it's 5:00 a.m. here at cnbc global headquarters. welcome to "worldwide exchange." here's your "five@5. proceed with caution some of the comments from the biggest names on wall street and a certain optimism it is all part of cnbc delivering alpha. david einhorn with his pick in the space and that stock is surging today. president-elect trump is selecting his cabinet with

surprising picks. and disney out with earnings this morning why the company's bottom line may not be the main attraction. the surprising part of the market that has seen $1 trillion of investor inflows and our next guest says it is not slowing down it is thursday, november 14th, 2024 and you are watching "worldwide exchange" here on cnbc good morning happy friday thank you for being with us. i'm frank holland. let's kick off the hour with the stock futures with the mixed session yesterday. the nasdaq and russell 2000 post back-to-back losses. this morning, in the green across the board s&p up 60 points nasdaq up 19 points. fractionally higher as well. we want to check the bond market ahead of the inflation print, ppi out at 8:30 a.m. eastern still moving close to july

highs. moving about ten basis points yesterday with the benchmark now at 4.47. similar story for the long bond here up right now at 4.64% upside moves after that inflation report we also want to check bitcoin. steady above $90,000 after nearly hitting $94,000 yesterday. it is up .50%. remember, bitcoin trades around the clock. we want to look at the dollar index hitting the one -year high and gold with losses gold pulling back 1.5% since president-elect trump has been elected. you see here pulling back 7% this is seen as a safe haven with the certainty with the election and we know who's going to be in the white house investors are moving into bitcoin, a riskier trade we'll talk about that here on "worldwide exchange. that is the money set up let's see how europe is

shaping up as it gets its trading day under way with silvia amaro in the london newsroom silvia, good to see you. >> that's right. very good morning, frank it seems european investors have set aside concerns about the protectionist tones from the united states. today, they are a lot more focused with the earnings out of europe let me run you through the top three stocks we are monitoring this morning starting with siemens. the net income soared to historic high in fiscal 2024 however, orders dropped on a comparable basis the giant warned of geopolitical risks on the horizon shares are up 8% at this stage i also want tie o take you to t luxury space burberry presented a burberry forward strategic plan which seeks to improve performance and

reignite brand desire. look at it burberry shares up 14% it is among the top gainers at this stage in the tech world, asml is doubling down on its 2030 goals confirming its annual revenue targets of 44 to 60 billion euro or 6 to 18% growth the gross margin up 16%. asml shares rallying at this stage up 5%. frank. >> silvia amaro, thank you it's my friday i know i said happy friday you looked at me a little bit. i'm off tomorrow happy thursday to you. >> okay. >> busy day here at home it is time now for big money movers moving higher ahead of the open after david einhorn built a medium size position in the company calling the stock cheap

as the company ends the bearish cycle. his comments from yesterday at delivering alpha and cisco's first quarter results falls. the company is projecting annual revenue in line with forecast. on "mad money" last night, he is confident it will exceed orders this year. >> two things as a result of a.i. the first is upgrading the technology and infrastructure just to be ready i think the pandemic, as an example, caught them off guard and weren't where they needed to be they want to be ready. they are upgrading technology which is what you saw. >> cisco shares lower in the pre-market right now we turn to beazer homes up 7% the home builder reported higher revenue in q4. sales up more than 30% in october.

shares up just about 7.5%. turning attention back to the broader markets. futures in the green we are seeing stocks pretty much or futures at the same level earlier. the dow would open up 60 points higher investors with cautious optimism from the wall street brightest and best from the delivering alpha conference in new york city. >> trees don't grow to the sky definitely not interrupted something will upset it. i think you have euphoria from the election on the other hand, you look at the international stocks that got slayed over the last week or so. >> the overvalued stock market is not necessarily a bear market and it doesn't mean it will go down any time soon i'm not bearish. i can't see anything to break the market at this point not that it always can

it is nothing obvious. it is a really expensive market. if you buy and hold for a long period of time, i doubt this is a great -- you look back at a great entry point. >> what has changed is potential policy changes with the election of president trump and republican senate and house. i think that's going to cause investors to be more weary and notwithstanding the big stock market move we saw, but certainly the bond market. i think what we're going to see is some more volatility which was also happening already and we will see more of it. >> joining me now is alan mcknight >> always a pleasure, frank. >> i want to go back to the einhorn comments him talking about the market beings expensive the s&p trading 23 times forward earnings i want to ask you, do you agree the market is, number one, very

expensive and right now not an a tracktive entry point? agree with that thesis yes or no. >> we agree the market is not cheap right now. if you look at the s&p next year and can do 257 or 280 in earnings, we don't see a cheap market right now, but at the same time, we can earn into that market as you talk about when you should be investing, we think investors should continue to leg into markets and you will get some volatility here as the market reacts to some of the policy moves and it gets ready for the new year and we get more earnings we do think there are going to be opportunities to reinvest nmt market and not necessarily to say you should wait on the sidelines. >> just on that thesis, he is saying it is an expensive time is there a real alternative. is there a trump trade with bitcoin and the gold reverse from the trump trade moving lower now. where else could you put money

outside of equities? >> i think the challenge right now is we have seen what the bond market, , with the needs moving higher and the fiscal defense sits. you look around and it is a zero sum game chairman powell said in his pressure last week, e don't guess or speculate or assume we don't assume the economy is going to lift off. we think you broaden into equities we think you can pick and choose on the international front and developed ed international is t as appealing to us it cobb interesting as we go into '25 >> the other comments from nelson peltz he was talking about the trump trade. something will disrupt it. i want to ask about bitcoin and bitcoin-related stocks what is your view on that? do you see more upside especially with the sense the administration is very

supportive of cryptocurrency >> we still believe bitcoin has a place in portfolios, but to your point, we think it may have gotten a little head of itself here it has ripped higher since the election really with the belief across the board, cryptocurrencies are going to be leveraged and we're not convinced they will be quite as valued of late. we still think they have a place in portfolios, but we think they got ahead of themselves and see a pull back. >> we have to wait and see, alan almost hit $94,000 alan mcknight, great to sigh you. thank you very much. turning attention from the markets to d.c president-elect trump flushes out his cabinet with more high profile picks and one raising eyebrows across washington that is where we find nbc news' brie jackson with more on the story.

brie >> reporter: frank, president biden welcomed president-elect trump to the white house yesterday. president biden and the president-elect discussed key issues regarding national security and domestic policy this meeting happened ans mr. trump announced surprising picks to fit the cabinet including matt gaetz to become the next attorney general. president biden welcoming president-elect trump back to the white house. >> mr. president-elect and former president, donald, congratulations. >> reporter: the president promising a smooth transition. something mr. trump refused to do in 2020 now taking a softer tone. >> thank you very much politics is tough and it's in many cases, not a very nice world, but it is a nice world today. >> reporter: the president-elect is moving quickly for key white

house roles. tulsi gabbard for national intelligence and congress member matt gaetz for attorney general. gaetz played a key role to oust former congress member kevin mccarthy from speakership. >> i didn't like how he handled the squabble with mccarthy i think the conference suffered. >> i'll say this, everyone who served with him will tell you he is one of the most intelligent members of concerning. >> reporter: gaetz is among the picks that will need confirmation democrats are raising alarms >> this feels like a red alert moment for democracy there were a lot of people, both my colleagues in the senate and voters didn't believe trump when he said he would turn the department of justice into an arm of the white house >> reporter: president-elect

trump's return to washington bringing a handshake inside the oval office and concerns on capitol hill when announcing his choice for attorney general, trump describes gaetz as a top pick. frank. >> brie jackson live in d.c. great to see you turning attention now to a developing story polymarket ceo's was raided. bloomberg reports the doj is investigating polymarket for allegedly allowing users to bet on its web site. this comes after he joined cnbc last week following the election last week talking about possible u.s. expansion. >> that's a function of us starting, you know, as we saw in

twitter, starting a small start-up with no money and having to go and figure out how to build the product yesterday, we had a report of 84% gloel 84% global market share. >> polymarket is calling the raid quote obvious political retribution for the market that correctly called the 2024 election. a lot more to come on "worldwide exchange," and the one word that investors need to know today first, the surprising part of the market that's seen nearly $1 trillion of investor inflows and we will look at whether it will slow down or keep going. we look at disney's earnings and what you need to watch we have a very busy hour still ahead. don't go anywhere. ther daughter. cancun! jamaica!! why can't they use my backyard!! with empower, we get all of our financial questions answered.

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welcome back to "worldwide exchange." investing inflows to etfs hit an all-time high yesterday of $915 billion. breaking the record of $911 billion. the election has been a factor and if investors maintain the same post-election thousand for the rest of the year, the inflows would ceive $1 trillion two of the popular etfs and the qqq that tracks the nasdaq 100

are on pace for record inflows according to state street global advisors, etfs gained the majority going to u.s. equities. joining us now with the look at etfs and the investing climate is ty rosenbluth >> good morning. >> it is a record year for etfs. breaking the previous record set a couple of years ago. what does that tell us about investor sentiment and climate >> so, equity investors have been increasingly turning etfs we have seen the first half of the year, but accelerated. adoption high school as been grg the data that we have shows that trend is likely to continue. we asked advisors and investors their expectations for the next year and etfs remain top of mind

for them we are seeing broad demand for the s&p that you talked about, but lots of other success stories as well. it's kreel really an exciting te >> lots of other success stories. i imagine they are around the so-called trump trade. one is the iwm that tracks the russell 2000 what are you seeing there? >> we have seen small-cap investors turn to iwm which can benefit from a lower tax rate and greater u.s. centric investor base. small caps did really well since the election in iwm which had net losses or outflows for the year we have seen small caps tied to the russell gain traction. we have seen banking etfs. the spdr etf saw over $1 billion in the initial day or two after the election investors are turning forward that deregulation benefits that

kre and the small cap exposure that it provides >> todd, that tracks what we have been talking about the cnbc with the so-called trump trade with the equity focused etfs and all etfs hitting a record. $270 billion of inflows. that is a bit more confusion a lot of people had mixed feelings what is the catalyst here with the bond focused etfs? >> bond focused etfs offer the exchange and liquidity and tax efficiency we see investors embrace the building block of the aggregate. it has been very popular the ultra short bond etfs have been popular we have seen managed etfs from a

number of firms. t. rowe price. >> you know, often times we talk about a comparison with actively managed etfs or passive etf. also, i'm hearing especially from invesco the factor etfs where it is rule based can you tell when what you are seeing there the great example is the rsp things likes that. >> that's right. investors don't need a market weighted approach. it is the invesco equal weight etf. you spread that risk around. we have seen strong adoption for that etf we've also seen newer etf. the victory shares etf

this is companies with free cash flow opportunities this etf came to market a year ago. it has almost $1 billion of net inflows this year. it shows smart products can play in the etf space along with active etfs. >> according to vetify, breaking the pace todd rosenbluth, thank you very much >> thank you >> for more on the record-breaking year, read my piece on cnbc pro. go to nbc.com/pro. wodwe ming up on "rlid exchange," donald trump and elon musk dominating conversations during the delivering alpha conference yesterday our leslie picker with the don't miss comments coming up next

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welcome back to "worldwide exchange." the delivering alpha events. our leslie picker was there. leslie, good morning >> reporter: frank, good morning. yes, i sat down with david einhorn who said he was surprised the election outcome was so decisive as he expected it to be closer with less political stability. still, as a result of the

election, he increased his bets on inflation >> it seems to me we're going to have an expansionary policy. they want to cut a lot of taxes. i think one of the speakers just before was going through the amounts. it doesn't really matter particularly which ones, you know, it is. i think we have a pretty strong economy on top of that we have relatively full employment we have wage growth. you know, i think the immigration policy that they're going to put in place is going to be inflationary for costs and for labor and stuff like that. so, i think we'll have -- i think we'll have a bunch of inflation. >> reporter: nelson peltz was reassured by the quote clear winner in the election he noted the next administration needs to get costs under control. something he thinks elon musk will plush accomplish as the ney

named head of government efficiency >> i don't know if donald trump would have had the victory without elon's help. if donald gives them the opportunity, he will cut costs and that's what we need to do. we need to cut costs we, like everybody here, you're a businessman. you've got to have your revenue be bigger than your expenses it's really simple we don't have that in america. >> reporter: peltz says he believes trump will get the balance sheet under control and fix the immigration issue. frank. >> leslie, you did a good job on the interviews >> thank you >> he said something will come up to interrupt it it was a topic of conversation what are people saying about the rally and what parts of the market are moving?

>> reporter: that was a comment echoed by anne walsh he said by most measures, this was from his letter, he said by most measures, the stock market is overvalued, but not bearish he believes the market can keep going higher he thinks based on various multiples he looks at, nothing is too cheap out there he takes it upon himself to find things that are cheap as a value investor just because things are overvalued doesn't mean they can't keep higher, the question is when it ultimately turns. he said specifically he doesn't see anything on the horizon that would create a shift to the down side in this current market environment. >> leslie, einhorn said this is not the time to enter the market a lot of eyebrows raised in the room great to see you coming up on "worldwide exchange," much more on

president-elect trump and the key cabinet picks and what it means for policy action on day one. we'll be right back. >> announcer: delivering alpha is sponsored by nasdaq delivering today rewrite tomorrow

♪ ♪ ♪ something has changed within me ♪ ♪ it's time to try defying gravity ♪ ♪ ♪ i know gorman. he's a good man. he's going to do a great job and he will do -- he will get a

respectable ceo. we'll see what happens i don't think -- i think they'll have a new ceo by the end of '25. >> that was nelson peltz at delivering alpha yesterday expressing his confidence in james gorman and finding a success to bob iger. welcome back to "worldwide exchange." i'm frank holland. we will have more on the succession race as disney reports in about an hour let's kickoff the half hour with the check of the futures. the futures market right now is in the green across the board. s&p up 10 points dow would open up 60 points higher nasdaq hitting the highs of this morning of 35 points higher right now. rewant he we want to look at the asml shares up 3.5%

intuit shares up arm up 1.5%. similar for lam research we want to check bitcoin steady at $90,000 after hitting $94,000 yesterday. take a look right here bitcoin moving up .75% trading at $91,300 again, it has been a big couple of days ever since the election. we want to look at gold adding to the recent losses at early october lows take a look at the chart since election day, investors going out of gold. gold down 7% since the election. right now, down 1.13%. that is the money set up now we turn our attention to one of the stocks on the move. disney reports in an hour. the stock up 20% since the last report the entertainment giant is forecast to earn $1.10 a share of revenue of $22 billion. the total number of streaming

subscribers will increase 22 million from a year ago. a lot on the table here. let's get an investor take and analyst take jason ware own shares of disney. david with seaport partners. david, i'll start off with you you raised your price target up to 108 the consensus is 111 what are you seeing in the stock? what are you thinking about what we get from earnings >> well, i think the company has gotten past a few issues or at least the market has come to accept that we're not going to

have such a bad showing at the parks. i think the parks spending is still pretty stable. i think the attendance has been stable, but they still do have cost inflation there with one of the things that kept in with my target was the streaming services would do about $1 billion of operating income this year they did indicate there was incremental technology spending for a better recommendation engine and what have you i think that division is in repair when i think people have really come to accept that that's maybe not quite the parabolic growth that would come from the earnings loss period. i think they are on a trajectory that is regaining its momentum --

>> david, let me terrupt you for a second the stock is trading at 102 or 103. as an investor, what are you looking for with the report and the call and the guidance on the succession plan? we are looking at names. dana walden and one from espn. as an investor, what are you looking for? >> good to be with you this morning. that's a lot to unpack in that question, so i'll try to keep it brief. a wide range for the streaming business that david touched on that we finally got the profitability. the question is does that keep going up bob iger has turned streaming profitable we know we have seen the moderation in spend. consumer savings have come in. the revenge travel coming down

excess income has come in and obviously interest rates are up. putting that trip on a credit card is a little more difficult. parks moderated. parks have had a post boom '22 and '23. we are still bullish longer term there. i'm looking at lineal tv it is in decline, but the question is where is the bottom and the financial wherewithal to support the business i'm interested to see what's going on there finally, i still think there's not enough focus on the studio business i think the two biggest movies this year have come from disney. "inside/out 2" and "wolverine. "moana" is part of the disney story. that is good story telling and franchise characters the ceo succession question,

just like nelson peltz, we're glad gorman is in the fold >> while we have you talking about this, nelson peltz believes they'll have a new ceo next year. is there an urgent calm about the succession plan to do it sooner rather than later >> no. >> that was brief. david, i'll come back over to you. jason had questions about the parks business we talk about the bifurcated consumer you are bullish about the price increases at the disney theme park and particular the lightning lane premier pass. that rolls off the tongue if you have kids. 6% price increase. lightning lane premier pass. why are you bullish on that when you talk about consumers not having as much to spend? >> they do have a lot of

flexibility and dynamic pricing for the regular kinds of tickets where they had the price increases. the bullish aspect is the lightning lane is an incremental product they did not have before for the very well healed customer who wants to skip the lines and doesn't work with the app to be competitive to get access to a few particular attractions. i think it's the new add-on for the premium experience which you see across other sports and live events that's going to be added to their operating income. again, it's a product they didn't have in the past. we'll see what the adoption is like they really just started rolling that out. >> david, i'll give you the last word the estimate for streaming subscribers is 200 million i heard the stock trades on the streaming number i want to go back to that. does disney beat that estimate

or under perform what do you expect and how does the stock perform? >> on the higher price point, subscribers, we expect they will add 7 million in the quarter that is the addition number people are looking for it is possible they will do a little bit better than that because they have been rolling out the new policy of cracking down on the password sharing and turning those into the base level advertising tier customers that come in at a lower price point and sell advertising on it those are the two dynamics that could help the subscriber number as they head to full-year profit difficulty. >> jason and david, thank you very much. do not miss the first on snns cnbc interview at 7:00 a.m. coming up on "worldwide exchange," no signs of letting up for the largest tech company. you see shares of asml up 5.25%

after tiopmistic outlook help lift the shares. week to date, shares up over 6%. stay with us much more "worldwide exchange" coming up after this stay with us when you're looking for answers, it's good to have help. because the right information, at the right time, may make all the difference. at humana, we know that's especially true when you're looking for a medicare supplement insurance plan. that's why we're offering "seven things every medicare supplement should have". it's your free, just for calling the number on your screen. and when you call, a knowledgeable, licensed agent-producer can answer

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sales growth the guidance is reassuring burberry sales continue to slide. shares are higher this morning as the luxury brand announces a turn around plan. we are looking at jd.com's third quarter. consumers cut back on spending and siemens is higher with the fourth quarter earnings better than expected. flagging the risk in the year ahead including geopolitics and weaker demand. foxconn reporting a 13% rise the largest contract manufacturer expect robust business next year. coming up on "worldwide exchange," the one word every investor needs to know today and the pick every investor needs to know plus president trump flushing out his cabinet.

details on who could be leading one of mr. trump's top priorities details after this break ♪ ♪ (vo) with verizon, trade in any phone, any condition, and get iphone 16 pro with apple intelligence, on us. for everyone in the family. only on verizon.

welcome back to worldwide exchange exchange president-elect naming marco rubio to his cabinet also, mr. trump chose congress member matt gaetz for attorney general.

gaetz submitted his resignation yesterday. the doj declined to charge him, but he remained under investigation by the house committee. rubio and gaetz and gabbard will need confirmation. megan cassella is joining us with more on the story good morning >> reporter: frank, good morning. a top priority for voters and priority for the incoming administration the central policy promise of trump's campaign was tariffs on all goods imported to the u.s. now that pledge has to translate into actual policy and the question is how exactly trump and his future trade team will be able to make good on that pledge and how quickly they can make it happen theoretically, there are three approaches trump could ask congress to legislate tariffs or executive order or go straight to

countries to use as verage all three of these are on the table. what i can tell you from talking to people close to trump san close to robert lighthizer is that there's a lot of focus on what trump can unilaterally. the trump team is mostly focused on two options they found two ways. the first is statute title is section 122. it was last used by president nixon and it allows for tariffs to correct essentially for the trade deficit. the issue is tariffs last under this for 150 days unless congress decided to extend them. that might not be long enough to have the leverage that trump is looking for. the other option requires the president to declare an international economic emergency. congress could override that declaration with a upermajority 2/3 vote which is unlikely in the congress and the legislation will be likely taken

to court offer it, but it is giving him broad authority he is craving for tariffs. that's the upshot there. is no quick and easy way to carry out the threat on day one in the white house they are coming through statutes and no one doubts they are able to get it done frank. >> tariffs are a big issue in the election and something i think a lot of strategists on wall street and economists are trying to figure out if and when it will happen one interesting thing. you are talking to robert lighthizer's people. he was the trade representative in the first trump administration he is a well known trade attorney he is coming back as an adviser? >> he is currently playing a huge role in the four years trump has been out of office he is likely to return to the administration what is up in the air is exactly what role. there was reporting last week he

would return to his role as u.s. trade representative that was never confirmed what is likely is he may be angling for a larger role. there continues to be discussion of commerce heck.secretary more likely it is an adviser in the white house and having other positions carry out what's he's looking for. that is most likely right now. >> i don't know. based on what i'm hearing f , ih want commerce, he has to wrestle megan mcmahon. get it megan cassella thank you. great reporting. coming up on "worldwide exchange," chief market sdrat gift david zervos from jeffries

is standing by we'll be right back after this break.

welcome back to "worldwide exchange." a check on the big stories shares of aeg giant cnh industrial shares up 3.25%. this after david einhorn is taking a medium sized position in the company calling the buy cheap during yesterday's

delivering alpha conference. shares of cisco falling after revenue dropping from a year ago shares down 5%. and polymarket gaining attention in the presidential race and the fbi raided the home of the ceo seizing his home and electronics. the doj investigating for allegedly allowing u.s. based users to bet on the web site. and vanguard is increasing its position in gamestop to 9% after the outspoken ceo. the move is not any speculation on the equity. and diamond sports inks deal with prime the new network will be available as an add-on for prime customers. turning attention to the day ahead. stock futures in the green

across the board seeing the same situation. the dow opening up 45 appoints points higher. let's bring in david zervos from jeffries good morning, david. great to have you here >> good to be here, frank. >> i want to get your take on the market in general. i've had about a week of the so-called trump trade post election nelson peltz saying it can go on forever. something has to happen. what do you think? >> i think we're readjusting to the idea that capital is going to come to the u.s capital is going to get treated better on average than before under the biden/harris administration than trump. the dollar is stronger equity expected returns are higher and rates are a little higher as well as the fed has to reassess whether that means the same extra jkt trajectory for te path as it was before. we have seen all of that come

through. i don't think there's been a lot of surprises from the macro perspective, frank last week, we closed it's ten-year unchanged from the pre-election levels after a big spike up in the dollar and a big spike in the s&p 500 and dow now yields are kind of getting a little more squishy if you are looking as a bond holder we moved 15 basis points off those levels not a lot. i think in the grand scheme of things, this is a very orderly market and a very expected story line that you got from most investors thinking about what a trump win would be >> you know, i'll stick with the delivering alpha theme nelson peltz believes elon musk is helping to reduce spending. i'll read part of it i shortened it, david. you wrote it

contrary to popular opinion, a red sweep in congress will be easier to take government spending lower and compromise in the divided world. there is more government spending in your mind, does the idea of elon musk coming in and cutting spending calm down the quote/unquote bond vigilante and possibly benefit the equity market is that what you're saying there? >> that is what i'm saying i would definitely agree with nelson, who is a great investor, and great client of jeffries as well, is saying. i think he's exactly right this gives a much easier path toward a reagan-esque style deregulation move and also for spending for a smaller government sector. frank, remember, when you have a big government sector, you are actually taking resources away from the private sector and using them less efficiently in

the government sector. we will pull the resources back to the private sector and give them to the nelson peltz's of the world and not the departments and we will get a better return on capital and better return on investment. >> we have to have you back on to talk longer next time. >> thank you have a good morning. >> that's going to do it for "worldwide exchange. futures green across the board "squawk box" starts right now. good morning stock futures are slightly higher as we await quarterly results from dus isney we get fed . we got some inflation data president-elect trump announcing more picks for the cabinet and including the choice for attorney general. and the fbi raiding the home of ceo of polymarket

the dodge is j is accusing of retaliation. it's thursday, november 14th, 2024 and "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. on this morning, we are looking at green arrows at this point. modest advances for all three of the major averages dow up 42. nasdaq up 25 s&p futures up 8 that comes after a mixed day for the markets yesterday. if we check in on the treasury markets, it looks like yields continue to climb. you are looking at the 10-year at 4.35. bitcoin briefly climbe