it is 5:00 a.m. at cnbc global headquarters. here is the top "five@5. stocks pushing higher, but this morning, sounding the alarm for a pull back ahead. first it was supply chain issues and now apple facing issues with the mixed reality headset. why early adopters may have to wait longer. no topic off limits for charlie munger his take on buybacks and tesla

and why he is calling crypto, quote, crap. and bucking the industry trend. why cisco shares are surging in pre-market speaking of tesla, why they may run into the production problem after sweeping price cuts it is thursday, february 16th, 2023 you are watching "worldwide exchange" on cnbc. good morning i'm contessa brewer in for brian sullivan on thursday let's kickoff the our with the stock futures after a mostly higher yesterday session, the nasdaq and transports get win streaks for three days the nasdaq is barely in the green. looking flat across the board. and looking at russell 2000, it

supp is up 2% silvergate and nerdwallet helping lead the index higher. in crypto, bitcoin trading near the highest level since mid-august bitcoin is coming off the biggest one-day gain in a month. it is up 2.5%. around the world with green arrows in asia kospi up 2%. hang seng is up almost 1%. in europe, the trading session is just getting started there. look at the early action we are seeing the cac 40 up 1% the ftse 100 up .30% the dax is up 1%. let's get to the top corporate stories and bertha coombs >> good morning, contessa. apple is report edly pushing

back the unveiling of the h headset from april to june bloomberg reports that the improvements are needed despite years of delays and development. it will coincide with the developer's conference and charlie munger has a new favorite stock chinese ev maker byd munger speaking at the annual meeting yesterday and said he has never done anything to help berkshire so much than buy into byd. adding it is ahead of industry rival tesla. >> last year, reduced prices in china twice. byd increased prices we're direct competitors we are ahead of tesla in china it is almost ridiculous.

if you look at byd, which most people never heard of, if you count all of the manufacturing space they have in china to make cars, it would amount to a percentage of all of the land on manhattan island >> during that same conversation, munger said he does not agree with the white house push back over record corporate buybacks amc network selecting kristin dolan as the new ceo amc owns the ifc channel and is known for br"breaking bad" and "mad men." it has been struggling with cord cutting. dolan will be ceo on february 27th contes contessa >> thank you, bertha coombs.

back to the markets now. my next guest sees stormy skies on the horizon matt maley at miller great to see you, matt let me ask you why are you predicting we could see a pullback in the short-term >> the biggest concern i have right now is the situation where earnings estimates for the year are going down and interest rates are going up you look at the last year, but go back any measure in time. interest rates are going up. the stock market rolls every usu usu usually. one of the main reasons we rallied is interest rates are going down they reversed. now the bond market is reversing. i think it only a matter of time before the stock market heads back

higher interest rates, low earnings is not a good combination with the stock market. >> do you think it is possible to buy the dip >> it is very hard that's the biggest thing it is interesting how quickly people came back to buy the dip after working so poorly in 2022. obviously, it is working well this year. and i have to admit right now, the market is holding up well in the face of the higher interest rates. the point is at some point the fundamentals do matter with earnings coming down and it looks like 2023 is now looking like it will be a negative year for earnings again, with the market trading at 19 times earnings and 2.3 times sales which is expensive it is hard for the market to hold up. i say the market is always right. the market is always right eventually i just think things have to

settle back in >> so patience and a seatbelt might be in order. are there particular sectors that you think this is a good place to be if we're in for a bumpy ride >> one place i don't want to be is in the tech area. a lot of the places look great google and alphabet back into the teens with the pe multiple meta is another cheap stock. as great as apple and microsoft are, they are expensive on longer-term basis. the market which has flattened out and it has been these names that helped it up. i like certain areas one will be weak with raytheon and other defense contractors where the world is not becoming

a safer place. the defense spending going down is already disappearing. i think that is an area people can hide as we move through the year >> all right matt maley, thank you for getting up early and a good start to the day have a good one. >> you, too. thank you, contessa. when we come back, big money movers and shares of this recently high flying stock is about to take a tumble. plus, precious metal push back with a rejection of a $17 billion bid. and later, more on charlie munger and what he says about the state of crypto in america we have a very busy urho when "worldwide exchange" returns. that's what you get from the morgan stanley client experience. you get listening more than talking, and a personalized plan built on insights and innovative technology.

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margins were below expectations. that is something we have heard as a theme due to the product mix and supply chain inefficiencies, he adds that boston beer is reviewing new initiatives to improve shared trends and cost structure. and twilio announced the first share repurchase plan of $1 billion two days after revealing the second round of layoffs. shares up more than 14%. the communications company reported a revenue beat and says changes to leadership and organizational structure and capital allocation will accelerate the path to profitability. aig reporting a beat on earnings there have been a number of big catastrophes last year with winter storms. aig reporting lower alternate investment income and improved

profit margins it closed the year with the strongest underwriting results the ceo commented ahead of the all hands call later today joining me to discuss is paul newsome of piper sandler thank you for joining me, paul >> good to be here. >> what did you like about the earnings report for aig? >> the headline is the strong commercial insurance and earning and profitability in the u.s. business which was the most troubled business. they have come a long way in fixing what used to be a troubled company >> when we're talking about commercial lines, this seems to be the place of strength where we see a bunch of pinch points for insurance. aig doesn't have auto, but

others do. is aig managing to reduce risk in the personal lines? >> they are doing unique things by pushing off their large high net worth business basically off the balance sheet. it is interesting. it is different from what most are doing and it is pushing off balance sheet and that tells you how troubled that business is right now. >> what are you listening for on the call today >> i am interested in what they say about pricing as it compares to clean cost. inflation is really important for the whole economy right now. it will be interesting to see if they can or willing to push rates faster than what they think is the underlining inflation. >> what way is aig bucking the industry what will we expect to see from

chubb? >> they are doing the same thing. they are balancing and trying to push prices up enough to overcome the claims inflation and trying to get their arms around what that is as well as stop trying to push the price farther than what the economy and what customers can handle. it is a balancing act for all these companies. chubb and aig. everybody. >> paul, we talked about this. this is a huge issue for the industry the cost of claims going up and what it takes to go in and repair after a major catastrophe has soared the insurers are trying to get enough rate increase to manage that risk. do you see and we just had reinsurance renew and there is a lot of headlines if you care to look about reinsurance pricing is doing and it is through the roof as well do you see this is a pinch point

that will continue to plague the industry in florida and california and louisiana i'm hearing problems in texas coming on board. >> you named the big hot spots for anything related to property or auto. i think the insurers have no choice they have to push rate up as fast as they can as regulators will allow them to give them profit profitability. those are areas where they are not profitable it is a crisis for insurers and consumers if they don't figure out how to stabilize >> aig's call later this morning. we will both be on it. aig shares flat. paul, greatto see you. thank you. >> thank you still on deck here, the crypto contagion effect. why sam bankman-frd'rernies tu to court may spell trouble for

the recently red-hot space

it's just iunspeakable. i'm ashamed of my country that so many believe this this crap and the government allows to exist. it is totally, absolutely crazy, stupid gambles with enormous house odds on the other side

they cheat in addition to the betting. it is just crazy >> those are strong words from crypto bear charlie munger on the investor interest and cryptocurrency the man who is grabbing the crypto headlines sam bankman-fried will be in a new york court today with terms of his bail taking center stage mackenzie sigalos is joining us. >> reporter: we could see sam bankman-fried back in the courtroom in a few hours from now. the federal judge ordered the ftx founder to return to the east coast for a hearing to address the terms of bail. this comes after the judge found out that sam bankman-fried used a vpn, virtual private network, to access the internet it blocks third parties like the government from monitoring online activity. including what web sites someone goes to or what messages are

sent sam bankman-fried doesn't dispute using a vpn. including after hearing last week when he was ordered to stop using encrypted messaging apps it was just to access a game pass to access the super bowl while at home arrest in palo alto at hiss parents house. a vpn could be a way to access assets or witnesses. they are asking the judge to dial up the conditions of his bail the outright ban of cell phone and internet with limited exce exceptions they are floating the idea of installing monitoring software contessa, another outcome here is revoking bail entirely. >> interesting we have seen in the last few days this rapid rise in regulatory scrutiny on crypto firms with the s.e.c. stepping

up its role with digital assets. it is not like investors care with bitcoin up and surging yesterday up 11% how significant is the moves by gary gensler this week what impact do we expect for key players in the space >> reporter: chair gensler introduced sweeping changes to which crypto changes can access customer assets. the s.e.c. voted wednesday to propose amendments and expand to crypto and require major companies in the sector to gain or maintain registration to hold the customer assets. this is key because it is the s.e.c.'s most overt effort to rein in crypto exchanges with constitutional custody programs.

this comes as federal regulators discourage banks from holding assets this is part of the acceleration of the regulatory crackdown on crypto post ftx. >> you heard charlie munger on h it back to the bitcoin bump i point out it is up 2.5%. you have ethereum up 1.75% let's check on the other top headlines with phillip mena in new york phillip, it seems anybody wants to talk about what is flying over the skies that is the big story. it has been for some time now. good morning, contessa president biden could deliver a speech today on those unidentified flying objects. three people familiar with the matter tell nbc news that the president plans to deliver his most extensive remarks about the objects the u.s. military has been shooting out of the sky he is expected to explain how

his administration is forming new rules to deal with similar objects in the future. the exact timing still hasn't been settled. a tragedy in el paso, texas. one person is dead and three ours injured after a shooting in the mall the chaos erupted at 5:00 p.m. local time police getting calls from active shooter from the food court. the shots sent shoppers scrambling this shooting happened next to the walmart where a gunman killed 23 people back in 2019. police do have two people in custody, including the suspected shooter. a motive is still unknown. epa administrator michael reagan will travel to east pale palestine, ohio today. this comes among calls for the

congre congress to get into the discussion on the matter. and the genesis invitational tees off in california this is the first pga tour event for tiger woods since last year's pga championship. back to you. thank you, phillip ahead, mcdonald's goes alt-meat. and mj's report breaking donation your top trending stories ahead. as we head to break, a market flash on lockheed martin and raytheon china imposing sanctions over those companies. it marks the latest sanctions against the pair by beijing. "worldwide exchange" is back after this 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

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stocks grinding out gains following upbeat retail sales figures. bucking the tech trend cisco shares popping on the back of the strong quarterly results as ceo signals customers are not looking to splash spending yet we dig into results. the retail crowd revolts against reddit as the social media platform goes to court it is thursday, february 16th,

2023 you are watching "worldwide exchange" on cnbc. good morning i'm i'm contessa brewer in for brian sullivan we can see futures flat to begin the day. you can see the s&p 500 implied opening flat dow jones industrial average looks to open up 20 points really suggesting the federal reserve may have further to go in the efforts to fight inflation. the dow jones industrial average and s&p 500 and nasdaq here. forget tech. another white hot sector on the run. industrials. that sector up 6% in just the past month up .50% a number of names hitting all-time or 52-week highs.

ingersoll and rockwell and united rentals on a tear amid the chatter of the fed rates and let's get a check on the bonds. 10-year treasury is at 3.784%. let's hit crude. oil coming off the second negative session in a row. wti is trading lower by .30% brent off by .40%. nat gas up 2%. let's get a check of the top stories with bertha coombs good morning, bertha >> good morning, contessa. tesla is reportedly completely sold out of the popular models here in the u.s. according to the report from electric, the ev maker has run out of model ys for the quarter with production not slated to resume on the model until april. reports say expect the deliveries for new model ys not

un expected to resume until june. founder of wall street bets is suing reddit. accusing him of being banned from moderating the community. he said he was removed as the moderator back in 2020 and 2021 after reddit claimed he tried to monetize the community. and a $17 billion takeover bid rejected by newcrest the offer does not represent sufficient value for shareholders newcrest not closing the door saying it would allow limited access to books if an improved

offer were put forward not exactly closing the door, but not opening the kimono either thank you. turning to earnings. we have high profile results today with the focus on the consumer and willingness to spend. we have team coverage this mortgage julia boorstin is following paramount global with the blockbuster disney report and pippa stevens is tracking shake shack and tal liani is following cisco systems. >> good morning, contessa. we get more insight in the digital ad markets revenue expected to grow 2% and earnings per share forecast to fall 9% to 24 cents. key area to watch is subscriber

additions for paramount plus they expect to add 8 million subscribers to total 54 million. they are looking for guidance in the space. analysts will listen closely to see what the company says about the advertising market as well as what the recently announced merger of showtime and paramount will mean for the growth of the company. the stock has grown 54% for the year, but still down over the past 12 months back to you. >> thank you for that. let's get to shake shack a stock up 40% this year alone pippa stevens has a preview of those results. hi, pippa. >> con tatescontessa, shake shal look at the health of the consumer we heard people are still eating out despite fears of a looming recession. analysts expected company to report a loss of 11 cents per share for the fourth quarter on

revenue of 2$238.2 million according to estimates the key thing to watch is same-store sales we have an idea of the q4 metrics since shake shack posted preliminary results in january showing sales rising 5.1% in 2022 analysts will watch for comments around how traffic has been this year with wall street forecasting same-store sales rising 8.5% in q1 according to estimates. shares of shake shack are down more than 40% so far this year contes contessa, back to you. >> thank you check out shares of cisco systems. popping 10% after the second quarter results before it pared back gains cisco earnings beat forecast management raising guidance with revenue growth of 9% to 11%. on the call, ceo chuck robbins

said they are in the best shape since he took over eight years ago. no customers are talking about cutting tech spending. >> the increased visibility we have from almost 32 billion in rpo and backlog of pipeline and improving supply gives us confidence to raise outlook. we expect the same factors to continue into 2024 >> let's talk more about cisco business and the space with tal liani. good to see you. i'm interested in the guidance raised for the third and fourth quarter. it doubles what the street is expecting. where are they getting that momentum >> first, i have to say, i have good news and bad news good news is that cisco is doing great. the bad news is it is not the environment. the environment is not getting better

it is because of the historical orders in the last two years, there was a shortage of components and orders went up dramatically. for cisco, the backlog from 5 billion to 15 billion. what you are seeing now as component availability is improving, all of the companies, juniper and arista and now cisco are taking historical orders they were able to cal culate of what they reported and the backlog and residual and showing you the ordering environment we are showing the company is short. the next two quarters, the drawdown is double the revenue growth that means the environment is weakening. that's the bad news. the good news is cisco is doing great. >> on the call, though, and i just mentioned this, the ceo says the demand is stable.

that he is seeing appetite for tech spending because this is where his clients think they will make money and they are not pulling back on this tech spending are you skeptical about 9% reported growth? >> i completely disagree with the statement. i completely disagree with the statement for two reasons. first of all, the numbers show it is easy to calculate the orders and what is coming from backlog. yes, revenues will grow 12% instead of 6%. it is double the expectation all of it is coming from backlo drawdown cisco is doing good with what it can change recurring revenues are going up. the rpo is $17 billion they have half of revenues in the rpo. revenue in the next 12 months. they are doing great, but it is

not the environment. the environment is still weak and we have seen it as i said with other companies that have a big hardware operation >> how does cisco's move to recurring revenue insulate them if the environment is sour >> it will not help them it will increase with ability. what you are seeing today is the hardware portion is being supported by backlog drawdown. let's put it aside at the end of the day, the companies that ordered hardware in the last two years, orderede. they were afraid they would not get product on time so they ordered double and triple what they needed. now you see the decline in the orders just because they ordered enough and getting supplies. it is not really the environment is weakening that much what happens is orders are

enough to support the needs of the customers for the next year and this is why orders are declining. there is no way to isolate this from the macroeconomics situation. there is no way to basically say how much of the orders are being fulfilled now versus what the real demand of customers is now. we think the environment is relatively okay. it is still weak. >> tal, you have a buy rating and price target of $56 which is a $4 raise from where it is. tal liani, thank you so much. >> catch the conversation with chuck robbins at 9:30 a.m. eastern time on "squawk on the street st street." coming up, robert frank weighs the millionaire migration as thousands look to flee the

country. and michael jordan donating $10 million to make a wish for his 60th birthday. the largest gift ever received in the organization. jordan has supported make a wish since 1989 and named chief wish ambassador. and mcdonald's has mcplant nuggets. you can try it later this week it is unclear if u.s. customers get a chance to take a tasty bite a uk man pleaded guilty to stealing 200,000 cadbury creme eggs police don't waste a chance to fire off egg puns in the man's arrest they helped save easter from the atoustealer. wh wld he do sell them on the black market? "worldwide exchange" is back in

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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. rail vision is at the forefront kwwelcome back we have a market share price on roku surging on the fourth quarter results. congress consumers streaming more than expected some categories have improved for customers. different story for shares of shopify it beat expectations on the top

and bottleuttom lines for the f quarter. shares are trading lower by 10%. easing of covid restrictions in china allows residents to travel abroad. that includes some of the wealthy citizens who are taking the opportunity to grab fortune and run overseas robert frank has more on how much money is migrating out of china robert >> reporter: good morning, con cease an -- good morning, contessa. the flood gates have reopened. the number of millionaires asking for investment migration spiked by 600% in the three weeks after china lifted the lockdowns. last year, 11,000 chinese m millionaires left the country. that number is expected to be higher this year

>> our clients are looking for plan b and now it is plan b, plan c and plan d. >> reporter: growing concerns of the chinese economy and government are driving these moves. a crackdown by xi on real estate and tech has created new threats for the chinese wealthy. favorite destinations to move to are europe, mainly portugal and greece and australia and singapore. the u.s. is not as popular, but still seeing a rise in applicants the chinese wealthy send families overseas and they stay in the country to run companies. most use investment visa programs along with buying real estate and becoming big spenders, they invest in the local economy. contessa >> how big a problem does china

see this and are authorities trying to intervene? >> reporter: it is a problem and china has strict capital control. they are less worried about the people moving and brain drain, but that is an issue, but the bigger issue is the capital flight they could see up to $150 billion or more leave the country this year. despite those strict capital controls and tracking the money, the wealthy in every country always finds ways to get around the controls that is what they are doing in china. >> we know chinese investors come to the local market and it inflates prices for everybody. i don't know, i guess they can join the crowd in portugal isn't everybody joining in portugal everybody i know is buying a condo in portugal. >> it is affordable. they have a terrific investment visa program

you can get the citizenship not just in portugal, but travel freely within the eurozone it is a good bargain greece is similar. >> robert frank, i get so much out of a conversation with you thank you. >> thank you as we head to break, we celebrate black p haeritage with our cnbc leaders here is karen james sloane one of our business leaders. >> my parents emigrated in 1967 to pursue a better life for their family dug the time, african american leaders like martin luther king anid malcolm x were paving the way. my brother and i are first generation americans and my parents instilled education and hard work and recognize the sack f -- sacrifices of the civil

rights leaders

welcome back time for the "wex wrap-up. six stories you may have missed. apple is pushing back the reveal of the mixed reality headset from april to june bloomberg reports improvements are still needed despite years of delays. charlie munger taking issue are the war on corporate stock buybacks >> good culture has a lot of people with good fiduciaries it is like stealing to do something dumb with the corporate money when you get more to buy back your own stock. i like encouraging morality with

the people you are the fiduciary for. i agree with our president on some things, but this is not one of them. >> munger spoke out yesterday and he also said byd is so far ahead of tesla it is, quote, ridiculous. and fiduciaelity is looking hire 4,000 new employees binance sexpects to pay penalties over bribery and corruption allegations they said they didn't know the firm's chief strategy officer says software engineers were unfamiliar with laws to

address money laundering and sanctions. and double digit growth in twisted tea is not helping boston beer. down 11% in pre market the margins fell below street estimate. gearing up for the trading day ahead and the economic data out at 8:30 a.m. with the jobless claims and producer price index and housing start figures. earnings roll on from hasbro, paramount and shake shack and more a fresh batch of fed speak on tap from cleveland fed president loretta mester and james bullard and lisa cook. europe's out performance is showing no signs of slowing down following the ftse 100 lead a few days ago the cac 40 in france hit an all-time high. 11%. let's talk about this with kari

firestone. kari, a lot of people look at this and say europe is the worst performing economy as a whole in western world and the stocks are outperforming ours what is behind it? >> think about what is going on with europe in the background with ten years of under underpe underperformance as a whole, the european economy underperformed and it has been abysmal to the u.s. market it got to the point were they were oversold. think about this year. everyone predicted europe would be in recession because they would have no energy to run the economy because of the russian oil imports. in fact, this is a mild summer -- sorry, mild winter you didn't have any problem with energy supplies to the

continent. also, you had a very oversold condition with price to earnings multiples in the low teens that was more attractive than the u.s. money has flowed into the europe peen market some had been in the u.s., but the sharp decline in bear markets means it moved back to europe the economies are doing better and the markets were oversold. it makes sense >> we saw a bit of a bounce in january. the beginning of february is more like a yo-yo. what is behind the move here >> exactly again, markets begin to rally from the bottom in october in the u.s. and since then the s&p is up 15%. the nasdaq had gone up 17% from the bottom on december 28th. that is a sharp move markets just have to sell out.

you have a squeeze of people on the sidelines. they have been window dressing to get the bad losses out of port portfolios i'm sure they rushed into stocks they had to do that by the end of the year. i'm sure that was the right move many stocks were cheap you got to the level at the end of january earnings have been mediocre. not great. the market has been pretty forgiving of tough earnings after the third quarter they would have taken the stocks down 10%. now they go up 10% if they announce cost cuts it is reasonable for us to think we might have a bit of the wait-and-see attitude. we watch what is going on with inflation and the fed will do one or two more raises they are not pivoting soon we can find attractive stocks in the market the easy picking is off the

vines and there's less discounting and oversold names in the market today. >> efficiency, restructuring, buybacks these are all key words that are getting rewards for the companies. do you have sectors or names you like today >> we owned the tech names and we still think there is room to grow meta is an example that stock up 80% from the bottom we still think there is room charter communication is one that stock took a hit last year because cable companies borrow and the interest rate risk we think the debt is in place and the initiatives on wifi conversion is strong for them. we also like names like salesforce since we owned it and we owned it for a while, we have seen

activists come into the stock. the company is announcing smart moves. it was easy during the pandemic for the companies to an -- add a lot of people. they need to redirect costs now. >> ki reonarfiste. thank you. thank you for joining us on "worldwide exchange. "squawk box" is next ♪ helping you discover untapped possibilities and relentlessly working with you to make them real. ♪ because grit and vision working in lockstep ♪ puts you on the path to your full potential. ♪ millions have made the switch from the big three to the best kept secret in wireless: xfinity mobile. to your full potential. that means millions are saving hundreds a year with the fastest mobile service.

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good morning u.s. equities are flat, but crypto prices soaring overnight. the weird back drop of what could be perceived as negative news bitcoin up $25,000 and over 11%. all that straight ahead. earnings movers cisco and roku beating the street.

roku has signs of life in the struggling ad market. sam adams' boston beer is getting hit hard in the hard seltzer market. it is february 16th, 2023. "squawk box" starts right now. >> good morning. welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm rebecca quick along with joe kernen andrew is out today. you will see a mixed picture to start the day. dow futures are almost exactly flat bouncing back and forth. s&