yeah. that's all for this edition of "dateline." i'm craig melvin. thank you for watching. [theme music] ♪ good morning. welcome to "street signs." i'm joumanna bercetche. >> i'm julianna tatelbaum. these are your headlines. smurfitkappa merges with westrock. the newly combined firm set to lift in london. shareholders have a lot to look forward to. >> a long series of

negotiations. we got to agreement at 7:15 this morning of the deal which will be fantastic for the shareholders. a.r.m. looks to close the books early on the blockbuster ipo amid reporting the listing is ten times oversubscribed. jpmorgan chase ceo jamie dimon is urging caution and warning that despite the positive sentiment, he still high has major concerns of the american consumer. >> if you are spending like a drunken sailor, that is a big butt. and european equities make a muted start despite strong gains on wall street and uk wage growth tops inflation in the three months to july.

warm welcome to "street signs." we will kickoff the show with smurfit kappa. the company is announcing the tieup with westrock. the company has a combined revenue of $34 billion in the 12 months to the end of june which says it will make it the world's largest packaging company. it will continue to be led by tony smurfit.

westrock shareholders will receive one company share for the current shares and $5 in cash. let's look at westrock shares pre-market and where things stand this morning. we are looking at a nice bounce in westrock. quite a different story for smurfit. karen has stuck around from "squawk box." karen, what more can you tell us about the rationale for the deal? >> smurfit going from a medium box to a larger box with westrock. $34 billion for the company. it will be pursuing the listing on the new york stock exchange and one in london. it will tap the liquidity of the

u.s. market. this is key, smurfit has been a big player in europe and in the united states. westrock in latin america and brazil and mexico and also large in the united states. putting these companies together gives smurfit access to the americas. it is up over the course of 2022. the most recent acquisition was a deal in latin america which saw it take on more debt. too aggressive in loading up on debt. sm smurfit lowered leverage in the last couple years from $5.4 billion. it lowered that to over $4 billion in 2022. this is at the time of low

interest costs. it was in a position to go after westrock at this point in time. the business environment is chall challenging. supersized on the conditions on the back of covid. those conditions have changed. i did speak to the ceo of smurfit kappa. tony smurfit. >> we always said we had a big gap in our portfolio, so to speak, as we were not involved in the united states. we were looking over many years to figure out a way to get in there and reward our shareholders in the long term. clearly, we have been talking with westrock for a long period of time. we identified it as an asset we can develop with and combine with. after a long series of negotiations, we got to

agreement at 7:15 this morning to close out this deal which will be fantastic for our shareholders in the long term and medium term and short term. we are combineing a company of westrock at the beginning of the transformation and smurfi. it is -- smurfit is at the end of the transition. >> going after the u.s. market to gain market share could be in the 18% to 2000% market share. don't forget a number of years back with international paper try to lob an offer at smurfit which said it under valued it at the time. now smurfit with westrock escalati escalating. smurfit touched on the financial

aspect of the times. listen to tony smurfit. >> this is a relatively small amount in the context in the size of the company. we have that all committed . it is done and backed up by our banks. that is a small amount of money in the relative size of the company. >> on the back of the deal, shareholders will own projectly 50.4 and 49.6% respectively as we see the exchange on the shares. also the handing over of $5 per share to the westrock shareholders. that price sliding over westrock which is bouncing. just to the business cycle. one of the issues is you can't stimulate demand in packaging. it is at the mercy of the cycle. you had growth in the order of

9% to 10% on the back of the covid trends and smurfit is one of the bigger players. the normal amount of growth is 3% to 4% . they are using this opportunity to grow the business. just talking about the fought. don't forget the listing of the united states is key. you see other irish companies going for the crh and also seeking a u.s. listing. smurfit going after that liquidity in the u.s. markets and quickly seek index inclusion. as it sells itself as the largest packaging company in the world, it will be picked up with the passive funds. joumanna. >> karen, thank you for the overview. the sustainability is a big

angle for the company ahead. i thought the interview was interesting to hear mr. smurfit to talk about moving away from plastic and rely more on paper. interesting angle. >> there are two parts of the business. one is pure play pack aging and one is the consumer package. you see the push by the food companies trying to get away from plastic. this is coming up with the innovative solutions to change how food goes on supermarket she shelves. >> karen, thank you for the interview and analysis of the deal that hit this morning. another story we are watching closely and happening for the last week is the softbank closing in on tokyo on the back of the report of a.r.m.'s ipo is oversubscribed by a factor of ten. softbank and the underwriters

will stop taking orders this afternoon. a day earlier than planned. a.r.m. shares are due to price tomorrow potentially above the current range. arjun has more. there is so much investor demand for the deal. if you go back to the valuation that softbank thought they might achieve when they bought back the 25% stake, that was $65 billion. we are not there yet. >> there is a bit of caution from softbank. hit with record losses with the vision fund. this is a big deal for softbank. one is to show the investment in a.r.m. and acquisition in 2016 was a good deal. this seems to be a decent return to shareholders. it will provide more of a w windfall for softbank. they are more prudent with investments. they are trying tie advantage of

the a.i. boom. the listing of a.r.m. is part of that and coming into the market with a bit more room for runway for the shares over the next year or two is important. it is not that day one pop that is important, but the fact that a.r.m. or soft bank can point back to say this is doing really well. that's growth which is set to continue. that is what they he areare try show. >> arjun, you did a brilliant breakdown of a.r.m. against nvidia. if you could summarize quickly, how you think about the the valuation of a.r.m. and nvidia. >> is it an a.i. play? >> two different companies. nvidia designs gpus. chips going into data centers and servers that power and underpin the a.i. models like

chatgpt. that is what nvidia does right now. that is a reality that is happening. a.r.m. is not in that part of the market. where the potential lies is on edge a.i. or a.i. applications on devices. right now, they happen in the cloud. we are getting that service from the cloud service right now. as a.r.m.'s architecture is designed. it is low power and high computing power. in the future, the idea is we will do more of the a.i. applications on the smartphone or tablet or car on tv or fridge. that is where the a.r.m. potential is. analysts said this is not something that will accrue to revenue in the next two years. this could be an a.i. play, but not something that is immediate as nvidia. >> and this is what the strategist from aberdeen was

telling us on the show yesterday. this could potentially have a.i. up upside. the a.i. revenue is not there for a.r.m. yet. you are buying into the potential. >> two points that what may support the price of a.r.m. shares going forward is we made a lot of money on nvidia. we should sell down. maybe we should diversify. the second is those who missed out on nvidia. that is what could support the share price going forward. there is a low supply of shares and clearly high demand. whether it is based on fundamentals is a different thing. that hype around it could support the share price in the near term. >> the potential for the major cornerstone investors which is a different development with the tech giants taking stakes. that has to support this as well. >> qualcomm potentially investing in arm is huge. it depends on their chips that

they design with the architecture. they want some skin in the game as it were. with a.r.m., it will be interesting. we have spoken so much about this. there is a lot of risk with this company. whether it is the china risk or the competitive risk or still relies on 50% of the licensing revenue from smart electronics and the industry which is under a pressure and slowdown. those pressures have not gone away. this comes down to softbank is giving up 10% of the company and bringing the scarcity in the demand. it is also the potential of the a.i. hype. >> joumanna said did they leave money on the table with the price range? a arjun, thank you. for more, check out his article on cnbc.com. a.r.m. is not the only debut

on the horizon. instacart is looking for a $9 billion price when it goes public. the grocery delivery app is expected to list this month and marketing firm klaviyo will make its debut p as well. softbank has another company in the mix. neumora will lives ilist at $2.7 billion. it looks like there are a lot more. i tweeted an interview that julia boorstin had with the ceo. he would not bet his money on this huge resurgence of ipo. there is one part of the market with a.i. with the hype around

that, but the rest of the market thinks the cycle to lower valuation has a way to go. >> i suppose helping the ipo market and the secondary market as well. if you want to get involved in the conversation and valuation, we love to hear from you on x. you can get in touch with us @cnbcjoumanna. coming up on the show, european equities tread water ahead of the ecb meeting. we'll dig into the action after this break.

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welcome back to "street signs." a quick market check. we saw a positive session for wall street. s&p adding 1% by the close. tesla stock was up 10% after the upgrade to the outlook. that set the tone overnight from asia. nikkei ending in positive

territory. up .8%. hang seng slipping in the red. still mixed signals from china although there is stabilization in the real estate sector. over here, stoxx 600 is strtrad positive. up .20%. if you watch the deals, smurfit is at the bottom of the stoxx 600 down double digits after news of the deal with its u.s. counterpart. let's get into the individual boards. this is what we have. two watches of green. dax in germany down .20%. we are focused on what is going to be happening at the ecb meeting this thursday. the market is leaning toward 50/50 of another 25-basis point hike or not. it is interesting to see if they push another one through coming at a time when european economy

and economic data is slowing down. sylvia has highlighted this morning the european commission forecast is turning downbeat when it comes to european growth. germany is the only european economy to forecast a recession this year. cac 40 in france down .10%. the ftse 100 is up .60%. up 40 appoipoints today. in terms of sectors, this is what we have in terms of leadership. retail up .90%. telco up .80%. on the flip side, technology is trading negatively today despite the positivity coming out of the u.s. session today. that is not the case for europe. industrials trading on the back foot down .30%. one name we are focused on in the uk is ab foods. this is an interesting one to watch. they are the primark owner.

they raised dguidance for the second time in four months. there are mixed signals on the primark side of the business. outlook for rest of the year is positive, the margins are lower and cite increasing theft taking place. they are bringing ab food up 4.3% today. >> let's welcome michael field today at morningstar. let's pick up with ab food. the stock is up more than 4% today. they raised profit for the year. what we have seen is resilience in the consumer despite higher interest rates and cost of living crisis and higher mortgage costs. how long can that last in your view? >> it is a difficult question. this is at the center of the point that you made with the ecb and rates decision. how much more pain can consumers

go through and still have anything left in the wallets to spend. you mentioned primark. that is an interesting example. one strategy they had this year was to keep the prices flat and not try to increase them and absorb increased costs they have felt which led to the margin pressure. that's the difficult decision that a lot of businesses are facing at the moment. >> what is the best model within the consumer space right now? as you said, if you keep prices low, you maintain volumes and sacrificing margin. what is the sweet spot from the investment perspective? >> i think one sweet spot and one that investors picked up on from our research earlier this year and last year, was to faint companies with a moat and pricing power and increase prices without losing customers. one segment was the luxury sector. obviously, their clients are

less price sensitive than most. they don't care as much if prices go up because they still buy the goods. investors caught on to that quickly. >> interesting what you are saying there. the narrative has changed now. up until a couple of months ago, the talk was price increases and which to keep on and which to push on to consumers. now we are in an inflationary sector and now there is a pressure to reduce some prices. who wins in that environment? >> it is a tough one. we use the word disinflation. not to be con graded with deflation. things are still going up. for the consumer firms, it is a case of trying to be competitive and not keep prices flat if others are decreasing prices as you want to stay ahead of that. you can't afford to decrease

prices too quickly because you are experiencing the cost increases. it is a real balancing act for the companies and you have to keep an eye on the competition and weigh what you can do at the moment and what they can do without actually losing market share. >> what is your expectation for a consumer facing sector into the end of the year? uk wage data coming out this morning and still very hot if you look at wage growth numbers. there are signs the labor market is beginning to slowdown somewhat. what is your expectation of how consumer spending is going to hold up in the last quarter of the year? >> i wrote an article about this just last week. i think it is the most pertinent part of the market at the moment. we spoke just a couple of minutes ago how consumers have been feeling the pain and being stretched constantly.

prices are going up and wages have not kept up with that. what you see in the u.s. and in europe at the moment is the slowdown in consumer spending on big ticket items and things like this. that will eventually feed down through. i think most con ssumer firms wl feel pain this year. the question is how quickly that will turn if interest rates decrease and how quickly can they recover next year. that is crucial for the firms. >> michael, let me talk about luxury. it is in the sweet spot. lvmh is up 6% for the year. richemont is down. they are not performing well against the s&p up 17% year to date. is there an opportunity in the luxury names or is the china story and the weakening there

enough to keep the valuations suppressed? >> that's a good point. year to date performance is mixed among the luxury goods firms and that depends on the exposure which is geared to the u.s. and china. it is worth noeting they had a good 2022. perhaps some of them are giving back a little from here. i think you are right as well in saying there are opportunities opening up in the luxury space which is a positive thing to see for investors. there are challengines ahead. a china slowdown as we see right now and if the u.s. consumer particularly pulls back. you will see weakening there. it is a test of which firms are very, very strong within that space and they will maintain it and which are the weaker ones and they will feel that. >> michael, one other sector we have been watching closely in

europe is the travel sector. revenge spending and people taking trips where they couldn't during the pandemic. if you look at the stock prices and the airlines trading, few are back to pre-pandemic levels. what is needed to get them there? >> so, i think the travel sector is one we commented on a lot lately. the real beneficiaries of that is the hotel firms. accor and the premier in the uk. these are the frontrunners. the problem with the airlines is they the gotten beaten up after the pandemic and they are starting to recover now. there is doubt in investors minds over what it will need. investors need to feel that this pickup is sustained and volumes will sustained into next year. i think it's time. if the airlines still have a good winter and see good bookings for winter holidays and trips and into next summer, you

should see valuations start to recover, but slowly. >> interesting. michael, great to get your perspective on the european sectors today. michael fields from morningstar. also coming up on the "street signs," apple hopes the latest launch helps sentiment over fears of restrictions. we will breakdown what to expect after this break.

welcome back to "street signs." i'm julianna tatelbaum. >> i'm joumanna bercetche and these are your headlines. >> smurfit kappa and westrock announcing a deal. the ceo tells shareholders they have a lot to look forward to. >> after a long series of negotiations, we finally got to agreement at 7:15 this morning to finally close out the deal which is going to be fantastic for shareholders in the long term, medium term and short term. a.r.m. looks to close the

books early on the ipo reporting that the listing is now ten times oversubscribed. jamie dimon isn't buying the optimistic view of wall street and urging caution and warning the positive sentiment, he still has concerns on the u.s. consumer. >> if you are spending money like drunken sailors and the war is going on and those are big issues. the consumer today with a booming environment is a huge mistake. and european equities make a relatively muted start despite strong gains on wall street while uk wage growth tops inflation in the first three months to july. we're about an hour and a half into the trading session. it has been a mixed morning.

not a huge amount of movement when you look at the headline level. cac 40 and dax trading lower this morning. ftse 100 up .50% as investors brace for the ecb meeting on thursday. we have the swiss market trading higher. ftse mib trading at the flat line. the spanish market gaining ground this morning. this after the stoxx 600 advanced 0.3% yesterday. the second positive session in a row. breaking it down by currencies, let's look at fx markets and how they are trading. the dollar index retreated breaking the six-day win streak. this morning, you have the euro trading weaker over the greenback. down to 107.19. the dollar against the yen, the yen surged against the dollar. investors pricing in a growing likelihood of the policy shift from the bank of japan. as for sterling, down .20% to

$124.83. u.s. futures. this is the picture for wall street. a modest pull back. all three majors looking to lose ground. after a strong session yesterday, when we ahad all thre majors move higher, tesla is the big jump yesterday with the shares surged after morgan stanley upgraded the stock. contrary to tesla, oracle fell in extended trade after the top line miss for the second quarter and guidance that disappointed. the firm brought in almost $12.5 billion revenue for the second quarter with earnings per share of $1.19. apple is expected to unveil new hardware, including the iphone 15 model els today. the iphone 15 is expected to be the first of the company's phones with usb-c charging after

the eu introduced companies offer a standard charging port. some analysts expecting price rises for the high-end models. this launch coming amid reports of restrictions for chinese state employees. a lot to unpack here. apple is the focus for markets over the last week into the event. let's get to the research director here with us. wonderful to have you with us. let's talk about the event first. as far as launches go, this is less exciting than previous ones. modest upgrades than prior cycles. what is the expectation of the street? >> thank you for having me here. as usual, i think this has been the pattern for the last three years when apple launches iphones. there are two camps.

one says the update compared to the previous version is okay and the other camp which is excited with the launch. with the launch, apple has put in everything to make the iphone powerful. we can see it may be incremental upgrades, but they are powerful upgrades if you look at the hardware point of view. there is excitement of the upgrades because apple as a device portfolio have users that are as old as iphone 11 or 12. if you take it from that perspective, users upgrading from three year old iphones. >> i would put myself in that category. i'm not sure which one i'm on. i think i'm on 12. it could be 11. you know, let me ask about

consumer appetite to upgrade. there are not a lot of apple bears on the street. we were speaking to one of the research analysts yesterday. the thought process is because it is taking people longer and longer to upgrade, the cycle the is getting longer and longer. it used to be 12 to 18 months and now people are waiting years to upgrade. what do you see in the space as well? >> that is true to a certain extent. if we look at the overall picture, we still have 7 billion people on the planet. 4 billion in terms of smartphone and another 1 tbillion iphones. you have android. you have an opportunity for apple to tap in those users who are looking to change the ecosystem. there will be an upgrade.

people are holding on to their iphones for a longer period of time. in some countries, it is as high as 44 months or 45 months in a sense. those are the users which are likely upgrading. the first-time iphone users will be the real win for apple. if you look at the overall position now, apple continues to add stickiness to the hardware sales in a time where it is difficult to differentiate. the static position of the company is apple benefits from the rising premium segment share and bringing in the ecosystem which is very sticky and people stay in it for a longer period of time. you need to win new users and bring them into the ecosystem for the first time. >> let's talk about the users.

the situation in china has become more complicated in the last couple weeks. perhaps this is one of the biggest bull-bear debates in the market. how big of a risk to you think the china situation represents for apple? on the one hand, you have expanded restrictions of who is able to use iphones in the country and on the other hand, you have a success theful launch from huawei last week. >> that is one big implication for apple. if we break it down for two parts, one is the entry of the huawei with the premium. if you look at 2019, apple had 9% share in the china market. huawei had close to 17%. fast forward three years. that situation reversed. apple at 19% and huawei close to 10% or 11%. because no one in the android camp in china was able to fill that gap from the android camp and huawei had a strong sector

in the china market and apple grew in that sense. now with the huawei coming back, we need to see how the new devices fare in the market t relative to the market share of apple. if apple has grown in china, that means they have grown in terms of adding users to the ecosystem which is very difficult to break if you need to win back consumers. that is point number one. point number two which is a combination of not using iphones on the government side. that universe is small. it is not something new. traditionally, there have been things like you cannot operate foreign technology within certain sensitive operations. we can see that impact more in terms of units, but at the same time, china can't stretch it

very far because they know they rely on the apple supply chain. >> it is a symbiotic relationship. tarun, there are bulls which counter the china point and saying india stands as the bigger long-term opportunity for apple. can you put any numbers on that? how strong is that argument that india is the big next thing for apple? >> the countries are the same in population. i would say apple has only 4% market share in india. china is close to 20%. five times bigger in terms of the share perspective. china is almost 1.5 times india. apple still is new to the india market. obviously, everyone is looking at india and looking at the

market three or four years down the line because that is where things are changing. we are talking about a premium market which is almost like 17% of the world smartphone market. china is 27%. we are seeing a double digit growth because indians are buying more premium phones. that is a direct advantage to apple. that is why we have seen the strategy on your distribution and manufacturing and adaing in terms of the dimension in terms of the market. i think they are doing some really good inroads into the market with manufacturing and increasing sales and market share. you can see india has a bigger advantage to take some of that attention away from china in the coming years. >> tarun, thank you. great to have you on.

research director at counterpoint research. in more deal jusnews, jm smuckers is buying hostess for a deal of $5.6 billion. the deal is expected to close by the end of january. mark smucker says he sees great growth potential. >> we were excited about hostess. they he have a fantastic distribution model. they do an excellent job in the convenience channels. we are just now launching an uncrustable and can live in that space. we have great strength in our core grocery channels and expertise in marketing. a lot of complementary abilities to allow both businesses continue to grow here.

>> let me let you in on a secret. yesterday, when the deal broke, i mentioned it to joumanna and my husband. both of whom which are british and british lebanese. they both had not heard of twinkies to my shock. >> these brands did not mean anything to me. you were excited. owner of twinkies. i never got them in the village up in the mountains. >> the same reception in my flat yesterday. the reason the deal stuck out to me is because i didn't think anybody was eating sugary snacks. this is the opposite of the broader consumer trend. you have a deal of $5.6 billion. >> once you announced this to me, they already filed for bankruptcy twice in history. it was only in 2016 that they were able to actually go list to the market.

they had to go the spac. this is after the private equity to restructure the business and make it more comcompelling. this is where they ended up today. they were seen as an attractive acquisition. what is interesting is how much smucker paid for them. >> the big risk here and the big worry and yesterday, jim cramer talked about the deal. this ties to the story of the ob ob obesity drugs. people take these obesity drugs, which is a serious concern and investors flagged with this deal. >> halloween is coming up. i guess these are the staples for trick or treat? >> that would be a big win. they are big.

the generous households. not for your toddlers. we will take a quick break. coming up on the show, wage growth holds steady. we get into the details in just a minute. hi. i'm shannon storms bador. when we started selling my health products online our shipping process was painfully slow. then we found shipstation. now we're shipping out orders 5 times faster and thanks to shipstation's discounted rates we're saving a ton. honestly, we couldn't do it without shipstation join over 100,000 online sellers who get ship done with shipstation go to shipstation.com /tv and get 2 months free. ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term

policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com.

welcome back to the show. the european commission has cut its overall growth forecast to 0.8% this year down from 1% growth expected in may. the commissioner said the german economy is weighing on the block with gdp now expected to contract in the europe's largest economy this year. in hard data, consumer prices jumped 2.6% in august up from 2.3% in july. that was in line with the flash print. charlotte has more on the numbers. charlotte, spain has been doing a good job relative to the other eurozone countries. >> spain is headed lower than most of the eurozone countries. in june, it was pbelow the 2% eb target. it accelerated in july.

another acceleration in august. that was expected at 2.6%. con ffirming the flash numbers. the fuel numbers were the main issue. they looked at food prices remaining high than other european countries. france with food prices up 10%. olive oil up 52% year on year. that is one of the staple on tables which has gone up. they expect inflation to go higher. oil prices have an impact here. spain with the low inflation because the government put in measures last year capping public transport and other prices. they have been taking these away slowly. that has held the economy there. we see the impact on inflation. positive news as you mentioned

with the commission forecast. the inflation for the year overall for spain is 3.6% against 4% previously. that degraded the forecast for spain which is positive news for gdp. positive news despite the acceleration of inflation and despite the political front. expecting the spanish government and still in negotiations. despite this spanish inflation, it is lower than other countries. >> difficult for the ecb with the inflation rates. thank you, charlotte. europe overall has been suffering more than the u.s. jpmorgan chase's ceo jamie dimon spoke at the conference and said people should be careful. >> waging are going up. it is pretty good. that is why you have a pretty

good economy. there are huge buttbuts here. i think you should look at numbers. we have been spending like drunken sailors and the war is still go on in ukraine. you will have a booming environment for years is a huge mistake. switching to the uk. a policyicymaker is calling for inflation which opposed the monetary policy committee which could be near the peak saying holding rates at current levels would create more persistent inflation. uk wages rose by 7.81% for the year and unchanged from the period to june and out pacing inflation. the unemployment rate inched higher coming in at 4.3%.

overall, the picture is strong for the labor market. arabile has more. >> let's talk about this 4.3% figure for the month for may to july. it is the increase from 4.2%. let's remember you did add 205,000 people to the unemployment rate. basically employed people dropped off 205,000 people versus the 185,000 anticipated. that is a keen figure to look at here because there is a loosening in the employment number. when it comes to wages, going up 8 8.5% year on year in july against the 2% anticipated. that 8.5% is highest since records began. it does tell you there is keen pressure for the bank of england to take note of. that does include bonuses. excluding bonuses is 7.8%. very important to note at this

point that is still a record number. the loosening is high. it will take things difficult for the bank of england. they may feel they need to do more work on the inflation side. things are getting tighter on the economic front. do they continue to hike rates? a 70% chance they will do so according to the market right now. 25-basis point hike is anticipated in the next meeting. governor andrew bailey saying we are no longer in the phase where rates need to rise. we are now data driven. >> of course, it is not just the uk, but the u.s. inflation print. we will keep a close eye on that. a quick look at the futures before we have head out for the session. you see in contrary to the price action from yesterday, all three majors are seen opening in negative territory. it is also an interesting day

today. julianna, it is your five years since you joined cnbc. it feels like yesterday. >> i like you track this better than i have. >> i have a reminder on my phone. a countdown. >> a big moment for you. >> it feels like yesterday. your first day. comcast takeover of sky. >> my first time on air. you were covering "squawk box" that day. beautiful friendship. absolutely. >> many happy returns. i look forward to the next five sdpfive. >> thank you, jou. first twinkies and now this. thank you for watching "street signs." we'll be back again tomorrow.

ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com.

it is 5:00 a.m. here at cnbc global headquarters. here is the kwf"five@5." the fed is set to hit the pause button. and gearing up in sk cupert. we he -- we preview what is on tap for apple. and taking on alphabet and the search engine dominance. the exclusivwi