corporations have decided to take a stand and no longer do business with the state among them disney netflix and warner media either give it becomes law it will be very difficult to reduce or rather doubt we will we have many women working on productions in georgia whose rights along with millions of others will be severely restricted by this law should it ever come into effect would rethink our entire investments in ga if the new law holds we will reconsider the new home to any new productions but how consistent are these corporations for example netflix recently blocked an episode in saudi arabia as a favor to the monarchy crown prince mohammed bin some on m.p.'s was hailed as the reformer of the arab world needed but the revelations about to show his killing have shattered that image. we strongly supports it's a sick freedom worldwide and only remove the sub the so to insult you are a bit after we had received a valid legal request but saudi arabia is not exactly a haven for women's rights and progressive thinking on its face is pretty ironic because those countries have pretty egregious

industry over new law prohibiting abortion after 6 weeks of pregnancy but while the likes of disney netflix and warner all adopt a firm moral stance in the us they seem less principled when operating a broad scale or more but expects. as the state of georgia imposes restrictions on abortion a number of multinational corporations have decided to take a stand and no longer do business with the state among them disney netflix and warner media either give it becomes law it will be very difficult to produce or rather doubt we will we have many women working on productions in georgia whose rights along with millions of others will be severely restricted by this law should it ever come into effect would rethink our entire investments in georgia if the new law holds we will reconsider georgia as the home to any new productions but how consistent are these corporations for example netflix recently blocked an episode in saudi arabia as a favor to the monarchy crown prince mohammed bin salon a k n b s was hailed as the reformer of the arab world needed but the revelations about the show his killing ha

spectacular they'll be torn apart and as everyone else launches their own platform netflix is going to lose a lot of content disneyflix's viewing minutes. that's one of the reasons it's here and not there there are plenty of legitimate concerns here but i think netflix has already established itself as the top dog in the streaming and they're not going to have that much trouble retaining subscribers. the company's being putting out content for years and it's a slate for everybody. they have a treasure-trove of data about what you want to watch. it's almost artificial intelligence like and their international growth has been spectacular they target the taste of individual countries. i'm going to put warner media in here that's a subsidiary of at&t. this is another service that doesn't exist and unlike disney plus we have no idea about the launch date. however according to a piece in the "wall street journal" yesterday, warner media is going to run a beta version of the service later this year for between $16 to $17 a month and that will include hbo now. you'll get hbo and scinemax, d.c comics, "harry potter" and "f

i almost want to peg this as a netflix versus disney. >> don't do that. >> the negativity around netflixeems to be with the optimism around disney whereas others suggest why do you have to choose that they can both work in the current environment what say you, jenny? >> i took it a little more as a netflix versus at&t, right i can't buy netflix because i have really strict disciplines around how i invest. free cash flow yield, dividend yield and valuation. i can't buy something with no yield at 133 times earnings. looking for 20% upside and like that space i can own at&t, a 20% move brings it to 15 times, 32.5 dollars would put it a at $39. you have really good assets there too like hbo an "friends" and "seinfeld. it's a neat way to play it without taking the valuation risk so i love that you said disney versus netflix i would take a different spin. >> that's fair >> if you go back and you look at netflix in 2018, you're basically talking about a stock that had nearly a $200 range from july to december. the best thing that has happened to netflix in the last six months it's trading in a

if they do, disney, netflix, et cetera, saying they'll take action. all the tv shows, of all the movies that explore issues involving women's rights, "the ha handmaid's tale" is number one. it's owned by disney. set to release the third season of "the handmaid's tale" in a few days. it's going to be streaming on wednesday. it's based on a novel, set in a totalitarian america ruled by a fundamentalist regime that treats women as property. infertility has become the norm. the few fertile women are used as slaves forced to repopulate the country. let's talk about the fictional hgz and what's going on with ann dowd, one of the stars, she played aunt lydia, as well as the producer, warren littlefield. he is also here with me both in new york. you promoting the 30s season of this show i -- the third season of the so how i love. you're getting into real life, it the abortion bans. what's your view about what's happening in georgia and other southern states? >> may view is that it is unconscionable. and not just because no one including middle class and upper

right now has 150 sue kriebers it's hard for me to imagine that netflix continues to add subscribers at the rate people expect when you have disneyat 13, i think netflix has a huge problem in the fourth quarter. anybody who doesn't have a service is thinking of adding one, they're going to think of disney first before netflix. people aren't going to turn off their netflix but i think in terms of the incremental subscribers out there, i think disney gets the majority of them. >> you put another stake in the ground we can check you on in a year. >> please do you have a better memory than i do >> carl does thanks >>> as we head to break, take a look at shares of fiverring, which just went public at the stock exchange they're up 44% right now how about twitter, that's down over 2% after it was reiterated a sell on that stock it's actually down 4% now. we have more "squawk alley" straight ahead don't go anywhere. your daily dashboard from fidelity. a visual snapshot of your investments. key portfolio events. all in one place. because when it's decision time... you need decision tech. only from fidelity. >>> welcome back to "squawk all

shot to outperform gut i would li -- but would i like to see the numbers of disney plus come in i heard what you said about netflixersus disney and it's a tall order to get 7 million subscribers in five years. show me a little progress first. call me cautious call me conservative i'm not crazy. >> where do you want to go to obtain the services? where would you go with the money? >> right now as an alternative i'm in cbs and viacom. >> they're going to grow more than disney? those are really exciting, jim just kidding. >> i do want to say -- >> do you have something serious to say about cbs viacom? >> i will say something serious. >> hold on >> viacom up 3%. you got me you got me. >> we look to the future. >> and where is it the last five years? >> so i 10% hike is fairly valued. >> where we are today, scott all kidding aside. i'm not trying to make this universe to me if i say disney will go up 10% over the next 12 months, i see a merger of cbs and viacom i see a synergy and acquisition for any company to get content the same way at&t did with time warner that's a valid thesis. you may disagree with it but i see t

i don't think it is a zero sum gain i don't think it is either netflix or disney. think it is netflix first, then it is disney, and they're going to make it tougher for anyone else to enter the streaming war, that streaming arena. but i still think you trade this, especially if the market continues to go higher, which i do believe is so. >> i'm going to take a page from tim's book and use this tactical, strategical thing. >> the pond? >> yeah, the pond and different things i would fade it here, only because it is up 9%. i actually think netflix does quite well to steve's point, i don't think it is a zero sum game. i think netflix is one of the subscriptions you cancel last, but it has been trading in a nice range take a little off the table and let them prove it to you. >> although i'm bearish as i mentioned on fade it on the overall market, i agree with steven and brian kelly you trade it i think it is a push towards the may high of -- what is it? i think last year 420 or thereabouts. i think we do that into their july earnings release, melissa. >> boeing up 7%. ti

but disney, netflix, showtime, nbc, universal, sony, viacom, warner media, the parent company of cnn,g withdrawing from the state. all of those companies would be giving up generous tax incentive it's they pull out, citing the concerns of predominant liberal stars and producers. and it's all over a new law that would make abortions illegal after a fetal heartbeat is detected. brian, the correspondent of "relipab "re "reliable forces" is joining us. >> they are not sure how to handle this situation. they are waiting to see what happens in the court. these heartbeat are going to supreme court, reexamination of abortion rights will go on for months and months. but we saw earlier netflix take a strong position on this issue and say it will be hard for us to remain in georgia producing tv shows moving good these take effect. after netflix spoke out, the companies did as well, the power of netflix in the whole new world. what's going on here, we are seeing economic pressure, not economic boycott yet. these companies don't want to leave georgia. tax breaks are generous. a lot better to make

bought of the business and if you look at the valuation that was thrown on others like netflix you would say that disney enormously cheap by comparison and this is a way to participate without being concerned that you're getting in too late. >> netflix, on the other side of this is dormant. the thing has literally stopped trading and it's in a tight range, and equilibrium and someone will come along to break it out or break it down. it's a non-trade and a nonend. >> for everything options action check out ox action.cnbc.com and while there sign up for the super cool newsletter. it's the best thing since sliced bread. really here's what's coming up next noop. >> activewear is hot, but mike ko says there's one name in the space making him more like an active bear. he will tell you the name and how to play it plus -- calling all options action fans. reach into your pocket, grab your phone and tweet us your question at options action if it's nice we'll answer it on air when options action returns. ♪ ♪♪ ♪♪ ♪♪ i'm not really a, i thought wall street guy.ns. what's the hesitation? eh, it just feels too complic

so i don't think disney is saying that people won't have netflix and they'll have both. >> i own disney own netflix. at some point in time disney will start to really be something that will be a thorn in the side of netflix i think that's down the line and that's why i think you can own both because they have other factors moving into the upside and netflix, i have to tell you something, that competition will be real and there are so many dollars that can get spread out in the streaming world kate was on the conference call when you brought up disney >> it's remarkable how well he was on the conference call because we do it whilest the halftime report is in progress >> with that said, though, it is the strength of disney that's been pretty remarkable given the move we saw from 118 to 136. you had a huge volume day when facebook traded three and a half times normal volume and it was a 50% correction of the december 21st low and the recent high for the first time, facebook shakes out pretty well on the side >> we have to talk about apple in this conversation because what steve was just sa

battle for streaming supremacy, wall street bets big on disney stock ahead of the disney plus deblue this fall netflixres have sunken to a bear market. mike says the disney dominance will continue. what are you seeing? >> let's just talk about disney as a company, first of all it's a much more stable and kind of a play to make i think than netflix. netflix, obviously, we've for a long time been seeing that it's an expanding space, but this is not a company that's been generating significant free cash flow disney, on the other hand, is a proven player in the space obviously, they seem to be moving their business in the correct direction. they have a couple winners as well -- "avengers: end game" i think is an interesting situation. the stock has been performing well and the valuation is not unreasonable it's trading around 21 times earnings we've seen some good stuff coming out of espn for me, from a fundamental standpoint, almost everything looks good we obviously are going to have some earnings coming up. the only thing that concerns me here is that the stock has, indeed, been as strong as it has. we

. >>> plus, can disney take down netflix? rom wall street and what one former disney ceo is saying about competition heating up, as the second hour of "squawk box" begins right now ♪ ♪ when it gets too much, i need to feel your touch ♪ >> announcer: live from the beating heart of business, new york, this is "squawk box. >>> good morning, and welcome back to "squawk box" here on cn cnbc i'm joe kernen along with becky quick. andrew's out today with us today, peter boockvar, cio of bleakley advisory group and moreimportantly, a cnbc contributor, obviously, to his self-image and stature in the community. u.s. equity futures at this hour are indicated lower. we've seen 80, we've seen 40 we're now down about 66. broadcom had some weak results, so technology and chips are a little weaker today. the nasdaq is down 54, and the s&p is down 8 and change. >>> iran is refuting u.s. claims that it was responsible for the attacks on two oil tankers in the middle east yesterday. overnight, iran's foreign minister accused the u.s. of jumping

but think about what people are willing to do to disney in terms of the -- what it lived to until it got into a business it started to compete and netflix. disney is absurdlyexpensive or netflix is standard it could be trading closer to. back to blended multiple on apple. who is to say this company shouldn't be trading 25 times? if so especially when they give you back % a year and earnings buy-back process? i don't run out the door on this news i think we are all saying that. >> last comment on this wondering if 1% decline in the immediate aftermath of this announcement is commensurate >> it sounds like a big deal i suspect you'll see jony ive on the board in the next year i think something to keep him in the phone. you will not see him designing consumer electronics or any of their competitors. he is an artist and may design stuff never in apple's purview and might be a nice arrangement for him going forward. >> breaking news story throughoutthe evening and we will follow it once the market reopens. our thanks to josh lipton for helping us deliver that news more breaking news this time on the banks leslie picker is back at the headqua

think we will see something in short order here i think it's interesting >> coming up, disney beating rival netflix at its own game as it doubles down ahead of the streaming debut, but has disney come too far too fast? more fast money still ahead. guys, get in here! who's a good boy? it's me. me, me, me. hey guys! you're gonna want to get in on this. i know how to those guys in here. let's pause the internet on their devices. wohhh? huhhhh? [ grumbling ] all: sausages! mmm, mmmm. bon appetite. make time for what matters. pause your wifi with xfinity xfi and see the secret life of pets 2 in theaters. >>> welcome back to "fast money," check out shares of disney getting a big boost after morgan stanley raised the price target from 160 to 135 expecting big profits from disney plus and predicting the service will have more than 130 million subscribers by 2024. options traders want in on the profit, too. dan's over on the plasma to break it down. what did you see >> the call volume went berserk with five times average daily volume and five times that of puts and the stock will break out towards those pri

that, you can of the past have told me that disney and netflix are not really competition. are trying to do some a different, but you are fighting for mind share whether it is them, youtube, instagram, snapchat. turmoil socialat media is facing right now is it , good for you? viewers will want to turn away? >> i don't know about that. we are creating an app that will give you alternatives in those in between moments, commute, waiting for coffee, in a doctors office. what we want to do is give you something that is fantastic in that 10 minute time slot. our target audience 25 to 35-year-olds spends five hours a day on the phone and the average session links that session length is 6.5 minutes. we have an opportunity to give them alternatives. emily: what about kids content? youtube, for example, has been under the gun, criticized, exposing children to horrible things. what are they doing wrong? >> we are not doing any kids, kids are not going to really be on quibi. this is 18 and up and we are going to make it clear this is an adult app. maybe over time when we do something l

when disney and netflix and the rest of the entertainment and to punish and bully georgia and other statesxercising their rights, what they stand for the people of others who do so? [applause] you bet we will. it is time for a huge pro-life trip to send up o dollars in alf those states. let's do that. come on with the. you've seen the strategy for 2020 and beyond. the election cycle will spend $41 million this cycle. we will work closely with our allies on the most ambitious legislative agenda in history to aggressively challenge, he rode and finally overturn roe v. wa wade. [applause] there's a couple of other things. we will be protecting the majority and increasing the ranks of the house and reelecting president donald trump. we are only planning for what we call the pro- future because of your prayers and sacrifices and service is closer than ever. speaking of all of the quality that i've mentioned, i had the great honor bound to welcome the distinguished guests tonight. she is someone that has played a key role in advancing the dignity of human life in her home state and in the trump

it launches next year "the office" according to nielson netflix's most watched show last year, accounting for 52 billion viewing minutes and disneyile, has approached netflix executive for its new streaming service. n netflix shrugging off today. >> it went off six years ago i realize there are people who like to watch it and this doesn't end until the end of next year. are people still going to be watching "the office" at that point? >> what about lag time if you're a person who has not seen "the office" you're going to rush to binge watch it and anybody who is going to make a $100 million worthwhile. >> watch it because it's nice to have on. >> they're trying to memorize it >> it's kind of the go-to wallpaperish kind of content and that's what a lot of netflix is. you're not going to go for the original show once a week or whatever >> i think this is a really good idea, mr. burke. okay just want to get this out. >> as soon as the figures went out, it was clear that if "the office" is one of the most watched shows it is going to be a risk if it goes away and another most watched in 2018, "friends" which is a warnermedia and "gre

emily: because of that, you have told me in the past that disney and netflix are not really competitionu are trying to do something different, but you are fighting for mind share whether it is them, youtube, instagram, snapchat. do you think that turmoil social media is facing right now, is it is good for you? viewers will want to turn away? meg: i don't know about that. what we are doing is creating a nap that is designed to give you app that is designed to give you alternatives in those in between moments, commute, waiting for coffee, in a doctor's office. what we want to do is give you something that is fantastic in that 10 minute time slot. you know, our target audience, 25 to 35-year-olds, spend five hours a day on their phone and the average session length is 6.5 minutes. so i think we have an opportunity to give them alternatives that they don't have today. emily: what about kids content? youtube, for example, has been under the gun, criticized for exposing children to horrible things. what do you think they are doing wrong? meg: we are not doing any kids, . kids are not going to

. >> quick reaction to netflix, disney's ceo talking about withdrawing their productions, movies ande heartbeat law in that statement yet and prevented. think they will take up production if they implement it. >> i would say let them go and don't let the door hit them on the backside if you know what i mean. for disney to do this when their whole market is children, they want to murder and support the murder of their future audience, that is not only not good morals, it's not good business either. they are insane, blinded by evil in their support of the worship. >> you have the last word here tonight. we wouldn't have it any other way. >> check out his new show, pathway to victory, debuts fox nation june 10. up next, your trump start back against mexico for failing to stop illegal immigration, your legal drugs and prevent the deaths of tens of thousands of americans to opioid overdose deaths. more on that, much more after the break. back then, we checked our zero times a day. times change. eyes haven't. that's why there's ocuvite. screen light... sunlight... longer hours... eyes toda

you do go through their bear case, if disney plus does take from netflix, then you've got some downsideey just think that disney plus is going to offer a different service and not cannibalize netflix. that's the risk, though. >> i think they both can coexist but i think disney does get much more content rich and that will be much more competitive to netflix and then you have to decide, do you want -- what kind of multiple are you willing to pay for that and netflix is obviously trading at a much higher multiple and disney is getting rerated higher >> lot of upside for them. so we have just under 30 minutes left of trade here are the three key things driving the market action today dovish fed driving stocks to record levels, treasury yields falling and oil spiking on concerns over iran we are up 228 points on the dow. >> time now to get a cnbc news update with sue herera >> hello, sara hello, everyone, here's what's happening at this hour a bus fell into a deep gorge on a mountainous road in northern india killing at least 25 people 35 others were injured and hospitalized the cause of th

netflix has lost the disney library. are we going to see more of a gration away from pione stream iing netflix? >> absolutely. that's the inevitable consequence of the streaming wars. they're trying to strike a balance between some orthe most popuou know offerings. better for their own direct consumer platforms and also not foregoing too much revenues fror party such as netflix which for top shows liice can rise to potentially $100 million per year.a so that's nory easy balance to strike. does that mean prices more -- >> for some of the lent, between nex netflix is china kind of want to -- the original shows and be able to have direct relationyoips. question, we're still in the early begiings of this war and constant spendi r continues e. and with companies like apple and others also jumping many, this is really kind of an ideal you know con fluns of events for if you're kind of a sought after hoywood talent. so on with one hand, they're going b to be spending more on tcontent, but charging less because there will be a pr

disney. and if i was i wouldn't tell you. >> what about the streaming strategy increasingly it looks like this fight between netflixisney plus at the moment you're an early investor in netflix. produced shows for netflix what do you think is going to be the toughest job for bob iger in taking on netflix? >> i think always the toughest job is the content play. creating new content netflix has a great library but now without the ability to find library product from others it's about their new content. disney has a great library, as we all know. it's going to be about finding new content. so w4eg9 it's ted sarandas or bob iger or warner brothers or fox or anybody else, the end of the day it's house of cards. that's what helped make netflix. yes, having the library of disney, the library of nickelode nickelodeon, the libraries around tount got them started. they're ail going away it's all going to be about new product and their own library. >> what about hulu now that disney's in kroefl hulu they can really take it global but it is going to be an investment they have to look more at locke the content and the higher cos

netflix, disney and the parent company said they would consider polling production if the new law takeshich would have severe economic consequences. the governor postponed a trip because he was worried about the fallout. into the void comes the woman who ran against him, stacey abrams. the atlanta journal constitution ahead of the group will meet with film executives in los angeles next week to discuss these issues and joining me now from atlanta is stacey abrams. what's the intent and goal behind this meeting? >> as you pointed out, the state has 92,000 employees in the film industry and $9.5 billion in impact. the governor not only refused to go to hollywood, but respond to requests from 15 of the largest companies in the film industry to meet with them. my goal was simple, i want to protect jobs in georgia and women in georgia. having built relationships not only with the film industry, but other industries that are here in georgia. i was asked to have a conversation about what the bill does and what it means and how to best support women in the film industry and i'm here to provide

can you bring people like disney and netflix into the gaming business?u are seeing that the 18 to 35 age group really want access. they don't want ownership. it is really a case of having a platform. it may have tv, film, gaming, a social layer. anything to keep them in the platform. streaming is a platform in general, and is really going to drive the next wave of growth. alix: what does that do to monetization of yesterday versus tomorrow? pj: if you look at the historical business model, you are looking at a $60 package game. moving forward, you see a couple of different things. you will see subscriptions, like we talked about. "pubg"l see others like "fortnite" that turns into "apex." you will see micro economies continue to grow in videogames for sure. david: a couple of years ago it was all about virtual reality. that was going to be the future of gaming. is that still the case? pj: vr certainly has huge potential. we are seeing the chip size decreased to make portable units more viable. but the reality is vr is still difficult to make. ands an expe