. >>> the man behind ibm's deal today as it looks to bolster it's cloud offering. biggest deal since the red acquisition. >>> josh weinstein, smaller than expected loss, revenue beat but some guidance for the coming quarter has shares under pressure it's down but a huge winner so far this year, as we j. >> one of the best performing consumer discretionary stocks. >>> the dow started off higher we've given it back. the s&p unchanged right now. you do have strength in energy, consumer discretionary materials, even technology is working, that's why the nasdaq is holding onto some small gains. we've seen weakness in defensive stocks like staples, health care, and financials going red, carl, of course, after we had last week's loss of more than 1% in the s&p and still a tremendous runup in the last week of the quarter for year-to-date gain of, you know, more than 13% on stocks. we're wondering what comes next. for me topping the tape is this buzz about central bankers there's going to be a big meeting in the jackson hole for the ecb where i'm going to be doing this pane

these are big focuses for ibm. it is unattractive growth rate and has all of the attributes that we look for in a deal. because we were users of the product and because we have been partners, we got a pretty good idea what it can do which is what made this the right time. ed: what does that he'll tell us about strategy going forward? seventh deal. will you continue to be active? >> we are always active and open-minded about m&a. it is the seventh deal of the year, makes of consulting and software. we are always looking for how to accelerate our strategy around hybrid cloud and ai. in may, we announced our generative ai platform. bear thinking about what are our capabilities that we could bring into that. another thing that was interesting is apptio collect data that represents $450 billion of i.t. spend. we think that is very unique and how we can then help clients together to optimize and manage their spending. ed: we are kind of calling this m&a monday. it has been quiet in tech at least, 2023 so far. do you see

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that's the solution ibm and a global bank created. what will you create? ibm. let's create.s it possible to protect my business from cyber threats? it is, with comcast business. helping every connected device stay protected. yours. your employees'. even... susan? hers, too. safe. secure. and powered by the next generation 10g network. with comcast business, advanced security isn't just possible. it's happening. get started wih fast spees and advanced security for $49.99a month for 12 monts plus ask how to get up to a $750 prepaid card with qualifying internet. >>> good morning president biden outlining his case for bidenomics. we will have reaction from the speech and market participants. >>> another tough day at the airport. nearly 6,000 flights canceled in the u.s. since monday. we will tell you what the airlines are saying. oops, i guess. >>> apple closing at the record high for the second straight day as the market cap approaches $3 trillion it is thursday, june 29th. "squawk box" begins right now. >>> good morning welcome to "squawk box" here on cnbc i'm melissa leealon

that's the solution ibm and a global bank created. what will you create? ibm. let's create.ats? it is, with wh comcast business.? helping every connected device stay protected. yours. your employees'. even... susan? -hers, too. safe. secure. and powered by the next generation 10g network. with comcast business, advanced security isn't just possible. it's happening. get started with fast speeds and advanced security for $49.99 a month for 12 months. plus ask how to get up to a $750 prepaid card with qualifying internet. >>> good morning oil markets surprise saudi arabia will voluntarily cut output we'll show you how crude prices are reacting. >>> and labor turmoil. the largest terminal at long beach won't open today details ahead. >>> big weekend for "spider-man" at the box office. how much the film brought it it is monday, june 5th, 2023 "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 joe kernen and andrew ross sorkin. the three of us together it's been a

that's the solution ibm and a global bank created. what will you create? ibm. let's create.arts with a grill. but it becomes so much more. an extension of your home. not just a weekend retreat, but an everyday getaway right in your backyard. newage makes it possible with beautiful all-weather cabinetry, grills and appliances that transform your backyard into a complete outdoor kitchen. visit newageproducts.com to book a free design consultation and create the outdoor living space you've always wanted. [office sounds] ♪upbeat music♪ ♪♪ ♪when the day that lies ahead of me♪ ♪♪ ♪seems impossible to face♪ ♪a lovely day (lovely day)♪ ♪(lovely day) (lovely day)♪ ♪(lovely day)♪ a bank that knows your business grows your business. bmo. >>> live shots from around the world. this is london, hong kong, and d.c. >>> we have six stories to know before the opening bell. nvidia plans to meet with executives from the chip manufacturer tomorrow in china >>> sticking with asia, u.s. and china are looking to sign the first deal under the framework today following the negotiations that started l

that's the solution ibm and a global bank created. what will you create? ibm. let's create.is cynthia suarez, cfo of go-go foodco., an online food delivery service. business was steady, until... gogo-foodco. go check it out. whaatt?! overnight, users tripled. which meant hiring 20 new employees — and buying 20 new laptops. so she used her american express business card, which gives her more membership rewards points on her business purchases. somebody ordered some laptops? cynthia suarez. cfo. mvp. built for cynthia's business. built for your business. amex business. >>> welcome back to "worldwide exchange." time for the morning call sheet where we look at the upgrades and downgrades by firms you know -- my mic fell off. sorry about the technical difficulties we start with mega cap tech. ubs upgrading on amazon. raising it from $130 to $150 ubs sites amazon web services will reaccelerate in the fourth quarter. looking at shares of amazon up .25%. citi upgrading rio tinto. upside risk on the back of the china stimulus and notes it has been a laggard and jefferys is upgrading

ibm. let's create. this is ge aerospace, advancing flight for future generations. ♪ welcome to a new era of flight. >>> good friday morning. coming up on 15 minutes past the hour three stock forstories of the dy the mongodb reports biggest customer increase in more than two years. during the quarter, the company extended the partnership with alibaba through 2027 pager duty doesn't share the same outlook reducing guidance for the fiscal year over macroeconomics concerns the company provides management software and posted revenue growth of 21%, but has started to see a slowdown in recent months shares are down nearly 12% and sentinelone shares cratering after missing expectations and sla slashed guidance look at shares down 37%. the company executives blame business reductions in spending. it is ensuring the path to profitability which is not reflected in the shares. the ceo will be on "squawk box" later this morning. >>> ahead on "worldwide exchange," the friday call shet and the biggest up

that's the solution ibm and a global bank created. what will you create? ibm.et's create. >>> welcome back to "worldwide exchange." time now for your big money mover, three big stocks this morning. we're looking at logitech. the computer accessory maker said the ceo/president is resigning immediately to pursue other opportunities. he will remain with the company for the coming months to facilitate a transition. also watching shares of alphabet the antitrust chief will hold a news conference at 6:45 eastern time without adding any more details, but reuters is reporting the conference will focus on alleged anti-theft practices. and the newly minted ceo o shell looks to add to its fossil fuel. shell's ceo will be on "squawk box" later this morning in a cnbc exclusive we're going the talk much more about chelator on this hour. coming up on "worldwide exchange" this hour we want to talk about the latest on the future of manchester united, the soccer team or football team, depending where you are, and the potential new owner. a report from manchester coming up stay w

we'll watch it closely >> ibm >> want to talk about this ibm deal it's vista selling again, and vistae large technology-focused private equity firm has been monetize ago lot. i got numbers for you if you want to listen to them last 18 months, completed 18 monetization events, generated $18 billion in total value, including monetizations of $14.3 billion, sara, and that includes data, ping, c-vent and aptio, which is a cloud-based software solutions provider that was bought by vista. >> 2018. >> for $1.94 billion in january of 2019. >> right they ipo'ed in 2016 and then vista took it private and now ibm wants it, so the reason ibm wants it is because of what this company does it does software to help companies deal with their technology spend and make them more efficient, which a lot of the analysts and also ibm says has been a strategic focus and a growth business for them, and it fits really well with the macroeconomy right now where companies are trying to -- they're by default spending more on tech, so they have to try to become more efficient with the way they spend that and that'

that's the solution ibm and a global bank created. what will you create? ibm. let's create.s is the all new, all electric lucid air. a car that goes as far as it does fast. as sleek as it is... spacious. as smart... as it is beautiful. introducing the lucid air. experience the best. ♪ >>> welcome back troubles continue in the commercial real estate sector, even though more people are being pulled back to the office. data shows activity is only about half of prepandemic levels i asked one of the largest nonbank lenders about that yesterday. >> the issue with office is that there aren't discernible trends right now. we're waiting to see how this plays out from psychological and consumption perspective. >> my next guest joins me now. ron, great to see you. what was the mood? >> it was a really interesting conference, and office was obviously the focus. to set the table, when we talked to investors and office users, over the next three years, they expect to reduce their office space by about 10% so if you think about being 88% occupied before covid, at 82% today, and potentially

ibm. let's create.learned very early that nothing happens in this town without force. i came here to change the country, to change the direction the country is going, to fix terrible policies that are hurting americans, that left the southern border wide open. this should be our number one priority, should be joe biden's number one priority. it's his most basic duty to faithfully execute our laws and he has named to -- failed to do that. he is derelict in his duties as president of the united states to take care of sand keep our country safe. maria: that was congresswoman lauren bober speaking after the house voted to send her impeachment resolution against joe biden to the homeland committee. the articles accuse the president of overseeing, quote, a complete and total invasion at the southern border. joining me now is texas congressman, member of the homeland security and energy committees, august pfluger. your districts are in texas. you've seen the border impact firsthand as well. your reaction to wh

that's the solution ibm and a global bank created. what will you create? ibm.ork city area of we just getting started on "worldwide exchange. the s&p and nasdaq looking to snap the win streak. >>> president biden and modi are touting a new era of relations following the flurry of deals. we are live in washington with the latest. >>> ford preparing to rollout another round of layoffs as the giant looks to kick the ev ambitions in high gear >>> it is friday, june 23rd. you are watching "worldwide exchange" here on cnbc >>> welcome back to "worldwide exchange." i'm frank holland. let's pick up the half hour with the check of u.s. stock futures. we mentioned it is red across the board. dow dipping to the down side opening 100 ap 00 points lower. nasdaq on track for the worst week since april set to break an eight-week win streak s&p and dow looking to snap the win streaks as well. the charts are right here. turning to the bond market yields declining in the bond market as investors try to digest what they heard from jay powell and janet yellen as well. the 10-year

ibm. let's create.lsú own themselves twiliox■ i■■ç among the first. the key takeaway amazonçó■is the offensive. a little bit of catching up to do.ñ laggingçó■behind microsoftu■■■a google yesterdáo$r' san francisco i was able to sit down with the ceo to discuss the news.e1Ñ >> choice is such an important concept herew■t■ because ht■oth you ask yourself where are the different runners three into a 10k race? does it really matte&■ you're three steps in and it's ■ !■Ñ■3■race and what people need to experiment and figure out use cases are mostx■ powerful ao why customers are excitemented to work for generative t(■i.q■ >> so, scott, gentlemen, where!■ these flashy consumer facing chatbots amazon is saying we will do on the back Ñ■$ey■d■ we will give our awst■ customers toor that's open or closed source.t(■ >> did you say twilio as we,mìá% >> yes >> i thought that's what you said and i was looking at thev stock if there was any residual reaction not much leaning on their technology. >> obviously you'd if you'r

ibm. let's create. want a more viable future for our kids, we need to find more sustainable ways of doing things. america's plastic makers are investing billions of dollars in new technologies and creating plastic products that are more recyclable. durable. and dependable. our goal is a cleaner, healthier planet for generations to come. for a better tomorrow, we're focused on making plastics better today. >>> we turn, now, to the 2024 presidential campaign. and former new jersey governor, chris christie. he's in bay head, new jersey. good morning. governor, have some republicans, especially those in congress, have been too quick to rally behind trump this week, without knowing the full scope of the evidence in the records case? >> if you read the indictment, and i did this work as an attorney in new jersey, in the fifth-largest office in the country, and that indictment lays out disturbing facts. not only about the former president keeping all of those documents and national security documents, but he h

that's the solution ibm and a global bank created. what will you create? ibm. let's create. >>> welcome back to "fast money. as you mentioned small caps have been having a run. fifth straight week of gains, longest weekly winning streak going back to december 2020. chart master sees more greens from here. let's bring in carter worther worth charting. >> area of the market or a theme or a part that has underperformed substantially, and yet it's underperformed to such an extent we're down to levels last seen in 2003 and the covid low. let's look at a chart and try to figure it out together first ratio chart. iwm russell 2000 etf relative performance to s.p.y the rounding bottoms were exactly to a penny to the covid low. such underperformance we're down to where we were at an epic moment here's another chart, 2003 the question is, do you play this for a bounce? it's really sort of an if/then statement. if the market is going higher and higher, at some point small caps come to life, or if the market is going to come apart, one might thing small caps get worse. at t

that's the solution ibm and a global bank created. what will you create? ibm. let's create. >>> legacy tech businesses all pushing to integrate artificial intelligence into their pipelines and hewlett-packard enterprise is no exception during their latest comall, the company announced their launching $800 million worth of ai-focused contracts joining us now is hpe ceo antonio neri i think that's over the last 18 weeks? >> in q2, we booked those $800 million, but the pipeline grew to $206 billion. >> >> how you framing it for customers, at least? >> customers are looking to get access to the latest innovation. we call it generative ai, but they want to train data in a private way. and so this is where they need a super computer >> we talk a lot about whether or not this kind of spend will be canal nibalistic to other ley kind of spends >> we're talking about a completely different load. so that's different than email, databases, and like. so that's why to me, it's incremental. and ultimately, our customers are driving a data-first modernization and ai is there t

ibm. let's create. thanks to avalara, we can calculate sales tax automatically.alarahhhhhh what if tax rates change? ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh he snores like an angry rhino. you've never heard an angry rhino. baby i hear one every night... every night. okay... i'll work on that. the queen sleep number 360 c2 smart bed is now only $899. plus, 48-month financing on all smart beds. shop now only at sleep number maria: welcome back take a look at where markets ended the week after the federal reserve chairman jerry powell told lawmakers they will not be any rate cuts anytime soon as inflation remains were persistent but expected. j.p. morgan's warning we have yet to feel the effects of all the federal reserve rate hikes on the economy. joining me strategic wealth partner mark tepper, great to see you. i know you say a recession is coming within the next six months. >> i 100% bully by the end of this year

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that's thehe solution n ibm and a globobal bank crcreate. whwhat will yoyou create?? ibm.l be right back with a lot more "face the nation." stay with us. gazzes, cbs news, w york. >>> this is the "cbs overnight news." >> we begin with that fallout from the rebellion against russian president vladimir putin and his military officials. tonight, the whereabouts of putin's former ally, yevgeny prigozhin, are unknown. kremlin officials say he is

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that's the solution ibm and a global bank created. what will you create? ibm. let's create.d ask her something and she would just walk right past them. she didn't know they were talking to her. i just could not hear. i was hesitant to get the hearing aids because of my short hair. but nobody even sees them. our nearly invisible hearing aids are just one reason we've been the brand leader for over 75 years. when i finally could hear for the first time, i started crying. i could hear everything. call 1-800-miracle and schedule your free hearing evaluation today. bridgett is here. call 1-800-miracle she has no clue that i'm here. she has no clue who's in the helmet. are you ready? -i'm ready! alright. xfinity rewards creates experiences big and small, and once-in-a-lifetime. ♪ >>> welcome back to "the exchange." stocks having an incredibly strong first half of the year, especially tech seeing the biggest gains. the dow up 2%. not that great, better than expected the s&p up 12% but the nasdaq, get this, up 27% since jan 1 my next guest sees more gains in the back half. 8% more u

know we tried to break up ibm and we did break up ibm. what happened after we did that? move to to tibet and opened the software industry. a software company that became worth trying to dollars and you have this extraordinary effort to break up ibm including a small company named microsoft and the microcomputing revolution during that same period and a strong company named apple and many other companies. you havefl this sinks posing of activity. all these markets have been occupied and at&t suddenly opened up and people started offering co-internet services fax machines and all that led to the internet to thehe united states has led to the internet for decades and we broke up our monopoly. we have had the most successful successful -- that is our competitive advantage. >> interesting. one or two more questions. let me ask you this a little bit outside of your. if you were going to write an eeo at a t global level that mirrored what you did and what the white house did in july of 2021 reset look we need resiliency for communities and labor and businesses of all sizes will

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ibm. let's create. >>> welcome back to "worldwide exchange."arkets may be flashing overbought signals recently, but do not tell that to the average retail investor. some believe the rally will move on the record of $1.5 billion of sip single stocks this week. and jpmorgan chase says most of the flows went to three stocks tesla, apple and nvidia which account for 40% of the s&p gains so far this year let's talk about this with robert teeter at silvercrest asset management >> good morning, frank >> retail traders may be buying, but the street is selling. we see the markets on the three-day losing streak. s&p having the worst day of june what do you think is causing the shift of momentum? jay powell or something else >> i think some of it is we have come a long way in a short period of time the other is the comments from the fed. we had two messages from the fed. we had a pause, which is great that is dovish and helpful and supportive of risk assets. on the other hand, hawkish comments and dot plot come out and show future rate hikes are priced in

ibm.necting to opportunity is just part of the hustle. ♪ ♪ opportunity is using data to create a competitive advantage. ♪ ♪ it's raising capital that helps companies change the world. it's making complicated financial concepts seem simple. opportunity is making the dream of home ownership a reality... ♪ ♪ ...writing new rules and redefining the game... ...and driving the world forward to a greener energy future. (applause) ♪ ♪ opportunity is setting a goal... ...and charting a course to get there. sometimes the only thing standing between you and opportunity... ...is someone who can make the connection. at ice, we connect people to opportunity. >>> we have another headline we want you to know about from that hearing down on capitol hill with the fed chair jay powell testifying steve what did he just say >> reporter: he kind of endorsed, scott, the second rate hike he said most fed officials have one rate hike baked in and he said that's a pretty good guess about what will happen if the eco

that's the solution ibm and a global bank created. what will you create? ibm. let's create. >>> welcome back they're still well above where they priced. boy pisani is taking a look at what's next. indicate rogers is drilling down kate, let's start with you it's a concept, one of the largest chains in the casual dining space that's about three times what they pull in, and the profitability, and so far, as you menned, up over 8% and these two concepts, and the notable mediterranean are more niche, or even a sweet cream with its salads. all at least of those stocks have performed well. so what's next here it could give's indication. >> either i knee to get out th there. >> i talked to a group that said it could be a bellwether for restaurant ipos panera could be similarly viewed from a price perspective for consumers like a cava, more casual and a bit pricier. it remain to be seen. >> bob, what about beyond the restaurant stocks snowe. >> there are some signs of green shoots, though it's still very tentative. next week three companies have announced that are fairl

let's look at the dow winners, you can see on the board boeing, home depot, ibm, we heard about ibm andamble also trading to the plus side. s&p 500 winners, warner bros., adobe we talked about adobe, ebay, sherwin-williams. the nasdaq winners lucid, adobe, is the scaler and t-mobile at the bottom. check the tenure because we did see it going up a little bit and it's going down a little bit once the trading began, 2.7 basis points to 3.7%. gold is trading up about 1%, $20 just shy of that 2000 an ounce. bitcoin is up 29 to $26377 for a coin. oil trading up again, $72.67 a barrel. natural gas, let's see about natural gas trading down. the average price for a gallon of regular gas is $3.56 but in california, $4 in any 87 cents. she's used to that in california, former vice president mike pence officially launching his bid. he didn't hold back, former boss president trump, rotate. >> are party to the conservative principles. i talked about it today, my former running mate and others walking away from american leadership on world stage. i'm going to stand on the strong conservative agenda. >

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that's the sustainability solution ibm and a global real estate company created.t will you create? ibm. let's create. >>> welcome back to "worldwide exchange." the credits in the i.r.a. could jump start manufacturing pippa is here with more. >> frank, the i.r.a. and incentives have had a huge impact up to $150 billion invested across more than 40 factories since the bill passed in august. this includes from solar to wind to battery plants. the facilities are across the country and we are seeing a concentration in the southeast and rustbelt as the map from american clean power shows some calling the region the battery belt there are few reasons for these new manufacturing hot spots. including proximity to the expertise and infrastructure of the steel industry access to nearby suppliers and business climates as well as historically cheaper labor announcements includes the lithium processing in south carolina and the battery factory in georgia as well as the first solar in alabama and existing factories in ohio. >> pippa, so far, we have seen announcements. how far d

ibm. let's create. >>> welcome back to "worldwide exchange."s are on track to snap a two-week losing streak with opt optimism from higher rates in whi china. weaker outlook in the u.s. and china is looming let's talk about the fundamentals at play and the investment back drop with kate richard. the founder and cio at warwick investment group >> nice to see you >> oil is your primary business. after the fed did the hawkish pause, we saw down moves in the market wti above $70 a barrel now how influential is the central bank of china with the easing? >> i think our job as long-term investors is to look at volatility and what we focus on is the last 13 years of under investment in terms of demand in the u.s. and europe, we are embedded in taking down carbon footprint we have 2 billion people in the u.s., europe, australia and canada working to take down our carbon footprint that is a perspective. if you look at the world, 6 billion people are taking up the carbon footprint over the last 20 years, that resulted in 20 million barrels a day which took

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that's the solution ibm and a global bank created. what will you create? ibm.reate. >>> welcome back the price of beef has gone up this year due to cattle short annuals. live cattle up about 35% we could be approaching record highs. let's get to kate rodgers with more >> reporter: ground beef prices are flying high hitting pandemic levels look at this chart showing that spike for the average price per pound hovering around $5 could this bolster prices for plant-based meats? this company said that it's dropped prices by 9% per pound achieving price parody is a long-term goal and they want to underprice versus animal meat by 2024 while prices matter in terms of getting customers to buy more beyond meat it's about other things as well, including taste. beef prices are hitting restaurants hard take a listen to this restaurant owner. >> our menu costs have gone up probably about 30% and that means that each menu item that i have has gone anywhere from $3 to $5 increase, which is -- we're a protein-based menu and that's a huge jump. >> reporter: for beef and brisket