davis, who needs capital and manpower, goes into business with wealthy san francisco merchant levi straussay 20, 1873, american blue jeans are born. a pair costs about a buck. levi's markets their denim overalls as the uniform of the working class. >> who bought them at the time? >> miners in the west, farmers, mechanics -- anybody that did hard labor would have bought levi's back then. >> that's because workers love how tough and durable the pants are, as this pair from 1890 proves. >> from the 1800s? i mean, they feel like they could be right now. they really could withstand a lot. >> absolutely. >> so it was all about strength? >> it was all about strength. >> now, here's something really important to remember in this "strange inheritance" tale. in 1906, the epic san francisco earthquake devastates the levi's headquarters... >> their building, it was completely leveled. >> ...along with all of levi's records and inventory. the first 30 years of the company's history -- gone. of course, for the next century and more, the company thrives. indeed, the pants it manufactures become an americ

for more on levi strauss's first earnings, catch chip berg tomorrow on "squawk alley.e midst of ipo mania, we thought we'd bring in the dean of valuation aswath demordoran professor, welcome. >> good to have you on campus. >> good to be back >> there is a lot of hand wringing especially going into the uber ipo what is lyft valued at what should it be valued at? >> my estimate and i'm bending every single rule to breaking point is i get to 15 or 16 billion. you've got a business that lost a billion last year and hasn't figured out how to make money yet and the business model is broken across the boat in ride sharing. getting to 25 billion is way behind stretching as i see the company. >> this is $59 a share which is considerably lower when you do these valuations, should we extrapolate to uber? should i apply the same multiple to uber, but it's a different business you get tired with whoever you get lumped up with this is what will happen when uber gets up to 80 or $125 billion. no matter what the difference is investors will price uber based on what lyft is priced >> i

what local cattle ranchers found out, just as levi strauss found not to beoney was made in mining goldmade iny was to be supplying the needs to gold miners. suddenly there was this immense market that opened up to the north. san francisco went from 800 people to 25,000 people between 1848 and 1849. was there were a lot of cattle wires, ranchers and cattle brokers. those were among the main victims of outlaw gangs like jack powers. alwaysncisco county has been in between. it has always been remote. it is a place where you stop when you're on your way from los angeles to san francisco. from the 1850's until the 1920's, it was so remote that it was ideal for people who wanted to break the law. it was easy for a man like jack pull a job and disappear. he had an escape route that went into the valley and it would wind up near los alamos. it was ideal for people who could disappear quickly. powers had an accomplice. his lieutenant in san luis obispo. he was a tough man. he was a barroom fighter. he was like powers. he was a superb horseman. as father had once owned w valley just outside of t

we've had eight ipos since levi's strauss they've done well. levi's strauss did well. gen fed.his year pretty good returns so far lyft is a little bit of the anomaly. >> but did lyft put a wet blank oets the rest of the ipo market? levi's tanked the day that lyft really went down and now we have got pinterest coming in with this very modest valuation >> yeah, it definitely moved the overall ipo market down. lyft was the bellwether at that time but now, again, you see with pinterest going on, i think they've got it, and i think it's going to be a lot smoother also this debate about how much money all these companies lose it's true pinterest lost money along with everyone else but the numbers aren't that bad. $756 million in revenues last year and losses only $63 million. i understand they were profitable in the fourth quarter of last year that's a good sign you can at least make an argument there's a path here to get out of profitability that's just on the valuation side there's an argument here that you can make the company is looking pretty well. i love it when you see -- reme

what local cattle ranchers found out, just as levi strauss found , by selling equipment and jeans to minors the money was not to , be made in mining gold. that was for suckers. the money was to be made in supplying the needs to gold miners. this is always been cow country. suddenly there was this immense market that opened up to the north. san francisco went from 800 people to 25,000 people between 1848 and 1849. a tremendous amount of customers up north to sell beef to. what that meant was there were a lot of cattle wires, ranchers and cattle brokers carrying gold dust on the. those were among the main victims of outlaw gangs like jack powers. san luis obispo county has always been in between. it has always been remote. it is a place where you stop when you're on your way from los angeles to san francisco. it's about exactly midway. in the 1850's until the 1920's, even during prohibition it was , so remote that it was ideal for people who wanted to break the law. it was easy for a man like jack powers, our outlaw gang leader to pull a job and disappear. he had an escape route that w

that standard try to front up chairs in levi strauss have risen and extended trading in new york, as release its first earnings since returning to the stock market last month left the company said revenues had risen by 7% to $1.4 billion. we arejust a day had risen by 7% to $1.4 billion. we are just a day away from the first phase of the indian election. now as the worlds biggest democracy marcos he heads to the polls, jobs are a key campaign subject for the prime minister slept a power in 2014 on the promise of creating millions of newjobs the promise of creating millions of new jobs but the promise of creating millions of newjobs but as we see from the city, even as the economy grows by 7% a year, unemployment is at its highest since the 1970s. in the apartment millenials, hoping for a breakthrough. —— back in the millenials. at thisjob breakthrough. —— back in the millenials. at this job fair in the indian city of kochi, nearly 5000 graduates are looking to get employment. —— india the apartment just 250 will leave with a job. it isa similar just 250 will leave with a job. it is a

. >> the one ipo you have played in this year is -- >> levi strauss. >> why >> i think it's an endureout brand names and how long they've been around i'm accused of being old i am old the last time i was after round cnbc i did say i think levi strauss will be around well after lululemon and under armour are distant memories because i think one of the problems with the brand names of today, they build up really fast but don't have any roots much as you might dislike levi strauss as being old-fashioned, it has roots >> overall market valuation, you're mentioned in bill miller's letter this month why he believes stocks have more room to run, because the implied equity risk premium has been persistently high. since the crisis, people are nervous to touch that stove again and it suppressed equities artificially. >> i don't think it's artific l artificial artificially prices are up substantially over the last ten years, earnings and cash flows are up even more. i think the buyback component is what kept stocks up. that will be what i'm watching for stocks that starts to fall back dramatical

there is never any bicycle on that, except when they have the bicycle race around levi strauss -- levi strauss, and that is why there is no bicycle people here supporting this because everybody would rather go down the embarcadero. it is a much better view. i mean, this is ridiculous because you will make these streets into one lane. they're already jammed. when i go back home and i go down battery street, many times i have to cut up broadway or another street over telegraph hill to get to my place because the traffic getting onto the bridge is backed up that far. in the mornings, it is backed up in the other direction. from sampson. in that building -- in the neighborhood -- neighborhood there are 1,000 units. 101 lombard and 111 chestnut. and in those units, the average age is over 70. i don't think those people are going to be using too many bicycles or too many scooters. in fact, when i see them, there is rarely any of them laying around on the sidewalk in front of my building at all, because that neighborhood is kind of isolated, and because of the hills, people don't want to use

levi strauss also went public this year. we did not include them since we are focusing on the tech industry and their practices and characteristics. for these companies that have gone public or are expected to this year, we have 7,999 -- 7,990 employees estimated in san francisco. we did not get the pinterest number, that would bump it up even higher. these companies have more employees worldwide, but we focus on those in san francisco because that is where we will feel the impact when the exercise their stock options. we prepared an estimate of what the impact could be of the i.p.o. on san francisco housing prices and that is shown in this chart, and how we went about this, first of all, there are many variables to consider when you are attempting to do this. one of the key ones being how many employees are going to have stock options when they will be allowed to exercise them, how many shares they get, what the price of the shares will be, so all of that needs to be estimated, assumed to come up with some idea of how many

levi strauss become, becoming publicly traded again also beat expectations. european union leaders have agreed to give the united kingdom until october 31 to figure out a divorce deal. prime minister theresa may has struggled to get this plan approved. she said if lawmakers approve something before june 30 the uk can leave at that time. >>> amazon is listening to the things you tell alexa. bloomberg reports that the company has thousands of people around the world transcribing snippets of audio as a way to improve the responses. each reviewer can hear as many as 1000 clips per day. bloomberg notes that the alexa privacy settings allow users to opt out of having their voice recording used. that is your money watch report. or more head to cbs money watch.com. at the new york stock exchange i'm diane king hall. >>> let's check in with mary. >> yes, more clouds moving in. will be a nice day but not as nice as yesterday. looking at clouds and breezy conditions with a wind advisory in effect for the coastline. we will show you this in a moment. let's go outside. a

recent ipos has been outstanding, the one exception, the ipo market really only opened up when levi straussent public march 21st. since then most are winners by a big margin the two most recent, pinterest and zoom video up 28% and 72% respecti respectively it's only trading for two days ipos, jumia, pager duty, tufin software, levi strauss up 0% jumia is the moon shot, up 142% in a week and a half, that's not a typo the lone exception is lyft, still down almost 20% from its $72 ipo price. what happened? first you got a billion dollars in losses with $2 billion in revenue, that was an issue right from the beginning and the pricing, 50% above its last round of funding gave a lot of investors pause. so far, lyft is the outlier, and while that may put some pricing pressure on an uber, uber has to be happy with everything else. the timing couldn't be better. not only are the markets in an upswing the s&p 500 is less than 1% from its historic high. four companies announced terms today, digital gain developer sciplay, beyond meat, transmedics and trevi therapeutics trading next week and the renais

levi strauss reported a 7% rise in quarterly revenue. described growth at the company broad based. since this was the jeansmaker's first report sinceoing public, there were no estimate available. he stock rose in initial after-hours trading afterg closinhe regular session at $21.88. there have been a l of rumblings about regulating big tech companies. today a senate bill was introduced that takes aim at social media firms and it comes h-profile er a h executive was called to capitol hill.ka a tausche is back with us. >> it's been a year since mark zuckerberg embarked on his apology tour after the cambridge analytica dcandal. >> w not take a broader view of our responsibility and it was our mistake, and it was my mistake and i'm sorry. >> a cascade of hearings since then.ut exes from google, twitter and facebook testifying on everything from privacy to ,litical bi though pgress on reining in social companies has been slow, but today virginia senator mark warner took another run at regulation running up a first ithe series of bills to chal

pagerduty, levi strauss also up about 40%. far the early indications the ipo flood with the exception of lyft tremendously successful, bringham today. we're trying to get around to the corner there, they're engaged in fairly tense negotiations so i won't go over there and bother them. i think we're getting much, much closer. when you get close and they say we're five minutes away and a rush of either buyers or sellers will come in who are decided, okay, it doesn't look like it's going to move any more i'm putting my final bid or offer in. it is a dynamic auction and when people think things are in finally, that's when they show their hand. it's still a fluid situation. back soon. >> bob, it's obviously early with these things have not even opened yet, are we starting in your mind to a race that nasty taste of lyft's decline after its opening day? >> pinterest is going to be the test here. remember, lyft was 50% above the last valuation. pinterest initially looked like it was about 25% below -- >> let me stop you and let's get

and levi strauss will report its first quarterly earnings report after its return to the stock marketevi's sales and profit are benefiting enough for the resurgent popularity of denim to really justify the optimism that surrounded its initial public offering. jane said in anjoins us now. talk is behind the rise in crude. it's been a rise of 30%, partly to do with tensions in venezuela, in iraq and obviously more recently libya which can constrain supply of oil. but on the one hand it's good for the opec producers, some of whom have very high costs in production so they are losing money even at this oil price. but it's obviously bad for some of the more efficient producers and consumers like the united states who have very low cost and production and obviously you consume a lot of oil and so people are never very happy if they have to pay more at the petrol pump when they are consuming. quick word on brexit, we said it was another big week. yesterday was relatively quiet, there wasn't much that came out of westminster, what are we expecting for the rest of the week? obviously we will g

levi strauss reporting first-quarter earnings after the bell.omberg. ♪ ♪ emily: i'm emily chang in san francisco and this is "bloomberg technology." off itst kicks roadshow. valuation less than it fetched in its last valuation round. facebook, instagram, twitter, even more face possible fines over a u.k. band under a new law if they

levi strauss is still up 28% no drama of that one people thought it was regional priced it was famousft is still struggling right around there that's the only one out there that has not done well as for lyft, prices at 72, went all the way up to the high 80s it is above. that's the last price of $73 we'll get some big cyber security firms out here this week page duty and to be in technologies, we'll talk about them in a dictator two they're pretty big deal as well. a lot of cyber security. >> back to you >> before we go to break if you miss it this morning, ray del rio talks to joe and becky of the reforms and the unequal outcomes that we have been seeing lately. >> how has it been for income or equal opportunity? this has been something for a long, long time. is that deniable that it is producing those outcomes it is not only producing those outcome, this is not controversial. if it is producing those outcomes and the terrible split in our country tch we are going to have more problems ahead in terms of technology if we don't step back and say how do we reform follows a series of rec

. ♪ romaine: a few days after levi strauss went public, j.crew considering an ipo for its madewell businesser gap's announcement that it would split off its old navy brand. captain doherty with the latest. i know made is very popular. everyone talks about it, but no one talks about j.crew anymore. you are talking 20% something growth at madewell while j.crew shares are going down. what is the point of splitting it off? >> it could do a number of things. i think most importantly, when you look at the value that cash cow could represent for them, it could provide some flexibility financially moving forward. if j.crew is allowed to use some of that cash, maybe pay off some of their debt, they have $2 billion of debt that is coming due, so if they are able to deal with that and push out or pay down some of that now, that is going to open a lot of doors for them. i don'tike romaine, think i'm that familiar with the madewell brand. it is jeans? >> it is very popular with millennials. it is the younger generation of j.crew customers. you can think of it as the j.crew parents bringing their daughte

. >>> levi strauss getting set to post results for the first quarter after the close marking the firstime the jeans maker will report since going public last month we have the numbers and instant analysis >> and on the eve of congressional banking hearings we'll talk to ceo jes staley about what he expects to hear on atxcsi ihill th eluventerview coming up >>> welcome back to "the close he bell." only one sector is high. utilities. energy, industrials, financials all down more than one percent, a negative day today >> let's get to cnbc news update with sue herera. >>> hello, everyone. here is what's happening this hour president trump welcoming egypt's president to the white house. trump denied reports that he is looking to reinstate the controversial policy of separating migrant children from their parents at the southern border >> just so you understand, president obama separated the children those cages that were shown, i think they were very inappropriate, they were built by president obama's administration not by trump. president obama had child separation >> under water researche

shares of levi strauss gained 4% on a solid quarterly profit after going public last month. >>> the firstre of a black hole from deep space. also in ice dam is causing problems in the high sierra.>>> bill complete forecast. he will tell us of clear skies will stick around for the weekend. >>> tells of the city is the latest carnation at the film festival. the new show is a sequel to the stories by armistead that first ran in the quantico 40 years ago. the depict the adventures of a young woman from ohio and the freeway freewheeling san francisco of the 1970s. the 10 part series will stream on netflix in june. >>> a scientific first that has cosmic ramifications.>>> scientists now have a picture- perfect view of one of the oldest mysteries of the universe. the black hole.>> reporter: in the deep darkness of space one of the deepest and darkest mysteries facing the universe. bright orange on the edges the center of this picture is black.>>> the strongest evidence we have today.>> reporter: once believed impossible to see an international team of scientists announcing the first picture of a

i don't know if you remember this levi strauss -- say that probably not a good guy to get advice from. it looks like he needs an eye doctor. we are coming to an end but the reason i am showing you this phone is they were only two phones at the time of the accident. this is what they looked like and a lot of these guys were also known derogatorily as sponges which is unfortunate because they live in our community. they absorbed that much radiation and that is what the fuel rods looked like after they melted. we are not going to argue about this everyone supports jobs and the reality is right now in the nuclear industry you have to relocate or you are going to be out of a job. you will keep about two thirds of your staff but for the most part folks should be okay. exxon is a big company and they can transfer -- so i don't want anyone to think we are not sensitive to the needs of the workers in our community. >> this is the deal, can you imagine retrofitting a? that is what we are doing. this is a new era. i was told when we first regulation we had zero renewable energy because we export

kevin: not just politicians and lawmakers, but also uber and lyft, levi strauss, they have really comeut against this question being asked on the senses. they say it will make an economic impact precisely because of the data that is used to calculate a lot of their economic decisions. if this were added, how would this impact small businesses as well as those businesses i mentioned? rep. maloney: it would impact small businesses in terms of services you receive, your roads and a transportation, infrastructure for hospitals and so forth. but also it is planning. , all theer of commerce business organizations for both large and small use census data orproject how many ubers lyfts are needed in a neighborhood, how many people are moving around. they can use these numbers to project what is needed in the future for their business models. on a: we are here beautiful day in washington, it is kind of hot outside, but you have this jacket on. tell me about it. rep. maloney: this was given to me by fire officers, firefighters or passing a bill which gave health care to first responders and surv

products from crayola crayons, levy strauss and mac cosmetics. cost an average s, including of $20.ge every two months. >>> a sheriff's department in oregon is teasing itself after arresting a roomba. >> sitting. coming from the master bathroom, which was supposed to be empty. they saw shadows under the door and called 9-1-1. deputies and a k-9 unit responded to the call. the officer yelled commands for the suspect to come out. they were surprised when they opened the bathroom door. >> there we see a robot vacuum, a roomba bouncing up against the shower door. >> your reaction? >> pure laughter. there was a plethora of experience from 20 to 10 year guys. everyone said this is a career- first. >> deputies took picture of the burglar and posted it on social media captured. >>> saturday it is about elizabeth holmes. she was accused of scanning silicon valley for $9 billion. it is expected to have ten stories. >> she went from hollywood red carpets to the courthouse. we are talking about kim kardashian west. she is studying to be a lawyer and working with a law firm in san francisco. >>

maddox from kayla krahn, levi strauss and mac cosmetics are featured.hey might not expect to see at a department store. many of the 400 items include a lipstick red phone charger, and a pizza cutter in the same of a bicycle that cost around $20. the local story boutiques are at union square, pleasanton and santa clara acs. they will stay up for a few weeks and change every two months. >>> credit karma is expanding its bay area operations to downtown oakland. this building is located on broadway right at 12th street. credit karma says one of the big attractions of the new space is that it is close to bart. that makes it easier for workers to get between the new office tower and company headquarters on market street in san francisco. credit karma expands into the new offices sometime next year. >>> it looks like megan markel and prince harry are breaking with tradition when it comes to the birth of their first child. buckingham palace announced yesterday, the duke and duchess of sussex have taken a personal decision to take the plans around the arrival of

that stock is up 4% ahead of its investor meeting tomorrow. >>> levi strauss reported quarterly profitnue $1.44 billion in its first quarterly report since its march initial public offering revenue was up 7% compared to the year-ago quarter we should note, there aren't any comparisons versus con census with no analyst initiations yet. chip bergh will be here for an exclusive interview at 11:00 a.m. >>> major bank ceos heading to capitol hill to update lawmakers on the state of the industry since the financial crisis we have team coverage from washington and we'll be monitoring the events live. >>> also, kevin carfromer, president and ceo of the financial services forum >>> time for the aflac trivia question the first color 3d film opened on this day in what year the answer whecn'ssqwk x"onnuesbc "ua people know aflac... aflac! ...but not what they do. so we're answering their questions. aflac is auto insurance, right? no. uh uh. is it homeowner's insurance? no... uhuhuhuh! is it duck insurance? nope. ahhh! do they pay me money directly when i get sick or injured? yeah. aflac! you got i

look at the performance of the rest of the ipos and i basically divide it into everything after levi straussall performance has been fairly good. this has been a notable misstep and i attribute it to the pricing. professor, if we can get one more thought. we've debate this had here. your own research indicates that dual class structures were not that common 20 or 30 years ago, very few in the '80s and '90s and your own data indicates there was almost 30% of the tech stocks had a dual class structure. is this a problem at all for you? do you find that it's an issue i do. i want some say in how the company is governed but a lot of people don't seem to care that much. >> i agree with you that it is an issue as long as investors apply a discount that's appropriate the market should be pricing things appropriately. since uber is going public without dual class stock, it's going to be able to get a little higher price than it otherwise would. >> wait. uber had a dual class structure, remember, and prior to 2017 as i recall and they changed that specifically because of the behavior of the ceo at th

levi strauss reported a profit in the last quarter before becoming a public company once again. they reported a 7% increase in net revenue, an indication that their investments is paying off. the company plans to open 100 new stores over the next year. the stock rose 5% in after hours trading. for the first time ever, we are expecting to see an actual picture of a black hole today. up until now we've only seen simulations of the mysterious space phenomenon. scientists have been observing them with tel telescopes with 2. black holes form when stars break apart. lauren: still ahead, the scam that's range o rocking the natiw indictments coming down in the college admission scandal, the major time that actress lori loughlin could be facing and why she won't take a plea deal. and major medicare scam targeting seniors, details on the operation that federal officials say exploited the elderly and cos cost taxpayers e than $1 billion. we'll have those details straight ahead on "fbn: a.m.." keep it here. ♪ tell me lies, tell me sweet little lies. ♪ although i'm not making -- run with us

those are the two magic words we got recent ipo's that joins a parade, they've done really well levi strauss all doing great, lyft is it one of the few companies still to the down side, no companies next week, brian, but the week after, we'll get another slew, maybe i heart media, maybe next friday we'll get uber giving us some terms, we'll see, not sure about that yet. >> bob pa sani, thank you very much >>> now, to washington because the other big thing to hit the tape today was the mueller report it's perhaps more heavily redacted than many had thought or hoped but at 400 or so pages long, our team is still pouring through it many eamon javers still trying to digest that >> the headline is out there, the president's been saying that throughout the day no collusion, no obstruction, that's good news for this white house. inside the document, we're finding some of the areas of concern for robert mueller, particularly around the area of potential obstruction of the justice, and the president's public statements, his tweets even about some of the people involved in this whole situation, those

coming out of the gate very strong levi strauss, 38 lyft down 17%. that's the outlier is it the right price for lyft -- excuse me, for this particular ipo for pinterest lyft was 50% above the last round of funding pinterest. final number looks closer to that all i can tell you is that there seems to be intense demand we'll be standing here 9:30 tomorrow, in the next half hour, give you an update and maybe get early indications. i don't expect this to be coming at 10:00 a.m. eastern time pinterest is so high it's going to take a while to build that book and we'll explain that more at 9:30. goldman is the lead book runner, consulting with gts, down here building that book i anticipate that will be some time past 10:30 at least we'll here, next half hour with an update. back to you. >> bob pisani, thank you very much i think we have some confirmation on canopy acreage is that what's crossing? >> yes canopy in canada, acreage in america. network of stores, good combo. >> pay attention to that deal. very big in the space. rapid consolidation. >> yes, cons

lower prices for investors to buy into is good news for all of us levi strauss, reasonably priced at the get-go. opens at 22. look, it's still there 22, still holding up case losed guys, back to you. >> bob, thank you very much. bob pisani on the floor for us >>> today's rally fueled by surprisingly strong manufacturing data from china but europe is struggling germany looking weaker than it did a couple of weeks ago. seema mody >> that's exactly right. china's manufacturing activity, returning to growth for the first time in four months. may have eased global slowdowns and not so fast. in europe, manufacturing data came at the lowest level since 2013 lower by italy, france, and germany. as you can see right here. three countries seeing a significant decline in manufacturing activity furthermore, it is in a manufacturing recession. two factors there, weak auto sales and a softening economy. so far, this hasn't stopped global equities from having a strong start to the year germany just posted the best quarter since 2015, up 10% over here at shanghai composite with the best quarters sin

. >>> levi strauss having good days too up more than 34% since last month's ipo and climbing higher todayerage firms with buy ratings we'll speak to an analyst about his vote of confidence next. what do advisors look for in an etf? i tell clients, etfs can follow an index, but which ones target your goals? it's not about quantity. it's about quality. no trendy stuff. i want etfs backed by research. is it built for the long-term? my reputation depends on it. flexshares etfs are designed and managed around investor objectives. so you can advise with confidence. before investing, consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. woi felt completely helpless. trashed online, my entire career and business were in jeopardy. i called reputation defender. they were able to restore my good name. if you're under attack, i recommend calling reputation defender. and consider joining their groundbreaking campaign to give every american the right to remove old, inaccurate search results by going

the details on what's going on levi strauss reports its first earnings as a public company "squawk aly" hleas an exclusive "squawk aly" hleas an exclusive tomorrow cfa institute. let's stop talking and actually be more diverse. as investment management professionals, let's measure up. cfa institute. >>> welcome back one week until tax day, and many americans have been finding out they aren't getting a refund this year. robert frank is here to explain why. >> tax refund season is looking leaner for most americans after that new tax law now total refunds issued through the end of march were down by $6 billion compared to last year. the average refund is down only slightly falling $20 but the number of americans who received refunds is down dramatically 1.6 million fewer americans received refunds the filers who expect the biggest refunds, they're the ones who file first so the totals aren't likely to change much from here on in more than two-thirds of americans received a tax cut under the new tax law but received the bulk of those cuts in their paychecks throughout the year they may not

levi strauss, 1954, atomic power. probably not a good guy to get advice from. . to an end, butg the reason i'm showing you a phone is that the time of the accident, their only two phones in the control room. this is a plaque that commemorated the accident. a lot of the guys were known derogatorily as sponges, because they absorbed that much radiation and that is what the fuel rods look like after they got melted. we are not going to argue about this. everyone supports jobs. the reality is in the nuclear industry, you are going to relocate and you will get a job. normally when you decommission a plant, five to 10 years, you will keep about two thirds of your staff. for the most part, folks should be ok. company, a big so i do not want people to think we are not sensitive to the needs of workers. deal, can you imagine retrofitting a 40-year-old car? -- that is what we are doing. i was told him we did the regulation, we had negative renewable energy because we had exported hydro. portfolio,building a natural gas, diversity, and we are at a healthy place. our price i

what local cattle ranchers found foundust as levi strauss out by selling equipment and genes, the moneyas not to be made in gold. it was made in supplying needs to gold miners. it was cow country. suddenly there was an immense market that opened up to the north. san francisco went from 800 people to 25,000 people between 1848 and 1849. a tremendous amount of press. what that meant was there were a lot of cattle buyers, ranchers, cattle brokers. those were among the main victims of outlaw gangs like jack powers. san luis obispo county has always been in between. it has always been remote. it is a place you stop when you are on your way from l.a. to san francisco. it's about exactly midway. but in the 1850's, really up until the 1920's, it was so remote that it was ideal for people who wanted to break the law. it was easy for a man like jack powers, the outlaw gang leader, to pull a job and then disappear. escape route. they would wind up south of here in los alamos. the remoteness made it ideal for people to make -- to disappear after a job. leonares was a tough man, he was a ballroom fi

the ipo rush since levi strauss has been successful, all the big ones have been to the upside, zoom,all up. lyft is not. you can debate is it because they have big losses, because the pricing was wrong? whatever, that's the outlier i think the big thing right now is we're talking about $100 billion year for ipos this year and this could be the record year we've been waiting for this since 1999 who knows if it will actually happen but so far the valuations are excellent and we may even be able to raise $700 billion, a market cap of $700 billion, $800 billion, we don't know i think this is a good shot right now at a record year. >> paul, how would you categorize ipos and how much is going to depend on the names that haven't gone public yet >> well, i think it's obviously a rush of excitement and activity that's going on i think you've got three underlyi underlying factors here. one, despite the rhetoric out of washington the world is getting wealthier, china, india, russia, latin america, the united states, all these countries are getting wealthier. they're greater and greater pensions

ranchers foundle out, just as levi strauss found out, the money wasn't to be made in mining gold. the money was in supplying the needs to gold miners. suddenly, there was any mets market that opened up -- was an immense market that opened up. a tremendous amount of customers up north and in the gold areas to sell beef two. there were a lot of cattle buyers and cattle ranchers and brokers carrying gold dust on them. those were among the main victims of outlaw gains like jack powers'. san luis obispo has always been in between. you stop between l.a. and san francisco because it is midway. up until the 1920's and during prohibition, it was remote and ideal for people who wanted to break the law. it was easy for a man like jack powers, the out law gang leader, to pull a job and disappear. he had an escape route that went into the valley and ended up south in los alamos. idealemoteness make it for people to disappear quickly. hours had an accomplice, his accomplice in san luis obispo . he was a tough man, ballroom fighter. his father had once grown much of the valley just outside of to

, sara eisen, bob pisani as we wait for the hearing to resume while we have the time shares of levi strauss are up. the company swings to a quarterly profit in its first earnings report since coming back to the public markets the ceo joins us exclusively this morning from san francisco. welcome back congratulations on the first public print >> thank you it was a great quarter. >> walks us through sort of the dynamics right now that you're seeing, at least in your core business >> thanks, carl. it's great to be here. yeah, this was our sixth quarter in a row of double digit, top line growth and constant currency we grew 7% reported, 11% in constant currency, six quarters in a row, double digit constant currency growth. the bottom line grew at an accelerated pace, 21% growth in constant currency, 14% in reported what's most pleasing about the quarter, though, is growth was really broad based we grew our men's business, women's business, tops, bottoms, all three regions and all three regions grew top and bottom line double digit in constant currency so the growth was really broadbased, real st

shares of levi strauss trading higher in premarket trading, up 7% right now.t ended before it went public again. net revenue rising nearly 7%. that indicates the jeans maker's investments online and denim products are actually paying off. levi strauss plans to open 100 new stores over the next year and they are maintaining their outlook right now, financial outlook. well, times they are a-changing. bob dylan's heaven's door whiskey is getting a new home. the distellery and center for the arts will be opening in downtown nashville in the fall of 2020. it's an event space built inside a 150-year-old church, including a concert venue, art center, paintings and sculptures of course by dylan. this coincides with the a 50th anniversary of the album, nashville skyline, released in 1969. maria: i like it. that's good. congresswoman alexandria ocasio-cortez is blaming climate change for the ongoing immigration crisis at the u.s. southern border. she tweeted, the far right lives to drum up fear and resistance to immigrants. have you ever noticed that they never talk abo

let's start with you >> well, generally the ipo blitz is doing okay, since levi strauss went public on march 21st, there have been 8 ipo's, four of them are up, including levi strouss trade webb's done well they've all had big moves off their initial prices four are down, that includes lyft this is just the first round of more than 200 ipo's scheduled to go public this year. so far the stars are still aligned, stock market within 2% of historic highs, and the renaissance capital ipo etf. one of the best performing etf's of the year, it's 32%. the real test will come with the smaller and mid sized companies, this week, two companies in the hot cyber security space go public providing operations management in addition to security, i'll be all over them. later in the week. sarah, back to you >> thank you, let's turn now to the next ipo coming down the pipeline, pinterest. more on that company's expected pricing. leslie >> pinterest revealing terms which showed that its seeking about $9 billion in its ipo set to debut next week that amount is about $3 billion shy from its latest private va

. >> i just keep thinking about lululemon would be a distant memory after levi strauss was done withp roots and history tend to do better certainly a question we can ask. that is how do you control growth, that it's not too far, too fast under armor ran into a speed bump along its way a few years ago after tremendous 20% growth per quarter. they had to right size the business how do you grow in a sustainable way. that's key the growth is super fast >> so much to understand at this point about sustaining a brand younger people like lulu, they get older. >> he said younger people don't have loyalty that they shift. i agree with you i think that there's plenty of room for new brands to come in and establish roots with new consumers. it's not clear just how unloyal these millennials and gen zs are. it's not just millennials. >> no. thanks, sara >>> let's get to our etf spotlight. here's a look at leaders and laggards >> markets are taking a bit of a breather this morning. the s&p 500 and nasdaq composite closing at record highs. that run for the s&p has taken it roughly 25% higher than w

. >>> levi strauss shares trading higher. levi's, american revenue up 9% year over year and when the ceo came on "squawk alley" this morning, he said growth is broad based across regions and those shares are up about 4% right now i also asked him if amazon was friend or foe because they're building out omni channel, more investments, more straight to consumer, et cetera. he said both >> i learned this morning in your interview is 80% male is their base and they have to broaden that out. and they have had more revenue coming from female shoppers. they can keep doing that there's a lot of growth runway there. >> and that's a big area for them also expanding their brand presence in china is a big opportunity he talked about. >>> up next -- a top asset manager telling us why he thinks that the health care sector may be a good place for your money >> plus, disney receiving its second upgrade in two days we'll talk to one analyst who says tomorrow's visitor day could be a, quote, dk-eangecclri event. we'll explain coming up on the "

there you see it that's a nice recovery for the week we've had eight ipos since levi strauss. 5 of the up. so let's say it's not bad. but now we're going to get a lost those big highly valued unicorns like lyft pinterest will be important. >> also banks have had a decent week this week. rates moving up. other than they'd rates moving up bob pisani, thanks very much there goes the bell. up 0.15%, or 42 points on the dow. s&p. russell up a full percent. nasdaq a little more than the s&p, 0.6% or so. that does it for the first half of the "closing bell." sara, back to you. >> that wraps a pretty strong week for the bulls on wall street welcome to "closing bell." i'm sara eisen wilfred frost joining me in a moment along with mike santoli senior markets commentator take look at how we finished the day on wall street up to the highs of the day the jobs report more than expected in a positive way. the dow -- some noise. a little more than a tenth of 1% s&p 500 almost .35%. materials the winner for the week it was the only loser, though, for today. the russell 2000 outperformed today. small ca

we'll watch those shares also on the upside, shares of levi strauss on the rise, 50,000 shares of volumested by coverage by a slew of analysts, jp morgan among others with the equivalent of buy ratings. the team at jp morgan mentions the strength of management the brand heritage there they have a $26 price target we'll end with shares of western digital which are up by around 2 or so% roughly call it 20,000 shares premarket this time. the data storage company getting upgraded by analysts a buy $65 price target they cited a bottoming out process and an underappreciation in the recovery for hard drive sales and margins. back over to you. >> thank you for those >> didn't tiger win an open at both beth page and pebble and isn't that the next two majors >> yes >> i want to mention so he's already won at both of those places. >> yeah, the 2000 one for sure. >> there's 6 again that was so good. >> i thought it was going to go in i did. >> i did too. >> we're going to check the markets but there's not much going on compared to this really anyway. >> just watch the ball roll. watch the ball roll.

even though we had levi strauss and the ipo of lyft, down 40% for overall m&a in the first quarter. u.s. and europe, down a lot too. they're gaining market share. jp morgan's gaining market share. i think that's going to be part of the conversation management has with investors on the call. dagen: it was a 5.4% gain in quarterly profits and one of the reasons was its net interest income which came in at $14.6 billion. thats was up 8%. so that's a very healthy sign for a bank of this size. >> especially so much conversation about the inverted yield curve, essentially what they're doing is their book of business, their spreads are great and we're seeing that in the first quarter results. it also means that they're getting increased customer accounts, investor and traditional banking. that spurs higher net interest income. dagen: you were very early on this to question, because peoples heads were exploding about the three month treasury being higher on the yield versus the 10 year. it only lasted for five days. so march 22nd through march 28, we got our crack team of one man charlie br