tv Squawk Alley CNBC February 7, 2017 11:00am-12:01pm EST
market reaction to disney easte earnings. should you own a piece of the kingdom? tomorrow on cnbc. >> welcome back to "squawk on the street." check out the shares of us aero space and defense. it is up 5% after posting stronger earnings like transdigm. republican citron founder ann rue left will be a guest today on "halftime report." now to you and the crew at "squawk alley." >> good morning, 8:00 a.m. tesla headquarters, 11:00 a.m. on wall street. this is "squawk alley." ♪
♪ welcome to "squawk alley" for a tuesday, jon fort, sarah eisen and myself. the dow record high today along with the nasdaq, the s&p is working on it. the president making comments moments ago on the ongoing debate on his immigration ban. he says the appeals court needs to go his way. >> the president is meeting with a group of sheriff's across the country at the white house right now. we got a piece of tape in a few minutes ago when he was asked about the travel ban and the court proceedings for that. here is what the president had to say. >> we're going to take it through the system. it's very important for the
country regardless of me or whoever succeeds at a later date. we have to have security in our country. >> not clear what exactly he means by "take it through the system" but he probably means all of the way up to the supreme court at this point. the president also said he would approve the pipeline deals, thekeystone and dakota pipeline details. he has not gotten any phone calls. a group here around the table agrees with president trump, supported him in the campaign, and now he is delivering on what he said he would do. >> thank you. >> meantime, stocks are trading at record highs, but prominent voices are sounding alarm in the light of heightened uncertainty for immigration. the chinese foreign ministry says both sized will lose.
we also have legendary hedge fund manager seth klarman saying they are writing on the benefits of stimtive tax cuts while mostly ignoring the risks of america-first protectionism and the e rex of trade barriers. we have joined now by our guests. great to see you both, let's start with technology, it is "squawk alley" and tech is in the lead. nasdaq at a record high. some are wondering whether or not you need to worry about this group given those companies that signed on, and that brief filed against the immigration order of president trump. do you worry as someone that likes technology about the relationship with trump? >> i worry broadly, maybe not yet specifically. i think the broad concern was cited in the couple quotes you read. the fact that protectionism and anti-trade came to the forefront
and put fiscal policy in the back seat is troubling. it's od that you have seen all of this heightened political uncertainty and incredibly low uncertainty. and i think the momentum in tech has the strong eest breadth acrs the sectors. but yeah, i don't have blinders on to the concerns about the protectionism. i agree with the notion that a trade war is a lose-lose proposition, not a win-lose. >> not just trade, it's about some moral issues that tech started to stake a stand with the trump administration, brian, where do you think this relationship will go? >> on the trade side? >> between technology executives as a group and the administration. >> look, they are in a tough spot right now. the new administration, the new president knows how to use social media in ways that we
have never seen before. it put them in an awkward position but more broadly going into the momentum thesis that was mentioned, there is a lot especially when you get out of the tech world. the change and the tone coming out of the government in the last couple years compared to four years ago, compared to eight years ago, macros are startling. we're not talking about the survivability of the banking system any more. four years ago we were talking about a fiscal cliff. now we're talking about cutting tax rates and deregulating. we don't know what the new rules will look like. but there is head winds that used to exist buffering the economy that are now tail winds and i think that is very positive broadly and that is what investors are paying attention to these days. >> on one hand you have
regulatory reform. you have repatriation, and tech companies in particular. apple, cisco, oracle, just billions and billions overseas that could come back here. on the other hand you have protectionism issues that could really hurt tech when it coming to cloud and policies around where data is stored and the willingness of foreign governments in russia and china to buy u.s. technology. how long before we start to see these concerns crystalize, do you think, or the repatriation? >> i think the repatriation piece is important. there is a misperception about what that is likely to mean. if we have a repatriation holiday, the trillions of dollars will come back in the u.s. and go toward capital spending. the cash horde is equally mighty here. and i think probably more than
anything, the money will find it's way back and go back to buy backs. so i'm not so sure repatriation is moving the needle all that much in terms of where the money will be put. >> we had a long discussion this morning about even if the market policy expectations were inflated, and this will take longer than we thought, maybe the current state of the economy and more specifically earnings can act as a bridge until we get to that part of the legislative process spp that valid? >> i think so. it is about 12% or 13% right now. that is exclusive of fiscal stimulus. it is largely due to the reversal in the energy sector. i agree that getting policy enacted in washington is a messy deal. our founding fathers did it on purpose so you could not make
quick change. we may have to start building into 2018, the additional benefit that comes from fiscal stimulus. the market is forward looking, it will be about the midpoint of the year and look at valuations on 2018 numbers. so we may have to push further down the road that boost coming from fiscal stimulus. >> brian, are you pushing out your dates of when you expect these pro-growth policies to happen? >> a lot of people concerned that they cannot repeal and replace balm care yet. and that suggests that they have to potentially put the tax reform on the back burner and infrastructure spending or at least push it off. >> i have not pushed it back because i have never been overly optimistic about the pace of when these changes will occur. i think it is a mistake to look to 2013 and say this is the year it will happen. it's not the way washington
works. at the regulatory level, especially for financials, coming to my part of the world. they will remain in office, many of them, for a year or more. jant yellen is on the job for a year more today. up on the hill, i think changes will be a lot slower than some in the market have anticipated. i think that it is very instructive to watch what is going on in capitol hill in the senate debates. democrats are making a calculation that they will pay no price for slow walking things. it's not in their interest, in their view right now to play with the administration. they will have to go it alone, and they're still trying to figure out exactly where they stand on tax reform. what the administration will propose on tax reform. so this all leads to slowing
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♪ >> a big week for media earnings. 20th century fox soaring. revenues did miss. both stocks under way. good morning to both of our guests. your take on comcast. now we have fox out, television looked good, cable nets up about 7%, but some folks were expecting more. what does it say overall about this environment we're in? >> i think you're seeing a bit
of over enthusiasm in the short term. there has been a lot of negativity toward the media industry with their ability to show growth. starting in the fourth quarter of 2016 we saw signing of improvement in core trends. a number of investors came back to the media space. so there is a little bad news, but mostly they showed solid health for the industry. >> julia, there has been a little sell the release on disney, at least some analysts saying that disney's priced near perfection at this point. what numbers in particular are you watching in this report. >> i think more important is the commentary. we have to remember it was august of 2015 when bob made those comments about the health of espn that prompted a selloff.
now iger was understanding saying we're very confident that we can address these in the long term, and in the long term espn will be a healthy business. so investors would like to see disney meat the profit and l revenue expectations. are they confident in the health of the tv bundle with, or in the future of the digital tv bundle ahead. >> how much are you expecting the regulatory environment to change here for media companies, the trump administration, and who benefits the most? >> i think when you look at the con bin nations, it's more on the distribution side meaning the cable and satellite provi r
provide providers. on the media side, we see the potential transaction right now with time warner, that creates a vertical integration, but most of the media companies are controlled companies and we don't believe they're sellers of their businesses right now. i think the regulatory vierks is more focused on the distribution side. >>. >> on the espn side, various analysts have questions about the moderation of that, could we end the year flat. what's the consensus around that? >> the sports business is incredibly valuable. from the world series, major league series, it is really worth it to them. they're facing high costs for a sport. it was interesting to see the
positive tone around sports at fox and to see if that would be reflecting at espn. foxx is seeing a positive trend there. they said they anticipate growth in subscribers especially as some of the new digital overthe top offices launch. they have a decline in espn s subscribe subscribers. and i think we'll hear a lot of questions on the call, and certainly some commentary from bob iger about whether or not their seeing growth from the digital bundles. even if we see a loss of subscribers, the question is whether or not they're going to see hope from those of like
direct tv now. and growth from the hulu service scheduled to launch in the next couple months. >> is it clear what the break up of the -- it can be expensive, i'm having to make choices about what exactly i have to have. fraps the winners end up bigger than expected. >> you asked if i think we're closer to clarity, and i think absolutely not. if anything i think the industry will continue to become more fragmented with respect to the services provided to the consumers. the different price points available. right now the new virtual overthe top providove over the top providers look like replicatio replications. it is relatively high to a new
service like netflix. so i think that for the industry to find a strew solution, there is probably going to have to be a little pain taken. right now i think the new products probably don't take enough pain with respect to where the price point is. >> it will be interesting to see the impact that hulu has. we have to remember that hulu is a lower price point and they're owned by the media giants, by disney and fox, they want to use hulu as a way to keep getting people subscribed to a bundle. if you want live sports, for now, at least, you don't get it on net flix. >> and if you want fries but not the whole value meal, sometimes you get sticker shock. >> when we come back, robert nardelli is at post nine. we'll get his take.
first, shares of bp taking a hit as earnings fall to a ten-year low. we'll get details on that at the european close. ll, i feel prett. well, we're all about educating people on options strategies. well, don't worry, i won't let this accomplishment go to my head. i'm still the same old gary. wait, you forgot your french dictionary. oh, mucho gracias. get help on options trading with thinkorswim, only at td ameritrade.
welcome back, the dow and the nasdaq at record highs this morning. boeing, caterpillar, and ibm helping push. and it's hard to see a potential kat list here for tech if is a big joet performer. treasury yields are mixed, the resilience of this, the warnings from big hedge fund managers, every day it seems like a new reason to sell and it's at highs not seen since september of
2000. incredibly supportive pillar to the markets right now. >> yesterday, amd, which we talked about quite a bit on this program was up strongly. invidia and twitter up 2%. these are names that took a beating after the election, and perhaps things are not as bad as people feared. >> they really made up for some post election losses. i'll be heading that one. >> still to come, how some of the biggest tech companies are preparing for changes. plus bob nardelli. his take on the president's executive order. and coming up on the halftime report, kevin plank. don't miss that. "squawk alley" is coming up next.
hi, everybody. here is your cnbc news update this hour. how's speaker paul ryan saying legislation to replace the affordable care act will be completed this year but it may take longer to implement. >> we're going to have a great conversation with our fellow citizens on how it is our mission to rescue the health care system from the imminent collapse, and to give people something better. we hope to get this better as
soon as possible. >> a inside bomber killed at least 19 people while injuring 41 more. they have attacked the top court in the past. and damage by israeli strikes. the first in retaliation for a rocket launched from the territory into israel. the second strike hit some chicken farms. now back downtown to "squawk alley." carl, back to you. >> thank you, sue, mixed results on this tuesday in europe. >> that's exactly the story, karl. they were trying to claw back after their closed at the lows of the year. as you see we're mostly in the read here as we close in europe. bond spreads are a big story in europe, france, an germany where we were seeing continuing spreads. it is a big die ver jens between
the ten year in france and the tenni ten year in germany. it is really marie lepen's antiimmigration status. after the first round in france, we have the election in the netherlands. they will count their ballots with pen and paper, that election is set for march 13th. we could be getting closer to a make or break moment. imf and the greek government butt heads over the term of the term. the highest level since june of last year when greece was front and center for investors. now despite all of this, black rock upgrading european ek quk y
quitiquit quit -- equities say they're beneficial. stocks as a whole higher by around 10%. stocks in focus, french shorts sent a probe to prosecutors involving fiat-chrysler. closing down by 4% in the banking sector, they posted lower than expected net profits in their fourth quarter after a $127 million bring down on the polish branch. and lastly, bp missing on earnings and it also said that opec cuts could affect 2017 production there down more than 4%. carl, back to you at the new york stock exchange. >> a show down looming over the president's temporary immigration ban. the president tweeted overnight the threat from rad kical islam
terrorism is real. let's get to kayla tausche. >> the ninth circuit court of appeals is meeting tonight. opposition to the president's immigration plan has been mounting two dozen additional tech companies signing on to a brief to oppose it. it is 16 states notably pennsylvania and iowa who filed their own briefs saying it already caused economic damage and maintaining the order would bring irreparable economic harm. here is eric schneider who is leading the coalition this morning. >> one is, they said, we don't have standing. we think the law is clear we have the standing to protect the business and other interests of our states. >> the state's brief says restricting immigration from the seven countries listed will hit
their bottom line in the following way. first added costs for higher education. some employees say $1200 per employee if they come from those seven countries and there are tens of thousands of those employees. they also say lower tax revenues from perm income, from tourism, and there is a chilling effect from people coming from those countries, and fewer businesses feel they can set up shops in their state and that will hurt business tax income. the last issue is the construction of the income from the burden or the inability to hire skilled workers from abroad to make american companies more competitive. they also say they have less incentive to set up operations in the u.s. and to hire american workers at those offices. their brief says ultimately american workers and the economy will suffer as a result. there is no exact quantifying
for the economic impact for the states or for the tech sector as a whole. the department of justice, behalf of the administration, say is cannot be done. it pits the priorities of the trump administration, jump starting the economy or national security, and we'll see how the ninth circuit court of appeals comes down tonight. >> you look good down there, kayla. . it's not just the immigration debate, a possible border tax is a top concern for retailers. automakers weighing a possible trade war. as we said earlier, the former chairman and ceo at oklahoma depot joins us here at post nine. a couple weeks ago, as he was meeting with the auto marriage ceo's, your point is how can you
not be excited by what he is bringing? >> i think it is so prefreshing to have a president with a business focus. the prior eight years, i don't think we had that opportunity. we have listening sessions where he is reaching out to a broad range of sectors, listening to issues and some of the bureaucracy and policies that may have been stifling growth. we had a low and slow gdp growth in the past eight years. maybe we can unblock some of these things, carl, and get them going again. >> is this travel ban, for instance, a distraction? a worthy fight when you have priorities like that? >> well, yeah, this is a very complicated issue. i mean on the surface, it seems pretty straightforward, banning the seven countries that were previously banned in the obama administration. i think what we see happening
now are a couple things. we have a potential legal battle. there are generalizations being made. why do we have a problem with the h 1b's? is it the education system? point two, have a lot of the companies, the high-tech companies outsourced a lot of their work to countries where it is advantageous to have a cultural and language speaking person here to communicate 24-7? there is a lot of issues that are under pinning this, can you know, this confrontational point we have, and i think it has to play out, but we have to be open to both sides of this discussion. and the backdrop to all of this is national security. >> it sounds like you're saying
on the h1b issue, there is reasons that companies should be able to bring over workers in the way they have been. i have been exploring the issue with a lot of people in tech around the issues of h1b abuse. is that a worthy fight, or should we focus more on getting u.s. workers to compete more even if they're competing with lower wage workers? >> you raise an excellent point. again, i think we go back to our educational system and where have we been lacking relative to the globality and international competitiveness of the workers. so if we're looking at high-tech, legitimate times of jobs that we don't have here, there may be a very valid reason to let those come in, but again remember what president trump is trying to do. he is trying to create more high-paying good u.s. jobs.
the abuse is the low-tech, low paying jobs that we should be able to fill here when you look at the unemployment rates that we have had and continue to have. now the job's report was favorable last month, but not at the level we need to be to get that unemployment down. get people off of the benefits roll, and get them back to work. >> i get that you're very optimistic about the engagement, bob, that we're seeing from the white house with ceos, and there is optimism in the markets as well. when does that have to be backed up by policy and legislation? to sort of confirm that he is listening? >> sarah, listen. we have a lot of gnashing of teeth right now at the rate the president is moving. that's not fast in the business world. the rate of change internal has to be greater than the rate of external change or you're backing up. washington better catch up to this business oriented and
business minded president and your point is also valid, you know we issued a lot of executive orders. now we need activation. we need to get the policies and the procedures in place behind it. but we have to get caught up in this thing. that is part of training the swamp and changing the culture and style of washington. >> i think there is also a concern from some of the bears that some of the executive orders is not necessarily prioritizing that pro-growth agenda their so excited about. >> if you look at the speed of which he is delivering on his campaign promises, he still has to do corporate tax and repatriation. i think there are initiative that's are very business oriented and supportive of growing business and creating jobs. you to have a stronger gdp to create jobs.
you can't create jobs when there is no market out there. i think the things that he is doing right now, and when he gets a full cabinet in place, hopefully we see the activation of those orders come to fruition. >> when you think about the globalism and nationalism right now, do companies, do ceos, have a possibility to set aside global ambitions and think "america first"? in an "america first way." >> i grew up, and the point was do you want quality or cost? we learned pretty quickly you had to have both. it's not either or. so you know the term that we always used was think globally, act locally. there has been a lot of glob globalization. it's not as simple assaying bring everything home. we don't have the technology
even thou. it is easier to bring some of the componentry back to the use. to reestablish a factory you have to go to the epa and get paint and oven permits. if we get rid of bureaucracy there we can move faster, but it takes a commitment to repay triuatr -- repatriate. they produce more cars in china than in the u.s. because that's where the market is. i think we have to be reasonable in our policies, thoughtful about the execution of those. sarah, to your point, as we move forward. >> does corporate america have to rewrite the script on globalization. it seems like the old script has been ripped up. now it is like it is happening whether you like it or not. you compete at a level that is
white collar. does there need to be a new pitch? >> i think there needs to be a sense of "how do we adapt to this change and policy in washington. i think a lot of that was the result of bureaucracy and policies that forced us to be competitive globally. when i was running ge power systems, and i had to compete, how did i off set my corporate tax against theirs. one way is buying them so we have physical presence and could compete in that global market. you know the world -- when you think about energy, it is a global market. and we have to be able to serve those countries and facilities in a broader way. we have to be able to compete. if we see regulations change that have been proposed and talked about, we could be more globally competitive with a u.s. based facility. >> a lot of investors betting we
will see the ranks change. the question now is timing but we will talk about that another time. >> speed is the only constant. >> good to see you, thank you for coming in. >> thank you very much. >> straight ahead, the dow and the nasdaq hitting record highs, s&p 500 in striking distance of it's own record. we'll have the latest, next. first rick santelli, what do you have your eye on today? >> i'll tell ewe, pits are fascinating to watch. you know what i have my eye on? i'm looking at the board and i see dow, 20,097. i like numbers. another is .625. more on numbers after the break.
all right, i'm scott walker and it is an hour of exclusive and moving interviews. the ceo of under armour, kevin plank, will join us live. plus, andrew left unleashing a new sport position against motorola solutions. we'll see you at post nine in just a few. good to have you in the house, scott. in the meantime, let's go to rick santelli for the santelli exchange. >> thanks, carl. what a wild day. the dollar seems to be getting on track. i'm not sure that we can make a full prognosis regarding it's future on which time of 100, but
markets are moving. when you do markets, you have to do math and technical analysis. fundamentals, whatever gives you that edge. one thing i find that doesn't seem to square, and this is an old topic, but i think it is time to renew it abit. post fed meeting, i still see the rating at .625. rates can take forever, it doesn't equate, and issues are in the eye of the be holder. here we are with issues regarding china, currency manipulator, trade infractions that don't seam to be addressed to the new administrations liking. all of those issues i can understand. there is always two sides to every issue.
i have a hard time, take these hundred companies in tech, for example, that don't seem to like the direction of policy, what's at the end of it, the end of it is employment. are we that tight with regard to tech employment. are we into a skill shortage. is this something that is a bigger blip on janet yellen's radar. let's look at markets, shall we? let's look at a 20 year chart of the dow, the nasdaq, how about the shanghai composite. let's look at a 20 year chart of the nikkei. wait we can't do that because in 1989 it was almost at 40,000. so let's isolate so you can see that. what i'm getting at it i never thought they were great divining rods for predicting the future. maybe not the future of much, but maybe about the future at least in the eyes of those
investing with regard to the size of their wallet. at the end of the day, the apple's and the tech companies can put globalism and money first. it is also part of the presidential policy, and ability of a president, as laid out by the constitution, to also have some rights about what he wants to do. reconciling notion will never be easy. at the end of the day, so many things are going on right now that to me the markets are giving this administration more run way than many. when l it last? no, and when it turns negative we'll talk about why it is negative. some people are not familiar with the policy. they're more familiar with safety. that's why the president was elected. there is too much jumping on top of every issue. it seems to me that what we're
doing with china is picking the biggest fight in history, i find it impossible that the nasdaq would be where it is. >> thank you rick santelli. we have intraday records. the tenure now back below 24. let's get to some of the records. >> the dow and nasdaq but not the s&p. 2300, we didn't breakthrough that. tech sector is the break out. that's the only sector hitting a new high here. you have to go over 1,000. tech is doing well because apple is doing well. they are a monster. it is dragging the southbound and everything along with it. elsewhere, very selective new highs. so your industrials, you have emerson that had earnings out.
de deere better, honeywell at a high. same with financials. pnc at a high, insurance names are up there, all state. some services ameriprise. i call this a very selective list. bottom line, carl, the whole world is about 0.5% below a new 52-week high. all we've got to get is about 15 more points in the s&p and we will see 300 new stocks in the s&p at new highs. back to you. >> all right, bob. sometimes it takes a while to pass those thresh holds. i don't know. every once in a while. after this break, yahoo! ceo marissa mayer going at laughs at silicon valley. right back after this break on "squawk alley." where, in all of this, is the stuff that matters? the stakes are so high, your finances, your future. how do you solve this?
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and add phone and tv for only $34.90 more a month. call today. comcast business. built for business. yahoo! ceo marissa mayer taking to the spotlight last night at the crunchy awards sharing the stage with companies including snapchat and products like pokemon go. she joins from one market with details. >> as you well know this is tech's big night out so we saw silicon valley's biggest execs to tech celebrities and groupies dressed to the nines or, you know, in jeans and hoodies as we have it here. we saw one guy with a pokemon onesy. we saw plenty of snapchat spectacles which won for best hardware of the year. got to try some on as well. and the event is also a chance for silicon valley to make fun of itself.
actress chelsea predy was the night's emcee. she really didn't hold back in terms of roasting some of the industry's biggest people. some of the biggest celebrities. and touching on some of the tensions surrounding the industry at the moment. have a listen to one of her jokes. >> we have some good villains right in tech, uber ceo -- >> yeah, so marissa, yahoo!'s maris is mayer also took the podium and poked fun at yahoo! maybe a little awkwardly, but take a look. see for yourself. >> there's a lot of emotion, tension in the air. >> a ton of speculation. >> activists are out in full force. >> all the time, it seems. i'm excited for the the next chapter ahead. >> wait. what are you talking about? >> what are you talking about? i thought we were talking about yahoo! >> oh. i thought we were tackilking ab
trump. >> she got a few laughs there. but you know the undertone, guys, was political as well. there was a lot of people talking about trump, a lot of rallying cries. also talk of tech as well. >> deidra, thank you so much. when we come back, a lot more of the president's impact. this time on public lands and the resource economy. dow's gains have withered to 55 points.
market reaction to disney earnings. should you observe a piece of the kingdom? plus, dave forbes meets trump's 100 days. the president's stance on boarders and immigration is very clear but what about public lands? our scott cohn joins us. >> from better place than the desert to talk about shifting sands. we're at redrock canyon national conservation area. about 200,000 breath-taking acres outside of las vegas. there's been a lot of talk about public lands with the trump administration and republican congress. very quickly dismooantling obam era restrictions on public land use. no state has more stake in this whole thing than nevada. about 85% of the acreage is controlled by the government, utah, idaho, alaska, and oregon. should the federal government own so much land if the trump
administration and its designate for secretary of the interior ryan zinke have been on record saying the fed should not sell off public land, was others see an opening including republican congressman from nevada who says that he wants to transfer millions of acres of federal land to the state which he says is in a better position to make decisions about it than the federal government 2500 miles away. >> nevada is a success story in resources and especially with the state folks are doing it, the governors that have come on both sides of the aisle. and so when i hear it's like, oh, nevada is going to screw this up, it's like, really? when have they screwed it up in the past? >> that is the argument though of the opponents who say the state can't afford the upkeep and that the state can't do what the federal government does in terms of fire protection. this is a debate that's going to hit nevada and the whole west hard. back to you. >> scott, something the whole country is watching. in the meantime we are watching
some important levels. s&p working on getting over 2301 essentially. oil close to 52 is something art cashin talked about as that would try to avoid some damage to the charts. >> strength and technology. we miss in retail, michael kors is getting slammed. and under armour after another rough quarter. >> let's get to it. wapner is over at "post nine." carl, thanks. welcome to the "halftime report." i'm scott wapner. we begin this hour with a cnbc exclusive. under armour founder and ceo kevin plank, his stock under fire since earnings disappointed. mr. plank joining me here at the new york stock exchange on what lies ahead for his company. kevin, it's good to see you again. >> great to see you, scott. >> this is the second quarter in a row that we've sat together following a big slide in your st