the federal reserve. >> i still think there's a path to getting inflation back down to 2% without a really significant economic decline or a significant increase in unemployment. >> i think the odds of perception this year are down but they're still greater than 50%. >> i believe another 25 at the next meeting they've got a month off and we'll see what happens from there, and they could be done. it is 5:00 a.m. on wall street here's your top "five@5" after a nice pop tuesday where do stocks go from here we dig into what may be the next market mover. president biden delivering his state of the union the social media companies and the key investor takeaways. another tech name you know handing out pink slips as the layoff ripple starts looking more like a wave. zoom, we take a look back at the boom and the bust of what was once to hottest stock on wall street.

your morning rbi. chamberlain, abdul-jabbar, and now james. nearly 40 years later, the nba has a new all-time scoring king. it is wednesday, february 8th, and this is "worldwide exchange." ♪ good morning, good afternoon, good evening from wherever in the world you may be watching i'm brian sullivan the stock futures are down dow future's off 33, nasdaq off 16 until 2:30 yesterday eastern time, we could have said it was a boring day for stocks, but it changed big time the nasdaq popped 2% the dow broke a three-day losing streak i'll be honest

i'm not exactly sure why the buyers came in the markets did not move around jay powell's interview at noon who knows. insert reason here either way, the stocks did move. bond yields, they rose after the bonds told off oil and natural gas also rose tuesdaying tuesdaying, both tick back president biden, if you missed his speech last night, capitulating a bit saying we'll need oil, quote, for at least another decade we'll get more to that comment later on in the show crypto, bitcoin and ether are in the green but only fraccally bitcoin only about 23. we have abu ibrahim al hashimi al quaraishi . we have arabile gumede in our london newsroom.

good morning. >> a whole host of green it may not necessarily be the record-breaking territory that lebron james reached earlier today, but certainly what you're seeing is a record-breaking territory move for the ftse 100 on the uk, that's three-quarters of 1% to the good, loot of earnings playing its part in narth picture. so, too, with were the fed's comments yesterday coming through from jerome powell, helping the market go up so, too, are the energy stocks the european banks have said they found some european banks have not set enough money aside in order to deal with the bad loans and were bad at recognizing that problem in its annual review of the sector, the central bank said it would focus on bad loans for this year. i did speak as well about earnings news, mposting.

the shipping group also forecast 2023 profits well below that 2022 level totalenergies posting an increase they pre proposed a dividend that is actually up 2% compared to a year ago. and volodymyr zelenskyy is set to meet with uk. they announced they would accelerate training and military equipment for ukraine. brian, that's the news from europe. >> arabile, appreciate it. we'll see you soon thank you. meantime we'll get some top stories stateside including more layoffs in big tech and the latest turn in bed bath and

beyond tdrama. pippa stevens has the latest. >> they look to reduce costs, focus on growth, an navigate what it calls economic headwinds. zoom video announced it's slashing 15% of its own global workforce. microsoft plans to release software to other large companies to help them create their own ai chat box with azure being the new backbone of any technology this comes after the latest bing unveil yesterday speaking with cnbc yesterday they're calling it a paradigm shift for the industry. >> to me these paradigm shifts or platform shifts are a great opportunity for us to innovate the first thing that is a priority for me is not about

dethroning anybody it's more a priority for us to say how can we rethink what they can do i think the ai era that we're entering gets us to think about it. >> and we are watching shares of bed bath and beyond after the stocks slid nearly 50% yesterday following that 11th hour financing deal the stock continues to be the number one mentioned ticker on reddit's wallstreetbets. shares are up about 4% brian, we talk about this company daily at this point. >> 4% is like the smallest move, i think, pippa, the stock has seen in weeks. >> it's peanuts. >> it's peanuts in a bowl or bath or beyond pippa stephens, thank you very

much what drama around the new jersey-based bed bath and beyond. and now to president biden's state of the union address last night, using his speech to strengthen america and the economy. and he talked about taxing billionaires, creating buybacks, and giving more power to blue collar workers brie jackson joins us with more. >> good morning, brian during his state of the union spooech last night, president biden urged congress to work together and fin tish job on several domestic issues like police reform. meanwhile during the republican response, sarah huckabee sanders blasted the democrats' policies and called president biden unfit to serve. >> the president of the united states >> reporter: president biden laying out a story of american resilience during his state of

the union address. >> today, the unbruised democracy remains unbowed and unbroken. >> reporter: touting his accomplishments. >> more jobs than any president has created in four years. >> reporter: the president was heckled at times still he says he looks forward to working with republicans. >> if we could work together with the last congress, there's no reason we can't work together and find consensus in this congress as well. >> reporter: and is urging congress to pass police reform. >> we have to do better, give law enforcement the real training they need, hold them to higher standards, help them succeed in keeping it safe. >> reporter: arkansas governor sarah huckabee sanders blasting the biden administration and gop response. >> you get crushed with high gas prices, empty grocery shelves. >> reporter: while calling on a new generation of leadership. >> president biden and the democrats have failed you, and

it's time for a change. >> reporter: president biden presenting his optimistic change for the future while making the case for a possible re-electioned by and president biden is taking his message on the road, traveling to wisconsin today before heading to florida on thursday brian? >> hey, brie, i don't know if you were able to stay up i did. i'm regretting it. you and i probably got two hours of sleep there was heckling by the republicans, but they did at times stand up and cheer. >> they did. particularly when you look at kevin mccarthy, the house speaker sit behind president biden during that speech he applauded president biden roughly 40 times and stood up for a standing ovation nearly 16 times. so we did see some moments of bipartisanship during last

night's speech the question is does that spill over into what happens here on capitol hill that's what the president is calling for, and that's what we have to see moving forward. >> i have a feeling we'll be analyzing this all day long. brie jackson in dc, also sleep deprived, but we appreciate it brie have a good day. thank you very much. i think they've got to start these speeches earlier. when we come back, much more on the markets, wild moves, and some new names that you might want to have on your buying radar. plus, are we going to need oil for just another decade or more more on the president's state of the union. and later on, preparing an offer to, quote, blow the competition out of the water what could be a record-breaking deal in sports we've got a lot more to do we're back right after this. nope. how do we show that we'll stand tall through the storms?

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all right. welcome back to "worldwide exchange." stocks rising on tuesday and off to a good start to the year overall. the fed chairman yesterday in a bit of a soft interview reiterating his take on inflation and interest rates, but thankfully for all of us, the fed may finally be in the rearview mirror. for us, we focus more on earnings, the economy going forward. let's chat it up and get some ideas with josh wine appreciate you getting up early for us i know we're not quite done with

the fed yet, but the bond market seems to be saying we're probably done. i don't mean with a rate hike but funds aren't moving on the speech like they used to what are you focused on going forward? >> good morning, brian i think that's right obviously beyond the last few years, we've been thank youing about the fed. it's certainly interesting the next two years is more about earnings, and that's something that would be in stark contrast to being focused 15, 25 basis points i think yesterday's confidence that we're almost out of this dark tunnel of rate hikes, maybe two more rate hikes, we can focus on earnings, and what's new now is this competition for capital. companies are scrambling to put their houses in order and to,

you know, and be happy. >> are you happy with the earnings overall >> it's not about being happy or not. we're seeing earnings declines in the aggregate we're going to see earnings decline with revenue growth i think what's interesting, we saw it this morning with ebay and recently with dell is companies are cutting jobs i think there's this acknowledgement when rates were below 1%, you could kind of do whatever you wanted. now you have to actually do the work you have to deliver earnings you have to be -- you know n the words of facebook, efficiency is going to be the theme and it should always be the theme, and i think when rates are creeping higher and people are starting to look at a 60/40 portfolio and

the 40 is all of a sudden a little more interesting with a two-year and 10-year in the fore range, we're going to see that. >> you look for companies that may be undervaluing different companies. you found two. both are interesting they're not ones we talk about very much on cnbc. commercial meadows and sunoco products sunoco, the name we know, but it's a different type of a story. roy which one of these companies do you like? >> these are names that our hennessey cornerstone mid kap earnings fund is looking at. commercial met also, provider of rebar, very foundational, no pun intended to the economy.

recycles scrap metal trades at four times it earnings it's a name no one talks about it's admittedly pretty boring, but this boring company is hitting all-time highs as we speak. it's interesting i always say investing doesn't have to be exciting, so this would fall in that camp. a lot of the names that peeked in 2021, the faang-type stocks, they're still off their highs with commercial metals hitting all time highs and sunocoing another boring-type name i'll take boring all day long. they very a manufacturer of consumer and industrial packaging. 11 times forward earnings, very strong free cash flow generation i think with both names you don't have to worry about foundational shifts or ai or

anything that has become on top in the last few day. there's no chatgpt or conversations around this. >> i love that i don't think chatgpt, unless they can start manufacturing products or steel, those industries may be all right. commercial metals, sunoco products josh, we love your ideas we loved having you on have a great day. >> you too. >> thank you still ahead, your big money movers like chipotle may need a new recipe for success outside of charging extra for guacamole. futures down 53. we're back right after this. even if you got ppp and it only takes eight minutes to qualify. i went on their website, uploaded everything, and i was blown away by what they could do. getrefunds.com has helped businesses get over a billion dollars

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welcome back it is 5:20 in the morning on wednesday. time now for your big money movers three key stock stories of the day. first up is fortinet, shares surge double digits on an earnings miss. they do expect earnings for the full year to hit the midpoint of its outlook, whatever that means with market share gains being driven by the semi-conductor technology which lowers management and ownership costs that stocks up nicely. also, enphase energy rising amid expectations of earnings and revenue. it's a battery company reporting an earnings revenue.

it's driven by strong demand for new product. up 10% the company is planning to add manufacturing capacity in the second quarter thanks in part to strong demand and incentives related to the inflation reduction act. feerjs chipotle, sales growth of the restaurant chain stalling in the most recent quarter due to a pandemic boo up more than 11% year over year, marking a third quarter in a year the revenue has been. still chipotle says it expects the current sales growth to reach the high single digits a slightly better outlook than son forecast, but it was not enough. meantime let's get a check on some of the other headlines outside of the world's money and business let's go to phillip mena good morning.

>> more than 9,000 people have died in turkey and syria after a terrible earthquake struck the area sadly the death toll is expected to climb rescue crews cyst through rubble for survivors. they're sending teams to assist. an officer texted photos of tyre the night he was beaten demetrius haley admitted to sending photos of nichols to at least five people. it appears to shoheily taken photos of nichols after being beaten and handcuffed. his lawyer did not respond to a request for commenten from "the new york times." > an nba record that stood for nearly 40 years finally dethroned by the king. >> he's got it

coming up on the end of the third quarter. lebron james, his shot in history. lebron stands alone. >> kareem abdul-jabbar was right there in the stands to see lebron james pass him as the league's all-time leading quarter. james sank the fadeaway at the end of the third quarter against the thunder. he finished the game with 38 points and currently stands at 38,393 and counting for his career not bad for a guy whose focus has never been about scoring >> it's always a laker too congratulations to lebron james. truly amazing. to your point, phillip, he's not done yet there are more points ahead. amazing. >> sure is. >> phillip, thank you very much. do appreciate it. ahead, bracing for bob iger's first earnings report

since taking the top job at disney as we head to breakingwe take a look at tesla, elon musk offering a sneak preview after an investment your night tweeting what he calls tesla's master plan part three, a fully sustainable future for earth the future is bright end quote. see you in three weeks sweeks, musk we'll see you after this short break. about my financial future. he knows me and my goals. it's not the first uncertain environment he's helped me navigate. probably won't be the last. but with his advice, i know i'm on track. the plan we created can withstand uncertainty. no wonder clients rate us 4.9 out of 5 in overall satisfaction. because advice worth listening to is advice worth talking about.

maybe better late than ever, buyers popping in late on tuesday to send the stocks higher president biden taking on jobsing billionaires, big oil, and social media last night, but were all the claims exactly accurate we'll dig into what many saw as a campaign speech. and apple reportedly looking to ramp up its bet on the popular buy now pay later space. we'll tell you about apple's new moves on this february 8th as "worldwide exchange" rolls on right now. welcome back, everybody. good morning it's just about 5:30 on the east coast. let's jump right in. it was a big day for tech on tuesday, the nasdaq topping nearly 2%, the dow also breaking a three-day losing streak. we saw buyers really come in in

the last hour or so. as i said earlier in the program, i have no idea why. i don't think it was on jay powell he spoke earlier, and markets moved an hour later. either way, short covering, whatever, stock futures indicating we might not see that follow-through dow futures down 38 points by the way, oil and narrow gas rose on tuesday and they're ticking up once again. were a seeing at brent crude, 84.62. nart natural gas, 2.616. president biden acknowledging we will need oil, quote, for at least another decade or so remember this comes after calling for the phasing out of fossil fuel during his campaign three years ago. now he's saying we're going to need oil for at least a dekarkd

although, most experts have it for more than that we'll talk about that in just a moment now back to the markets and euro money because as we pointed out yesterday, it's been a very good year for most stocks so far in 2023 and with yesterday's gains, the s&p 500 is now up 8.5% this year, even excluding dividends now 8.5% is right around historical average for a gain for a stockmarket year so we had to ask even though it's just early february, has the s&p 500 already made its highs for the year we did a twitter poll. most of you said no. 66.5% of our twitter poll said no, the highs for the year are not in the rest, of course, said yes. it was pick one or the other to be transparent, we actually ran this poll a couple of days ago and the market is up sense

then so all of you who said no were technically correct already. congratulations. we'll see. now we'll see what happens from here on out. the market highs for the year are not yet in we'll get back to the markets in a moment. right now let's get a check on some of your top corporate stories. pippa stevens is back with some of those. >> apple is testing its buy now pay later services to its employees. it's already experienced several technical setbacks since it was announced last june. shares of manchester united popping in with a profit there's a plan to make an offer for the club ahead of their deadline they're confident their offer will blow the competition out of the water, that stock almost up

13%. binance officially suspending withdrawals and deposits starting today. other methods of buying bitcoin with apple pay or google pay will remain unaffected. >> thank you very much. let's get to last night's state of the union speech. if you missed it because we know it was on late and it's early now, the president hitting on many things, calling for taxes on uber and other wealthy companies. the president specifically last night going after big oil. >> inflation is coming down. here at home, gas prices are down $1.50 from their peak inflation has fallen every month for the last six months.

>> we actually award work, not just wealth. pass my bill for the billionaire tax. no billionaire should be paying a lower tax rate than a school teacher or firefighter. >> have you know it issed they reported profits last year they made $200 million in the midst of a global energy crisis i think it's outrageous. why? they used record profits to buy back their own stock, rewarding the ceos as shareholders. all right. for more on last night's speech, let's bring in the economic policy nachlt jimmy, i could literally go a half hour with you. i wish we had the time a lot to unpack. i'm watching the speech last night and i'm listening and going that's not quite accurate.

that's directionally correct but misleading "the washington post" fact-checking a lot of it this morning and going after the president on claims about job creation and everybody else. what was your take on the speech last night. >> well, i wasback put back on my heels a little bit because he said we might need oil for more than a decade, i interpreted that as we're going to have to hear him come plain. if you're already tired of hearing about it, get ready. you're going to hear a lot more about it >> during the campaign he because talking about phasing out. by the way, the most bearish

estimate i've seen is the iea calling for 77 million barrels a day being used by 2050 i guess you get off by saying at least a decade, right? so that aside he went for buybacks also, jimmy, what's your take on playing a little fast and loose with the jobs numbers? he keeps talking about these 12 million jobs, but he's taking the number from the pandemic lows when he took office it's about 2.3 million to 3 million jobs since the pandemic. >> i'm not a fan of that there's a good new story to tell if you're slightly accurate and conservative with numbers. i think people look at jobs,

what we create anything in the millions is going to sound big plus the unemployment rate at the lowest since 1969, if you talked about that number and were accurate, you would get the message across i would love to see our leaders really be precisely accurate when they're talking about smrks especially something that's very easy to fact-check. >> yeah, it is again, if you plucked out any data during the pandemic lows, which i understand is a what they're doing, and the republican office would take the greatest data point they can the reality is we've added more jobs since post pandemic hit, but not 12

that's from -- we lost 20 million. most were jobs we sort of rehired. let's talk about taxes i'm going to quote t"the washington post" here. they say, quote, biden is comparing ams and oranges. they're referring to a study again, we're getting to a thing where there's a headline which is not exactly backed up by the data >> i think unfortunately this is sort of part and parcel of the populous area we live in where it seems like headline grabbing claims are what's important. we're also seeing soort of the democrats in office their version of popularism, which is, you know, going after billionaires i also, you know, counted how

many times biden went off the elite, big corporations. so it's the b word big and billionaires again, this is the beginning of his presidential campaign? i think we saw a great preview they won't be just running against republicans. he's going to be running against those b words, billionaires and big companies. >> yeah. and also, you know what caught my ear last night, i think got some bipartisan. he mentioned health and kids not enough i was glad to hear him at least reference it but he did mention, jimmy, essentially media companies and mental health.

that's something both sides might agree on i emailed our team at 10:30 last night and said, man, we should watch snap and meta. you wonder if congress is coming after those companies and tiktok too. >> yeah. i think if we create a universe for what there could be bipartisan action on, you would have to say something with big tech people are concerned it's an issue both sides have raised if i was to put together some action in a fairly actionless congress, i would put something with big tech, something with the online platforms, and i wish biden would mention it the kinds of permitting forms that would make it easier to

look at all kinds of energy including nuclear. >> you can bit a sew already farm, but you can't get it to the houses because of the permitting issues. there's so much that could have been mentioned last night. we always like the economic focus as well. jimmy pethokoukis of the aei we could go another 20 minutes, but we don't have the time thank you. >> thank you. by the way, folks, imooh going to poefrt some of those fact-checked claims. you may be interested. if you are, i'll post there. let's talk disney. disney's been one of the hottest m magacaps joining us now is an analyst,

jason. what are you watching for? >> i think this has everything to do with the messaging on the direct-to-consumer losses. that's what the street cares about the most there's a massive gap between netflix profits which were about $6 billion and streaming's losses, about $4 billion >> again, we're in the media, jason, so we love to focus on the media. we focus on disney+ and streaming. i'm told they may have a parks business as well people may actually. what are the key me trings from each >> within the parks, the debate

is errand the period hold up in a period of economic weakness. will they be able to expand their margins over the next couple of years. the savings rate is low. they're bracing for a recession. my view is they're going to be able to power through this the you have the reopening of china that they took price hikes in the park they've got a full year of the fifth cruise ship "the wish. on parks i'm actually pretty bullish. >> yes, of course, going back to the media, you have the highest target on the street listen, i'm in the media i work in tv and i look at my -- my roku or apple tv or whatever, and i see peacock and all these

different apps and i realize they can raise price. other wise the stwratgy won't be as profitable as they'd kid it i think they don't need to raise prices what they need to do is cut investment in areas like advertising and back off this i.t. and pour more money into production, which will drive engagement, drive users, which will allow them to plow more into content that's the strategy they have to pursue the tension is the street has no appetite for putting a real value on this business

meaning the street's just looking at disney's knot nongap earnings that's it. they're willing to add back the losses on the streaming busy and that's it. you should say there's an inner price for every sub disney has that's why the is up price is much higher. we're looking to look out. >> you saw -- you saw paramount and show time announcing their merger something's got to give. it's a crowded spacing out there. but jason bazinet. we appreciate you getting up early. have a great day thank you very much. on deck, maybe cowhat could be a good lesson on just how fast four fews can change on wall street. stick around

time for your morning rbis let's talk about zoochlt it's a platform you've probably been using going on three years or more it got locked down and it became the way to do remote work meetings and the stock absolutely soared. zoom went from a fairly obscure

mid-sized company to a hot pandemic rocket ship zoom shares went from about 60 or 70 bucks in late 2019 to a high of $565, and on october 18th, 2020, a gain of about 770% is in one year it's like the entire world thought we were going to be zooming forever and no one would ever go back to an offer remember those days? kind of impossible to forget don't forget this investing lesson markets can turn and turn fast what is hot one day can go ice cold the next. case in point, one look at zoom and a talk about something that came up last night the big oil companies. when zoom boomed, its market cap surged to $161 billion see that red circle there? that was at the same time oil

crashed along with the stocks. zoom was larger than either exxon or chevron that's right in october 2020 2020, for a couo days, zoom's market cap was bigger than one of two of those big oils they said it was the new paradigm the world would never go back to the way it was before. like many experts, it did not turn out to be an expert opinion. since that time, zoom has crashed, down 85%. its market cap sits at just $24 billion. chevron is now $333 billion and exxon at $465 billion. 1,800 times larger than zoom, wow, which was bigger not even three years ago. we're not picking on zoom here pet on the's market cap has gone

from $45 billion to 5. dock y docusign, 13 at one point zoom was bigger than the big oil stocks which you might have noticed got a lot of attention if there the white house lately the point is amazing how fast things can turn in just a couple of years maybe a lesson for the future on trends and hopefully no more pandemics. random and hopefully interesting. all right. as we head to break, during february, we're celebrating black heritage here are some of the stories of our teammates and leaders and business and here's new street advisers and our friend delano saporu. >> my dad is a lawyer, someone who always worked hard and was

passionate with what he did, helping people with immigration law. when it came to finance, i was intrigued by reginald lewis and his story and his life when it came to working in north america. it drove me and gave me the inspiration to do what i do on a ilbas.day si rail vision is at the forefront of an evolution in train safety. using advanced sensors, ai and big data technologies rail vision is taking rail into the future, making it safer and more efficient, reducing railway accidents and downtime saving lives and money. billions of dollars are expected to be invested in rail safety in the coming years. rail vision has the solution today. learn more at rvsvinfo.com.

right now let's get more on the boards and your money. eric, good to have you back on roy are -- the fed, i think, is hopefully kind of sort of in the rearview mirror. earnings are kind of winding down for this quarter. what are the most important

things that you are looking for right now? >> good morning, brian it's an unusual market as investors feel like they're getting pulled in a few different directions the recession is telling us a weaker economy is coming i'd like to see more economic data what are they telling us the fed has kind of spoken, given their direction. i think economic data is very impo important. we'll kind of see. >> yeah. if the fed raises rates, do we really care? >> no. that's priced in right now we're seeing that it's interesting how the fixed income markets are really -- with the steep inversion are showing a much weaker, you know, much weaker economy coming, and

then you have the jobs numbers last friday, and you're seeing the reaction and the equities. we continue to see this pretty strong bounce here it's don'ting. the trend has not slowed down yet. >> we surveyed that great one known as twitter 66% of respondents said, no, we have not made our high for the year how would you have responded >> i would agree the trend is the equities want to move higher i'm cautious i feel like the markets have gotten ahead of their skis at these levels considering where it looks like it's going with the fed going 5% the companies are telling us they're more cautious. laying off people, giving

guidance that's certainly showing a weaker economy i'm certainly conscious. right now what we're seeing in the markets, yeah, i think it does go higher. >> any stock or specific investments you like right now we love getting a little opportunity at 5:50 in the morning, eric. >> yeah. i mean i'm more defensive, so the sectors that have not performed well this year i kind of find interesting. health care. big pharma has not done well energy which did so well last year has lagged and staples. i'm more conservative, focused on companies with strong balance sheets, cash flow, dividend-paying stocks that's where i go right now. >> and, eric beiley, we appreciate it. what has been a red-hot and surprising start to theer yoo. eric, we appreciate you getting up early for us on "worldwide exchange." as all, have a great day, and

we'll talk to you again soon thank you. folks, as always, we appreciate you getting up early, or if you listen to this later on in the day or tomorrow on our podcast, we appreciate that as well thank you very much. we'll be back here tomorrow with all your knews to kick off today. that's it for us he eron "worldwide exchange. have a great wednesday "squawk box" is next using advanced sensors, ai and big data technologies rail vision is taking rail into the future, making it safer and more efficient, reducing railway accidents and downtime saving lives and money. billions of dollars are expected to be invested in rail safety in the coming years. rail vision has the solution today. learn more at rvsvinfo.com. as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig.

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good morning we'll give you the big takeaways. the contentious state of the union address. we'll have the highlights straight ahead. plus, quarterly results due from cvs health, yum! brands,

uber have you seen disney stock 84.11. do you know what that is 32%. also uber ceo will be with us. wednesday, february 8th, 2023. "squawk box" begins right now. ♪ good morning, everybody. welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. if you want to take a look at roy's happening right now, you'll see there are some modest declines dows futures down by 40 points,