energy department. >>> let's get back to our special guest this morning, legendary investor david teppering some individual names. just based on the s.e.c. filings, it looked like you trimmed your position in shares of apple. fair to say? >> i think that's right. >> we saw this at the same time warren buffett announced he tripled his position. are you seeing something that you think he's missing? >> he made a better trade than me. the stock is up since we sold -- trimmed it. i think when we trimmed it, we were probably -- like i said, we were concerned about what china policy might be in the beginning of the year. there was a lot of rhetoric and things that were -- it was the only thing specifically -- well, i don't know what will happen with border tax. it wasn't exactly as trump said. we're waiting for that shoe to drop with china, which it never did for different reasons, which is probably good over time because it's complicated. unfortunately, it probably trimmed a little bit, worrying about that because of apple's exposure in china. listen, it's fine. i don't know where the stock is

david tepper said he is long stocks." this morning that now is not time to be negative. >> we are so far behind, in my mind, the curve now, potential upside, downside potential. we can talk about the fed, ecb. everybody still looks on the negative side of life here, on everything. for some reason. ten years, almost ten years after, nine years after the downfall. it's not just a negative side of life. you have to be on the positive side of life. >> all right. is tepper right? barry bosano, new survey showing increase in demand for alternative beta strategies. we'll get him to explain that and talk about the survey in a minute. first of all, do you think too many people are too negative most of the time and they ought to be more positive, more hopeful as mr. tepper feels? >> i can take two runs of at that. from an industry perspective and a market perspective. from an industry side our survey was optimistic in a capital flow perspective and performance perspective. capital flow perspective, there are really three things. t

i agree with david tepper. we'll see whether or not we get an explosion in the up side of interest rates, or whether we, as i believe, that we are anchored to what's happening over there. the volatility overseas is 30% or more higher than it is here. that's because they can't just roll back regs like we can, because of the european union. it will be much harder and draghi is unlikely to make any moves, even though i agree with the gentleman, that we're not prior to see any moves made prior to the elections. we make a move here, the markets react or don't, and i think they don't react to that move next week out of the fed, and i think we stay roughly -- i don't even know if we violate the 260 to the up side. >> the wild card is the agenda. you were going to say the fed? >> for december -- i'm sore, for the ten-year, i don't think 260, i don't think we get above that. >> the wild card is the trump agenda, right? we've auld placed our bets, pushed the chips into the table, believe we're going to get the good hand.

>> i think david tepper did -- mr. tepper did a great job breaking down the markets as he usually does. he gave us, you know, mr. kernen asked for a couple quotes. i think he gave more than a couple quotes this morning. when you look at the marketplace, i think you have to gauge it in a few different ways. the market rallied off the pro-growth policies and everyone is hanging their hat, so to speak, on getting those done. if they don't get them done, you are going to see that infrastructure plan probably kicked through, you'll see more stimulus on the other side of the equation. i don't think -- i don't want to say that there's no risk to being long equities, and you will see pull-backs from time to time, but if you're long this market, you are reaping the benefits of that rotation coming out of bonds that we have seen for the last eight years. there was no benefit -- or i should say there was a large safety bet. even with the market moving higher. i do believe that rotation is still much longer in the tooth coming dow

plus, snap rebounding after david tepper said he would guy stock. roger mcnamee said he might want to wait bit. he'll be here to explain. and bob iger sticking with the company, but it is what else he said at the shareholder meeting had everyone talking. we'll hear from him later this hour. first we start with a crude crush. oil down, having its worst day in more than a year. sinking to its lowest level. it came in quadruple of in what it expected. the dow s&p and russell all ending the day lower with tonight nasdaq closing slightly higher. is the crude decline the first real crack in the trump trade? what do you say? >> no. the crude crack trump trade bond bash, we love alliteration today. the crude crash, for two months we've been at record longs. you have a lot of reasons why guy should be skittish. nigeria is coming back online much more than expected. iraq will be 5 million barrels by the second half of the year. and we have the number for oil. i would not be spritssed to see oil pack at least half these losses tomorrow. this is not the time to

carl icahn concerned, david tepper says buy. we debate that. tepper talking about several big names today, including apple, snap, allergan and should you buy those stocks? and the reporter behind a nirp and explosive report that's forcing caterpillar shares lower today. "the halftime report" noon eastern. guys, carl, we'll see you in just a few. >> nice to have you in the house, scott. thanks. >>> let's get to rick santelli in the meantime, get "the santelli exchange." rick? >> thanks, carl. you know, let's continue our topic of value. value's one of those intangibles. you know, you go buy something at the store that costs 99 cents, but on the way out, if somebody wants one and offers you $3, it's worth $3. but the next person when he's done using it most likely will have a harder time finding another person to pay $3 or more. so, what is value? value is what the next person is willing to pay. the problem is, as you take that to the nth degree, now you're talking about bubbles and tulips, because up-to-the-minute ultimately, that dynamic can get

david tepper will be joining us from appalossa management.illionaire hedge fund investor is well known and has made some big calls on "squawk box," talking about the taper tepper, the taper rally. we'll see where he thinks markets are heading today. since his fund started back in 1993, he has annualized returns of 25%. he knows what he's talking about and has been right for a very long period of time. you do not want to miss this. this starts at 7:30 eastern time. you know on friday we have the big jobs report. today we will get two insights into what you might expect for that number. the adp report at 8:15 eastern time. that's a big market that the markets are watching. and we have dan roth, who is the linkedin executive editor. inked in h linkedin has 133 million people in the united states who have a profile on it. we only had them on once before to talk about what they're seeing in the work force. their work force report will be alt 6:50 eastern time. both will give us insight into friday. plus we have a big guest coming up with wilfred,

appaloosa's david tepper joined "squawk box" earlier.about the markets. >> we're more long u.s. stocks. but the bigger bet is -- listen, it's all kind of same sort of bet. if we're short u.s. bonds, we're betting on a stronger economy here. >> right. >> okay. that's the bet. so we're betting on strength one way or another here and strength around the world. in one way or another. and like i said the only thing that's on the horizon, different things can happen, hopefully nothing happens political, but different things can happen in, you know, france, but once you get through there, there's nothing else on the year. you kind of have smooth sailing. >> he also commented on the federal reserve ahead of next week's meeting. >> take away the punch bowl. take away the cocaine. take away the heroin. put the marijuana in the drawer. the fed has to get serious now. >> taking those drug analogies with qe and stimulus to a new level with the punch bowl. but talk about strength, guys, tepper was commenting on the u.s. economy and the global economy,

you were listening to what david tepper was saying there. essentially the message is the same from every guest we have on the show. when you look at valuations, u.s. markets seem incredibly overvalued, but you don't want to go against the trend what do you tell investors going into the u.s. right now? >> well, the empirical evidence on valuation is strong, yes. that's why everyone is coming to the same conclusion when we look at historical ranges, different types of metrics, they do point, you in the same direction, which is certainly not cheap. they're expensive. are they unjustifiably expensive? there the debate takes you back to interest rates. all these historical ranges we're using had a completely different interest rate regime in force. so we might be looking at completely the wrong ranges. if you look at dividend yields and compare them to yields available in cash and bonds, suddenly you get the opposite conclusi conclusion, which is equities are still cheap. you can go that far. it's a relative argument, then the u.s. is less cheap

"squawk on the street" with -- tomorrow's david tepper. awk on the street." >>> good tuesday morning. welcome to "squawk on the street." i'm karl quintanilla with jim cramer and david faber at the new york stock exchange. the premarket. the tension is squarely on the new draft bill called the american health care act. we're going to w

. >> there's no messing with david tepper. he's been a hero calling this.ow do you judge a difference with snap and massive growth? i don't understand where valuation comes into play. >> this is a sentiment trade. sentiment got incredibly negative. it is more of a longer term. since we got so negative, the average is $17.5. there's two dates to think about. the earnings, mid may. may 15. march 27 is when 30 plus banks on this deal will roll out in the stock. and they're going to come out and it will be a little different story. so i think that will be a trigger. i think sent intergot way too big. i think you trade it right back out. >> morgan stanley coming out with an outperform on the rating will make it go higher? >> we have to look at this in macro terms. if the market was doing better, tripping over itself to move higher. everyone buys beta. they look for snap to be that aggressive purpose. once start it flattening out, they sell their newest arrivals. the reason why facebook, google, netflix are all doing well, is because snap is not doing well. if it

i think, i mean, who is going to argue with bill gross and his track record. >> not david tepper eithernground between the two. >> i think why david's right is he's bringing in the very risk that bill speaks about. he's actually using, as i would, as a great force of growth globally, and if bill's pointing out there's more ambulance sheet risk outside the united states, well, that's where all the growth is likely to come from. that's where you are going to tee the 3-m% growth, and this mitigates, quickly, in a respectly growing environment, and if you just use that, i think you tap down that risk, particularly over the near term. what's more interesting, though, and i would go beyond some of david's points, which is investors globally just are not exposed to equities, and we are in a big demographic cycle here that's going to attract more and more savers into equity-like investments, and if that happens, you're going to have that whole generation of investors now start to become part of a global -- >> you say there's cash on want sidelines to propel the market further? >> yes. it's tril

david tepper on cnbc, i think yesterday, said i look it at the ipo price, not at $30, and that is thes on the institutional side are looking at it. they're saying, look, even if you think this could be a $100 billion company in four or five years, at $30, you're only getting a 2x return. at 16, you're getting 3, 4 or 5x, so it's much more compelling. >> the other thing investors track is sentiment when it comes to the rally, and it does feel like a consistent feature of this bull market over the last few years is it's been heated and not embraced, and there have been plenty of worries out there. how exuberant does it feel to you, versus, say, the number one longest bull market in history, 90 for 2000? >> it is nothing like that. >> right. >> and that really is the missing ingredient. and i think a lot of people do say, look, when you're really at a blow-off peak, you've got everybody, uber drivers and others, recommending stocks to each other, that's what it was like in the 1990s. we definitely don't have that. but still, on a valuation basis, numbers are closing in on that peak on th

. >>> programming note, founder david tepper will be joining us wednesday.e's putting his money to work. that will be on "squawk box." stick around. we'll be right back. ♪ mapping the oceans. where we explore. protecting biodiversity. everywhere we work. defeating malaria. improving energy efficiency. developing more clean burning natural gas. my job? my job at exxonmobil? turning algae into biofuels. reducing energy poverty in the developing world. making cars go further with less. fueling the global economy. and you thought we just made the gas. ♪ energy lives here. and the wolf huffed like you do sometimes, grandpa? well, when you have copd, it can be hard to breathe. it can be hard to get air out, which can make it hard to get air in. so i talked to my doctor. she said... symbicort could help you breathe better, starting within 5 minutes. symbicort doesn't replace a rescue inhaler for sudden symptoms. symbicort helps provide significant improvement of your lung function. symbicort is for copd, including chronic bronchitis and emphysema. it should not be

. >> i don't necessarily -- david tepper said the sharp bonds because of rising rates and he was very enthusiastic about stocks. at some point, race gets so high at present enough competition for stocks that people jump the fence. i'm not sure if 2.6 -- i would think the numbers may be higher. lauren: 10 seconds, does the federal reserve rate hike next week? >> i think we will see three -- i think we're going to see four. it wouldn't surprise me. lauren: about marketing, chief investment officer. keep following the markets after a big selloff and coming out. the replacement bill for obamacare passes a big hurdle in congress. getting approval from the house ways and means committee at 4:00 in the morning. house speaker paul ryan's continues to defend the plan. >> we have working groups for anybody like an idea prior to the table and then the rich conservatives as republicans than with the plan but lake. lauren: dow futures this morning. down 12 waited on the european central bank. jobs tomorrow, said next week. keep it right here on "fbn:am," your first look at morning markets and brea

. >> he'll be watching squawk box with david tepper tomorrow. tip. >> viacom. >> you saw the fast pitch. >> i want to stay long but i'm afraid. >> dan. >> xlv. >> iron man. >> no. j and j will get it done. >> we'll see you tomorrow at 5:00. >>> my mission is simple, to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere, and i promise to help you find it. "mad money" starts now. hey, i'm cramer. welcome to "mad money." welcome to cramerica. other people want to make friends, i'm just trying to make you some money. my job not just to entertain but educate and teach you. call me at 1800-743-cnbc or tweet me @jimcramer. we came into today not expecting much from the session and we got

yesterday on "squawk box," david tepper of appalossa management had this to say about the fed and why he thinks it's behind the curve. >> it's crazy. janet yellen was saying again 1%. it's wrong if you get the good things happening. it's not wrong if there's no tax cuts, certainly if the french election goes the wrong way, it's not wrong. but it will be dead frigging wrong. wrong. let me not pull a punch here. wrong! if you get the good things to happen, which is a distinct possibility. >> joining us now is ed keon, portfolio manager from qma. and steven parker, who is head of the mattic equity at jpmorgan private bank. ed, tepper was blatantly saying what he thinks about this, the fed is behind the curve and this will be an issue. they'll have to raise rates more than expected. >> he said they would be behind the curve if we got the good things, tax cuts and so on and so forth. i think they're starting down the path. i think it's clear they'll raise rates at this meeting. the question is do we get fiscal stimulus and evidence that inflation is going above the target. they're perfectl

heard that from investors like david tepper on "squawk box" recently. the election results that we will learn about on thursday from the dutch elections signal for france? >> it's a very good litmus test, the dutch elections. it's a good way to see which way the pop lulist winds are blowin in europe. and how well the freedom party, the break-away anti-eu party in the netherlands do in the polls on wednesday. the current polling data suggests they have taken a bit of a dive recently. their support has fallen from a peak of 32% at the end of last year and fallen to close to 20% to 22% going into tomorrow's elections. there's a lot of momentum being taken out of there. that leads us on to the french election where maybe the populist parties won't take as much of the vote as originally thought. >> alex, is it possible for the fed to surprise to the upside for dollar bulls over the next couple of days? >> i think if this rated hike is almost 100% priced into markets. i don't think a rate hike this week would come as a viz for investors. instead, it's what wi

david tepper is short bonds, that's a winning trade right now. see what happens with the jobs report tomorrow and the federal reserve as -- >> do you know how to spell hiney? >> i apparently did it wrong. >> i learned it was heiney. >> i think -- >> there we go. >> he was very short on bonds, long on u.s. economic growth. let's check in on what the data is suggesting around the world. china's producer price index ro rose 7.8 last month. the fastest pace since september. in terms of chinese cpi, which is the important piece of data, that rose 0.8% year on year, it was short of consensus expectations which was expecting a 1.6% forecast and it is down from the 2.8% in january. so, cpi disappointed it was up only just shy of 1% year-on-year. as you can see, markets in asia having profit taking. hong kong and china down. japan up slightly. let's look to europe. ecb rate decision due around 7:45 eastern. the central bank is not expected to move on rates. president mario draghi will hold a news conference at 8:30 eastern time. european markets basically

had the governor -- >> earlier in the week in some comments from a conversation that i had with david tepper who suggested the reason the bond markets and yields were as low as they were wasn't reflective of an economy that was sputtering or suddenly slowing but more so of too much monetary policy around the globe that was still within the system. >> right. but we're still having the debate. i happen to agree with tepper's viewpoint. on monday we were having the debate, is the bond market, and jeffrey gundlach was saying 225. the ten-year was 230. now it's 247. we're done with that conversation. i said on monday i think we're going to break out above 250 significantly. >> judge, business sentiment, which is what is going to help drive cap x spending has been dramatically impacted by the president. i heard steven ratner say today that in the first 30 days of this presidency president trump has met with more business leaders than obama did over the next four years. and that has sparked some pretty considerable changes to the way that they're going to be doing business going forward. and to the

"squawk on the street" with -- tomorrow's david tepper. now is time for "squawk on the street." >>> good tuesday morning. welcome to "squawk on the street." i'm karl quintanilla with jim cramer and david faber at the new york stock exchange. the premarket. the tension is squarely on the new draft bill called the american health care act. we're going to watch pharma and insurers all morning long. europe got stung with the worst german factory orders in eight years. trade deficit at a five-year high. the health care proposal. the fight begins over what to repeal and how to replace. >>> plus, another jobs announcement from exxonmobil. the president thanking exxon, calling the actions the core of his agenda. >>> and a rally snapped. snap falls 12%. now below its opening price from ipo day and moving lower in the pre-market. >>> first up, health related stocks are in focus now that the house gop is repealing and replacing the affordable care act. changes include requiring people without insurance to pay a tax penalty. the use of credits instead

you can find out if billionaire hedge fund manager david tepper is still long stocks and short bonds. he'll be speaking exclusively with the "squawk box" gang. that's tomorrow morning at 7:30 a.m. eastern time right here on cnbc. looking forward to that. meantime, 40 minutes left in the trading section. the dow is down 10 points right now. >> two heavy weights in the energy industry discuss how high oil prices could go. opec secretary general and chevron ceo join us. >>> up next, snap takes another leg lower on wall street. we'll tell you why. there's specific reena parentally coming up. with e*trade's powerful trading tools, right at your fingertips, you have access to in-depth analysis, level 2 data, and a team of experienced traders ready to help you if you need it. ♪ ♪ it's like having the power of a trading floor, wherever you are. it's your trade. ♪ ♪ e*trade. ♪ ♪ start trading today at etrade.com >>> welcome back. check in with the movers on wall street. dish is rising on news out late yesterday that the satellite tv provider's stock is being added to the s&p 500 index effectiv

. >> said the same thing, david tepper. >> gradually.e local currency, which makes that -- do you have time to change -- >> but china's manufacturer wants to sell home depot. the merchant sits down and says by the way from this day on we're paying in your currency. he doesn't accept it, he hasn't got the business. the biggest thing of all. the job opportunities in america are staggering. if i have a moment i'll give you an example. there's a little town called paris, tennessee, in the northwest corner of tennessee. emerson electric had a plant there, 900 people. they were manufacturing all the power towels for sears, roebuck. they got a call one day, you're done, we're going to china. chuck knight called bernie. bernie and i flew out we made a deal. we'll move a lot of our private label stuff up. part of that deal we got rigid brand, a powerful brand in home depot only. we saved 900 jobs. they had balloons. i got a bat in my office, a baseball bat. the point is you bring jobs back to these little towns because that's where you can build

. >> david tepper was here this week and he thinks that the fed will have to raise rates quite a bitquickly than the market's anticipating because of just that. >> and i think in the last couple of weeks, we've seen the market come to grips with that. i know you're talking about the pullback for three days for a large cap, and small cap, if you think of them as more of the canary in the coal myan, they've been down eight of the last nine days. the only day it was up was after trump's presentation to congress. you're feeling that, okay, if the fed's going to be a little bit more aggressive, the economy starts to slow, what's going to be most impacted? it will be the smaller companies. and earnings are already not great for small companies relative to large. and you have market valuations that are in small cap pushing 19 times. starting to get to the upper end of the valuation range here. >> is that a broader call on stocks overall? or are you simply sticking with the small caps? >> for me, personally, it's a broader call across. we haven't raised our target. a lot of other firms have.