peter: you are president of microsoft. microsoft has a ceo, bill gates. what are your duties? brad: i play several roles in the company, i think one of the most interesting certainly is to really be on point point for these issues where technology meets society. you know, there are so many issues today. sustainability, privacy, security, responsible artificial intelligence, digital safety. the world has a different set of expectations of us than it did a decade or two ago. this requires we bring people together across our business. we need to innovate in this space, it also requires that we connect with the rest of the world, with people in government and elsewhere. this is a journey we are all on together. it requires new steps by government. peter: you joined microsoft in 1993. how has the company changed since then? brad: well, when i joined, microsoft had just over 4000 employees. today, it has 150,000. everything is bigger. when you are big, you have to find ways to move quickly in a new form. because obviously, moving a big group of people is harder than moving a small g

we saved values that are really timeless, brad smith dear president of microsoft, microsoft also has a ceo bill gates. what are your duties? >> i play several rolls in the company but i think one of the most interesting certainly is to really be on point for these issues were technology meet society. there are so many issues today, sustainability, privacy, security comedy responsible artificial intelligence, digital safety, where the world has a different set of expectations of us. then it did a decade or two ago. this requires that we bring people together across our business because we need to intubate in the state but we also require that we connect with the rest of the world, with people in government and elsewhere. because this is a journey we are all on together. and it requires not only action by companies, it requires new steps by government. >> you joined microsoft in 83 -- 93 sorry about that how is the company changed since then? >> when i joined microsoft that just over 4000 employees that today they have a hundred 50000. the first thing you see is everything is bigger. w

it requires new steps by government, you joined microsoft in 93. how has the company changed since then? >> guest: when i joined microsoft in just over 4000 employees and today it has 150,000. the first thing you see is everything is bigger. when you are big you have to find ways to move quickly in a new form. because obviously moving a big group of people is a lot harder than moving a small group of people. when i joined in 1993 technology when that something you read about everyday unless you were a tech geek or maybe an intellectual property lawyer. obviously, it has become perhaps the single most defining element of our times. we live in a technology era. it means that the world has questions and we need to answer them. it means people want to understand technology without having to go get a phd in computer science. part of what i need to do, part of what a lot of us need to do, we have a great team that does a, is serve as translators all too well people understand what issues are and what our engineers understand what's on peoples might. >> h

and microsoft. new evidence raises fears the coronavirus could spread undetected. we'll head to a biolab where researchers are working on anybody's -- antibodies. and tiktok has a new rival in the u.s. and we'll show you the hot new video sharing app that has sky rocketed to the top of the app store. but it is tech earnings season this week with results from the industry's biggest names. let's start with one of the top performing giants. apple. apple reported their highest quarterly revenue ever thanks to strong iphone sales. iphone revenue was $56 billion compared with the average estimate of $51.5 billion. this looks to be the second highest ever iphone's quarterly revenue. to get perspective, paul allen and i were joined by forester analysts. >> i view this as a game changer quarter. maybe a billion and a half. the rock of gibralter. i think this is a stock that is going to continue to go up. i view this as a best case scenario. taylor: julia, let me come to you on this. it seems like the iphone

the latest from apple, amazon, facebook, and microsoft.lus, new evidence raises fears that coronavirus could spread undetected. we will head to a bio lab where researchers are working on antibodies. and tictoc has a new rival in the u.s.. the hot new video sharing app that has skyrocketed to the top of the app store. first, it is tech earnings season with results from the industry's names. first, let's start with one of the top performing giants, apple. reported the highest quarterly revenue ever banks to strong iphone sales. iphone revenue was $56 billion in the holiday quarter compared with the average analyst 51.5 billion dollars. this looks to be a second highest ever iphone quarterly revenue. to get perspective, paul allen by analysts.ined >> i've used this as a game changer quarter. even the most bullish were thinking maybe a billion and a half. iphone isis shows the strong, not just in china, but look at a 5g super cycle. stock is going to continue to go this as a clear best case scenario. >> let me come to you on this. it seems lik

here, pay up for microsoft or ride it as far as it goes? it is obviously a huge chunk of not just the major indexes but if you look at the thematic exchange traded funds, esg funds it is way on top of all of those holding. dividend and buyback etfs, momentum, quality, and low volatility, all overweighted in microsoft. the question, of course, is it almost too good to be true can we kind of continue to have outperformance from a stock that's already given you so much up more than 70% in 12 months. contributed 1/8th in the s&p's rise over that period. or are people hiding in it to an extreme degree right now those are the questions to me, really the premise is what's going great at the company itself that's the baseline. from there you have to ask yourself how much is it worth to pay for it up front. >> if you check awful those boxes that you just said, that one stock can be momentum, quality, defensive, and oh, by the way, esg. >> exactly. >> it doesn't get much better than that? >> no, it doesn't. you know, it is not microsoft of course say

does this in some way strengthen microsoft's hand >> yeah., i have no concept how the legal thing is going to turn out, but it would really shock me if this particular path that amazon is taking worked. i guess, you know, i just don't see the administration conceding anything on this, and as a consequence, i don't know how the case moves forward >> which is why it makes -- bezos' decision moving forward on this is bold. the chance of this working seems really low why antagonize the white house knowing the chances of what you want to get are minimal? >> excellent question. >> serious about federal contracting potentially? >> well, amazon clearly is intensely serious about taking on all kinds of -- law enforcement with ring has been a huge area of emphasis and given google's failures in medicine relative to taking data -- they've been accused of take daigh ta out of the cloud product and using it in a.i., that's created a big went doe of opportunity for amazon and microsoft to grab share. so from amazon's point of view, i think this is a very h

amazon and microsoft to bid on this thing but oracle and i.b.m. actually complained ahead of time saying that this contract $10000000000.00 over 10 years and one company doing the whole thing goes against industry standards that the industry standard for something this size would be to use multiple cloud computing companies so that you're not putting everything into one cloud and that was what the president was actually saying was to take a look at was the situation it's interesting that amazon was fine with it all being one company until it wasn't their company right. exactly and i think their argument was to that point even in this particular motion where the biggest in the baddest in the best you need to give it to us we've got the infrastructure to handle this microsoft being a smaller and this particular company that was awarded a contract as again they're smaller arm of microsoft that was going to handle this contract and it is apparently a handle contract but to your point 2 earlier it was i think the bidding process actually started well o

that's just microsoft.hese stocks, we talk about their importance to the market from a waiting, from a market cap perspective. if you're a market cap weighted index or etf, they're not the same one of these things is not like the other. >> you better hope this passive investmenting trend that's been all the rage continues god forbid it stops. you think this is bad, that will be -- that will make this look like a garden variety selloff. with that said, i'm not suggesting it's going to happen. >> december 2018 we saw 15% drop in a couple weeks. >> what we worked in, we traded at $48 billion valuation, lost 85% of its value in a month and a half now we talk about it every day stocks can go down they go down faster than they go up however, that 160 level that dan just flagged on microsoft, that's right i'm not saying it's going to stop there that's as good a level as any. on february 11th we said, guess what, microsoft made an all-time high reverse lower on two times normal volume. that to me is the top. >> to

this is the latest company to cut guidance due to the outbreak microsoft shares down 1.3% in the after market i would imagine that we had a few united and others, we will probably have a couple hundred more of these is my guess. >> mastercard was a huge one as well listen, microsoft on january 29th gave guidance, and this was one of the things. first of all computing is probably 25% to 28% of their overall revenue. there you go and with that said, they're not going to be able to give guidance, which is fine in this environment. ask yourself this, though, where should the stock trade down to and we've said this for a while. we've said it since february 11th or so when they reported -- around when they reported stocks traded up to 190.50. 160 is your level. people now look at microsoft on valuations and say, wait a second, maybe 28, 29 times next year's earnings. >> and so more personal computing as guy said, 30% of their operating profit and so for a stock that also with the beneficiary of passive flows, the other thing we talk about with apple and microsoft, they make up more than 23%

but it was eventually awarded to microsoft, so was eventually awarded to microsoft, so amazon went tos contract is because they were unduly influenced by president trump. it is no secret that president trump has lobbied a lot of thanks towards amazon, particular because of the coverage that the newspaper, the washington post, gives of the president and his administration, let's not forget, mr jeff pazo is the owner of the washington post. what happens now that this injunction has been granted? —— that this injunction has been granted? —— jeff pazo split up now you have to wait until the court case makes its way through the courts. what this injunction does is it stops the pentagon and microsoft from doing any work until they can sort of rectify this other lawsuit that amazon has against them. thank you. stay with us. another story i wa nt to you. stay with us. another story i want to ask you about. another big court battle in the offing... the us has added to the list of charges against chinese telecoms company huawei. let us know about that please. huawei and its subsidiaries are bei

the virus is hurting microsoft supply chain. ashley: they are putting out warnings, quite a few other companies, microsoft says in particular personal computing sector, they will miss their revenue target. they say items that are most significantly hit because supply chain issues would be microsoft windows, pc accessories, video games and more. they are back to the supply chain. second quarter guidance, if this goes on longer it could hurt further down the road. stuart: it looks like the spiral down is speeding up and i suspect it is because of that case in california, any travel with the virus carrier. paces beginning to speed up. >> into spring, going to milan with twee 7 people on it, that tends to feed on itself. when you get markets like this, shoot first and ask questions later and where she stops nobody knows. we had a gargantuan rally for 14 months. and outlier event, this is going to be news driven but you have to realize we have a repricing of global and corporate growth. when you hear from microsoft, mastercard, every

microsoft had been up to $186, you can see it now it's at $184. for its part, as microsoft turns negative, amazon's stock is spiking from down to up. earlier this week, amazon said it was seeking to depose president trump and defense secretary mark esper as amazon claims the awarding process contained quote, unmistakable bias. amazon's ceo jeff bezos is also the owner of "the washington post," the paper that the president has complained about for unflattering coverage of him and his administration. i do want to point out, though, that amazon had been at $2142. it has gained about 20 bucks at one point. at the moment we are looking at amazon at $2155. make that about 30 bucks to the upside. >>> tesla infuriating short sellers again in the final hour. the electric vehicle shares, look at this, to the left side of the screen, that's premarket. they fell 6% but then reversed and are now climbing about 4%, but they had been as high as a gain of 6% after investors cheered the electric vehicle maker's plan to offer a $2 billion common stock offering. the

so when microsoft reported a strong number for azure they figured they were taking money from amazon. not at all amazon blew away market estimates and the harkt has expanded even if the growth was slightly and that is speaking. you don't see market expansion when there is fierce competition and the amazon stock has caught fire have you seen that stock now i know it was like a bomb went off but the google cloud generated some excellent numbers. octo published a terrific piece where they estimate google cloud grew at a 67% clip faster than azure. new leadership in the form of an oracle star the dazzling thomas curran has brought in $50 million deals doubling year-over-year, that is impressive and amazon and microsoft and alphabet aren't completing on price. microsoft is with hybrid and google with artificial intelligence and machine learning what they're competing on is capacity because the demand for data centers is exceeding the supply and that is why portfolio managers bid up the two companies that make the nuts and bolts of the data center, amd and nvidia i know i told you to buy it

microsoft, apple, google and amazon should you keep adding to your positions? plus the other names keeping the market great place your bets, wynn and las vegas sands rallying on a big upgrade despite concerns about the coronavirus. the investment committee is ready to go. "halftime report" starts right now. >>> welcome. good to have you with us on this wednesday. joe terranova, john najarian, carrie we begin today those new records for stocks all three major averages extending their gains. joe, dow, believe it or not, only 500 or so points away from dow 30,000 they recommend buying on weakness that's what investors continue to do. they reiterate their year-end price target of 3600 nothing can stop this stock market. >> did they mention the federal reserve at all they should be we sat here yesterday and listened to chairman powell and the testimony and nontraditional questions and i think those nontraditional questions were being asked because there weren't relevant questions to be asked because the environment for the federal reserve continues to be a nonfactor

one is apple, one is microsoft, one is google, one is amazon you have amazon, google, apple and microsoftn a, g, a, m, you have a maga >> heath is joining us from the global conference. congratulations as always on the conference good to talk to you. >> great, thanks, carl great to be here. >> you don't cover all of the names in that group but you cover a lot of them. i wonder is it any different covering them or is there more responsibility how much is the market relying on the fates of those four companies? >> we look, those are our tech leaders. that's what the market is looking to in a lot of ways when you talk to investors, those have become market stocks. they're reflective of the direction the market is going and reflective very much on investor sentiment on where they expect the market to go. >> let's talk a little e-commerce, heath. you guys cover amazon, ebay and etsy but not shopify why not? >> we actually do cover shopify it's our software analyze covers it, because it's more of a sass model versus a real transactional model, the other companies i personally cover are. >> i wa

holds a major pentagon defense deal over claims of the multi-billion dollar contract that went to microsoft with biased. and high school athletes in the u.s. seek to ban transgender competitors from the track after 2 sprinters dominate state championships in connecticut we hear from the students. policy that that playing connecticut has had the result of depriving girls of championship titles and the potential to even compete for us college heads biology is what matters in athletics not a. saturday morning at 9 here. watching thanks for making our senior political news this hour 1st to germany where top officials from around the world converging on munich this saturday for day 2 of the annual security conference is the biggest event of its kind and among the talking points is the west losing its role in the world stage the situation in syria and tensions with iran our europe correspondent peter all of a look at what to expect. it's day 2 of this year's munich security conference this plenty for world leaders to be discussing here at the very capital. this is the overarching theme of this ye

to be in the near to dan: microsoft is a good example.he cloud continues to be something microsoft has kept on the table and 80% of the valuation is because of that. microsoft is going to be a victim of the supply chain, but when i look out in 18 months, is this a name that i continue to believe is the best play? that's why i continue to view these scary headlines. you look at the winners and you look at that list and you selectively continue to buy them during this massive relativity -- volatility. >> you are not alone in that view. a number of analysts have rated it a buy, but the question is how selective do you need to be? >> i have been telling clients all day. our view is, you do scenario analysis. you pick your spots. you are continuing to own these names and buy at these levels if you believe in the fundamentals that we do. from our opinion, this is not the time to go into the bunkers. it is a time to look at your whiteboard. look at the names you wanted to own over the last four or five months. the evaluations ran ahead of you. w

so thank you, microsoft. and thank you to all the teachers who up the game and learn how to teacher. but 42 to 1000 in two years, that's what we can do when we think out-of-the-box. >> great shout out to them. it's time for everybody to stick around with us, have a cuppa coffee, have lunch in the second half of our program should start at 1:15 p. m. [applause] >> tomorrow we will have live coverage with secretary of

the air about after a muslim challenges the way the multibillion dollar deal was awarded to rival microsoft. was the board of france's equivalent of the also goes quits on the last over director roman polanski a sweeping abomination is at this point still being wanted in the us with statutory rape we find out if actions speak louder than our. 2 figures are united artists and man and he's an adult so he should assume the consequences of his actions i believe this story of polanski is ridiculous it's existed for 30 or 40 years don't they have anything to do except protest. a very warm welcome you're watching r t international with minichiello. russia's foreign minister has used his address at this year's munich security conference a call for approach went with the west so said that moscow's international partners have long sought to portray it as a grave threat and argue that they need to stop invoking the russian phantom with the details his piece of. so to get allow for all of the russian foreign minister he gave a very quick fire address to the munich security conference he started off by

hangs in the air after hours and challenges the way the multi-billion dollar deal was awarded to microsoft. and the board of france's equivalent of the. director roman polanski sweeping that all the nations of the white still being wanted in the u.s. for statutory rape we find out if actions speak louder than the. 2 figures and united artists and man he's an adult so he should assume the consequences of his actions. here in moscow thanks for joining us in r.t. international's and i'm daniel hawkins welcome to the park russia's foreign minister has used his address at this year's munich security conference to call for a reproach me with the west said that moscow's international partners have long sought to portray it as a grave threat and argue that they need to stop invoking the russian found some with the details here's peter. the russian foreign minister he gave a very quick address to the munich security conference and started off by talking about what russia sees as attempts to rewrite it. of world war 2 speaking as we approach of course the 75th anniversary of the end of that conflict

in the air after his challenge to the way that the multibillion dollar deal was awarded to rival microsoft. the board of france's a quiver of the quits months over director roman polanski sweeping the nomination despite still being wanted in the us for statutory rape if you find out if actions speak louder than our. good figures are united artists and man he's an adult so he should assume the consequences of his actions i believe the story of polanski is ridiculous it's existed for 30 or 40 years don't they have anything to do except protest. for the very good evening to them thanks for watching it's kevin i would hear it out international welcome to this latest 30 minute live starting this coming in from munich political disunity in the west is dominating this year's munich security conference with a lot of big names where officials from around the world are tackling the biggest questions in international affairs with divisions growing between the u.s. and europe right now russia's foreign minister is also been speaking he's been calling for reconciliation with moscow. across europe corre

hangs in the air after amazon challenges the way the multibillion dollar deal was awarded to rival microsoft. order from says equivalent of the oscars quits on mass over director roman polanski sweeping the nominations despite still being wanted in the u.s. has stuck to a tree rake. and they could even just turn 6 in the evening saturday in moscow i'm kevin and this is art international welcome to you is 1st the political disunity in the west is dominating this year's munich security conference where officials from around the world attacking the biggest questions in international affairs big names that among those addressing participants this saturday were the u.s. secretary of state mike pompei oh and france's president mccrone the 1st go there as promised the people of our europe correspondent for missing it in the very capital hey yeah a lot of big names there and conflicting views from either side of the atlantic about how the west is fairing right now to. indeed will come to those in just a minute because in the past few moments the russian foreign minister has just finished his address

halting a major pentagon project over claims that the multi-billion dollar contract that went to rival microsoft was biased. on the border from his equivalent of the oscars quits on mass over director roman polanski swayed to nomination despite still being wanted in the us for statutory rape we find out if her actions speak louder than our. 2 theories are united artist and man season in doubt so he should assume the consequences of his actions i believe the story of polanski is ridiculous it's existed for 30 or 40 years don't they have anything to do except protest. hi good afternoon just turned 5 pm in their moscow this saturday morning's cover now in this is art international welcome to you appreciate watching this 1st political disunity in the west is dominating this year's munich security conference where officials from around the world tackling the biggest questions in international affairs among those addressing participants this saturday were the u.s. secretary of state mike pompei o n france's president mccrone reporting from the bavarian capital our europe correspondent peter all over t

stuart: microsoft amazon, google, apple. got it. only microsoft is actually down. the problem is there. maybe that has something to do with the amazon fight over the jedi project. maybe that has fallout. microsoft retreating from 190 where it hit yesterday back to 182. apple, alphabet, 1510. amazon, 2170. i call that extraordinary. >>> samsung has unveiled a new range of cell phones. one is a flip phone. remember that? we will have one on the set later this hour and we'll pass judgment on it. on your screen a mall in illinois is pet friend did i. why? of course to get more shoppers through the door. they need foot traffic. that is how they propose to do it. we'll take you there shortly. ♪. through the at&t network, edge-to-edge intelligence gives you the power to see every corner of your growing business. from using feedback to innovate... to introducing products faster... to managing website inventory... and network bandwidth. giving you a nice big edge over your competition. that's the power of edge-to-edge intelligence. stuart: i would like to take you back to t

holds a major pentagon project over claims the multi-billion dollar contract that went to rival microsoft was biased. a plot twist in the french equivalent of this is the academy quits over director roman polanski sweeping the nomination list to find out whether actions speak louder than our. 2 figures are united artists and man season down so he should assume the consequences of his actions i believe the story of polanski is ridiculous it's existed for 30 or 40 years don't they have anything to do except. those leaders and top officials gear up for a pivotal day at one of the biggest global security conference is where the focus is on the west and waning role of the world stage. hi there and welcome to weekend world update from international in moscow welcome to the program 1st one of the biggest defense digital contracts in american history has been put on ice online retail giant amazon is taking on the pentagon in court after washington gave the $10000000000.00 deal to buy microsoft the lawsuit argues that donald trump was biased in his decision against amazon supremo jeff bezos it's c

old some major pentagon project over claims the multi-billion dollar contract that went to rival microsoft pirates. on the board of france's equivalent of the oscars quits on mouse over director roman polanski sweeping the nominations despite still being wanted in the us the statutory rape coming up we find out if actions speak louder than our. figures as united artists and man season down so he should assume the consequences of his actions i believe the story of polanski is ridiculous it's existed for 30 or 40 years don't they have anything to do except. they just turn 3 pm this saturday in moscow my name is kevin i mean this is our international q war welcome to you 1st story then today political disunity in the west is dominating this year's munich security conference where officials from around the world are tackling the biggest questions in international affairs among those addressing. this saturday with the u.s. secretary of state my pompei and also france's president mark wrong bit of a small war of words from there peter all over our europe correspondent across the capital for is s

amazon holds a major pentagon project over claims that the multi-billion dollar contract of the rival microsoft with biased. board of france's equivalent of the oscars quits on mass over director roman polanski sweeping the nominations despite still being wanted in the us for statutory rape we find out if actions speak louder than our. 2 figures are united artists and man she's an adult so he should assume the consequences of his actions i believe the story of polanski is ridiculous it's existed for 30 or 40 years don't they have anything to do except. top officials gear up for a pivotal day at the one of the biggest global security conferences where the focus is on the west's waning role of the world stage. welcomes your weekend world update from r.t. international in moscow with me 1st to the battle of the billionaires then and one of the biggest digital defense contracts in american history has been put on ice online retail giant amazon is taking on the pentagon in court after washington gave the $10000000000.00 deal to rival microsoft the lawsuit argues that donald trump was biased in his d

holds a major pentagon project over claims of a multi-billion dollar contract that went to rival microsoft was. the border france's equivalent of the oscars quits on mass over director roman polanski sweeping the nominations despite still being wanted in the u.s. for statutory rape we ask if actions speak louder than. defeat various as united artist and man he's an adult so he should assume the consequences of his actions i believe the story of polanski is ridiculous it's existed for 30 or 40 years don't they have anything to do except. very good afternoon just 24 pm on saturday the start of the media about international plenty to talk about this weekend starting with this then political disunity in the west is dominating this year's munich security conference on going this weekend where officials from around the world are tackling the biggest questions in international affairs among those addressing attendees this saturday with the u.s. secretary of state pompei o and france's president mccrone reporting from bavarian capital his peter all of. security conference started on friday with ge

we partnered with microsoft. they came to town. they have really helped us to teach teachers how to teach computer science, provide a curriculum, partner with code.org, partnered with the university of rhode island, created an initiative called cf ri. we became the first state in america to teach computer science in every grade starting in kindergarten. last year, over 1000 rhode islanders took computer science in high school for college credit. yeah. so, thank you, microsoft, and thank you to all the teachers will upped their game and learn how to teach it. a few2 to 1000 in tw years, that is what you can do when we think out-of-the-box. caitlin: great shout out to them. we invite you to stick around with us, have a cup of coffee, have some lunch. the second half of our program should be starting at 1:15 p.m. thank you so much. gov. raimondo: thank you. [applause] ♪ >> the new hampshire primary is tuesday. watch results and candidate speeches starting at 7:30 p.m. eastern live on c-span, c-span.org, or listen on the free c-span ra

working for adobe, microsoft, sales force. you name it.ply be this good >> it can be this good i think as the fundamental driver and premise for why people are so enthusiast ic about microsoft although i think there's an element of crowding and hiding into areas of the market and areas of tech that seem less at risk to some of the big scary macro stuff. whether it's china exposure or the semiconductor cycle or anything else macro. so i think you can have a great fundamental story, but also at least at some point become overextended, nobody knows where that point is. >> i'm working on a hot take where an apple and microsoft reverse. any way, that might be a bit ahead of itself, but here's what i want to know from your brain what stops this? these companies are worth a trillion dollars already are we quoing to two t is it business cycle risk? what could possibly stop these juggernauts? >> i don't know if it's really a one quarter stumble, but it could be as simple as investor preferences shifting once again. all these dynamics it's getting p

claims microsoft awarded the government's jedi contract unfairly under the pressure of the president who hates "the washington post. maybe. the company filing a motion in federal court seeking testimony from president trump and the defense secretary as part of the complaint. when this happens, morgan, i just think that it sells sat satya -- they were suing. >> exactly. >> microsoft was able to get the act together with a competitive offering here and just being bitter and saying this is -- doing this completely with -- what okay you tell me, morgan. bezos hate >> extremely controversial supposed to be a fast competition process. the whole essence basically to start migrating in a broader sense the pentagon over to the cloud and this idea of what's been created commercially adopt it to this high security, highly sensitive abilities within the dod. it took 18 months. you had a pre-award bid protest of oracle and saw controversy there. >> right. >> now seeing the protest with amazon and not unsurprising because this happens when it comes to procurement and government contracting. >> the

google 5.5 and microsoft a 7% drop wow. as stocks sold off buyers they flooded into bonds the 10-year yield at one point trading at 109.24% ended at 1.26. the lowest at any time in american history for the ten years. bond traders expect a rate cut on march 18th. but there is chatter possibility of intrameeting cut between now and then all told, the fear on the street is very real so tim seymour, our audience is likely asking two questions. what do i do now and what comes next? >> thanks, brian if you think about first of all when markets really start to panic, policy makers start to act. i think that the policy response which we have seen so many times is certainly part of the evolution of where we go from here the problem is we've had the conversation for 18 months about what policy makers can really do four the economy we know what they can do for for markets short-term in terms of the news flo obviously we started to get bottom up forking things cut to the bone things from companies over the last two weeks and going into

microsoft joins a growing list of companies cutting guidance.ng bell this morning, good morning. here is your thursday morning price action. lowe's down one point 5% on the s&p 500. stocks lower, yields down six basis points. record lows on the u.s. 10 year. the dollar is weaker, the euro is stronger. euro-dollar up .9%. let's begin this program with the big issue. markets worried about one thing. >> if the epidemic becomes a pandemic. >> pandemic. >> global pandemic. >> right now it is a panic. >> a lot of panic. >> if

and, you know, microsoft which has survived the whole coronavirus scare has gotten hit. >> you can't celebrate all the way up when it is apple and microsoft and amazon and these other stocks and then be shocked when you have air pockets on the way down if there are profit takers in some of those names just because of the top heavy gains that we've had. >> of course so as we sit here, the market was up as of this morning about 5% the s&p 500, 5%. 13 all-time highs this year, 16 all-time highs for the nasdaq. and we're beginning to face some reality that the earnings that people expected for the first quarter and for 2020 may be overly high. so the market is not trading at 19 times earning, it is trading at 20 or 21 times earnings which means that we need to roll back some of the expectations. and this is not a freakout situation, it is just that we moved we have fast very far in the last few months. and i think that it is reasonable to expect that -- >> two things worth pointing out on that. i agree with you very much two things pointing out. john lynch did work on what we're seeing f

microsoft has just moved so much and i like microsoft very much and there's going to come a time when you want to buy that but we need to see more negativity built in and the travel and leisure stocks very interesting are starting to get to levels that remind me of when you go back into 2003 model where you had sars and you had the transports went down 21%, remember we always have to use percents now because the numbers don't work because the stocks are so high. if microsoft stabilizes 165, 167 and say maybe it's immunized but when apple lowered its range that stock got crushed theoretically you could say for so long. it says things arant done yet. >> i was going to save this for later but since we're talking about travel, disney and disney is the biggest -- was the biggest decliner contributing to the decline in the dow and i believe in the s&p 500 you can call disney a travel stock in a way. >> absolutely. >> but how much of it -- of today's decline was related to it being affected potentially by a falloff in travel and how much by mr. iger's departure. >> i think we've all -- every

they already have a competitor called samsung >> offer microsoft linked in >> the mere fact that the government is allegedly looking into all of this, stand up and take notice again. i think also when you have a president that uses the stock market of his barometer as to whether he's successful or not, i would guess -- this is just my own viewpoint, start to to cara's point, it loses a lot of bite >>> down 2% for facebook and microsoft, and some other are not even down at all thank you for phones in today, cara. >> thank you. >>> coming up we'll talk with dan rosensweig, he today's closer let's check in with michael santoli. will the base hold a lot of talk about divergences, the breadth of the market isn't what you mike want to see. living free? some of those ipos set free on the market really been revived this years americans feeling better than they were in recent years about their own finances, so first of all, clegg a look at the relationship against the equal weighted s&p it weighted every symptom the same and s&p pure value. obviously, you see this liftoff effect, right north