reed hastings will take the stage.ry clinton, jeff buchas, sherry redstone. >> three main themes that i'm seen. what comes after smart phones, what comes after broadcast media, what comes after facts. is it better data that comes next or something else? >> the point about big tech growing up, taking responsibility for some of the things they've brought, namely information and facts is going to be dealt with today big time. we'll see what goes on inside. let's get back to headquarters. scott wapner and the half. >>> welcome to "the halftime report." we begin with another major market watcher weighing in on the rally and the risks. mark faber best known for his doom, gloom report. also for us for the hour, jeff chernova, stephen weiss, kerry finerstone. kevin o'leary is here as well. we begin though with the man who says there is a bubble in u.s. stocks. mark faberer

don't miss the exclusive sit down with reed hastings.weighed down in particular by the banks, goldman sachs and jpmorgan. be right back. >>> i do want to point out stocks which have turned lower after a higher open at the last trading day in the month of may. we're looking at a 0.2 of a percentage point on the s&p. the dow is double that. it's groups like technology, financials and energy that are weighing on stocks. oil prices down almost 3%. the ten year yield falls to 2.20. that certainly hurts the banks. over to you, carl at code. >> welcome back to the code conference in rancho palo verdes. vox media announced yesterday a deal with bill simmons formally of espn. joining us here this morning, jim bankoff is the chairman and ceo of vox media. congratulations. >> great to be back. thank you, carl. >> partnership with the ringer and i guess it just speaks to if power of sports and more specifically the power of sports personalities, right? >> vox media is a talent platform. we have klein and many others who build strong bands, go deeper

netflix ceo reed hastings had a big impact today.ur julia boorstin has more. >> reporter: the explosion of competition as amazon and huh will you are doubling down on original content and youtube and others are launching streaming service, hastings says amazon scares him the most. >> they're so scary, everything amazon does is so amazing. how are they doing so many different business areas so well? they're trying to repeal the basic laws of limited capability. we're continuing to watch them and they're helping to grow the industry, because they're investing in the content. >> reporter: now he says he will not try to outamazon and copy their move to sports. remember amazon made $50 million for the rights to air ten nfl games. he says that much of the success is not at the expense of the traditional broadcast networks and the ecosystem. >> very few people have cut the chord, we're about 50 million in the u.s., we've seen maybe two or 3 million of 50. cut the chord. don't think of it as an overlap, we're driving chord cutting. it's prob

look how far reed hastings have come.etflix has 600,000 subscribers, only in the u.s., $20 a month for dvds by mail. but 11,000 titles to choose from. now the company has subscribers worldwide streaming. the company says it streams more than 125 million hours every day. what's going to drive the next leg of growth? it will come from continued globe expansion and exclusive content. releasing more than 1,000 hours of originals this year and spending more than $6 billion on content. so it says it has no plans to move into live news or sports. they say, quote, this will still be early in the global story for netflix. the primary risk is competition. particularly from amazon which offers movies for free from prime members. they pointed to the risk of the stock. incredibly volatile. there's also pressure to execute as netflix pushes further into producing its own content instead of licensing it. of course, all about making sure that netflix has content, when there are so many different alternatives. >> thank you, julia boorstin

in what was a rare appearance, julia, for reed hastings. >> reporter: yeah.was a great, wide ranging interview. hastings has grown netflix to over 100 million users around the world. now it faces more competition than ever. i asked hastings whether or not he's concerned about amazon. take a listen. >> they're so scary. everything amazon does is so amazing. how are they doing so many different business areas so well. they're repealing the laws of business of limited capability. we're continuing to watch them and be amazed by them. they're helping to grow the industry. >> reporter: hastings has acknowledged that they're driving up content costs overall. hastings made a point of saying they're not going to try to out amazon amazon. they have no intention to invest in live news. hastings pointed to where growth is coming from overseas. >> we have a lot of room to grow in asia. >> you're licensing to china. are you still trying to launch there or is that off the table in. >> i think that's off the table for the next couple of years. >> reporter: now as for net neu

netflix, of course, needs to reed hastings needs to make sure the company continues to have the movies and shows people need to see. for "nightly business report," i'm julia boorstin in los angeles. >>> coming up, so, you think you know economics? >> what other famous book did he or she write? >> 11,000 kids from 40 states test their knowledge in a national challenge. but only team was victorious. >>> here's a look to what to watch for tomorrow. the white house releases its proposed budget for the 2018 fiscal year. with a supply of existing homes for sale at historic lows, the focus will be on the are elease of april's home sales. amazon meets with its shareholders. the ceo is expected to lay out his vision for the company-the next yea and that's what to watch for on tuesday. >>> meantime, regulators are investigating a pair of recalls from hundred dye and kia. the national highway traffic safety administration wants more information on the timing of those recalls. the agency is also looking to determine whether it covered as many vehicles as it sh the recall is related to an engine de

reed hastings, a truly admirable and innovative, impressive leader, continues to get it right. are the military leaders you most admire overtime? gen. petraeus: i think ulysses s. grant is hugely underrated. although now finally he is once again getting his due. he was the hero of the world really after he left the white house and traveled the world on this famous tour. wrote fantastic memoirs. and then the southern historians ran him down for the first 50 years of the past century, but gradually, regard has returned. there is a terrific biography by ron white why interviewed at the 92nd street titled "american ulysses." it is a wonderful title. ulyssesy was america's in many respects. and the man of hamilton fame, his biography will be out in mid-october as well. grant was the only general in u.s. history who was brilliant tactically, division level and below. these are battles with donelson and henry, the man between the lakes, brilliant operationally, at many things and not the whole theater -- at vicksburg, one of the greatest maneuver campaigns of all time, and then strate

i have been incredibly fortunate to observe reed hastings and the netflix team overcome incredible challenges and build a company that customers love and has changed their lives. so the big challenges include almost running out of money for any ceo and any company, that's a big one. the price competition with blockbuster that could have destroyed us. and then there's sort of smaller challenges around marketing and packaging and some of the details that are probably, would never be obvious to customers or casual observers. >> what did you think you were investing in all those years ago? looking back at the s1, netflix describes itself as the world's largest online entertainment subscription service providing more than half a million subscribers access to et cetera, et cetera. doesn't sound far off from what they are doing now but what they were doing then was way different. did you have any idea? >> reed's a visionary. i mean, that's a terrific segue. at foundation capital, we were essentially early stage information technology investors, and we think that if you are going to add value as a bo

the statement comes in response to recent comments from reed hastings said sleep is his company's numbertor. >> speeding tickets very expensive, you know, but a southern california man seems to be actually relishing the one he just got. >> the man ownsa lorianand was ticketed for driving 88 miles per hour. reporter steve kuntz explains the significance. >> reporter: when it comes to iconic movie cars, it really doesn't get much cooler than the back to the future dlorian. >> it's a dlorian. >> reporter: and every back to the future fan knows if you want to time travel you have to hit 88 miles an hour. >> when this baby hits 88 miles per hour, you're going to see some serious [ bleep ]. >> new dlorian owner found himself in serious stuff when driving on the freeway in the santa clarity a area. >> i looked at my speedometer. it was going 85 miles an hour. my mom is looking at me and she just says, take it up to 88. let's do it. i took it up to 88 and i was at the 88 for about two seconds, right? and immediately i saw a police officer pulling behind me. the police officer walks up, he said,

i think if you look for a succession plan, reed hastings will probably step in.n terms of stocks, via com traded as if it has the most to lose from this happening. they reported earnings tomorrow. dan points out, that will be interesting. >> speaking of which, cbs reports tomorrow. so dan what is the options market complying? >> obviously, two names considered combinations, too, when you think about it. tomorrow morning with estart off before we open. about a 5% move in each direction. that stock was down almost 7% today. it closed down very near its lows. the options on average for the last four quarters, the stock has moved only 1.5%. >> that shows trepidation in a low vol market. one of the things that was interesting to look at. we have a couple chart here of vi a com, it broke below the 200 day moving average right there. really interesting technical support. it was down about 15 or so percent from its 52-week highs. still up on the year. so i think there is a little bit of room to go here. i have a longer-term chart here. this thing, when you look at that s

also programming note, cnbc's big coverage of code conference, reed hastings, make sure you stick aroundand a lot more. "squawk box" returns in just a moment. brokerage fees. fees? what did you have in mind? i don't know. $4.95 per trade? uhhh. and i was wondering if your brokerage offers some sort of guarantee? guarantee? where we can get our fees and commissions back if we're not happy. so can you offer me what schwab is offering? what's with all the questions? ask your broker if they're offering $4.95 online equity trades and a satisfaction guarantee. if you don't like their answer, ask again at schwab. >>> the country's top spellers are set to compete in the 90th annual description national spelling bee in washington. roughly 11 million students tried out for the title of top speller. but only the best of the best are competing over the next few days. this year's competition has already made history. get this, 6-year-old edith fuller qualified for this year's competition. that makes her two years younger than the second youngest contestant before her. the winner gets $40,000 in cash,

what reed hastings was able too do is based on -- he would come to your house.alize our own business to make sure no one else does. >> we don't have much time left. you're from new orleans and you went on for a scholarship. there's a great controversy. >> i saw michelle miller's piece. i think mayor landrieu has done a good job. some of these monuments were put up in the 1880s and 1890s. he was taken down last night. they were put up to send a signal after reconstruction. i think new orleans has always had a main diversity and michelle miller being someone from new orleans, being married to a former mayor, e it gave us certain things. i think it's included that we're moving them and that maw yore is doing it >> good to have you here. >> good to be hire. >> are you coming back in october many. >> if you bring me back to talk about leonardo do vinci, i can tell you what he did. >> he did so many things. >> the connection to the science and art was key to it 500 years ago and today. >> we'll see you in october. >> we'll see you in october, sooner, i hope. >>> "trai

>> think we have to think back to what reed hastings said, his competitors leap.e pivoting in this direction and there's probably room for one. netflix is not trying to replace tv, just fill in the blanks. >> i'm on team sleep. >> you're still a potential market for netflix. >> exactly. shares are higher after yesterday's earning beat. coming up ceo will break down the quarter with us and tell us how much impact could have on its business. first we will look at whether the controversial firing of fbi director james com comey could derail the trump agenda. you're watching cnbc, first in business world wild. can make all the from a frese difference. it can provide what we call an unlock: a realization that often reveals a better path forward.w.i.d.e. kind of insight that has lead us to become one of the largest investment and wealth management firms in the country. discover how we can help find your unlock. ♪ ♪ welcome to holiday inn! ♪ ♪ thank you! ♪ ♪ wait, i have something for you! ♪ ♪ making every stay a special stay. holiday inn, smiles ahead. whether for big m

and that reed hastings is right at netflix when he says the real competition is sleep. who have a good form factor and don't want to sleep like i'm against sleep when i'm out here, it's a huge win. but i don't see -- i'm not drinking the coors light. >> guys, apple's taking the biggest bite out of the dow for the moment. let's get to bob pisani on the floor. >> good morning, guys. happy wednesday. important thing about today, tech under a little bit of pressure but not that much. let's look at the sectors. banks still having a tough time. they're leading to the down side, but not that much here. semiconductor stocks also weak, i'm talking about the ssd here to this point. and consumer staples you see a more defensive tone. that second line there, that's the semiconductors. europe is mixed but you see the semiconductors a little bit weak. this seems pretty obvious. it's likely related to apple. ams and stm that are over in europe, some of the other ones like dialogue, also a bit on the down side. these are stocks that trade over in europe. here in the united states, some