what we see at cowen is softening of demand. i don't know where that data comes from what we're seeing from companies like target or walmart or home depot is that there actually is slackening in demand those are pretty fundamental bellwethers. i don't think we necessarily need to overlook every piece of date that comes in and overanalyze it you can take a look at the aggregate, particularly retail sales and, yeah, there's been a slackening of demand, a little bit, or at least not an acceleration of demand i look at that in the aggregate and say, those people know more than i know. >> ipo still not happening m&a, maybe a little bit. >> yeah. >> debt refinancing is up a lot. >> again, if you look at the equity markets first of all, we needed to establish some sort of baseline. there's been more ipos this year already than there were last year that's for sure. and i think seven of them -- >> nothing big. >> no, but seven of them they all traded well six of the seven traded well some big names, people are floating this idea that som

it changed in 1983 with the passage of the orphan drug act essentially cowen points out there can be if the diseases are understood there's more flexible pathways to market. sometimes they can get there more quickly with smaller clinical trials and a lot of flexibility when it comes to pricing, a lot of drugs can cost hundreds of thousands of dollars a year and they get market exclusivity in many cases. seven years of not having competition. so all those things put together make this a very important area for pharma and growing. >> meg, thank you very much. stick around as we continue to talk about rare disease. for more on the development of rare disease treatments let's bring in peter, ceo of the national organization for rare disorders, commonly known as nord and boston children's hospital dr. bottomer. hope i pronounced your last name correctly. peter, meg touched on two things that i know are really important here one is that historically pharmaceutical companies haven't wanted to invest in rare drug treatments because they're too small. they can't get the payoff they get from o

josh josh cowen -- thank you so much for joining us.nk you for having me. >> i want to start just with how you are feeling. are you feeling right now. and what type of support do you and msu community need? >> you know, as much as possible. and this is a community that is very -- when sticking the, it's an unbelievable the amount of support that folks are giving each other. -- these shootings happened on campus, not just near classrooms, not just near community centers for campus, but right across the street from our neighborhoods, from places we all take our kids. and everybody is banding together, i think. so, we are doing okay. but listen, it's a really tough and said time. >> of course. and you are not just a professor. you also have a daughter in high school. >> -- >> from what you have live from the conversations your having at home with your daughter, how do you think all of these mass shootings are shaping the national relation? >> listen, this is what we think about every day as parents. this is what i think about as an instruc

lee is here now my friend, and rather the congressman right here from tennessee. congressman steve cowen se. many years ago, there was a controversy in california and there was one that stood up for justice and i watched them grow as they fought and took a balanced in principle stand supporting what was right even when it wasn't public . and they grew from one office to another. every office they ran for, they predicted you could when the political polling told them they couldn't wear. and they kept beating the poll. and they told her she shouldn't be here today. but the snow backed up and she's here the vice president of the united states. come and i have i was going to be polite about it, sergio stood up. crap so long. wouldn't it be nice for her to share a few words with come on, come on up here so they can see good afternoon to reverend sharpton. i want to thank you for all you do for so many. there are so many families here. let them personally touched by your leadership and your strength in your fellowship. reverend doctor lawrence turner. thank you for welcoming on keisha lance, b

oliver chen, from cowen. president mike pence at 8:00 a.m. eastern he'll be in studio we're working on three of us being jacketless and getting down to work. >> are you going to come over and give me a pat on the back? >> i don't know, after all of that earlier that we had there. >> really? what about tomorrow? >> we'll do it again i want to win again. make sure you join us tomorrow "squawk on the street" is next >>> good tuesday morning welcome to "squawk on the street." i'm carl quintanilla jim cramer is back david faber as well. futures starting the week led by guidance of walmart and home depot. ten-year 3.9 ro

, which is a bit about, i cowen's, which is a bit about, i think , in no small measure as a think, inmeasure as a result of the pretty low wages that carers get. and of course it's like anything if you're not being paid well and you're in the middle of a cost of living crisis and you've got to put food on the table and you can find a betterjob elsewhere, then the chances are that that you're going to take so, so you're going to take it so, so all of those things are the problem. but i think really a national obviously is national case obviously is probably the only solution at this yeah. and the this stage. yeah. and by the way, we talk about, don't we, the shortages well the staffing shortages as well in whole sector. in this whole care sector. i can't resist. sorry. i know you'll michelle. on you'll go michelle. going on about let's not about it again, but let's not forget so many people , forget we lost so many people, tens of people, as tens of thousands of people, as happensin tens of thousands of people, as happens in that sector, because we had vaccine mandates and we forced pe

maria: i am wondering if the president is going to bring back his build back better agenda a line in cowen and company this morning analyst here, is excellent chris cougar on this he said we will not be surprised to see a number of "build back better" revenue raises featured in budget 12.4% payroll social security income income above 400,000 comrz pay 6.2% employees pay 6.2% the tax stops on income above 160,000 replying tax on income 400,000 raibdz neighborhood 8 hundred billion opinions he going to start putting "build back better" items within this budget. >> insure on spending side keep in mind that thing about social security raising cap is interesting causes consternation amongst democrats took position not a tax it is your money you saving your money that is what with social security is, when you raise the tax, without raising the benefits an not going to raise benefits which a really means admitting a welfare program that is difficult for some of them to accept, i think they will probably push forward with it because, the temptation for them to tax the rich is just is just too hard

reed cowen has more on the poet laureate. >> reporter: sometimes words are work.e right words when you are writing about someone whose words are music? >> needs to quit acting like those are birds singing. >> reporter: firing like bullets at bad things. you have to do what the poet laureate does a lot. roll back the tape for a deeper look to before his poetry reading on martin luther king day back stage. >> the time before i get on the stage, i spend fighting myself, i spend torturing myself. >>> born in the bay tong became poet laureate, work so profound, so prolific, the mayor needed two pages for words she used to describe him. groovy artistic humanization. >> a megaton situation. what we write really becomes a relationship to power that no brute strength can conquer. >> is there anything you say that is not well thought out? being with you for five minutes, i can tell you have paid in minutes and hours thinking about this. >> yes. >> reporter: he is humble, he says, because his craft demands it, a ghostly erasing of self before going on stage. >> it is kind of

claudia cowen is live in california with the story. hi. >> hi, mike.d for all sorts of reasons but one california mom is suing because of the phone call she didn't get. the one telling her that her daughter was socially transitioning to a different gender. >> i just want them to stop keeping parents in the dark. >> california mom's 11-year-old daughter was living a double life at sierra view elementary school. she was a girl at home and a boy named jaden at school. the mom is suing the chico unified school district to put a stop to their parental secrecy property and allows students to switch without parents approval. >> they were talking to her about different support groups in town to help with the transition and breast binding with my daughter that i had no knowledge of. >> she has since identified once again as a female. >> parents have the right to direct the upbringing and education of their kids. >> senior counsel and director of the center for parental rights. >> these schools who are coming up with these policies where they push a child toward

we'll stick with this topic, bring in cowen's chris, predicting an iphone slowdown ahead.know there were production issues in china, covid-related during the quarter that will affect certainly how many they were able to get out the door now do we have, perhaps, an oversupply issue like we do throughout consumer electronics, or is apple going to be able to keep that under control? >> jon, thanks for having me like you mentioned, i think iphone estimates have been revised downward as december progress we started out in the 80 million unit range we are now at 74 million for december and then march were seasonally slow, but they took down that number to around 59 million. i think to your point, december quarter is marked more by production delays, covid-related issues in china, some issues in the foxconn factory. i think march quarter you'll see demand-related stuff, not supply but demand related we're definitely seeing some softening. the question is that, you know, unfortunately, it's more how the year progresses for the iphone and is there more weakness ahead. i would say t

c3 ai has been on an absolute tear let's continue the conversation on amazon and alphabet with cowen's john blackridge. did you get enough detail on efficiencies and profitability from both those names? >> yeah. i was lifbing to i ing listeninu guys in the lead-in. we didn't get quantification of the various cost containment efforts that they're doing, like we kind of got with meta the night before but what i would say for amazon, and both actually beat on their profitability in q4 for amazon if you ex out one-time items the one thing i thought was interesting and positive on the margin is they are seeing efficiencies of the fulfillment business i've been on, we've talked about doubling the fulfillment network the last few years, ramping the transport costs. their shipping costs were up 4% year over year, while they -- their unit growth was 8% and so talking to them after the call last night, that was better than they thought it was going to be. so, i think jasse kind of talked about it a little bit on the call so, that was certainly positive on the margin. >> jon, are you worried abou

last night, i'm looking at a cowen and company report this morning, they're expecting more tax on feeback tax, attacks on big business. what are your thoughts in terms of the attacks on big tech. >> you heard it in the state of the union when biden decided to basically declare the time of like getting our trust and releasing products and us being grateful is long gone. there is serious privacy concerns, serious anti-trust concerns. i'd be surprised if we didn't see substantive movement from a regulatory perspective. there's skepticism from lawmakers and consumers about this. maria: you don't see a lot on crypto. we're waiting on some kind of framework for crypto. a federal judge rejecting a proposal to alter ftx founder sam bankman-fried's bail conditions despite an agreement to address concerns of possible witness tampering. the bail hearing set for tomorrow. i want to point out a china connection as well. obviously chinese company removed tokens and was the last straw in causing that collapse. fraud is fraud. but there was also a china element in terms of impacting the crypto market

according to cowen, quote, one thing we don't see letting up the biden administration's push on export, and the house select committee on china piper sandler, the biggest unknown for investors concerning u.s.-china economic relations, how far reaching the administration's forthcoming executive order on outbound investment will be prior to the balloon the biden administration said that policy would, quote, be tailored focused on things, sectors like a.i., quantum, cyber, 5 g and semiconductors is it going to become more far reaching is one of the key questions now, not to mention the fact you have the house speaker kevin mccarthy set to visit taiwan as soon as april. what's going to happen to the secretary of state visit that was called off in the midst with blinken. and in general, what is this going to mean in terms of this whole idea of dual use technologies we have already seen export controls put in place on things like semiconductor chips are we going to see it happen in a much bigger, broader way now by the way, it doesn't just impact the u.s it impacts europe too. >> their bigge

analysts at cowen releasing a note saying this will likely force the company to call out a special chargeat history, we don't know the details and how this will play out, but if history is any indicator, that the impact on shares will likely be short lived. you can see since that derailment, norfolk is down -- norfolk southern is down about 8% and, guys, it's just, i mean, the video is intense which tends to be the case, i should note, with train derailments, but this is a large train. >> also just the hazardous effects of vinyl chloride. >> yes. >> and the temperature at which it boils and the ease with which it attaches to water all kinds of really fascinating and tragic science right now. >> they've been monitoring the ohio river closely apparently and there's a few reports out in the last couple days maybe trace amounts of some of these chemicals, but that overall water utility is saying that drinking water is still very safe for residents to drink in the broader i think area, and i would note it looks like you already got several shareholder lawsuits tied to this event as well >> oka

oliver chen, from cowen. thank you. >>> a big interview tomorrow we'll speak with former vice president mike pence at 8:00 a.m. eastern he'll be in studio we're working on three of us being jacketless and getting down to work. >> are you going to come over and give me a pat on the back? >> i don't know, after all of that earlier that we had there. >> really? what about tomorrow? >> we'll do it again i want to win again. make sure you join us tomorrow "squawk on the street" is next >>> good tuesday morning welcome to "squawk on the street." i'm carl quintanilla jim cramer is back david faber as well. futures starting the week led by guidance of walmart and home depot. ten-year 3.9 roadmap will begin with a checkup. walmart and home depot with cloudy openings. >> pressure is building in the biden administration accusing norfolk southern putting profits over safety. the ceo promising to do right by the company. meta to launch a new pay verification service my friend jim cramer here calls it a great beginning. >>

meanwhile, cowen puts capri, a bit of a mixed picture in retail given questions about the consumer andregarding inventory >> i think the ralph lauren call is a bit of a quality operator, well positioned, looks like they're past some of the tough stuff. it's not a table pounder about some real change of trajectory for the business but it's like, you stick with the better operators. huge questions you see some stocks like tapestry, making new highs consistently recently, so some of the branded goods companies were doing well, but nobody, i think is very confident about a macro call you're not likely to see re-acceleration in consumer, even if wage growth is still here and nobody's fallen apart yet. >> although, one of the arguments lately has been the january jobs print was fueled by warm weather, for example. i've seen some estimates that it added a hundred k, and as a result, retail sales on wednesday could come in hot, as well as cpi. >> it was real activity, even if you can't necessarily say that's the new run rate >> absolutely. i think we're in a mode now of clenching up in advance

setting the agenda today, cowen ceo jeff solomon as the two-year yield reaches its highest level sinceearch teases rate hikes. >>> mark mobius with us, his bold global call. >>> later rockefeller's ruchir sharma says the classic stocks are a bubble. >>> dow did have early session highs, up 300-plus

cowen says this raises the likelihood that defense spending will not be cut, perhaps even increased.officials ahead of the weekend have described to congress as new era of chinese surveillance just on friday you did see six chinese tech firms that were sanctioned tied to that first balloon. and this idea that surveillance balloon efforts from those companies have happened in the past, and then just this morning headlines that china says that the u.s. has flown balloons more than ten times since 2022. so for investors, perhaps, even more than the details of these objects themselves is what this does to the tensions between the two countries on the world stage. >> i'd like to know whether that's true, and that actually was going to be what i ask what do we do? it's spy versus spy, and we're no slouch, i'm sure, in trying to figure things out i mean, do we have really cool things that we're flying around to spy on china? we must. >> i mean, let's be honest a lot of this is going to be secretive or classified. we do have capabilities. it is my understanding from some of the conversations

joining us to talk more about that, cowen, washington strategist chris krueger i thought we initiallyhe same time, and nobody knows it has to do with factors that we don't know at this point, like tax recemipts. >> that's exactly right. is it a smidge or more, is it june, july, august well, right now, it's june 5th, because the ultimate -- this is run by the golden rule, he who has the gold makes the rules that's the treasury department yellen has pegged the date as early as june 5th. to your point, tax day is a moving target based off receipts, we'll see around april 18th this year's tax day and the expectation is that this is probably an august september date, but remains to be seen but right now it is june 5th >> so when we see the president say no negotiations, but then we see speaker mccarthy exit the oval office or meeting with the president and say, we're talking and there's things going on. do you see a path forward, chris, that both sides -- we hear about saving face a lot from other countries about how you extricate yourself from these positions you have do you see a way out