good tuesday morning welcome to "squawk on the street." i'm carl quintanilla with jim cramer and david faber bulls try to rally around vaccine approval hopes, jackson hole hopes and new signs of policy support in china. hang seng up 2%. china tech up 7% beginning with rally on. chinese tech names surging reversing course as bargain hunters search for value. >> plus the faa opening a new broad review of boeing we'll tell you what they're looking at. >> and, "actually not great. elon musk criticizing his own

company's latest self-driving software get details on that straight ahead. so we're going to watch some of the chinese tech names and oil, jim, coming off best day since april. >> boom! what a bounce up get used to 70, goes down. what saudis are worried about things like -- pioneer devoted to turn it off if they want to. very profitable companies. when you have oil companies that are not living hand to mouth they can actually do the right thing. they can hold back when it's 60 and they can -- i have denver resources. >> you sdo do? >> denver, by the way, single best capture company, why i'm featuring them. >> don't even start. >> it's fabulous >> anyway, i do think that -- there we go. i do think that oil is a huge story, because when it goes up,

people say, oh, the opening. i mean, by the way, people say the dollar, ever hear that that's journalists talking the dollar is -- that's just when -- i don't know what to say. i'll talk about the dollar i've done so much work on this dollar thing it's completely false tale. >> it is yeah okay why? >> because it doesn't corollate. it doesn't prove anything. >> no correlation? >> we shouldn't spend time talking about it. >> 20 years with non-correlations but it's something people say i'm actually going to speak about the idea that the saudis count like it at 70. it's too high. they don't want to start getting people to do it and then again 60, turn it of you a and we turn it on. our red count goes up. goes to 70, or rate count goes up >> listen, something i don't need >> right then? >> you know, why don't you say something? [ laughter ] >> there is so much going on,

and i would -- >> but i was going to say something! >> go ahead. give it a shot. give it your best shot. >> give it my best shot. shall we talk about chinese tech companies? >> yeah, i've good great stuff. >> and coming back into the names. >> nimble. very nimnimble. >> a good word for it. they are nimble. >> don't want to buy chinese stocks, and then they buy chinese stocks to me, that's nimble. >> all right see value. listen, i would add, though, with our -- talking about cathie wood and the woodstocks, the transparency we've got there don't forget it. you and i grew up in a time when nobody knew anything about what anybody was doing. >> right. >> and now you get every day you know exactly what she's doing. this is a real benefit to that. >> well, i think there is, and she did say, go back and look. we never said the chinese names were -- what we've said because

of social engineering seems it's seems, reennearinging taking place in china the valuation associated with these company, damaged. i don't think they're going up anytime soon the problem, said quite recently anytime soon, what may be a 24-hour period? 48 hours >> from wednesday. our own "techcheck." she is shed the chinese names deserved a reset because of the rhetoric coming out of xi's office and tried to get her to say are these names uninvestable she wouldn't go there. >> that's true i didn't see a wholesale shift towards social engineering if anything things it have gotten tougher some things happened last night, which is where wynn is gambling and mgm. you don't have the to show 48 hours, instead, you can wait 7 days >> right also the s.e.c. is giving these chinese companies new

requirements in terms of disclose closureses. a lot of back and forth. rscc requiring certain things and chinese regulators all over the place. >> the ability to let stocks -- >> particularly those that plan on listing outside of china. >> entirely possible people felt when cathie wood, a guru, exited felt the stocks are quizable, that other people may have shorted them what you're seeing is a short squeeze of tremendous proportions. and not -- xi did not choose to issue a statement saying stocks should be higher. >> no. as we know, concern they're going to continue to crack down on, for lack of a better term, wealthy people their economy -- >> true. common prosperity is the term. >> but the wealthiest, and then that has translated into some luxury-related company stocks going down.

because chinese consumer, particular lip at the high end, represents a great deal of potential growth for many of these companies. if there were to be a crackdown in that way, there's concern meanwhile, jim, watching the names up double digits this morning. >> some up double digits. >> i said last night, buy them two weeks, they'll come back and say, enough of that. let's go down and take a look at them now, you know there are many, many millionaires in china val a guy i like to quote from salesforce he goes, according to the world bank -- sorry for my reading it. 750 million chinese living below the international poverty line of $1.90 per day in 1990 now below 10 million get this there are more households with wealth over $110,000 in china than in the united states. 100 million versus -- >> wow. >> that's, you know -- >> they created a middle class and did it in, what? 30 years. >> yeah.

>> dictatorial needs and jinping says, the quote, let's let some people make a lot of money and then we'll worry about it. >> right. >> well, now they're worried about it but those numbers are staggering the common prosperity. that really is common prosperity imagine if we did that >> that is what is wanted, jim. >> now saying, listen, we've reached that and no longer going to play this game of letting these people be so rich! that's what's happening. >> all right >> like, are they pumping down the expensive watches? >> they want to know, too. >> estee lauder is telling you -- stuff is not gel. ever buy >> ah, no. the not cheap. no >> two face? >> who

did you say two face or toothpaste i don't buy any. >> your lack of -- >> you know that. >> women's cosmetics it's frightening. >> okay. >> so part of it is signs of some more support in china the other part, jim, is that with the approval of the pfizer vaccine, maybe some of these company mandates are going to have some weight, but from the public and private sector. yesterday alone chevron, disney employees, texans, new jersey, new york city teachers, the military, of course and the roundtable, business, not only applaud these companies for instituted mandates but urge policymakers not to get in their way, basically. >> how about a governor like in the state of texas, allowed a cruise from galveston where a person died from covid. the cruise, by the way, was a carnival cruise, at 2,800 past

years could be a mid-sized ship. and odd number, 5% 200 unvaccinated remember, when you see these kinds of numbers what you have to think is, that there is breakthrough galore. right? and the breakthroughs are making it so you can't really have a person who has covid on a cruise ship you can't. because the numbers were staggering the numbers of people who got it a "new york times" story texas, the -- ship sails out of text, which bans businesses -- bans businesses from -- unvaccinated no bans businesses from requiring vaccinations. >> right. >> so frank del rio, my hero, who went to -- had to go to battle against the florida governor okay and then won in federal court, because the federal judge said there is no protected for the

unvaccinated and that the pandemic matters on the common wheel and i think what i like what frank told me this morning. keeping our guests covid-free is job one. it done right with 100% vaccination plus testing everyone before boarding makes cruising aboard norwegian, oceana, no short pt cuts, no problem. had that happened, that woman would be alive that woman would be alive! >> the more concerns quote comes from a spokesperson i think at carnival who said that these policies are meant to mitigate the threat which is everywhere unfortunately and going to remain everywhere for a long time. >> i disagree with that. i think it's 100% vaccinated, tested, that is not the case now, look -- >> if you're vaccinated and gotten a booster at some point which may become more likely than not let's call it in the next six months, you're not likely to get very sick. >> well, i mean, this woman died she was 77 covid morbidity.

let me pull back could she -- did this cause her to die no she died >> asymptomatic. >> i would prefer to be, to have a governor who says, hey, listen maybe people should be vaccinated rather than a governor who's -- >> without a doubt. >> carnival may have wanted that vaccine and the governor didn't want it. shouldn't cruise from galveston. >> all that said, though. >> i'm not going to blame carnival i'm blaking policies. >> understood. all that said, we are going to see a pick up in businesses that do feel free to mandate vaccines for their returning employees based on now pfizer being fully approved by the fda. no longer emergency usage. >> and you're going to have elected officials. >> certain states try stand in the way, lawsuits and things like that. >> what exactly is the principle the governor is trying to uphold principle of the right to be unvaccinated where a federal judge said that's not a protected class the right to get sick? right to get other people sick what's the principle here? >> i don't --

>> is there one? >> no. i don't -- >> the trite have a pandemic in this country everybody has a right to get sick >> i don't believe there is. >> governor of texas thanks for nothing >> well, his policy stance is challenged severely all across the state. >> the right to be able to keep a pandemic going the right to have 1920 still have a pandemic. >> in florida same thing school districts. >> court said, no to that. federal court, wait a second the kwucountry is in jeopardy the country. not the right of a person to be unvaccinated there is no protected class when people are unvaccinated. >> a strange state of affairs we find ourselves in and one few would have anticipate add year ago if you told me there was going to be a vaccine that eradicated a vaccine. >> remember the first trial numbers out of pfizer? 94, jaw dropped. >> took off. and how many are using the --

drug when -- got sick. federal government does not encourage the use of this, nih hasn't encouraged the use of the drug president trump had that keeps you from being hospitalized what is this who is behind this >> a lot is available for some reason it's not getting used to the capacity -- >> icus are jammed and have a drug that gets people out of the hospital and nih is not in favor of it and fda not pushing it what is that is that coordinated? how about stupidity? not going to say it's malice stupidity. >> just looking at me, when you say stupidity. >> it is expensive, and obviously they're prioritizing vaccines so you don't have to go to the hospital to begin with. >> if the icus are air jammed why not air lifting all the regeneron we have just sitting around why aren't we airlifting it?

>> got to go to the hospital to get infused, be there many hours. >> two hours do it at home. >> really? >> at home regeneron >> coming to my house and doing it for me? >> no. >> got a guide for everything. >> what the hell i'm prepared no my doctor said, on record, said, listen, i good get it for you because it's available len tells you, what a crime this is we have this thing and this thing's -- illness will be here for a long time because we're not using the weapons we have, and we have governors who are saying, yes! no -- we have a protected class. the people who want to get sick can give it to us. amen >> looking on twitter right now and see one of those guys right now. >> just great. i wish them the best of luck. >> you are just nonstop pro-vax. how dare you >> nonstop the end of a disease! >> jim -- >> this guy is -- no right to

take that sugar cube >> when we come back this morning, boeing said to be facing new scrutiny from the faa. we'll fill you in. talk to medtronic about the degree to which covid impacts procedural volumes, up later this morning futures continue to look green more "squawk on the street" from the nyc in a moment.

♪ payday, payday♪ ♪ ♪ monday, payday♪ ♪ tuesday, payday♪ ♪ wednesday, payday♪ ♪ thursday, payday♪ ♪ friday, payday♪ ♪ saturday, payday♪ ♪ sunday, payday♪ ♪ ♪ payday, payday♪ ♪ ♪payday♪

the faa said to be launching a review of boeing after facing

undue pressure over safety matters. the "wall street journal" cites sources in a l ss ss in a lettee jetmaker experiencing numerous problems including difficulty bean transparent with regulators. the company is taking these with utmost seriousness, quote/unquote. you think about these stories, think of delta orders a-321s. >> astonished. go back and forth with boeing. every time i think it's over, problems, there's new problems obviously, there's -- there's something very wrong at boeing, and i'm a big believer in the company. have been since my father said saved his life but ebitda, sometimes i feel that they need some sort of reconciliation going >> what does that mean

truth and reconciliation >> let's have an independent investigator. finds out what happened. >> of what like, of the -- >> well, reviewing boeing, safety -- i would like to know how many of them were really pressure was it -- 30%? was it -- do we need to have, to have a, i don't know, a special master there i don't know what to say i'm a huge believer in boeing, but it is very difficult to wake up, like, every other week and see, holy cow! that's -- didn't know that do you think that's an overstated story >> i don't know. that's the thing you don't know, and you don't know what kind of problems are being brought to the fore by certain employees or whether there is something else there. that they have -- an ax to grind. just don't know. >> might be unions move the plane, move manufacturing to south carolina? >> legislation does allow that -- >> right to be disgruntled.

>> no. that boeing is now subject to as a result of -- >> boeing is a national treasure at what point do we, is it clear, carl, that everything that went wrong has been fixed do you need new management again? i mean, do they want a new ceo again? >> what we did this last time? >> did it already? we did the new ceo what replace the workforce? i don't know look, i'm posing the question, david. you're obviously reckrecalcitre >> no, i don't favor rights of the unvaccinated happy i said that? they can hate me more than they hate you >> get cramer's "madas dh. opening bell in just about ten minutes.

a perfect location for the world's first one-hour delivery. an inspiration for the next workout cult. and enough space for a pecan-based nutrition bar empire. it could happen. because there's space for any dream on loopnet. the most popular place to find a space. what the world needs now... is people. people who see healthcare a little bit differently. where technology helps doctors provide more precise care... leading to faster, better outcomes and puts improved health in all of our hands. because seeing a healthier world isn't far in the future. we're building it... now. ge building a world that works.

icy hot. ice works fast. heat makes it last. feel the power of contrast therapy, so you can rise from pain.

time for "mad dash." seven minutes before we get started with opening bell. >> right. >> you're on fire today. >> i want to talk-positive for a second. >> a bit of an angry man. >> cruise industry could be damaged. i don't want it finished i don't want that. >> what about "mad dash" >> how great best buy is, and the ceo of best buy. she's smart. well, people are looking for 3% to 6% forecasts for comps. store sales, how am 9/11 she triples it okay the fact, david, she has, get this -- enterprise sales increasing 20%. what is it well, it's people, i think, i can read it as being office and home, home theater, appliances,

commuting mobile phones and services by the way, you want a ridiculous hi positive read of this >> tell me. >> gamestop. >> really? >> yeah. gamestop a lot of appliances -- still can't get. do you use the twitch? >> no. >> it's addictive. >> it is. >> how much is online, how much in-store, and when it comes to gamestop, we talk about the threat of the digital distribution of video games? right? don't need to go to the store. >> and unique assets including inspiring what is possible of course, across the bread eth of consumer electronics products, ability to keep it working together she has got it the real secret here, people have to fknow this but people don't know this woman spent a fortune building up supply chain if anything would ever go wrong she did it over two years. she saw it coming. who else saw this coming you have sew see around the --

supply chain issues did not bother best buy, because she invested, invested to make it so anything happened she'd get her stuff. that's how you do 20% comp store sales. that's how you do it all right? >> all right you have a stock potentially, at least, opening bell. >> david, get this want to see the future here >> there we go. >> oh! that's the future. you have a magic finger. i have an angry finger you have a magic finger. >> every part of him is angry. >> finger to his toes. >> it's covid. i'm coming out >> opening bell is coming up in a few minutes. by the way, catch us anytime. listen to jim be angry anytime follow us as "squawk on the street," opening bell podcast. >> announcer: from bitcoin to dogecoin, pblockchain technolog.

crypto d

♪ ♪ it's a wishlist on wheels. a choice that requires no explanation. it's where safe and daring seamlessly intersect. it's understated, yet over-delivers. it is truly the mercedes-benz of sports sedans. visit your local mercedes-benz dealer today for exceptional lease and financing offers. ♪ ♪

>> announcer: the opening bell is brought to you by -- nuveen leader in alternatives and responsible investing. today marks tim cook's tenth anniversary as ceo of apple. the company's had a run since succeeded legendary steve jobs apple shares up 1,000% during

his tenure, and neutral price target 140 jim, they talk about the -- the holy grail number over there is in fact arpoo estimate worries it comes back. >> josh and i, josh lichtman and i always have a conversation with tim cook before the conference call and i said, listen, arpoo, need to know, and build users to come up with a number about what an average person is worth, given the fact they have almost 99% consumer satisfaction and they've always had the same answer, not on your life, basically. but i think we're about to get it i urged him to break out revenues and service this is the beginning. now, can i just say, doing my reading at 5:45. surprised this late but it came over at 5:45, i paid apple -- $35.92.

i don't know if you guys have ever noticed what time you end up paying apple things. >> do you know what you're paying they are for? >> pay them every day. >> i'm paying them, also. >> add those up. >> yeah. >> you like that [ opening bell ] >> not a bad successor, i think. did well wondered at the time when you could ever court the iconic steve jobs. >> can we give tim cook the idea he has managed to build a service revenue stream in its infancy. you know why -- i'd like to call you from now on. call you, coach. someone i root for >> it's so positive. >> i root for you. >> mr. positive. >> yeah. >> you're like -- lead tasso i do think this is the beginning of apple breakout, and better start monitoring this number, because as far as i'm -- i don't like apocalyptic push last

night. i don't like apocalyptic dramas were a lot of people like those. this goldman piece, mr. hall get onboard. >> stubborn a very long time. >> is that better than wrong >> yes speaking of breakouts, jim, get you on palo alto, up 13% looks like a new high. v of a saying today, used the word stellar describes results, jim, and they said maybe the trading desk, maybe being d dramatic but i believe this is day one on the re-birth of cyber and public markets. >> i spend a lot of time last night with -- a big september 13th meeting, unveiling new things palo alto had what was considered to be a failed business model on premise and then added the cloud. turns out they're now the number one cloud data company the company's covered this all

the tile premise was good why, david you will love this. >> tell me okay. >> people -- who worked at home, represent maybe the greatest security risk of our decade. and he solved it he $100 million contract -- $100 million. for people -- >> for people working at home? >> no. because -- >> to help secure. >> he came to me when this thing started, and he said, jim, welcome to the hybrid economy. i said -- huh? and he explained to me what was going to happen. had a vision a man of vision and operated on it with a lot of different companies. cobbled together, stitched together, whatever, but he has got this -- the way i described this i said, listen, if i'm a bad guy, of which i'm not, although twitter says i am, a bunch of guys, cfo, if i am a bad guy, i am going to say, you know what i'm going after the car that has

the open doors, right? not the closed right? this is the closed door. i wouldn't mess with palo alto if i'm a bad guy, who's the other guy? >> helping t ining to secure thm use that employee doss in other words, that networks perhaps not at secure when working at work? or laptops that aren't as secure or software, things of that nature >> i think you've expressed it better than i could. >> okay. >> that's what they've been doing. >> yes. >> and obviously added additional revenue additional spending for these companies, although they've been saving in many other ways. >> i think that -- the front page of the incredible handout that he had has all of the headlines are the cyber, different cybers i think it's not 55, because they may be now best in show right? if i were to start a company that was hybrid i would call him. obviously, like eight people helping him. but just -- let me write you a

blind check. someone writes them a $100 million check i want to be in on what they have that company is doing -- nakesh, skeptical when he came in. bet against me go ahead >> and now we know, at least believe, tomorrow's cyber summit at the white house will include tim koch and nadella from microsoft and andy from -- >> and office 365 seems to be some sort of gateway that a lot of people are worrying about now -- >> just raised prices on >> well, but, really, this is not satya's fault by any mean. how companies could be so negligent to have old, old software sootia says, that's ridiculous upgrade. pat not there from intel. >> not seen his name mentioned,

doesn't mean he won't be. >> there's a -- there's a -- i'm sorry. >> overall, guys, reopening play is definitely intact las vegas sands, wynn, airlines, the cruise lines, jim -- mgm, you name it, all in the top 15. >> look at everybody feels that, feels safer knowing that, i think, that we know that if you get emergency use, it is incredible how many people were able to get away with it people among us. you know what? david, people among us. >> what? >> still unvaccinated. >> some are. yes. without a doubt. in fact, maybe among us right here who knows? >> no. not here at this desk. >> not here. >> no. >> look, i think that's -- yeah. the reopening trade anticipated yesterday with the fabulous market is being played out as one after another of these companies feels like that they now have the cover to be able to

do it. they can now say their many employees, listen, you're out. now, bob, to his credit, we have a lot of younger people go to disney world we're a great courtesy, we have -- want to do a great job but not having people who are not willing to be vaccinated after a certain point. i think that's the way of the future you get people -- a time. >> that is the way. >> 60 days. >> and i think many companies that ta are going to mandate these vaccines are going to say, fine it's for return to office for now. by the way, we all know put out a bit because of the delta variant because of many companies. expectations when employees will be back, at least part of the time. >> okay. >> call it two or three days a week to your point, jim, and i hear this a lot at some point when you've mandated vaccines for returns employees and people won't get vaccinated and won't come back you say to them, sorry got to go. got to leave. >> go to a state where people

don't care. >> i happen to think brian chesky is one of the greats. >> see what they're doing housing afghan refugees? 20,000 starting today, for free! >> i felt that -- had to be brought up when you do something like that, how can we not salute that man >> we should. >> by the way, you mentioned, jefferies having a global charity day to support focus o afghan refugees. so 100% of commissions go to that charity. >> richard handler slooualute h too. salute anybody who helps refugees brian chesky good for him a downbeat, called out, critical being this downbeat. i wanted him to be a little more positive sometimes they do that to tasso over here. and the fact he is doing this, i hope sets a very big trend along

with mr. handler and others. >> guys, i wanted to talk spacs. do it as a faber report, if that's okay. not really that it's -- i get, maybe i get done no >> ah. >> come on john gilbert you're still in the running. >> i was going to get that and dock it on sfpacs johnny gilbert and the spac. got to -- listen, i'm not getting younger. these are the things i live for. >> now you're talking! now you're talking. >> thank you. >> what i wanted to see. >> yeah! >> a little life from you. >> announcer: the host of "the faber report" david faber. >> made my day thank you, johnny gilbert. >> my colleague is -- if you didn't -- never gave matt the answers. i verified that. >> i didn't give anybody any answers. i don't even know if matt has gone on. >> matt disappeared. >> had five more shows mike richards did five shows i don't know we'll see. >> that happened never mind go to the next can we go on to the next thing. >> the next thing.

talk spacs may be important last week i way away i don't know if you covereds they lawsuit that game against bill, spac, taunting holdings, remember ptf, and then led mr. ackman in a letter saying i may return the money, and then move on to this new creation i have in mind called the spark, which he has to get s.e.c. approval for i mentioned this lawsuit in the particular because it could have brought ramifications for more spacs themselves. the case was being argued by robert jackson he's a former s.e.c. commissioner and john morley, a law professor at yale. basically it said that the spac isn't an operating company but actually an investment company, therefore, should be regulated by the investment company act of 1940 a look at this by the way, remember, came at 20 it is below the issue price and it may well be that he returns the money. remember, tried the universal deal initially through the spac,

then outside anyhow -- but what's important here is for the broader spac what i'm hearing and have not been able to get ahold of mr. jackson and confirm this as yet, but a number of people this morning mentioned to me that they are hearing that this is going to become a broader claim against many other spacs that basically says, you know what you take investor money, and, yeah, say you're putting it in treasuries maybe you're putting it in other things essentially you are an investment company should be regulated that way, and if, in fact, kniss this lawt includes broadened spacs, could have a chilling effect time is enemy of spacs get their money. re-appear, get the deal, debt approved by shareholder base and close the deal we see it all the time but i wanted to point that out unclears where the s.e.c. is on this of course, this lawsuit got

attention last week included mr. jackson. former s.e.c. -- heavyweight the question again is, is investing in securities all the company's done since ipo this is what the complaint against muntean had to say and, therefore, it's simply buying stock. not what a spac's meant to do. we'll see whether it gets broadened out. that apparently is at least the talk of many in the spac universe this morning. and -- that's it. >> by the way, remember, this is -- trying to remember what he'd done. he was against, something you care about, dual class stock. >> robert jackson was? >> yeah. a leader, in favor. >> brought the lawsuit on behalf of a holder, of course. >> typically a lot of guys chase lawsuits mr. jackson is anything but. a yankee fan, which -- >> carl, keep an eye on this and bring updates as we get them. >> really good that was a good johnny gilbert

spac when we come back, as we said earlier, medtronic posting a quarterly beat raising guidance on stronger demand for medical devices. stock up 2%. talk to the ceo where the pandemic fits in the company's outlook. look at treasuries this morning. not a lot of ecodata on the tape but new home sales in about 20 minutes. ten-year 1.28. nasdaq record high s&p about three points away. >> announcer: the bond report is brought toy by -- pimco. a global leader in fixed income.

we cut to downtown, your sales rep lisa has to send some files, asap! so basically i can pick the right plan for each employee... yeah i should've just led with that... with at&t business... you can pick the best plan for each employee and only pay for the features they need. at pnc bank, we believe in the power of the watch out. that's why we created low cash mode, the financial watch out that gives you the options and extra time needed to help you avoid an overdraft fee. it's one way we're making a difference. low cash mode on virtual wallet from pnc bank. staying up half the night searching for savings on your prescriptions? just ask your cvs pharmacist. we search for savings for you, from coupons to lower cost options. plus earn up to $50 extrabucks rewards each year just for filling,

at cvs pharmacy. (upbeat music) - [announcer] introducing the grubhub guarantee, our promise to deliver your order on time within the delivery window and for the lowest price compared to other apps, or you'll get back at least $5 in perks.

shares of medtronic after beating expectations andmaker increasing full year outlook i really like this quarter the ceo joining us now once again, congratulations on a great number. >> thanks, jim thanks for having me pleased with the quarter. >> i'm trying to figure out, talking how great your cardiac

rhythm and heart player was or just the innovations and how much it's added to the growth here what you're putting out organically is really driving sales here. >> absolutely. we've had 190 product launches in the last year that's a record for us the underlying strength of the business is there. you mentioned cardiac rhythm we've talked in the past, i think brought on your show, even, our micmaker, expanding the market and atrial fibrillation treatment, it is a very painful condition. and the current, you know, pills that are out there to serve, just don't cut it, really. i think med tech play as big role in afib catheter-based heart valve replainsment and repair. just the cardiology side talked about diabetes in the

past an area we fell behind you won't recognize our business, our diabetes business over the course of the next 18 months we have new pumps, sensors, infusion sets, new algorithms. r & d pipeline is strong throughout the entire period, kept our foot on the accelerator and you're seeing the benefits of that. >> people will say, wait a second this is, these numbers are so good, because what's happened is, there weren't people going to the hospital last year. how many times can you really defer structural heart and aortic problems? coronary and -- these are not optional things. are they >> no. look, some you can defer the term elective is a misnomer. more about deferrable. varying degrees of deferability. certain businesses, pain stimulation for back pain or leg pain, or spine surgery you can defer for a couple of weeks, but when it comes to things like stroke and coronary

stenting for heart attacks as you mentioned, like with heart valve replacement. these things can't be deferred long, if at all. right? in the case of stroke, time is tissue time is brain. so that is really, as hospitals have gotten better equipped to deal with covid and patient sentiment dramatically changed the vaccine in terms of willingness to come to the hospital we're seeing the business come back fast. prior to delta we were at even above pre-pandemic levels. >> one of the things you know i'm thrilled about, following everything you do in neuromodulation. this is extraordinary. 37% organic. give viewers the working knowledge of what you're doing in this, because this may be something we have to work to get everybody to realize how far along you are. >> thanks for the question, and thanks for the support, jim. neuromodulation is really dealing with electrostimulation of the nervous system. the brain and the spinal cord,

to treat conditions that don't really have great options. like parkinson's disease or a central tremor. we're working in other neurological conditions who are like back and leg pain, as i mentioned earlier, or something people don't talk about that afflict millions 12 million patients globally is over active bladder. we use the neurostimulator to stimulate the sacral nerve, primarily in women, to control overactive bladder so, and the science is evolving quickly. and the technology is evolving quickly. it's smaller it's less invasive it lasts longer, and we're getting better efficacy every day, and the big change here wre recently jim, talked about it before, ability to close the loop deep brain stimulation for parkinson's. we actually can stimulate certain structures in the brain to mitigate markinson symptoms but now in addition to that we can sense the response of the

nervous system and modulate that signal and personalize that therapy to get even better results. and i really think the next decade is going to be just monumental in the course, the arc of neuromodulation and what it can do for patients around the world. >> hope people realize that neuromodulation is a much better way than the actual medicines people are trying that failed over and over and over again you're doing great work. i have to ask you about diabetes, you know i'm always hoping that will get back in the race against abbott and dexcom you put gleing to get back in the race and you put that increase 2% you can't be happy with that >> i'm not happy good to keep me on my toes here. the strength of the diabetes business is stronger than the numbers represent. but put that aside

the big story is we fell behind and we doubled downen the business over the past two years. and had a huge pipeline of products on all segments new pump, nuisancers the infusion sets that last longer so you don't waste insulin. and we have a new form factor in a smart pen and many of these products are already on the market in europe and getting a great response our time and range is the highest of any pump. the trick is we have to get it from europe to other markets around the world and once that happens, you'll see the diabetes business come back strong. >> congradilation ozen the work you're doing and you're doing

breakthrough things beyond what you've done for everything else. congratulations, great quarter and i'm thrilled you came on "squawk on the street. >> thank you, jim. >> absolutely. >> energy back to 67, coming off the best day since april mate, how are ya!? it's so good to see you. good to see all of you, yeah! why is jerry so... popular? it's been like this ever since we started using workday. what do you mean? it makes it easier to develop great relationships with our suppliers. now everyone, everywhere loves jerry. they sure do. they do. they really do. mmhmm. workday. finance, hr, planning and spend management for a changing world.

baaam. internet that doesn't miss a beat. that's cute, but my internet streams to my ride.t adorable, but does yours block malware? nope. -it crushes it. pshh, mine's so fast, no one can catch me. big whoop! mine gives me a 4k streaming box. -for free! that's because you all have the same internet. xfinity xfi. so powerful, it keeps one-upping itself. can your internet do that?

time for jim and stop trading. >> a lot of people are thinking what do we do? we want to own bitcoin but what do we do i thought it would be a defacto way to play any of one of these cryptos. and very well argued about why this is the company that you should be using and because they're doing a rapid exchange is it a theory should i do coinbit? doegs coin the most popular on robinhood.

>> they talk about opportunities beyond exchange services their 420 target would take you back the opening day high. >> makes it sound like a bank. >> yes, funding secured. >> funding secured how is he doing? saw the pick-up truck. we didn't mentioned the fact that ford -- sglg that was my pick >> by the way, it's a huge percentage are all new buyers to ford have you seen the tesla pick up? >> it's been a while but yes the f 150 i remember quite well. >> the f 150 is heaven super duty, heavenly i'm waiting for my marvic. when is that coming? >> talk to my buddy at otis ford fourth generation.

>> really? >> yeah. >> meanwhile, tonight -- >> i think they have a better alzheimer's drug than we've seen and chris kendall's doing more than any other company i think exon should buy it >> exxon says they're doing quite a bit. >> i think they should just do a deal with them i'm against dirty skies and against the right to be able to get coke what cover everything people are saying i have every right to give you covid. there's a stance that maybe madison would enjoy or maybe aaron burr and robert e. lee >> we'll see you tonight "mad money. 6:00 p.m. eastern time

i'm dad's greatest sandcastle - and greatest memory! but even i'm not as memorable as eating turkey hill chocolate peanut butter cup ice cream with real cocoa. well, that's the way the sandcastle crumbles. you can't beat turkey hill memories. our clients come to us with complicated situations that occur in their lives. for them it's the biggest milestone, the biggest accomplishment, the sale of a business, or an important event for their family. for them, it's the first and only time. we have seen this literally thousands of times,

in thousands of iterations. ♪ ♪ i am vince lumia, head of field management at morgan stanley. whether that's retirement, paying for their children's college education, or their son or daughter getting married, our financial advisors need to make sure that they are making objective decisions, every step along the way. every time you hit a milestone, an anniversary, a life event, the emotions will run high. making sure that you have somebody, a team of individuals that have seen it before, have seen every circumstance and seen every challenge, and have your back when you need it most, is one of the most valuable things a financial advisor could provide to a family. i am vince lumia and we are morgan stanley. protect your pet this flea and tick season with chewy. find everything from flea. collars and sprays, to prescriptions that keep pests away. chewy has what you need to keep tails wagging and pets itch free all season long. shop pet prescriptions and more at chewy.com today.

welcome to "squawk on the street." live with breaking news.

our july read on home sales. expect it to be under 700,000. 708,000. that's seizeinally adjusted, annualized units, which represents up and do remember the last time we had one million, it revised away last time was in 2006. these numbers are good though. precovid, they're around 756, right in that area so, we're a bit light but better than expected. and we have our august read, which is a huge disappointment we were expecting 2024 it's at nine last time we had nine was july of last year and last time we were less than that was june of 2020, was when we had four is it cost, labor, finding

materials? dianna >> reporter: well, it's a nice surprise hire and it was that revision in june that brought the numbers up in july these are based on signed contracts in the month of july the number that's stunning to me in the report is the price of a newly built home was up 18% year over year. that speaks to all the issues with supply, labor, cost of materials. still we did get sales sales were considerably lower than a year ago. when you see sales down 27% year over year, that's because of the huge spike last year and we're still not up to the prepandemic level sales now. i would say the big story is price.

that's considered a balanced marked and better than previous months >> thank you and thank you very much, rick, as well. welcome to another hour of "squawk on the street. morgan brennan has the morning off. and s&p continues to flirt about a point away as we see the reopening play once again back in march sign oofz delta rollover and china helping out as well. >> we're 30 minutes into the trading session. here are the three big movers we're watching this hour best buy rallying for the second quarter. the stock is moving up today plus, palo alto's surging. the company issuing a upbeat outlook as well.

along with advanced auto parts, despite falling short of the estimate, the company did raise its full year forecast for overall sales. and especially used cars and all the parts needed to fix them >> as we said s&p not too far away i did note in the past 24 hours, you had j.p. morgan, morgan stanley and wells fargo either say don't get out of the cyclical trade or add a new target >> it's been very tough to fight, this persistent trend the street was behind the market most of the year there is a little bit of a twitch to go back to the

cyclical story if you look at the s&p 500, we're appreciating for the s&p up 20 prer and for three months, 30% annualized gains it's been this persistent angle of assent. but within it, you've had let's say six to 12 corrections on the way, in banks, small caps, semiconductors it's refreshed itself along the way and now the question is do we have immuno version bounce in the cyclicals. that everybody still loves and have follow on strength in the nasdaq, which has been this magic combination. hasn't always been the case this year people rush to buy a 2% dip,

when before they waited for 4% >> you know, mike, we've had any number of people that point to the s&p and no longer describe it as the broader market you've made the point many times because the megau caps have such an impact on the overall index what should we look frk in terms of how the average investor may be doing >> the equal-weighted version of the broad market has been flat for months you've been struggling and i think that's why it's been a summer of frustration.

russell t,000 verses the semiconductor business they were going sideways until recently they're still struggling below their own highs though global diversification has hurt in the last few months, if you were broadly spread out across the globe. s&p 500 verses everything in the world, besides the u.s. market and you see we detach from the global trade you can bullishly say look at all the catch up you have or you could say that the u.s. has gotten more than it's share and they're probably due for some payback. >> that is a fascinating chart right there. thank you. it's also been recovering, on pace to break a three-day winning streak today

as they initiate bitcoin with a prime rating the analysts behind that call joins us now the vp of crypto asset and block chain research welcome to the show. we haven't been in 400s, have we it's been stuck in the 200s. >> it's been stuck in the 200s we see it getting back to around the $400 range on a few reasons. one, very aggressive listing policy they've initiated a new policy where they're looking to list kbaech asset that's legal. it's something we saw in 2015 and 2016 and binance, which allowed them to grow market shares, which expand the crypto offerings.

and if there's a certain asset that they need to get their hands on and it's only offered in a few places. also, their expansion out just outside and a focus on stake they did a great job growing staking revenue. we see that increasing and that would push coin base to become more that one-stop-shop and push it or braund it beyond an exchange belds to be a yield offering >> everything you're saying makes sense and it's sound analysis but does it matter if the company makes the moves,

executes well, if the price of bitcoin isn't going straight up? haven't we seen that before? >> it's very much connected to the leverage crypto crisis so t could support that and allow it to grow but i would add to that i think we're midcycle in crypto prices. we've seen them recover as noted right now. so a lot of the other them tos are 2x on the fwhask uptick in prices and there's more product offerings. you're seeing trade volume pick up and that's going to bode well for coin base for the rest of the year >> you mentioned yield creating products they're in the middle oaf

launching stwo of those. i wonder what type of audience that introduces and what it's going to take to aquer >> right now they're still stein beta and aspects they want on it but that gets to vertical. whether it's on the nm stugzal or retail side, there's a clammer for yield in this environment. and one of the best places to go is in the crypto markets they offer higher yields than a lot of the uther asset classes out there. whether it's staking or some other product offering, where they can earn some of the passive yield, which has historically been higher crypto's come in to suplant some of that.

>> my question is on the stable coins. big news with circle and usc coin actually getting backed by short-term treasuries. i don't understand how federal reserve and others are going to allow this doesn't this disrupt the system? >> you're seeing regulators step in with circle and the consourcem they're in, they're having a willingness of working with regulators so, they're working with regulators to get short-term kpapgs to get there. and so, i think regulators are closely watching that.

i don't think it poses significant threat to the current ecosystem and not posing a threat to the u.s. dollars, and can help broaden the dollar. there's certainly applications that can be utilized some are easier to get out there, like you've seen with the stimulus checks. i think some are taking notice of that as well. >> john, thank you coin base is oppercent bitcoin is lower as we head to a quick break, here's a look at our roadmap for the rest of the hour the fda launching a review of boeing and its employees and it's been one of the most active private equity firms

this year. and 10 years for tim cook. a closer look at the apple ceo's tenure stock has soared more than a thousand percent since he took the show that building you're trying to sell, - you should ten-x it. - ten-x it? ten-x is the world's largest online commercial real estate exchange. you can close with more certainty. and twice as fast. if i could, i'd ten-x everything. like a coffee run... or fedora shopping. talk to your broker. ten-x does the same thing, - but with buildings. - so no more waiting.

sfx: ding! see how easy...? don't just sell it. ten-x it. (upbeat music) - [announcer] introducing the grubhub guarantee, our promise to deliver your order on time within the delivery window and for the lowest price compared to other apps, or you'll get back at least $5 in perks.

ooze we said yesterday, they're outperforming. joining us this morning is senior research analyst. sheila, great to have you back welcome. >> thanks for having me. >> we had seen traffic start to get dinged by delta. we've seen fairs start to get ding do we believe the kies load is rolling over where the quarter is salvaged? we're seeing some cuts in the fall and winter that haven't yet been announced when you look at the psa numbers, you're seeing an 8% drop in psa numbers. 4% of that is -- just 4% drop off in demand, given the delta variability pick up a little bit.

>> where does that leave us in the fall >> we'll see anecdotally, i have a few in september and october and i haven't been able to book them they're not seeing the bookings come through for september and october. corporate is anywhere from 30 to 60% of revenue for the airlines. and they're about 60% back to the 2019 levels. they're starting to inch back and were hoping for fall recovery but we're not sure if we'll see that just yet.

>> what does that speak to the international travel how much is in those prices? >> i think that's why you saw it up slightly. the airlines are underperforming the s&p. so, you're seeing the delta impact already reflected in the stock. maybe people are waiting for summer 2022 to see real recovery so, rirtz pushing an improvement in the airline stock and you have cost inflation whether it's fuel prices. >> i know longer term, we have questions whether we'll come back to 2019 levels. you're seeing the dealt avariant delay things i can site conferences that were

virtual that are going to be in person are you seeing in terms of expectations in fall >> i think we're seeing very short curves for the airlines, for user and corporate it will be interesting to hear what some of the airlines are saying in midseptember, as they get analysis in the winter sheila, on boeing, we talked about the story in the jen journal earlier. employees having difficulty communicating with regulators. is it adds to concerns where coz that fit in relative to the pausability that it rebounds and gets this name out of the low 200s? >> i think the faa survey is

somewhat of a rehash of what we've seen in 2017 maybe in the past, we've seen overall management so, it's onward and upward for boeing it's still 50% below normalized. and it's starting to improve to get to the 30 for stwent 22. you have the 737 issues. china approve on the max reaching commercial aircraft comfortability, once again i think there's several catalysts, as earnings start to move up. >> thank you so much good day to have you to rrb. >> thanks. >> as we head to a break, there's a look at some of the big china he's theeknology

companies. they are surging this morning. many have taken hits over the last couple of months. as china has municipal bonds don't usually get the media coverage the stock market does. in fact, most people don't find them all that exciting. but, if you're looking for the potential for consistent income that's federally tax-free, now is an excellent time to consider municipal bonds from hennion & walsh. if you have at least 10,000 dollars to invest, call and talk with one of our bond specialists at 1-800-376-4376. we'll send you our exclusive bond guide, free. with details about how bonds can be an important part of your portfolio. hennion & walsh has specialized in fixed income and growth solutions for 30 years, and offers high-quality municipal bonds from across the country. they provide the potential for regular income...are federally tax-free...

and have historically low risk. call today to request your free bond guide. 1-800-376-4376. that's 1-800-376-4376 what the world needs now... is people. people who see flight a little bit differently. so it takes less fuel to bring people together... and make faraway places feel a little closer...

with engines that power planes more efficiently. because seeing a better-connected world isn't far in the future. we're building it... now. ge building a world that works. i think you're going to like it here. umm, why is everyone... throwing things at me? look, as cfo it's my job to be ready for whatever's next. that's why i have my finance team, randomly hurl things at me. it's also why we use workday. it gives us insights, so we quickly pivot our strategy, people, planning, you name it. sorry, sir. i will aim straight at your next step. see that you do. would you like some coffee? workday. the finance, hr, and planning system for a changing world. ♪ baaam. internet that doesn't miss a beat. that's cute, but my internet streams to my ride.d. adorable, but does yours block malware? nope. -it crushes it. pshh, mine's so fast, no one can catch me. that's because you all have the same internet.

xfinity xfi. so powerful, it keeps one-upping itself. can your internet do that? today marks ten years for tim cook as apple's ceo. taking a look at the past decades, which has been a good one for investors. >> some investors might have been nervous afterall, and he could wow how could tim cook hope to compete? the truth is he didn't try to. his focus has always been on being the begs version of himself. apple named tim cook ceo august 2011 up 1,000 perp since.

revenues grown more than 100 gift% to 274 billion apple's market cap sky rocketing to nearly 2.5 trillion a net cash position of 72 billion. dividends paid nearly 103 billion and counting he helped change the narrative to a tech giant with a consistent sustainable business and he proved he can launch new popular products as well a services business that recorded a revenue record of over 2 billion who will take over from tim cook back to you. >> maybe a question for another day. we're going to let him enjoy ten years. taking a look at the health care

sector up around 20% for the year >> and j, u and, h and pfizer. an accelerated $2 billion buyback. joins mosaic and spotify as some of the high-profile buyback announcements in the last week frors the sd avenaaqbo 15k

welcome back here is your cnbc update at this hour new york has a new governor.

cathy hochul was sworn in after midnight in a private ceremony, making her the first female governor she replaced cuomo, who retired amid sexual harassment allegations. the taliban figure was arrested more than a decade ago in a joints operation and held for eight years in pakistan. he has been viewed as someone who can be negotiated with the taliban says they must complete evacuations by august 31st with no exceptions. and he says a program will begin immediately but did not say how long it will last or how much it costs. he hopes airbnb will inspire

other companies. >> thank you president biden pressing employers to mandate vaccines. listen >> i'm calling on more country -- companies, i should say, in the private sector, to step up with vaccine requirements that will meet much more people. if you're a leader that's been waiting for full fda amoval to do that, dpoo that require your employees to get vaccinated or face strict requirements >> director of the o'neale institute at georgia town and ceo of the society for human resource management. do you expect the flood gates to

open >> no question employees, not employers employees started putting pressure on them to provide them with a safe workplace. this is going to drive it home that we're going to see significant mandates >> what's important to know about doing this refusals and otherithsus that might come up. >> you have to say it's entirely lawful it was already, according to the department of justice and the equal opportunity situation. but now there's a question of legal comfort with the full

licenser of the pfizer vaccine they have to give narrow but legitimate and real exemptions for objections and medical reasons. but they can be narrow, tailored and rigorous >> right if somebody comes in and says i don't want the vaccine, the company should do what fire them? >> they can either fire them, which many are doing 367 or they can have an alternative way to be safe it might be constant and universal masking plus once or twice weekly testing the vast majority of employees won't want to mask constantly while others are not

they'll not wanted team get tested twice per week. it's a nudge one thing clear is a person does not have a right to go unmasked and unvaccinated and expose others to a potentially dachda dangerous disease. >> more and more employers are adding a premium, if you will, on insurance premiums for your health and welfare benefits. for years they've said if you smoke, we're charging you $100 per pay period and in addition to masking requirements, many are saying we're also going to increase the cost of your health care insurance. >> that's intershing and not to mention incentives. i see pioneer offering up to a thousand dollars incentives to

get vaccinated it's not easy to fire anyone, even in a normal world frorls what are they doing about bracing for any suits? >> one, it's not easy because we're in the middle of a war for talent and 10.1 million open jobs in the contry right now even if thereweren't the threa of covid or delta, we're struggling to find talent to keep our businesses open employers have to be given, especially -- people are suing left and right and they've been supportive. but you've got to make sure these are not totally arbitrary.

for example, the underlying is not about race you're not treating your black and white employees, who refuse to take the test, differently. paying for it is what hr professionals are focussed on so we're not focussed on other grounds for legal challenge. >> what do you do if you're in a state that has banned vaccine mandates is there any way to get around that >> yeah. let's take a step back i've worked in public health over 30 years. and i've seen states fail to take important health measures but never seen states actually pass laws that bar companies

from taking safety measures. it's mind boggling, if you think about it these are unwises piece of ledge slampgz. the state probably can regulate you. frorls iyou can defiet foob has asked people team defy these flaws. so, you could push back and see if the state would try to enforce you -- enforce a decision that prevents you from having a safe workplace. you could be in a heap of trouble. these state laws are lawful, by and large.

>> wish we had an hour thank you for joining us johnny taylor, good to hear from you as well. coming up, the private equity sponsor and don't miss my exclusive. if you're 55 and up, t- mobile has plans built just for you. whether you need a single line or lines for family members, you'll get great value on america's most reliable 5g network. like 2 lines of unlimited

for just $27.50 a line. only at t-mobile.

a divergence between stocks and bonds that could effect your investment decisions details on trading nation.

private equity firm has been on a buyout tear this year, taking numerous companies private, to the nearly $7 billion deal in buy stamps.com now.

orlando, great to have you joan us a conversation a long time in coming let me start with the deals itself i had a chance to look at the proxy and the background in the transaction. you often had competition. and you paid the highest price did you see something, when it comes to the companies, that others didn't, given the willingness to pay the highest price? >> thank you for having me, especially since i've been a big fan of your show there are twol things at play for thoma bravo. first of all, executive said and founders want to work with us because they like to work with us we have put together a unique strategy and buying 300 software companies. that is based on providing operational improvements and

accelerated revenue growth to these businesses but seeking to do that only with existing management. that's why they're proprietary deals where we shop later. in the deals we have had competition, yes, we have. what's important is what we're going to do going forward. and software's a great space for the opportunity to improve companies. there's over a trillion dollar market cap and on average, the public companies are not profitable there are big opportunities to bring to bear. >> right and i get that. the returns you brought have been very strong one reason yuvl had so much success, i think eight fold in a relatively short amount of time. let me get to the math oin the

medahlia deal. i think it was around 10 times revenues it would seem you still need a revenue multiple on your exit a number of years from now to maintain the kinds of returns your investors have become accustom to. am i wrong >> so, i will stay away because we're on national tv, from talking about a specific deal. what i can tell you in general -- if you want to define it in one sentence what we can do operationally is as follows we will turn or seek to turn revenue multiples, based on

accelerating the growth, improving marges significantly and using the balance sheet capacity to make out on acquisitions we make our returns based on a level of freeft cash flow. frorls >> so, you trade on exit you assume is going to be fairly high what gives you the confidence right now snm we can point to a period like this sometimes years later and say wow things got really out of hand what gives you the sense they're not out of hand right now? >> oh, these companies this is the best time to be an enterprise software. about ten years ago, it became clear the world was going to cloud computing.

with that trend wee've been on the budge lts have opened up because if you can procure them through the cloud, you don't need your internal infrastructure, it opens the companies up at the same time they target very large markets through the pandemic in the past couple of years, it seems like the whole world decided they were going to accelerate their digital transformation plan as frorls and the key is it's not their ability to inovarkts not the in market. it's their ability to execute and that's a what we're here to help with. >> do you see the firm maintaining the same level of deal make sng since march, i can

go through a long list of deals you've done. can you maintain this pace >> absolutely. in the world of software right now -- you know that old saying where there's too much cap tool chasing too few deals. it's opposite now. there's not enough capital for the opportunities out there. doing things very immo portent for different verticals. so, we have been accelerating over the tlas 20 years and we expect that to continue 367 >> i wonder do you think you benefit at all, in terms of strategics not competing with you on something may may have

previously >> it's always been a fragmented landscape. private equity is very entrepreneurial. so, we can act farks use preficient structures. and align with our investors strategics have uth complications, like promises they have made to their customers. they have their own stock prices and valuations to worry about. so, it's not really an antistrus. the system favors investors in the space. >> and your business fuelled by thuveilability of credit we've seen what seems to be a transition in terms of the way deals are financed i mentioned a number of times on air. i think black stone there.

a number of your deals, no banks. is that a significant kmachg in the way you go about blank and will it continue >> yes, and i've seen you mention that in the past one of the important parts of your job is what is the most efficient capitol structure for that business? we've found private credit is providing the same cost as the big banks but we can do it faster because they're going to hold the paper going forward. and we can talk directly so, when you put it all together, we have been going that route when it makes sense we started doing this years ago

and that was at the time the largest deal financed by private credit over a billion dollars for in private credit >> now, it's enormouses. the appetite from these firms seems to be very large, not to mention looking for yield and finding it, perhaps, in the structure. very low risk in the asset, you mentioned it in terms of valuations that the multiple of debt on the deals has stayed relatively constant at seven times ebitda you have to serve the interest on the other hand, the valuations of software companies and rightly so because they're more valuable have gone up, so you're looking at valuations of 20 times ebitda on leverage of seven. these are mainly growth buyout, driven by equity, not driven by

debt so, for that debt to be impaired you have to take massive hits on everything. >> got to plow through a lot of equity quickly, you did a spac, iron source, i'm looking at it now, $9.09. are you disappointed so far in the performance of that stock for iron source? >> we are not worried at all where buyers and sellers are willing to some stock at a specific point in time, what we are excited about is that we feel we have partnered with one of the best software companies of the world and this business over the last year, 83% organically, achieved 31% ebitda margins, consistent with the profitable growth we look for in our private equity business, and we're very excited about management ability to execute on the big market opportunity of running every business going forward the first quarter they reported as a public company, where they

exceeded their expectations, gives you a brief glimpse of what the future holds. >> all right well, speaking of the future, i hope we have future conversations to come, orlando appreciate your taking time. thank you. >> thank you coming up this morning on "techcheck," an interview with bill gurley. we'll talk tech stocks, uber, prop 22, ten years of tim cook, and airbnb, best day in five months that's coming up at 11:00 a.m. eastern time still hanging on to an s&p record high. don't go away.

the pursuit is on. the pursuit of outperformance at pgim. with deep expertise to outthink across multiple asset classes, actively managing investments in the world's public and private markets. outscale, with the resources to serve 1,500 clients in 52 countries. and outlast, with long-term conviction that looks beyond today's volatility. join the pursuit of outperformance at pgim. the investment management business of prudential. as i observe investors balance risk and reward, i see one element securing portfolios, time after time. gold. your strategic advantage.

and there you have it- woah. wireless on the most reliable network nationwide. wow. -big deal! ...we get unlimited for just 30 bucks. sweet, i get that too and mine has 5g included. that's cool, but ours save us serious clam-aroonies. relax people, my wireless is crushing it. that's because you all have xfinity mobile with your internet. it's wireless so good, it keeps one upping itself.

welcome back to "squawk on the street." i'm dominic chu. stocks are higher today. more record highs for the overall market led by gains in the energy sectors you're seeing there. sectors like utilities and real estate are trending to the downside utilities sector the worst performing one, now in particular the utilities seeing its first instance of back to back losses daily in two weeks though it remains the second best performing sector so far this month, having gotten the bigger boost earlier in the month. among the bigger decliners today, names like southern company, also excel energy, wc energy and more. keep it here, keep the utilities in mind.

dividend yield 3%. "squawk on the strt"asoree h me coming up ahead. stay with us do you have a life insurance policy you no longer need? now you can sell your policy, even a term policy, for an immediate cash payment. we thought we had planned carefully for our retirement. but we quickly realized that we needed a way to supplement our income. if you have one hundred thousand dollars or more of life insurance you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit conventrydirect.com to find out if you policy qualifies. or call the number on your screen. coventry direct, redefining insurance.

walmart launching a new delivery business, go local. frank holland has the details. frank? >> wall mort's go local delivery service is targeting the $83 billion local and same day delivery market. launching that business today. the actual delivery scheduled to begin before the end of 2021 walmart says we'll use gig workers, store associates and even other delivery companies to make these business to business deliveries this will be a white label service, delivery will not be in walmart branded vehicles the go local looks to leverage investments in disruptive delivery tech. walmart invested in cruz in april and has partnerships with wa waymo. it has plans to use drones and navs to make deliveries from walmart's 4700 stores. >> you mentioned avs and drones. we're invested in these disruptive technologies. and, you know, we move past, we're not experimenting in these spaces we're truly trying to understand

how do you scale this kind of technology >> u.p.s., fedex and amazon stocks, investors will be watching today but bernstein says a large retailer doing local deliveries is a different business than they have. david, back over to you. >> all right, frank, i'll take it, thank you. that will do it for us on "squawk on the street. let's get over to "techcheck" which starts now good tuesday morning welcome to "techcheck. i'm carl quintanilla with jon fortt and deirdre bosa benchmarks bill gurley talks some prop 22 and uber. that's just a couple of moments away then ten years of tim cook, apple in the last decade, in the theory on cult capitalism. later on, shopify's partnering with tiktok.