the fact is the fed was raising rates for a lot of the time that people were talking about the housing bubble created. maybe it was doing so too regularly. the conversation, joe, is about now. i have been a little incredulous that the fed did not alter the monetary policy in favor of the fiscal policy. that is what the fed asked about. we are the only game in town and

that is how we justified the idea they did not change it to me is problematic the fed is not yet wrong if this is a temporary surge, powell will be right f if it is a long period of time, the fed screwed up i think the fed should adjust the policy they still have time to eek this out and be right joe, the private sector did not predict the inflation earth. if you did, joe, tell me where you made money commodities and gold you could you have made a few bucks there. following inflation and the higher forecast would not have made you money in stocks or bonds. that's for sure. the private sector did not get this right more than the economists >> steve, mr. powell spent a year produding congress to spend more money and now he has to buy

debt constantly. all of the new issuaissuance that says you don't have to be a cynic to wonder if the fed wants more inflation to ease the rising debt burden how would it be easier for the fed to buy bonds every month principle less what is the logic there? >> a couple of things happened here joe, government revenue is tied to inflation as inflation rises, people pay more for things and pay more in taxes. the debt burden goes down. the value of the debt declines over time with inflation >> not for the government's debt service. it is what the government to do to continue to purchase every month. buy more with less >> no, i think what the journal is referring to there in the

edit editorial is in general, debt burdens decline in the face of infl inflation. it would be better for the economy to have higher inflation with high debt that is the idea they are getting at there that's a persistent thing out th there, joe the fed has this thing hanging over it. if it acts by the monetary policy it is hurtful to the fiscal side. >> thank you, professor. mark haines' nickname for you. >> i had adjustable cruise control for three things and it is a great thing. >> adaptive? >> yes absolutely >> a car length? you choose >> you can do two or three car length behind. i put my feet on the dashboard i have a nice drink with a straw there. i don't watch the road anymore,

what's the point there is so much stuff going on with the screen you can watch. >> some idiot in the other lane going 50 that kills me. >> that's a northeast driver >> all right this conversation is on cruise control. steve liesman, thank you let's move on about the policy decision and the earnings this week. we have gabriella santos and dan flack. gabriella, i'm looking ought your notes here. you say baby steps toward normalization. what do you mean >> we are moving slowly to normal illiniing policy. too slowly in our opinion. it is slow that is something risk asset should like. not something to threaten the strong recovery that we have stocks should continue moving higher credit should remain tight

we are moving toward normalization, right that is still a bearish environment for core bonds that is something we are not seeing reflected in the long end of the yield curve with the 10-year sitting at 1.25. for us, it is a clear preference for overweight risk and underweight fixed income and duration. >> talk about the equities and we had strong earnings results and this week, the s&p 500, gabriela, were poised to end lower for the major averages >> this earning season has been incredible we are on track to see 72% earnings growth. double digit revenue huge margin expansion on top of that record earnings with revenue and earnings you are not actually seeing that

reflected in stock prices. the average company is only up 50 basis points after reporting. that's below average which is 3 percentages points higher. it is showing that strong earnings provide a support to the market, but not going to provide the same fuel that they usually do we already came in with high multiples. we are seeing multiples contracting and returns below earnings growth. moderate returns is the message. >> that brings us to facebook, dan. your opinion about the numbers and warning growth of the second half of the year the privacy changes in i0s your thoughts? >> the results were strong and mark zuckerberg said from current levels, the business is moderating the shift in the industry to more privacy is a positive thing for users.

i think facebook and others are going to be able to effectively navigate it through refining tools and technologies what we are seeing in tech speaks to the innovation that going on if we look at google as well they had strong results. utub you tube platform is growing apple had strong results qualcomm had very positive results on the back of growth in 5g and internet of things. a lot to like here overall >> with facebook shares poised to be under pressure today down 4% pre-market, dan. would you be a buyer or focusing on the other tech names? >> we own facebook and think it has attractive growth prospects over the next 1 to 2 years at present, we have a preference

for google with the cloud platform which is under appreciated. another name we like at current levels is amazon which will report tonight we think the ecommerce business is healthy amazon web services has terrific growth prospects i'll round out with their advertising business which is under appreciated part of the story. a lot to like as we look at the broader space. >> gabriela, we talked about the fed and earnings the delta variant and question marks, perhaps, around that as we start to see case counts tick up a bit in the u.s. you've got more commentary from china that there's going to be regulations for the companies, but not going to stop those names from going public here in the u.s. how does the investor navigate

the wall of worry? >> if you take those that you cited, the fed and chinese regulations, you come out with a bullish environment of stock and credit it is not anything that should threaten this thesis of the trend of economic growth and earnings growth in the second half of the year second quarter gdp is probably the high water mark. really the story is strong for the second half of the year. we're expecting 5% gdp growth. the trick is the high valuation argument that we were talking about and moderate returns you cannot just rely on the beta you have to rely on the alpha. that speaks to company exposure and taking more of a balanced approach between the strong tech stories and cyclical stories.

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merck adjusted earnings came in at $1.31. that was above estimates the cancer drug came up 23% over

the prior year not much with the stock. coming up, the inside story on robinhood's ipo "squawk box" is coming right back >> announcer: currency check is sponsored by interactive brokers. the professionals gateway to the world's markets.

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welcome back hong kong's hang seng jumping 3% chinese security regulators trying to reassure insurvestor worrying about the crackdown we have eunice yoon with more. >> reporter: thank you, morgan first, didi considering going private to apiece beijing. compensate investors for losses around the ipo price of $14 a share. the cyber regulator, in principle, supports this plan. meanwhile, the security regulator has held private talks was the foreign banks with licenses here in china such as ubs and credit suisse

and jpmorgan chase and morgan stanley. the chinese regulatory commission told these executives that they need not overinterpret the regulatory action that china would allow listings in the u.s., even through the legally unclear variable interest entity or vie structure as long as chinese companies complied with the rules. sources told cnbc that he added future policies would be introduced with caution to avoid market volatility. that comes as state media is ramping up efforts to try to calm investors here in china a state-run news agency had a piece that said regulations support china's long term development. the communist party's times says this is due to a m misinterpretation in the policy.

and the daily, which is linked to the csrc, had a piece today saying stocks are close to the bottom and encouraging chinese people to buy. one important point from the meeting with the csrc is that chinese companies are allowed to do what they want, perhaps go ov overseas and through a vie, as long as they play by beijing's playbook andrew thank you. i appreciate it. we are going to -- by the way, before we get to this -- as a mention, there is a report that didi is pushing back against the rumors it may be going private putting that out there >> we talked about that earlier. >> yes today's top corporate story. robinhood shares begin trading today. the ipo pricing last night at

$38. that is valuing the app at $32 billion total. we will have team coverage throughout the day robert frank is looking at the billionaires the app will create we havehave leslie picker first >> reporter: good morning, andrew the first offering of the year despite months of hype, the company pricing shares at the low end of the range implying a market value of $32 billion. now the muted pricing is luke warm investor sentiment and the attempt to be conservative to garner the day one pop of users who received an outsized source. robinhood broke into the mainstream amid the mania of gamestop and amc the ceo was pulled in front of congress virtually to discuss

the decision to halt trading in it certain names that notoriety did not stop more users from signing up. robinhood doubling its net cumulative accounts since december that growth, plus the robinhood brand and retail trading space is the bulk of the case here the bear case centers of risk and litigation and likelihood revenue declines as the popular ty of dogecoin fades and additional risk of volatility today and in the days to come with the unprecedented amount of stock with retail investors and 15% of employee shares unt untethered to lock up. g guys. >> thank you the robinhood ipo will create billionaires robert frank has that part of the story. >> reporter: good morning, the founders will each be worth $2.5 billion and $3 billion once the

shares start trading if they trade in the range the payoff for them comes in the next few years robinhood board in may approved a special compensation package that gives them millions of shares if the stock reaches certain levels it would give the 34-year-old vlad tenev shares of $4.7 billion and baiju bhatt with $2.8 billion those are aimed at incentivizing the share price and comparable companies and the founders past and expected future contributions. to receive all of the shares, the stock price needs to hit $300 over that period. they start kicking in at $120 a share if the shares hit their target of $300 tenev's total net worth of $25

billion. the all-american dream family story. tenev's family from bulgaria they met in college. the ipo worth billions if it trades in that range >> immigrants. this is back to the great immigration debate in america. i won't go there that will make people largely crazes this morning. leslie, what time are you expecting this to hit the market >> i would not expect anything before late brunch time. i would say looking around probably like 12:30 or 1:00 eastern time for real activity we should see indications around 11:00 a.m. today >> can you help answer the question i don't know if you heard us talking at the top of the show this morning the idea of how much retail

trading is going on and how the insurance institutional investor is thinking about that? smart money? the retail investor is dumb money or paper hands >> i think that is really interesting. we will have insight into that here at the nasdaq how much of the trading is going on from the institutional side from the investor side the marginal buyer on the first day is retail. especially with a company with brand recognition and well known and navrafast growing those are the companies that retail bids in on the first day of trading this deal is different one-third of the deal, at least in the filings, could be allocated to retail investors. that begs the question who is the investor that comes in and bids up the stock if the stock goes up on the first day of trading that's a risk. if you don't have enough bids at

higher levels to meet the demand and supply of shares, then you see a decline in first day of trading. that is something the bankers here and the company are trying to figure out. >> robert, taking $50 million each that is on the low end of what founders at this level might be doing. >> it is at the low end. i was surprised by that amount as well. i'm not sure what the lock up is they will get the ownership shares the compensation package in may. remember the controversy and the losses, the attorney general's office has a search warrant on vlad tenev's phone he is wrapped up in the litigation for them to give him that huge package in may was a bit startling. >> robert frank, leslie picker we will follow this story all

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southern company posting better than expected earnings. reopening, pandemic, how does it affect operations how does it effect higher revenues and earnings georgia has been open for a long

time it has already been open how do you beat expectations in this environment >> look, joe, in the middle of the economic place we are in, coming off a pandemic year, you would expect numbers to be up. not only are they up, they are up significantly three of those sectors are up over 30%. primary metals, transportation and pipelines. i was watching earlier you announced ford had a blowout quarter. numbers we are showing would be consistent with that the other thing is this is continuing this isn't a past event up 85%

from last year but up 65% from prepandemic levels job creation is up 20 something percent. these numbers are pretty startling. commercial is up as well not as significant overall, we are seeing retail sales up over 6%, which is pretty much unheard of in our industry >> this is almost an economic indicator from the government. we can definitely make determinations about the economy itself talking to you. >> joe, as a matter of fact, i think it is why i had such a long association with the fed

electricity sales is a terrific indicator of where the economy is going >> we had, we had ken langone on he said we are pouring gasoline on a white hot economy do you think it is here to stay that could be trouble some. >> i'm a great friend of jay powell i think he's so well informed about these things i tend to trust his judgement. here is what i would watch out for. things like legislation moving through congress i'm on the board of vulcan

materials. look, america needs to revitalize its infrastructure. no doubt about it. money dedicated to that makes sense. if we attach everybody's christmas wish list to something like infrastructure development, i think we are doing america a disservice and limit it to things that produce a multiplier effect >> does it advance this infrastructure deal right now, the $73 billion investment at least where it stands right now toward clean energy transmission and power infrastructure, what does that potentially mean for your company given the fact that it is such a focus on clean energy even as we've seen more traditional energy prices jump right now. we know there is some infrastructure issues for the power grade as it currently

stands what does it mean? how does it develop? >> it's a continuing thing people are very interested in how the american industry will transform its fleet overnight. some people are targeting net zero by 2050 other people, the biden administration will accelerate that to 2035 what that generally means is a transition to more renewables or potentially to things like hydrogen, prerhaps new nuclear, these are noncarbon emitting technologies things like coal and gas here to stay you think about gas as a carbon emitting asset we'll develop technology as we already have and bring it more in the money to capture the carbon and do something with it.

the idea of transitioning the fleet is a big deal. let's not for get the notion of balancing the character of what we must do as energy providers that is clean, safe, reliable and affordable energy. >> probably one of the greatest numbers in history is going to report at 7:00 i have to get out of here quickly. i'm not going to mention any names. maybe call jay powell if you are friends and say, can you stop tapering, please or not >> coming up, the earnings parade will continue quarterly results from money companies including our parent, comcast. it's the sound of a thousand sighs of relief and of a company watching out for you. this is the sound of low cash mode from pnc bank, giving you multiple options and at least 24 hours to help you avoid an overdraft fee. because we believe how you handle overdrafts

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the dow future points to a higher open. the senate voting to push ahead with a bipartisan infrastructure plan the energy secretary joins us to discuss and a big day for robinhood. the secretary hour of "squawk box" begins right now.

good morning here with morgan who is in for becky all week a big day with the robinhood ipo. we'll show you where the market stands dow jones up about 152 points. nasdaq looking to open down about 30 points. a slew of earnings out including one from a very important company. >> earnings from our parent. i was kidding. comcast is out adjusted estimate came out at $84 cents. revenue above wall street forecast the company points out on every financial metric including adjusted earnings per share, revenue, adjusted ebita, free cash flow, the street's

expectations were beaten comcast, a broadband centric there is nbc universal, cable, revenue increase at 11%. $16 billion, adjusted ebita up 15% to $7 billion. some of these numbers have to do with how welcome cast performed during the pandemic because of a lot of people being at home. broadband relationships. all the things you would imagine. other metrics we saw at nbc universal. expenses are also going up in the quarter. you start producing tv shows again. as a result, ebita was expected.

studio reef knew increased 8.4%. adjusted ebita down 51.7% reflecting higher operating because you are back producing tv series. the theme park business turned profitable mainly because of orlando. also stuff about sky because we are seeing that incorporated in the results now. same story expenseswent up. video customer losses. 799 minus 477 a year ago

less cord cutting. was there more during the pandemic >> they don't chase unprofitable customers. >> there is going to be a baseline for people that want the video product. in a way, comcast is this unusual hedge on both sides of the market and that is sort of the big debate now >> cable increased by 294,000 up

10%. also the best second quarter on record >> it is a connectivity story. we all need faster connectivity. you needed pipes. >> they want it all by the way sitting down with carl on tech check. and some think the cable business would be better >> the debate has always been, if you are a stand alone cable business, you get rated. there is this argue there is this ultimate health on the other side

compared to what they paid for it to this day, may have been one of the biggest steels from ge of all time >> that is true. so why not keep it and the theme park business. >> this again goes to the delta variant issue and does that change the behavior and come less quick we'll see. let's look at some other movers this morning. dom chu joinz us now three stocks often featured, they have headlines in the

catalyst so far, facebook down 3.5% better than expected profits revenue growth the fastest since 2016 they are warning their revenue growth could slows that the reason facebook shares are down. just about the closing bell. facebook shares wants to slow as well next up, ford. those are higher its revenue came in in line slightly below analysts estimates. the stock is up 4.5% because it was adjusting the profit forecast thanks to the surprise year to date up 65%. one other story line that is interesting about ford you look at the property

optimism the notion that best call last night was ford the company ceo shocked analysts with the upside since 2011 ford is at the beginning of a multi-year journey because it has the best electric vehicle. so the ev story is playing out with for as well then, didiglobal up on the heels of that wall street journal report that the company was perhaps looking to go private in the last hour, they came out with a statement saying those rumors were not true you can see how much the stock

has lost value since then so d irn di has to deal with a news flow issue but it is saying for the record that the rumors are not private. we are still below that ipo price offering thank you. coming up, vaccine mandates and the role of the private sector union square hospitality group and founder of shake shack will join us next hear what he says about all of this when it comes to vaccines let's get a check on the markets now. the dow would open higher. nasdaq off about 145 points.

nasdaq off about 28 points we are back after this ♪♪ ♪ there she is, miss america ♪ ♪ there she is, your ideal ♪ ♪ with so many beauties she took the town by storm ♪ ♪ with her all - american face and form ♪ ♪ and there she is ♪ ♪ walking on air, she is ♪ ♪ fairest of the fair, she is ♪ ♪ miss america ♪ ♪ there she is ♪

new york city mandating all government employees get vaccinated or be subject to weekly testing a lot of times private sectors

says that what they need show us the city is doing it first and make it easier for us to do it >> now, one of the founders of many p restaurants founder of shake shack danny, you've got an announcement this morning about your plans around vaccination. >> we are following the lead of city, state and federal government we are going do this ourselves in our restaurants in new york city and washington, d.c our full service restaurants to require all staff members be vaccinated and also to require guests who want to dine in doors show prove they've been vaccinated we feel like we have an amazing responsibility to keep our staff and guests safe. >> it is a huge step not justrequiring of employees

but customers. how are you thinking about it on the impact itself? >> i believe this will make even more people want to dine with us i think the vast majority of people who dine out don't want to go back we have no opportunity to serve people in doors or last september, we could serve 25% capacity that is so yesterday we know right now that vaccine works. it is time to make sure this economy continues to move forward. there is no going back >> what are your lawyers telling you. i've been advocating corporates take the lead. you hear back, no, no, my lawyers say we are going to get sued by employees or have our

employees storming the gates or running from the gates because they don't want to work here >> if that was the case, that would be sad we have tried to lead with the carrot for many months now it has been about 150 days we've been encouraging people. the vast majority of our employees have answered the call and are vaccinated we are not talking a large population for those who didn't think the carrot was enough when we offered eight hours of pay per shot and the resources we were providing. we had vaccinations happening in our restaurants this week, that will continue to happen. we'll give our employees 45 days to make the choice hopefully this will be the incentive. >> do you have enough employees?

>> we've been short handed just like everybody else. there is one question that if there was one as secretary of this that gave us pause in a time when it is tough to find talent, why would you make it tougher. i'm willing to bet there is a huge number of employees that are more eager if they knew they were safe. >> stepped up and serving people indoors outdoors i think we have a responsibility as the largest employer why we have always been

dedicated to hygiene we've always had requirements in the kitchen that hands are washed why if we know so much about this virus would we not make the same requirement of this virus >> you are doing this with your rounts in new york how about shake shack? >> shake shack will make the appropriate decision for them at the right time >> speak about that. it is one thing to do it inside the fancier restaurants the harder one in the end could be the shake shacks >> it could there is this

question mark. it is about the lawyers and what kind of response they'll get i don't know what percentage of employees are vaccinated if you are doug mcmillan and running walmart, what do you do? >> some day when i grow up, i want to be doug mcmillan i think every business needs to make their own decisions we are proud of ours right now we happen to be in a place where the government supports this we know there are places around the country that do not support. i'm not a scientist but i know

how to read data what i see is this is a crisis of people who have not been vaccinated i feel a strong responsibility as business leaders to take care of our team and our guests and this is what we are doing. >> another topic we've been discussing quite a bit for months now, how is that pushing out in terms of prices to consumers >> starting to edge up, no question about it. we are inthe camp that really hopes that this will work its way out. i'm not sure when my hopes and knowledge intersect with one another. i do believe come september, october, both in terms of talent and pricing, i think some is of this log jam will break up >> to start where we finished on vaccines and in dining

experience disney just announced whether vaccinated or not, when in doors, they are going to ask employees and patrons to be masked it is hard to eat while masked for those working and in the kitchen, are they required to be masked too >> this is why it is so important in the restaurant business as you said, can you not eat or drink with a mask on one thing you can do is be vaccinated we'll continue to wear masks in the kitchen and we'll listen to what the cdc recommendations are and we'll follow them. coming up, the president's latest bit on the bipartisan infrastructure plan. and the u.s. secretary of energy

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now the answer, in 1963, hershey chocolate company merged with what candy company? the answer, h.b.reese candy company. >> welcome back. robinhood set to debut on the public markets today

here at the nasdaq at $38 a share valued about $32 billion the cofounders each sold about $50 million worth of stock and certainly we are keeping an eye on this one. retail investors are getting a seat at the table. >> we get killed for saying it either they think the institutional guys are the dumb money or the holders >> they get any chance of going down they flip there is no short squeeze i

think institutional holders do that they don't do that a year they do that a week. i feel like retail investors feel pretty burned how does that factor in? >> regained with robinhood

again. >> duo lingo up 34%. so what's a good pop today we talked about it did they price it at 38 because they wanted a good first day or where they having trouble with that range >> we'll see are you hearing. if they can get 10 to 20% ups today, that's ideal for them i thinks that the ideal goldilocks window for them >> we know from leslie you will not get any of this trading action still to come on "squawk box," john fer granholm talks the latest moves forward for president biden's frtrinasucture bill that's next.

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part and 17 republicans. what will happen in coming days. joining us now always good to see you good morning >> thank you i assume that is going to go forward. still a few things the details of the bill. there are still some democrats that aren't satisfied with provisions and now that it is moving forward, they'll revisit that there are also amendments that will come. let's start with this bill, which is the easy part with that $3.5 trillion coming up. you are confident that this is a good this week >> the fact that 67 senators

supported this in the vote to go forward, there is a huge hine we have several steps to go we have to go over to the house as well. we feel hopeful and confident we have reached a deal that represents an historic investment in our nation's infrastructure and that every household has internet access. we want to make sure we don't have lead pipes leading into homes it is an historic

investment in the transition grid we really need to upgrade the grid there isa huge investment in bridges. in roads too these are the basics so that democrats and republicans listening and finally we have a commitment on both parties >> both parties see the pole and what goes on here is what i'm worried about? in that party not even talking

republicans. liberal democrats have said they'll only support this deal if they get the broader package first moderate democrats have said they won't consider the broader package house speaker pelosi won't even bring up the infrastructure bill until the $3.5 trillion has been passed. another house member said, we will not pass the bipartisan bill without the infrastructure bill first >> this will not be easy they know these have been long overdue. the president has been saying he's willing to negotiate. i'm on the phone with members of congress ever day to talk through, how can we get to yes

we'll continue to work with members of congress to work through their thoughts on the bill and the next bill as well the president has indicated his red line is inaction he wants to see his agenda pass. it will be a two-step process. hopefully we can get it across the finish line. >> do you think if the president called house speaker pelosi called up and said you need to get this passed in the house, do you think she would? >> she's talking all the time. they are all talking i have no idea what those conversations would be i do know the president is a reasonable guy and determined to make sure these happen how that looks, that's all to be

determined congress controls its own calendar everybody recognizes this is an historic moment. we are going to get there. there is a lot of listening, amendments and shaping and we have a president willing to listen >> let's talk about how this is going to get funded. when i see a break down that includes things like $30 billion expected to be generated for requirements for cryptocurrency down the list how does this break down and what are the

ripple effects how does that play out >> the cryptocurrency brokers don't have a reporting requirement. that's a new area and the group were looking everywhere to determine if we'll be able to fund this. raising the fees for toxic cleanups plu p polluters should be able to pay. that'ssignificant amount these

are ways no one under $400,000 a year will be taxed and no gas tax. those will be met as well. >> they did a good job of finding a way to fund this historic investment. this deal, huge shift with that vision we are seeing jet fuel shortages. higher prices being paid by consumers at the pump. production numbers coming off, how are you navigating that and

the effects that that is having on this inflation debate >> obviously we are watching that very closely at the department of energy projected that price of gasoline will stabilize and on airports, so much of that is due to a trucker shortage being able to make the requirements flexible to move fuel more effectively. the movement towards clean is an economic movement as well.

there is a demand for products to reduce greenhouse gas $23 trillion demand. that is a market we want to corner or certainly play a big role in. we are not going to stand by the side of the road and allow china to beat us in this there is an investment in batteries. we want to be able to make batteries in the united states including the supply chain the president sees the movement as a huge economic opportunity you'll see that in both parts of the infrastructure package as well as what will be negotiated. >> i wish we had more time to talk about that. i'm not sure what parts of that

$3.5 trillion will have more support. we think broadband here at comcast is important too we are here for you. just keep us in mind something we are pretty good at. we are here for you. >> thank you. >> aren't you thinking that? talking broad bant >> coming up, google announcing most workers will return to the office mid-october they have to be vaccinated and some of the most iconic brands in the kitchen are owned brands in the kitchen are owned by

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can expect to return to the office mid-october and to be on campus, they'll have to be vaccinated is mandated vaccination the right move john, you sure you want to do this john ford here to weigh in i'm going to give your twitter handle out you'll get it from both sides. >> as usual. people know where to find me of course this is. this isn't about civil liberties. this isn't just a google thing facebook will mandate vaccines for a return to the office netflix is mandating to the cast of u.s. productions and people working closely with them. you had danny meyer on u.s. department of veteran affairs is making the mandate after they lost four employees to the delta variant they are right to do this. it is time

businesses know they can't afford another shut down with delta surging, we cannot afford to be cavalier. remote work is great in some circumstances. some things need to be done in person some will say if vaccinated, why worry about it now the cdc is telling us even vaccinated people are likely to transmit after coming into close con stakt. businesses are putting employees' protein kids at risk. >> as usual, i'm ready to end the segment right now. is there another side.

>> on the other hand, mandating sounds like a good idea, maybe it is not the only answer. for certain jobs, sure health service, food service but for tech new york city is saying you can either get vaccinated or test weekly if vaccinated people can get covid and be asymptomatic and pass it to kids at home, doesn't that say continuing to test and mask when indoors is more important. the ceo of carbon health said people that lack a trusted doctor relationship are vaccine hesitant higher vaccination reports would be good. trying to force, will give a false sense of security and maybe disadvantage

underrepresented workers >> jon do you decide which side to do first. sometimes i think when you finish with somethings that what you really think >> i try to switch it up so it is unclear frankly, joe, when i start this very often, i'm at a different point than what i end it as we should be i learn stuff. >> such a great segment. thank you. coming up. we talk food inflation and global economy with the nestle ceo. and a preview of what investors can expect when that starts. "squawk box" will be right back.

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fed chair powell says inflation will be persistent but temporarily. let's bring in steve presley, ceo and chair of nestle usa. he joins us now.

thanks for being with us we saw a big shift of americans being at home buying, snacking and cooking more at home what does that look like now >> thank you for having me. a lot of those consumer numbers are sticking to the behaviors we saw at the peak of the pandemic sticking and continuing to drive

growth through the pandemic and on >> i feel like a lot of people reacquainted themselves with comfort food have you seen that or is there more of a shift toward healthier eating >> absolutely right. it is a category by category view some really overindexed in the peak of the at home lockdowns. two of those were baking a new generation of mocms and families, people really reengaged with the family and baking you've seen a slow down in baking and maybe frozen pizza.

coffee creamer, pet care those occasions we captured during the peak of 2020 as well higher costs and the ability to price out as well. where are you seeing that in terms of those prices. >> i think some areas in the pricing we've seen in ocean freight or in that space or hopefully more transitory. you take regular transportation

in the u.s just seeing some real permanent inflation that will drive the cost it is a little bit of both, we see a lot of the effect of the cost with the hedging strategies you approach the business across the year you see that more come into bear in theh 2 results not only in the top line estimate but in a strong margin. accelerating while maintaining the market

>> the consumer in the u.s. all we do at nestle is putting the consumer first we call that true north. clearly, a healthy consumer is healthy for us trying to meet them in the popular price product will have the most impact for consumers. >> thank you for joining us today. >> thanks for having me. big show continuing today. judy shelton will talk fed chair jay powell's comments and what it means for investors and everything you need to know

ahead of the robinhood ipo stay tuned to "squawk box" on knbc flus you packed a record 1.1 trillion transistors into this chip i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100 like you become an agent of innovation with invesco qqq

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hottest public market debuts of the year, robinhood. the company known for the meme trade. moving forward on the infrastructure bill and we'll speak with former fed nominee judy shelton about all of it and the second to last faang stock to report. seeing revenue growth slowing. key details as the final hour of "squawk box" begins right now. good morning and welcome

back becky is off today u.s. equity futures bouncing back the dow down a little bit. the 10-year about 1.25, 1.26 in a range that we've seen recently 1.263. it is an equity story today. not the bond market. we'll talk about powell and shelton. i think this is it robinhood set to debut today the low end of the expected range between $38 and $42. the company valued at $32

billion. ceo and founders sold about $50 million in stock >> the u.s. senate voting about $1 trillion. representing a victory for a bipartisan coalition that spent weeks hammering out key details. 17 republicans joined democrats in voting yes on the bill. and democrats will work on a larger bill by themselves that contained trillions for child care, paid leave, education, climate change remediation meantime, carl will take a look at facebook. those are sliding lower. investors seem to be focusing on comments from facebook that expect revenue growth to slow in

the second half of this year thanks in part to the privacy that will target adds. finally, nbc and cnbc parent companies moving higher. beating estimates on the top and bottom line. results were helped by ad sales and theme parks. that was led by orlando. sitting down late you are on tech check that's something you want to watch. >> we kick off the final hour of the show looking at the markets and getting set for that first

trade. >> sometimes on the day of a fed meeting, you get a look away we did get a little selloff but really a pretty orderly trend. the underlying breath of this part of the rally has been lacking. that has been a nagging factor for a couple of weeks. the other thing, getting tested and reaction on the megacap. facebook will create a little pressure at least in the open. take a look at banks versus technology the inflation trade was not

dead still holding and you see how that has been jag he had another start look at emerging markets overall. you see the ex china etf has maintained a lot relative to the market china is in the mode of soothing some of those ruffled feathers and those reactions. >> we are going to leslie but you are on old salt. any predictions on robinhood before we go over? >> i think the consensus not predictions but i think in

how it is priced it is a tremendous market cap. old salt, i remember when e trade became public, it was 1996 they had fewer than a million customers. they rode that wave for a while 0. >> if all goes smoothly a sign that investors were not

clammering in a way that would have expected. likely users would have received at least some allocation hearing that the source advised buying even when institutional were closed amounting to $732 million at the ipo price, nearly 1% of the company's assets under custody which is relatively high for one stock. worth noting robinhood is still valued at 10.5 forward ebita higher range but not necessarily a discount >> that valuation is in focus today as is what the expected

impact of having retail investors have a chunk of the valuation. there is an expectation we are going to see some pop. there is expected slowing growth some of the stuff that gets traded and the regulatory disclosures and probe. incredible we've seen these and still seen the offering coming forthright now >> one source put it, a lot of waters on this regulation, lit sligations, investigations taking place for this peak cycle in retail activity the company says revenue will decline seeing less volume in

crypto cryptocurrency dogecoin. whether that ipo pricing is posed for the pop maybe if they are willing to price it below 38 we'll see what happens stranger things have happened. we'll bewatching given the brand recognition.

>> especially those with higher growth in nature and caught up with the fact that the six ipos that are $2 billion or greater are all under water from the first day of trading could be sitting on paper or realized losses i can bet a lot will be watching closer today. >> a busy day for you. >> thank you coming up, the fed tip toeing closer to scaling back billions in bond purchases but

does this need more forcible action sooner than later and former fed nominee judy shelton will try to help answer that so much squauwk coming back aftr this

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welcome back to "squawk box" this morning the dow up 15 points, nasdaq up a little over one point. the headliner from the federal reserve meeting. the central bank appears to be getting slightly closer to tapering the monthly bond purchases. joining us now, judy shelton her latest op-ed, no, inflation isn't good for workers judy, i want to start with what

we saw in what we saw with hawks and the federal reserve the move down, does that make you question whether the fed could be behind the curve? >> joe, i don't consider myself a hawk or a dove i'm more of a woodpecker free markets work best when price signals are transmitted with clarity my concern is that

it is muddling the message that includes looking at the raid on the 10-year i'll refrain from saying it is the technical issue the latest for buying and selling or the reverse repo facility for parking it for cash and backing it up overnight. these things that end up playing with money rather thanusing money and i think the fed is

encouraging that how is buying, and i didn't hear any tip toeing i heard that the fed intends to keep buying $30 billion in treasuries $40 billion in treasury backed securities i think it is difficult for them to justify if anything, they are taking money away from private sector lending because the banks see. someone who would start a restaurant do they need now this kind of support from the feds to go ahead and apply for a loan to

start a new business the government is paying people not to work or paying to lend. the fed is being very helpful in financing deficit spend. >> so you don't think we are seeing price discovery in the 10-year? the move higher seems to be for the rest of the world using that to put funds at this risk. for one manipulating and one bond you still don't think you are actually seeing the price discovery? >> i think still it is a compromised signal

if it is accurately predicting, that is a negative out look. it is a sad message. you have faith for the future. the idea of savings is that people say i'm going to sacrifice consumption today. i'll invest for a greater harvest in the future. the reason i don't like actions

for output or higher standards of living. those dreamers or people dedicated to doing something new and different and improving the world and giving us a better price. >> you won't believe this. we have a sound bite loaded from elizabeth warren yesterday i have to play this now. >> it shouldn't make a difference whether you have real estate or cash or a bazillion shares of amazon, yes, jeff bezos, i'm looking at you. whatever form you have your assets diamonds, yachts, paintings, there should be a tax on that. a tiny bit of tax and only those

with $50 mill yourion or more of assets that would be enough to pay for universal child care, to pay for kids to go to college, to pay for all those roads and bridges. >> a lot to unpack there a system for jeff bezos to have an idea and dream and to turn all of that into jobs and all of those that pay taxes, billions of share holder wealth changed our life kept inflation down so we could maybe spend more yet somehow, politicians are able to look at this guy like he's a detriment to society. a lot to unpack. where do you want to start >> i'll say it is repulsive to

demean and put a target on the back of the most creative, productive people in our society. the ones who risk everything not everyone delivers. he has i think entrepreneurship to punish people to make them out to be the greedy geniuses and the patronizing attitude to the rest of us the idea that they have to be protected and pay at the front of total taxes collected and to say it is just 2% or 3%,

you are alienating this tiny group which is unhealthy we are all members of the same society we are supposed to be a neighbor of laws if they don't like the tax code, it's up to congress to change it entrepreneurs are saying i'm busy making something, just tell me the rules to collect again not even with a thank you but more of a you owe this after they've done so much. i think they'll be the

entrepreneurs like gulch gulch who create their own country with their own currency. to mark them out as evil is fought a good thing. some estimates suggest $600 million untaxed annually that is supposed to be taxed >> i just said, the problem $with the past where they've done things more politically motivated. i'm all in favor of the irs

doing an efficient and effective -- >> what's the answer we've talked to a number of republicans who do not support and do support the letter of the law. these things are at odds >> i was on the transition team. we spent a lot of time with the irs. there are no questions there are systems. not just data collect but the systems for evaluating taxes are embarrassing they were using ancient computer languages. allowing them to concentrate on selectively enforcing who is

subjected to tax review. i'm for ee fficiency. using more money for schools if it is to educate children, i like that. to have something more to do with unions or other issues, i might look more skeptically. >> do you think powell should get another term, judy >> well, i think the chairman of the federal reserve should have a loan star and know why they are carrying out their policies

i think some of his monetary decisions and i'm going book, have shown inconsistencies to is he committed to productive economic output and does he know the role of money or does he go with the trend a little bit. remember after raising five times with yellen, he raced again four more times. sos that nine times. then he withdrew three of them i think maybe he's overestimating the role of monitory policy. i don't think he cakes into account how important.

i would be concerned with how he interprets, how he's acted in the past, his model and basic theory about the rule of a central bank >> it is not a duel mandate. >> i'm being told to wrap. i would love to ask judy a question >> i love how long that took >> coming up, breaking economic data ♪ ♪ ♪

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revision of 419,000. it is a bit lower. the low water mark is 368,000 twice. if we look at continuing claims, verysimilar i don't see any numbers out yet. trickling in 6.5%. this is a huge disappointment. we are looking for numbers close tore 8.5%. i see 6.5% following 6.4% look for a number over 8.2, which would have been a 30-year high i don't see the consumption

expenditures i apologize these aren't fast. initial claims move from 419 to 424,000. so we are down 24,000. modified 3.236 to 3.262 million. still don't see the restof those for those limiting their

hours or service, is that a factor here? >> sure. and the structure fell a good amount this is an even bigger miss. we had the rapid update, 9.2 that came down yesterday i think the hopes and dreams are half of what people thought. pointing out two areas one thing is inventories so what is going on is the certain restocking that will be

pushed out we did get the story on the investment side with the structure down as well consumption was good what you are probably hearing is the inflation side inflation at 3-7, i believe. that best price index 3.7. add that back for the nominal number, one factor of inflation taking off >> rick has more data for us

>> her hot, hot, hot up 6.. up half a percent more the personal consumption expenditure at the core up 6.1 followed, if you look the previous one up the last quarter. the last quarter, we actually lost a 10th from 6.4 to 6.3. quarter to quarter, definitely a miss there is some real horse power there. >> we'll leave the conversation there. thank you for joining us with those breaking numbers breaking news from the nikola founder

>> federal charges will be filed today against milton the charges will involve making false and misleading statements to nikola investors. the founder and one-time ceo and chairman of nikola until everything came krark down i want to say about a year ago a lot of this saying comments made by this regarding nicola and the ability for semis and videos shot weren't accurate at the time ultimately, trevor milton was bounced out of the job at nikola. >> remember, they announced

general motors was going to take a stake in them. now no more than a supplier and customer arrangement even though they are not yet providing any product. former ceo of nikola to be charge charged today. >> stock is plunging pre-market. phil, thank you. we'll get back to that bre breaking economic data to break it down for us peter, it is good to see you this morning inventory. we know there have been all kind of shortages and semiconduct

y ors. should we be focusing more on the restocking in coming weeks and months and how they've played out in balance sheets and equities >> that is something we need to look forward to. the question is what quarter does that pickup

we just will that fed reading, how do we square this? >> i'm of the belief that you need stable prices to have healthy growth where the fed is twisting it around and slowly focused on maximum economy we are seeing the stacks here and there where shortages are shutting down auto plant lines and the building of houses delaying the delivery of that house and a lot of friction did you see that happening soon.

just the first one for q 2 right now. the first conversation coming into this about those earnings, is that the big question now >> how much inflation eat to real growth. the higher the inflation, less the real growth we see i think that is the big risk in that low rate of change, as it should, you have the rush of opening in the first of quarters and settling down some what. >> thank you coming up, more on what could be the biggest ipo so far this year, robinhood

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robinhood set to go public today. joining us now to break down what is happening as we await the big offering what are ra you hearing? >> i'm here at the nasdaq. a pretty decent sized crowd gathered of employees and executives waiting for the big day for this company interestingly, we did hear from certain investors who received e-mails from the company saying

these were at 9:00, 10:00 at night this was breaking the trend. they do have this new way of doing this as we look to see this order book meaning all the shares have not been doled out to the offering size now >> during the program. leading this offering has not finished this process at this

point of the fall game until they look like doing that and that seems unusual and not something you usually see on the high venture back i think there were investors that saw the risk and the potential of the first day of trading that changed the risk and the typical allocation process in a way that is not too surprising >> can we call a spade a spade does that mean they are having trouble sind indic-- allocating.

>> because they are priced the low end of the range they'll signal a lot that they don't like above the range the last time i remember this happening with the similar profile with square, it has done well since then. we'll see today. investors i've spoken with sentiment is a little more muted. it is a little more skeptical about this pricing whether that indicates the trading remains to be seen i think there are more question marks. now you've got a more desperate investor base that that control factor that sense of okay, i know what this person will be doing and where they want to buy and how

much stock this goes out the window that uncertainty gives people more pause and may take more coaxing this morning to really dole out those shares. >> jim cramer, i'm curious what you make of this ipo would you buy? if the stock breaks the print they don't have more money to buy. the momentum here is quite strong if the commissioner decides he doesn't like order flow it intrigues me, this is a very

a traditional deal in some ways plays with fire, so i don't know and by the way is the $$38 price what they think is the best that they'll get. >> you win 38, i win 30. a lot of people of people who a loyal to us and i want them to make money i mean, i always said when i deal my deal for the street, goldman told me, listen, we do hundreds of deals a year you do one what do you know and the answer is no clue. they did the deal open at 63, never trade a dollar higher. so i don't necessarily trust goldman this this process one bit. i trust vlad, and i don't know whether vlad's asserting himself. i sure hope he is. >> mike santoli, i don't know if

you're still with us, in terms of the market for ipos right now, we did see duolingo trade about 30% higher we always debate whether that's a win or not >> i think that's in the range where you could say that's a win. one thing that is maybe overhanging the robinhood deal is if you look at the buzzy consumer facing app companies, whether it's airbnb, doordash, bumble, they had a little bit of a run, but they have not traded great relative to their first trade. if that's the kind of bucket you're going to put robinhood in, that's an overhang if you look at crypto volumes, look at options volumes coming from retail that was kind of the best possible moment to get a snapshot of your business, and then all the other, you know, concerns around robinhood as well are you going to consider this thing just kind of fintech, then the valuation, you know, maybe fits in with what those things trade for.

if it's a brokerage firm, this is not trading on brokerage firm metrics. there also are almost no publicly traded peer plays except for interactive brokers on retail trading. ameritrade got swallowed up, e-trade got swallowed up there's a little scarcity value too. >> if the retail audience is buying into robinhood that they are a buy and hold group or they can going to be quick money? how do you think about that? >> i would say they're both. >> i think they're both, too there's a person at the lower left of our box, leslie, who tweeted something that was really rather remarkable today, leslie, how about that plus $2 billion number that you came with and what happens when you do the deal? >> yeah, so the six deals so far this year that have raised more than $2 billion after their first day of trading, they're all under water so you have to find an investor group that is getting alpha from investing in ipos that's the incentive for doing

these deals time and time again, and if people are under water at least sitting on paper losses for these types of deals, it's a bit of a harder sell to invest in a company like robinhood that of course is raising $2.2 $2.2 billion or seeking to from this ipo with regard to retail being buy and hold, typically they are a bit more momentum driven, and so to kind of get around that, what robinhood did is they have made it essentially punitive for people to sell on the first day of trading or sell in a period of time after this stock begins trading in that they won't have access for a period of time to future ipos. so the thought is let's try and incentivize people to hold this stock if they do get allocations. of course they can theoretically get out of it if they choose to. >> this could be one and done. i don't know whether that's that much enforcement >> right >> your stock has been unbelievable in this i think that people have to be loyal to the app michael, can individuals be loyal to an app?

>> that's a great question i think it's a habit, right? it's not like they have -- there's not really anything proprietary about it, right? >> right. >> it's synonymous with what i know from free trading, so it's very difficult to know and it's not like they're going up against patsies either, with schwab and fidelity and everybody else it's kind of a good test of all that. >> it is a polarized company in terms of sentiment you see on the reddit boards and kate rooney has been reporting this very well over the past few days, this idea that, you know, there are some people twho are users or former users of the platform who are still kind of holding this grudge as it pertains to what happened earlier this year when they halted trading in certain names. they weren't able to exit as the stock went down, things like that that are also kind of at play here. there are people that really, really love this company and will invest in it. there are people who are kind of picking the other side of that trade.

>> do you think this becomes a meme stock >> yeah, i do. i think that it will be -- it will join amc and game stop if you sell, i think they'll come after you. but then there is as leslie said, the citadel component. s and there's people who believe that citadel is the trigger puller, that vlad's like what do you want me to do here but i do think being a meme stock and i think people will say if you sell it the apis will come after you, and to the moon. they hate me right now because i said it's not going to be the greatest deal. they despise me anyway, and i welcome that. >> oh, boy, oh, boy. >> jim. >> polarize to use the right word. >> jim, leslie, mike, we appreciate it. of course we will keep our eyes on this transaction all day and see what happens next and of

course it will be the topic dejour. >> at least you asked the question, is there something going on here if it's taken this long is there an issue. >> always a question. >> you got to ask the question. >> we'll know at some point today. >> we will, we will. >> that is it for us on si"squa box. thank you for hanging out. >> thank you for having me. j>>ust u.s. ts tomorrow >> "squawk on the street" is coming up after this short break. the company we've trusted to keep us working remotely, is the same company we'll trust to bring us back together. safely. securely. and responsibly. so now, between all apart and all together, there's a bridge. cisco. the bridge to possible.

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good thursday morning, welcome to "squawk on the street." i'm carl quintanilla with jim cr cramer, david faber. we're now about halfway through facebook qualcomm, paypal, comcast, ford all in focus today. of course the robinhood ipo and futures have held onto gains even as q2 gdp is a miss facebook and ford and qualcomm and our parent comcast reporting results, renewed corporate covid restrictions also