the setup for american express is identical look here tooz this is a steep uncorrected move in american express. far above its 150-day moving average. more than double the performance of the s&p since the october low, and it, too, on a longer term chart is up against its internal trend line to the penny. both are full as the expression goes. >> mike, do you think they are full as well >> well, i mean that's i guess a technical question and you already asked the right person on that one. as far as the fundamentals go, american express is growing their bottom line better than 14%. so their earnings growth is double that of the s&p and yet it trades at a discount to it. you know, unlike goldman sachs which would be more of a cyclical story, you know, they're part of the ol gop ply in the payment space talking about mastercard and visa and a lesser extent american express there's only a handful of companies that operate in the space and of them, on a fundamental basis, american express is argue plably the ches one and seeing reasonable growth i agree a lot have had a heck of a run and i don

about the following, the mobilization of the electorate occurs , it happens, and the famous american expression, it happens, well, if you miss it. in fact, the problem here is a little different, that is, this is not a question about i think this is a question about what will happen in november. the fact is that it was believed that

you are bullish on the magnificent seven, but american express is one of your picks.chart, they had earnings this month and the big spike and stocks continue to fall with more of a sense from fed leaders or inflation reports that it will stay high er for longer. other investors seemed to bail on it. >> i think reliable earnings with accelerated growth. i think as we mentioned with the consumer stretched, so far we have not seen that. there has been increased travel and spending. there's been a lot of that going forward. i look to the valuation. with the valuation and price to. that will be priced in later. we will see that. we like that and we looked at meta which fell after crushed earnings. those are area where is investors can pick up after weakness. >> delano saporu, thank you very much. one more look at futures as we mentioned a short time ago hitting heiighs of the morning. the dow would open up 315 points higher. that's going to do it for us. thank you for watching "worldwide exchange." happy weekend. "squawk box" starts right now. >>> good morning. apple share

why american express now with the questions about the consumer >> american express has shown 8% yearowth the there's really a tale of two mcdonald's and coca-cola showing a crack in the consumer. the low-end consumer is moving to a value-oriented option jpmorgan chase is seeing react sell re-acceleration of growth. >> lizzie evans, thank you that will do it for "worldwide exchange." "squawk box" starts right now. >>> good morning nvidia is set to open at a record high after strong guidance impressed the street. we will dig through that report straight ahead. >>> more overnight tesla breaking down on the first battery planned ot outside the d states it is expecting to break ground in the first quarter of next year. >>> the anti-trust suit against livenation is expected to be filled today it's thursday, may 23rd, 2024. "squawk box" begins right now. ♪ ♪ >>> good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm becky quick along with mike santoli. joe is out today we have andrew ross sorkin live in paris this is all leading up to

into lower 60%, american express feeds into top 20%. out, that jay powell removed that line said banking sector is sound. [chuckling]. >> took that out still have questions of bank today, of course, to deal with jpmorgan we are watching banking sector soft hold in broader economy cheryl i wonder how you feel about reaction to this report. i think market needed better than this i think market needing a bigger signal to say inflation is getting under control go back for a second we had three holt months, january, february, march all elevated inflation hotter than expected here we have april, you reported a minute ago that it was month-to-month better than expected up 3/10 versus up 4/10 year-over-year same 3.4 versus estimate 3 point 4% that is it sends dow industrials up 150 points i am not buying it if in a adams's shows he would be a seller right here what do you say. cheryl: i agree with you market isn't open i am wondering what close is going to look this might be one-off for april i am in camp -- this stephanie pomboy the favorite l

american express could not bind those large companies to forced arbitration clauses whereas it did so for all small businesses including his restaurant which meant that he could not hold american express responsible for the alleged antitrust violations. i think that when we think about small businesses as you all do all the time, small businesses do a tremendous amount for this country. one of the things they do is enforce laws just like consumers and workers. they are often at the frontlines of enforcing antitrust laws because they are often victims of antitrust violations, anticompetitive behavior which is what the case was all about. >> exactly. as we see more consolidation in such a big way and we are seeing issues as we know with the tech companies, unfortunately we have been stagnant here about changing the antitrust laws. we've gotten a number of bills through the committee and i appreciate leadership on that. they were all bipartisan, every single one of them but they are sitting there. we had one victory at the end of 2022 to get more funding for the agencies giving these hug

let's start with american express.is interesting here, the last time they reported they said millenials are spending like crazy, even gen-z, but do they have the kind of powder to keep that going? >> i think they do. that is more of a life-style choice. 60% of their new customers are gen-z people. those are the ones spending more. if you look at the american express, those are the haves and have-nots. american express is isolated here. it is a best-of-breed stock. i would like to buy it on a little bit of a pullback but this stock continues to sky rocket. >> like chevron. feels like crude is sort of range-bound right now. the narrative comes and goes, china's economy, middle east skirmishes and wars. but i mean you still have confidence there? is there something else about it like the dividend? >> yeah i like the dividend. 4% it is growing. ceo came out they see 10% plus free cash flow, not only for this decade but for the next decade. you are looking at what you want right now is transparency to future earnings. peopl

he said apple is better than american express and coca-cola. despite that praise, buffett revealed he cut his stake in the tech giant. he said a lot of things about several different companies. sonali: he did. when we come to apple, that was one of the biggest headlines because he did praise apple despite trimming his stake. he hinted at tax implications. if you are facing a 21% tax rate, he says your tax rate as a corporation and investor are likely to go up in the future and it does make sense to start selling more today than you would in the future, so he did hint at tax implications. apple has been on quite the ride. it has been a big boost to the portfolio since he took this stake years ago given that berkshire hathaway was not traditionally a large technology investor, yet he has loved apple and still says he loves american express and coca-cola. it is still likely to be one of the biggest stock holdings in the portfolio at the end of the year. he also said, on the converse side of things, the sale of paramount was his decision at the end

american express, goldman sachs, caterpillar and microsoft.ing at the other major averages with new highs as we

it speculated the, the american express switch to using the right side of the road after there was independence. it was a way of breaking with the colonial past and an attempt to denounce established conventions. but the 1st documented evidence of americans road traffic being asked to keep right within the 1792 pennsylvania statute. with a ton psych or total would be invest from lancaster to philadelphia. the statute required on traffic to keep to the right to fit on bike. but even before this, american traffic could slowly been shifting to the dates, thanks to the comments, to buy these huge, the uniquely shaped cabbages will often boyd by 24 or 6 horses, in order to control them better, the wagon knew would sit under your left horse allowing his right hand to do most of the work with the whip, which also meant that keeping the night allowed for better visibility of civil with the head. since the day that would be able to judge oncoming traffic. that would cost to ballast. and well, people began switching sides and the new was winds of change were blowing across the order to it speculated the

on the topic in 2019, i was and still am disappointed to see that the supreme court allowed american express to force arbitration even though doing so in her dissent, justice kagan wrote that forced arbitration: it's a challenge monopolistic conduct and large companies were able to negotiate better fees and clauses you testified in both 2019 and in your testimony today that forced arbitration interferes with antitrust and other laws. >> he told us that other companies were able to take american express to trial because they have market power. they cannot buy those companies into forced arbitration but did so with all small businesses which means he cannot hold american express for these trust issues. all businesses do a tremendous amount of they enforce laws and are often at the front lines of enforcing into trust laws because they are victims of anticompetitive behavior which is what that case was about. sen klobuchar: as we see more consolidation and issues with the tech companies we have been stagnant here about changing antitrust laws. we have gotten bills through the committee and i app

charles: and i know youal like ibm and american express here as a well, right? >> i do. probably roll their eyes at a ibm, but it's trading around 17 time, it's got about a 7-10% higher price target than where it's trading, so think of it as a long-term holding in that tech space that has room to grow. and we talked about the high income consumer being the one that's really supporting us right now. middle income consumers actually have a confidence level back to where it was in the first quarter of '008, and american express day -- caters to that high income consumer. trading at a around 17 times, so a great name for your portfolio. charles: i was just looking at the ibm chart. listen, they rode the a.i. train all the way up, stumbled a little bit and pulling back, and this fits what you were telling us earlier in the show. victoria with, have a fantastic weekend. thank you so much. >> thanks, charles. charles: so my next guest says there's way too much the trucking capacity, at least on the domestic side, but what's going on otherwise? supply chain issues. supply chain,

getting into anemai as a kid, as a young person because it was one of the avenues of asian-american expressioncan relate to. my project is i'm highlighting 6 trailblazers who's family was tied to san francisco. they all have different forms of art expression. but i noticed through the research that there is a common that connects them all, which is this desire to live life authentically, organickly, speak of the love that they believe in. i made it art students and learning about art history and the place in art with the context of learning about their predecessors. >> sinsawa is synonymous of san francisco. there is a school named after her. >> wasn't she also in stamp? her art was in 2020. >> do you think she would become a artist? >> hmm, i think she was like 100s of other in the city that love the art. when there is no audience or income, why do we still make art? >> well because we seek to know ourselves and one has to believe like alela, we make art for a lifetime not just a career. i think for some, artist like breathing, it's how we know we're alive. >> it's so incredible to do this pr

american express, 8% year-over-year growth in spending. so, i think the bottom line, charles, is that the higher end consumer they account for more than half of overall spending and they're doing okay. charles: right. right. in the meantime everyone else can get a happy meal with a roll of scotch tape in it, right? where does all this leave the federal reserve? listen, they understand what is going own. sometimes they borrow the wall street jargon but when you listen to them individually in the speeches they give, it seems to me they know a lot although they're reluctant to sound the alarm out of triggering more panic? >> i think what we saw last week trot various data points that came in that the economy is moderating. so we saw core cpi, core core resales come in a little softer than consensus expectations. you saw the fed come out two or three times saying hey we'll not cut-rates anytime soon and that first rate cut continue toes be pushed back later in the year. we continue to be in a higher for longer environment. the market continues

. >> american express last week, or earlier this week, made an all-time high. the stock's been unbelievable. even with that valuation wise, it's less than 16 times. karen talks about it all the time it's unbelievable franchise, wouts question and their quarter was good loan loss provisions were better than what we were expecting. if you start to see loan loss provisions like american express tip up -- tick up in a meaningful way, that's going to be a huge tell >> well, just one thing, i mean, when i think of buy -- don't pay now, there's that comic strip from the 1930s, i'd gladly pay you tuesday for a hamburger today. >> popeye. >> whoa, whoa. >> did you know that or somebody tell you in your ear >> no, no one in my ear. >> it was a great -- it's a joke, because it's kind of a risky game you're playing. who wouldn't want -- >> why wouldn't mel not know about that >> i know -- >> you can't take ownership of that >> you are trying to curry favor, but you thought the same thing i thought. there -- >> anyway. >> how did she know that >> and he became secretary of

first is american express. up 100% since dow 30,000., look, we can say that gain came from post-covid travel and leisure boom. right? makes sense. amex has been a long beneficiary of the long on money short on time thesis where people question how they were living their lives, wanted to travel, see the world after covid made them recognize their own mortality. another way to look at it, get busy living or get busy dying if you want to put it in shawshank terms. also jumped because the rise of work from home spurred a plus work comrade rie. go out for dinner with colleagues after work or really anybody for that matter. i'd agree that's a big part of why american express has become a winner. but you know what? how about this? how about the ceo who got the top job six years ago? i think his decision to go after younger people, millennials, gen zers as potential customers has ignited card use and given amex tons of new customers with a tremendous lifetime value. this generation came up with online comparison shopping. practically from birth

vladimir putin has authorized the voluntary liquidation of american express bank in russia, a subsidiary united states. according to the bankiru portal, last year the volume of assets on the credit institution’s balance sheet reached approximately 16 billion rubles. from january to september 2023, its loss exceeded 90 million rubles. this was a consequence of the suspension of work on the russian market since the twenty-second year. by that time, the bank had worked in our the country is 17 years old. the russian government must, by october 1, approve individual socio-economic development programs for ten regions that need to improve their performance. this instruction was given by vladimir putin. the measures will affect the republics of altai, kalmykia, mariel, tyva, khakassia, the chuvazh republic, altai territory, kirov, kurgan and pskov regions. the programs will operate from next year until 2030. their implementation will require an additional at least 10 billion rubles from the federal budget annually. in new regions, 19,000 objects have already been built or renovated. about this

so are people going to be using an american express card in ten years drinking a coke, probably. will they need to use railroads and utilities and banks? probably. that's the berkshire story. the next great thing is probably not going to come up. i would like to see todd combs and ted wexler out front a little bit more, especially considering the fact that outside of apple, the stock portfolio itself really hasn't been so hot. maybe that would be an interesting thing for shareholders to get to ask questions about if we get bored with asking about insurance. that's maybe something to think about. we might get. >> i appreciate both of your insights. josh, thanks for sticking around. michael, thank you, we'll see you again in the zone. don't miss our coverage of berkshire hathaway's annual shareholder meeting 9:30 a.m. tomorrow here on cnbc. >>> up next, class back in session with big tech earnings in the rear view, the dean of valuation, aswath damodaran has that. "closing bell" back after this. in any business, you ride the line between numbers and people. what's right for the bus

in another decree, vladimir putin authorized the voluntary liquidation of american express bank in russia the same name from the usa. according to. last year, the volume of assets on the credit institution’s balance sheet reached approximately 16 billion rubles. from january to september 2023, its loss exceeded 90 million rubles. this was a consequence of the suspension of work on the russian market from the twenty-second year. to at that time, the bank had been operating in our country for 17 years. the national project infrastructure for life plans to launch before the end of the year. its basis, already upon... the application, a foreign court decided that it is now not gazprom export that should pay for fuel supplies, but a large european energy company, which one is not specified, but they say that if the court decision is executed, most likely the russian side will stop supplies, the assessment is based on gazpromexport's actions in similar situations. let me remind you that we provide approx. 90% of austrian gas imports are carried out under long-term contracts that are lashed. 16

coca-cola and american express in particular. you have to remember if he were to try to sell some of those companies, he has a lower base so the taxes would be higher on something like that. the idea of raising cash and thinking you need more cash -- the other point is they are making 5.3% or 5.4% in treasuries on the cash because it is not just sitting in a bank account. they are making money on it and getting something back in return. you have to compare that, too. if thereasury is at 1%, he woul still do it. >> becky quick, we swwill see y in a bit. >> you are on everywhere, becky. i was on the treadmill. everybody was watching it where i was working out. >> lifetime? >> online. on youtube. all over. >> yeah. it was a different meeting. >> no doubt. no doubt. >>> coming up, tom lee weighs if on the softer than expected jobs data and the fed's next move. >>> later, scott gottlieb he looks really thin to me. i asked him. no, he's not. we'll find out. esy ugjoin us in the ramp-up in obitdr manufacturing. and the amgen news from l

is secretariat, but american express, these are secretariat-like moves that's where i'm questioning youarket like you can't believe, and there are people who are being left behind, and they're called analysts and strategists because -- every day, you come in and there's guys that raise their price target and all it is is just trying to keep track of -- look at that stock remember, steve squeri saying he had a weak three weeks in october? everyone shorted it. you know what? just send me an invitation to your funeral >> forward earnings are at an all-time high. >> i know. >> today, sam stovall takes his 12-month to $5,610 >> you find it in all sorts of strange places you come in, and texas roadhouse will have the greatest quarter ever brinker, and then you'll see -- pick a name, any name in the dow, and you start seeing -- right now, salesforce, for instance, david, is hub spot going to be bought by google salesforce is up 30 on monday if that doesn't happen. >> right i don't know >> may be the most expensive stock in the entire market >> it is expensive it's been around for quite some ti

well, it seems to me that all these cries will continue until the americans express their readiness fordical actions through some informal channels. probably that it won't be said on cnn, and it probably won't be said in public, but most likely it will be said in some other way, and then it will stop, just like that, because ah... it's completely clear , that all this controversy only exists because, for some reason, they all think that only they can raise the degree of escalation, only the russians can threaten something, absolutely not, i already told you, a missile from the american side and any other, fly at russia is even more beautiful, even more colorful and in more places than you can imagine the russians, than they can go anywhere... anywhere, it's like that, well , let's postpone this topic for now, i think it will continue, well, we'll watch this story, of course, but now such a story is still new in russia, which actually shows that, you know, well, their military economy is picking up a little, because somehow they pumped up so much, pumped up about how they can fight for a

close their operations, as many western banks have done, and the same gp morgan, and the same american express bank, that is, all these banks closed their operations, they said: we are not interested at all, if even we earn more from the russian economy, if we more actually withdrawing money. from russian campaigns, we are not interested in it anyway, because we morally cannot conduct operations in the country of terrorists, because if the sanctions were adopted, it is not about profits, it is about what is white and what is black, and what is the truth on on the side of civilization, it is on our side, it is on the side of the ukrainians, it is on the side of our western partners, and they directly say that this is not business, business cannot exist on a curve, these are moral measures and moral decisions that we all must adhere to. well, also, today i read the opinion voiced by the representatives of the big seven, especially the european part of this, that group, the world, the most powerful countries, the economies of the world, what if this money, say, is not transferred to ukraine, but

the president of american express. american spreads seems to be a pretty prestigious thing. there's the president know what they direct underlings are doing in that particular case? absolutely. michael cohen has. donald trump has no idea what my nose is. a tape is going to come out trump says, you handle it, you just deal with this because that's what you do when you're running for president, when you're a billionaire, when you are the president, you delegate and that's the defense here. your eye, your hypothesis is that michael cohen was excellent most of the time but suddenly so what you're saying no, you're saying trump didn't know that he was corrupt, that we just played the tape. >> we're trump really involved he and also david pecker has already testified and a photo was shown in court of him walking you to pass the rose garden. >> but we know the conversation was trump's saying, how's our girl karen, or house? teren debts fine. >> that's not illegal. once you illegals what went in the book, that's the crime. it'

warren buffett said apple is better than american express and coca-cola.ay a fine of $100 million for selling tickets on flights they agreed to cancel. the agreement includes a program expected to cost $20 million. affected customers will range from 225-400 $50. the company known as foxconn assembles smartphones and posted in 19% jump in sales. they diversified to focus on equipment tied to ai. annabelle: earnings season continues in asia and major carmakers. toyota may deliver its fastest growth since 2013 led by recovery in north america and europe. banks will report results. rachel, the focus on automakers, you're watching the names in japan and india. >> we are seeing quarterly revenue grow by one third. consisting performance and investors looking to split into two separate entities to boost the value of the segment and another company will see double-digit revenue growth thanks to high-volume and selling prices. >> do we see sales passed through to toyota or is there an outperformer? >> many consumers are looking out for cheaper automobiles after pan

it can be as obscure as american express using generative ai and fraud alert detection, which has increased rock alert detection in the early days by 6%. we are looking for opportunities across all sectors and will continue to do that. it has benefited our portfolios quite nicely. katie: tech, industrials, data centers, and he might walmart fall into the bucket of things you like. what don't you like? nancy: i know there are a lot of folks coming out saying you should own consumer staples based on where we are in the cycle. we have been saying for almost a year that we think this market and this economy is analogous to the 1990's and i think we can continue to see the growth engine of the economy drive stock returns. we are under me -- underweight consumer staples and also underweight electric utilities which hasn't been as great but we do own some in our green energy strategy. and we are overweight there. i think it depends on the strategy. in large cap equities we are going with what we believe is the growth engine. katie: i want to throw you a bit of a wild card and talk about just portf

but you need to consider international oriented like american express.ompared to the domestic counterparts. and does this energy tech have what it takes to power your portfolio? i'm giving the latest. apple. there was one aspect that is not being mentioned at all. and i think it is a tremendous potential. i will reveal what it is. stay with us for the lightning round. [crowd chanting] they ignored your potential, and mocked your ambition. but it's not the critic who counts. with every swing and block, your game plan never changed. ♪♪ some still call it luck. let them. because you know what it's always been. inevitable. ♪♪ ♪♪ >>> there is some big business taking batteries for renewable energy. he reported a top to bottom of the stung. the residential businesses is likely doing worse this year. they were being offset by fewer years in the commercial and industrial side of the business. and the stock is made up most of the ground that was lost on wednesday. and the market shares reaction or is this the chance to >> reporter: the register? let us check in w

as the market rallies, there's always laggards and mcdonalds at very bottom followed by american expressgan chase, j&j, chevron and merck. we're coming right back. the dow is still gaining about 430 points. ♪ (♪) at enterprise mobility, we never stop looking for new mobility solutions. because sometimes the best road forward, is the one you didn't expect. (♪) (ella) fashion moves fast. (jen) so we partner with verizon to take our operations to the next level. (marquis) with a custom private 5g network. (ella) we get more control of production, efficiencies, and greater agility. (jen) that's enterprise intelligence. (vo) it's your vision, it's your verizon. (vo) what does it mean to be rich? maybe rich is less about reaching a magic number... and more about discovering magic. rich is being able to keep your loved ones close. and also send them away. rich is living life your way. and having someone who can help you get there. the key to being rich is knowing what counts. before planning the big trip you were limping thanks to a bad knee. then, you heard about mako robotic-assisted knee rep

. >> we will own apple and american express and coca-cola.t doesn't bother me in the least to write that check. i would really hope with all that america has done for you, it couldn't bother you. if i'm doing it at 21% this year and a lot higher percentage later on, i don't think you will mind the fact that we sold a little apple. >> in addition to apple, warren buffett said a.i. could be the next growth area, but he has concerns. >> we let the genie out of the bottle when we developed nuclear weapons. that genie has been doing some terrible things lately. the power of that genie is what scares the hell out of me. i don't know any way to get the genie back in the bottle. a.i. is similar. when you think of the potential for scamming people -- if you can reproduce images that i can't even tell that say i need money, you know, it's your daughter. i just had a car crash and i need $50,000 wired. scamming has always been part of the american scene, but this would make me, if i was interested in invested in scamming, it will be the growth industry

the boomer category and 56% of homeowners and you see that group actually borrowing more and american express had investor day yesterday and they had to focus on millennials and gen zs and call this group the avocado tasters and it's people between 24-38 and commonality is they don't own homes and not burdened by the high servicing costs and they're spending in growth is 5-1, the boomers. so you see strength and weakness and can't cash it down and it's pushing it up. liz: some would be alarmed and however you're looking at consumer spending that remains healthsy and is there anything worrisome you see about consumer behavior that may indicate a bigger problem? >> i'm so glad you brought that up. people talk about the fact that credit card debt is 1.2 trillion and that's as nice as it's been and look at rate of consumer spending and grown at a fraction of consumer spending and they've taken on a lot less debt relative to what they're spending over the last 10-15 years so it's high on a nominal level and growth basis and probably growing for sure and it's not still alarming and credit quality s

what was the american express? had a lot of, we've already been trying him for a long time to get him off the ventilator. we keep reaching the 4 hour mark by continuous spontaneous breathing. has failed the several times, the most, the most glue that is ever if the risk is so great. if we took them off, you would certainly suffer oregon failure us and then monitor stays on the ventilator and must then come. then he will continue to live. was what is known about his wishes, which for treatment. and then vision have never really made any explicit statements that see that so. so we don't have any exact information about the patient's wishes under the inputs, hadn't been so may as long as it's nice. and if we're saying he can be taken off the ventilator long, then we're looking at a long term permanent dependence on a ventilator either at home or somewhere out to the asthma, all. and then how is that something his family can perceive for or not or so i'm good. how does this, though? is this all of a sudden now his wish

. >> we own american express which is a wonderful business and coca-cola which is a wonderful business and we own apple which is the better business and we will have apple as our largest investment but i don't mind at all and the building and the cash position when i look at the alternative of what's available in the equity markets and i look at the composition of what's going on in the world. liz: he said he doesn't mind building cash, he sold apple to do that is not worrisome that he chose apple, granted he's made so much money i think what he bought it was 35 or $45 and right now 181. >> is getting 5% on his billions in cash, that is a lot of math, apple like you said is never going to pick the top of the market but i think his timing and who might question his timing it's infinite where arbitrator i have to time things his timing and apple in the fact of the bottom base and the reversal just like tesla did there were two stocks that i got participated in the rally but those stocks have had a sentiment shift enterprise pop in what we've seen in the stock market in general and we see

dow winners topping the list, caterpillar, salesforce, american express change the s&p 500 open and onrs are paramount, micron, western digital, uber tech technology, i own a little bit of uber, ingersoll is on the list, nasdaq winners headed by micron technologies, tesla doctor 184 today, global founder and fortune on the list shall be some other indicators the ten year treasury data for 50 the price of gold up 24 to $5 at 2335 bitcoin 63005 the price of oil well below, 7852, nat gas below $2, 222, that is a valley, the average price unchanged at 365, diesel at down another set at 397, that is diesel, some of biden's biggest donors are funded the anti-israel demonstrations. watch this staged. >> money is coming from overseas and from soros. we need the federal government investigative capacity to look at this whole situation, where is the money coming from. >> george soros and jb pritzker's family on some of those involved we have details on the whole story trump's fundraising has surged since the new york criminal trial began it seems like biden's law fair tactic is not working that

he said the business was even better than american express and coca-cola which are two other businessese owned and he said that apple will likely remain berkshire's top holding until the end of the year so i do think it was a really sort of -- a view on apple he was taking and he did indeed hand that there were tax implications that motivated the sale. >> lots of questions of course in terms of how the conglomerate will operate without charlie. is there a deeper question, you know, looking further ahead in terms of succession now? >> what really looms large over the meeting was the absence of charlie who was worried about the longtime business marker and -- partner and it cannot be underestimated the level of admiration of the esteem he was held in both by buffett and shareholders and much of the meeting was devoted to paying tribute to him but i think it really focused questions on what berkshire mike look like -- might look like in a post-buffett world. shareholders wanted to know whether the same culture could carry on after his anointed successor -- while he take over capital alloca

delta discloses the most, $6.8 billion last year from american express on its way to the goal of 10 billiond of the decade. united is second, in the five to $7 billion range as well. we thought they would give us more information on may 1 but they postpone the investor date to the second half of the year. those are at the two that are doing best. jonathan: great to see you. helane becker after a difficult day for american airlines. coming up, lorenzo simonelli with the energy sector. that conversation is just around the corner. from new york, this is bloomberg. ♪ jonathan: fantastic article just dropped from the former new york fed president. the fed thinks it is fighting inflation, think again. lisa: talking about how it is potentially around 2%, 3% inflation and the current range is not exerting any data pressure on the economy. jonathan: two weeks away from the fed decision. equity futures at the moment, negative by 0.5% on the s&p 500. on the nasdaq, down by .4%. amazing to see the four-day winning streak on nvidia up more than 20% over those four sessions. the equity market down. make

devalued and not receiving promised rewards the agency says it has already taken action against american expressto those companies for comment. we have not yet heard back. bill: a show in the sky this weekend as rare and extreme and geomagnetic storm is supercharging the northern lights. you might've seen pictures on social media they are remarkable. the dazzling aurora borealis is visible as far south as alabama and florida. but it can also disrupt electrical grids, satellites and gps devices. madison is joining us alive with the latest. >> note major disruption so far. no power outages and neighborhoods are anything like that. there have been some issues with some big power grids across the country. i think that is not under control. if you did not get the chance to see the shades of orange, purple, pink, or green in the skies last night, this major solar storm is still an action but here are some tips for getting the best view. >> you don't see it with your eye, use your electronic camera use your cell phone. take a picture. a lot of times the electronic technology can capture an image of som

dow winners headed by at this moment, amazon, microsoft is second, american express, intel and salesforcee are the s&p 500 winners topped by norwegian cruise lines , for heavens sake, carnival corporation, johnson controls, super microcomputer and nasdaq winners topped there by micron tech advanced micro devices, trade desk, lam research, amazon.com. 186 on amazon right now. the 10-year treasury yield is well below 4.5%, the price of gold is right about 24.15 per ounce, bitcoin 66, 900 this morning, oil down despite the events in the middle east, 79.50, nat gas 2.70 and the average price for a gallon of regular down to 3.519 for diesel it's down to 3.89. coming up, the town of lost creek, texas voted to remove itself from austin's city limits they are tired of the city's woke leadership and high crime. now other neighborhoods are following. we've got the story. donald trump says he wants biden to take a drug test before the debates. roll it. >> i'm going to demand a drug test too by the way. >> [applause] >> i really am. >> [applause] >> i don't want him coming in like the state of the un

getting into anemai as a kid, as a young person because it was one of the avenues of asian-american expression that i can relate to. my project is i'm highlighting 6 trailblazers who's family was tied to san francisco. they all have different forms of art expression. but i noticed through the research that there is a common that connects them all, which is this desire to live life authentically, organickly, speak of the love that they believe in. i made it art students and learning about art history and the place in art with the context of learning about their predecessors. >> sinsawa is synonymous of san francisco. there is a school named after her. >> wasn't she also in stamp? her art was in 2020. >> do you think she would become a artist? >> hmm, i think she was like 100s of other in the city that love the art. when there is no audience or income, why do we still make art? >> well because we seek to know ourselves and one has to believe like alela, we make art for a lifetime not just a career. i think for some, artist like breathing, it's how we know we're alive. >> it's so incredible to do

when we look at coca-cola and american express and apple, we look at them as businesses.ow, there's differences in tax factors, managerial responsibilities, all sorts of things, but in terms of pulling your money, we always look at every stock as a business. and we don't -- we have no way -- no attempt made to predict markets. we have no attempt made to pick stocks. >> jim said the business may be even better than coke axp and said the iphone is probably the best product of all time. >> he definitely endorses tim cook there. i struggled to figure out whether he was in that camp which just says, there's nothing new or the camp that says, we're on service. and also, remember, tim cook is adamant, it's a tech company, and i wasn't sure whether buffett felt it was a service company with tech. now, these -- none of these have to do with the fact that he's selling some. david, you know that apple's become very controversial because of whether it has growth or not and whether it's just afternoon iphone company without something new. what is your impression about what people are

. >> american express says about 80% of travelers are open to more spontaneous trips, with 44% saying they prefer to just pack up and hit the road, leaving the details for the last minute. in new york, kelly o'grady, fox business. >> ktvu fox two news at five starts now. >> good evening. >> i'm greg lee and i'm crystal bailey. we start with breaking news tonight. both directions of i-80 are shut down right now because chp officers are in a standoff with a potential armed suspect. sky fox is above i-80 at the green valley road 680 interchange near fairfield. you can see a car involved that is a gray toyota corolla and all chp units lined up keeping their distance at this moment. >> all right. we want to get to the phone with officer david derutte with the chp officer. thanks so much for the time. as we watch these live pictures. this is obviously a dynamic situation and has been since 330. so what is the strategy with your officers on the ground on i-80 right now we're utilizing fairfield's bearcat and they're trying to make an approach on the vehicle, to get the subject out, officer,

since it closed above 30,000 in november of 2020, check out american express, caterpillar and microsoftch stock has pretty much doubled in the course of that span. they are your leading percentage gainers in this price weighted index. they don't necessarily do something at all for the price and point total, but watch those, they made the most money for shareholders since november of 2020. as for the ones that have lagged, kind of not really participated and some days just lost money. verizon, intel, and 3m, losing a quarter to a third of their value. so those the leaders and laggards in the dow. speaking of the dow, the headliner today, retail has to be the biggest retailer out there, walmart. shares up 6% right now. it's a massive move higher, adding 20, 25 points to the dow, better than expected earnings report, driven by e-commerce. a lot of good things happening at walmart. big day for the dow, kelly. back over to you. >> indeed it is, dom, thank you very much. >>> this earnings season has painted a muddy picture when it comes to the consumer. walmart seeing strength in the high and

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