tv Squawk Alley CNBC November 18, 2019 11:00am-12:00pm EST
carl quintanilla with morgan brennan and jon fortt. interesting monday morning getting news a few moments ago that the president met with jay powell earlier today, tweeted about that got a statement from the fed as well as the market tends to struggle a bit this morning for some direction joining us, michael puree vis, and pete stall good morning, guys good to see you both >> good morning. >> news from the fed first and then the white house is interesting. what could they have to talk about? seems like the macro -- >> i think it is interesting you listen to any earnings call in the last six months, how many of them are belly aching about cost of capital not hot enough, not low enough there was some belly aching about trade. >> and dollar strength, sure, but the dollar strength has been persistent but hasn't been dramatic not a reply of the 2015 and 2016
which threw earnings off it has been a gradual steady rise that allowed ceos to manage more effectively, at least to manage the street better on that >> do you think spending confidence returns in 2020 >> when you say spending, corporate investing. >> yes. >> that comes back to clarity about policy even if trump were to get clarity on trade, we still don't know whether he will be president after next year, right? there's a huge uncertainty principle. i think the risk premium, while constructive on the markets to 2020, that risk premium yet to get developed. i think it will develop. you are starting to see i am prints of it now in some asset classes. >> do you agree where risk premium is concerned, coming off record highs for the market.
so far data is mixed, the fed is signaling it will pause. it is not particularly jubilant in terms of factors investors could take account of. >> i think that's true, morgan i think we still don't have the same fear we had in august when there was intense recession fears but i still think there's a lot of apprehension about things, including whether we get a trade deal done or not, whether the economy picks up, whether profits start to rise. i think there's a fair amount of hesitation in the market we're seeing some decent moves in risk on plays, whether it is bond yields rising, cyclical stocks, international stocks but i think it has to do with the fact how underowned most portfolios were in those areas, and just a little portfolio flow can make a big outsized move in some of these assets. >> michael, we're at or near 52
week highs in apple, alphabet, microsoft today or at least touched them tell me your take on tech's impact on the market highs so far, how much impact it will have the rest of the year? >> i have been arguing several years the tech rally is the rally. big cap tech stocks blazed the path forward, particular at periods of risk off. you look at the xlk relative to svx, that price ratio has been surging steadily higher in a pretty aggressive way. that means they're doing their part that's an important market signal there i think if you're overweight tech as i am, you always have to be aware there are tail risks down the road. we don't know what regulatory road map is going to look like under president warren or president anyone for that matter for that matter the other sort
of compounding features is that at some point, consumer tech, the faang stocks, they'll reach, they'll become terminal mashlgt share gdp growers. that's not a 2020 or 2021 thing, at some point that will come into focus, and that wonderful benefit of -- their quality of earnings growth for five years has been fantastic high performance is justified. tail risk is something to keep an eye on. >> whether it is tech or risk on sectors you're touching on, how are you positioned in the market >> i am tilted towards risk on i think this will continue awhile, morgan, including tech i would own some of the cyclicals, i would also continue to own technology as well. one comment i would make i think is driving tech and will continue to do it, the idea that business investment spending pulled back. all that is what i call older a
investment industrial, transportation, manufacturing. new era parts, two parts investment that's new era, information processing, intellectual property product spending has been accelerating the last couple years. it continues to grow relative to overall investment it is now the biggest part of total investment in the united states the first time ever more than 54% of total real investment in this country that ratio of new era investment spending lines up almost perfectly with relative price performance of technology stocks, and it continues to grow i think technology stocks will continue to outperform what i would do is move away from popular large cap tech names and from here on in stay with tech but do it in the small s&p 600 numbers, mini faangs, they grow just as fast as large
cap tech names >> interesting i know it has been a long-standing thesis we see spending on software is risk, market is looking past it. maybe more colorado dream force this week out west. >> i think the mindset is solving for structures you don't have the acceleration that's part of the industrial underperformance story, part of the european underperformance story. if you are a ceo, marginal dollar, to jim's point, you go where you're able to extract value, that's in technology. >> very key for a lot of names we talk about, especially this hour thanks, guys good to see you. michael, jim >> mini faang, is that a canine? in size or they say the offer of $22 a
share was undervalue in the company and not in the best interest of shareholders hp did make it clear it was quote open to exploring a possible combination with xerox. you can see both stocks trading lower this morning, little less than 1%. speaking of legacy tech, interesting to see how this one plays out. just ahead, exclusive sit down with snap ceo evan spiegel. what he ldto julia boorstin last hour, that's coming up next. delivery drones, or the latest phones. no commission. no matter what you trade, at fidelity you'll pay no commission for online u.s. equity trades. woi felt completely helpless.hed you'll online.commission my entire career and business were in jeopardy. i called reputation defender. vo: take control of your online reputation. get your free reputation report card at reputationdefender.com.
it is not just streaming services tying up people's income subscriptions for clothes, food, other conveniences has been shrinking free cash flow kate rooney explains from san francisco. kate >> reporter: jon, subscription offers are booming experts say it is weighing on consumer savings one called it encumbered income. they're renting instead of owning, paying in installments, subscribing, instead of buying assets outright. first, let's look at where we are in the subscription economy. according to mackenzie, half u.s. consumers have at least one subscription 46% have an online streaming media service like netflix 10% have an e-commerce or food subscription, they categorize that as a box. options are growing with the streaming wars
you have disney plus that launched last week with more than 10 million signing up just on day one also e-commerce, that market growing by more than 100%. that's also according to mackenzie. for tech companies, recurring revenue gives them predictability one said at least half of the 800 companies they're looking at have that revenue model. they're also using targeted advertising. instagram, for example, they can find consumers that might not otherwise subscribe. all of this could weigh on consumers' free cash flow. excluding mortgages, the average person has $30,000 personal debt, and a third of the income is already going to pay it down. another report says almost 85% of americans underestimate how much they're paying every month in subscriptions financial advisers say it comes down to behavioral economics
people aren't thinking of a five or ten dollar subscription as money that would otherwise go to retirement guys >> kate, thank you one such service you mentioned is disney plus our next guest says disney has been trying two decades to tame the internet and has finally perhaps hit the mark with this offering recode co-founder kara swisher joins us now happy monday >> happy monday. >> great take on disney plus and how it follows the legacy of missing. is the bar higher for disney i have to take the cynical position here. >> sure. >> i was buying a whole lot of disney content, digital content for years because my kids liked marvel movies. now i'm not buying any of that, we are subscribed to disney plus don't we have to wait until we see if this is a win for them?
>> people keep having children, jon, for example, myself, i don't know i think that's not the case. also there's other stuff my kids were watching, i got it through verizon, a free year, finances are another question. i got it because my kids love, my teenagers love the marvel movies i suspect my young baby will like other movies as she grows up what's interesting, i like a lot of march develop movies and other things, original stuff they're making i think it is interesting. but they can't not be here, they have to be where customers are and be beyond the bundle scott galloway uses rundle, a continuing subscription screen, not just content from disney what else would you buy from disney, apple, nike, other companies. the idea that you have subscription relationships like with amazon and amazon prime is
a big idea i think disney has to be in here, no matter what the question is how can they make it economically viable so it creates enormous subscription revenues over time >> absolutely. i guess my point is i was already buying disney content digitally, i just wasn't buying it directly from disney. when you think about big picture, what it means for disney's business, don't we have to think about they're not brand new to the digital ecosystem, but they are new to direct how do we measure success there? >> i think it is interesting because they are making new stuff. the manned lorian which i haven't watched but a lot have, a new product that comes off "star wars," or high school musical again, which of course i'm going to watch, making it into a series. there's more to happen as they're doing it, and they can take advantage of classics i think they're making a new lady and the tramp, then they can sell the old one on this service and the new one on this
one, so it works well together it seems to me and the question is how far can they take it and what else can they offer to people, and what would you trust disney with, toys perhaps would you want to buy them direct after seeing something? games? not sure, trips? i think it's an interesting thing they're doing in terms of original content, though they're spending as i said in the piece, it is pricey what they're doing. fact of the matter as i noted in the piece for 25 years, they have been spending enormous amounts of money going down the drain. i am heartened by this effort, i think it is a smart one. >> kara, i think of the old entertainment adage of every overnight success is ten years in the making. >> yeah. >> it would seem this is 25 years in the making. to dig into that further, how does disney present a case study to some other media companies looking to also go direct to consumer with their own streaming services >> bob iger talked about it ten
years ago on stage at one of the all things digital conferences, if someone is eating our digital lunch, might as well be us before that, they had enormous failures i covered them for "the wall street journal" and various places i worked, but they have been at it in various ways, whether through investments, things like vice and other places, whether it is efforts, they had all kinds of websites, a thing called club penguin, my kids used it had another site family.com, they had something called go, a search engine. they tried everything. to me, this is the smartest move they made so far, and i'll tell you the case study is persistence of bob iger doing this a lot of other ceos wouldn't have kept at it, news corp. had a lot of failures, and they have some exposure digitally, but not as much as disney. in this case, they bought fox assets, now putting the simpsons, although there's controversy on the ratio aspect.
>> interesting you mention that. we have been playing sound with iger from 2015 in which the thinking was still netflix is a great marginal consumer for us and they send a lot of money our way. when do you think the shift happened we're doing this on our own, something about erosion of espn or something else >> it was oh no, we're not controlling distribution, look at the big tech companies, look at the value netflix created using our assets i thought it was a cheap move to sell stuff to netflix like this, not do it themselves, but they were unable to do it if you visited the companies. digital stuff was always off to the side and treated in a different, odd way i think it has been clear these companies needed to be very deeply into tech, even if they weren't tech companies and it has been slow going they do so many other things so well, they do the parks well, make movies really well, so it
is hard to focus very hard to focus i think they realize they need to control their own destiny, not let someone else control it. >> i have two words for you, baby yoda. want to get to cody. investing taking a 51% stake for $600 million her team will continue to lead the creative efforts kara, keeping up with the kardashians is hard. there are so many of them, they're all over the place, but this is a lot of money $600 million that's significant >> a lot of money. it is significant. it is so funny five or seven years ago, i had kim kardashian on stage at one of my events, everyone gave me such a hard time i was fascinated by their use of social media and parlaying it into brands. at the time she was doing a game, made $70 million which i
thought was a lot of money, was using social media kylie built a brand and sold it off. an interesting brand i think rihanna is doing the same the kardashians, whatever you think of them, whether you think they're bad influence on girls, whatever you think of them, they're really deft at creating fantastic brands online that translate into something real. $600 million is real money what's interesting is today i'm getting really obnoxious tweets of people saying they're stupid, they're this, they're that i'm like i would like to be as stupid as these people fascinating the attacks they get. but they're rather clever about how they use social media to parlay into other things here's a perfect example of that >> it is amazing to me rihanna is a singer, parlayed
that the kardashians, they had to make it out of next to nothing kara swisher great to have you, thanks. >> thanks a lot. meantime, julia boorstin sat down with evan spiegel from snap last hour and joins us with sochl the highlights: >> reporter: that's right. evan spiegel sayingthey see huge opportunity to grow the social media platform by expanding the demographic to which they appeal and by continuing to innovate, particularly around augmented reality. bringing ar tools beyond photo filters into the arena of maps and beyond take a listen. >> we see opportunities to continue expanding augmented reality capability, beyond creative tools and effects, the way it is used today, into more utilities. things like the partnership with photo mat have been exciting you can press and hold on a math
problem, and they can help you solve it that's ar expanding into utility use cases that are exciting. >> reporter: as for facebook including some of snap's most valuable, popular features such as photo filters in its apps, spiegel is not concerned or worried about the competition. but here's what he said when i asked if he thought facebook's behavior was anti-competitive. >> i think there are some things they've done in the past that they could be perceived to be anti-competitive, things like limiting the reach of other services on their platform, preventing people using snap code in the profile or something like that, services that facebook is held to a different standard i think we'll see what happens over time. >> reporter: when i asked if he thinks facebook should be broken up, he says he doesn't know.
he thinks it is more a question whether facebook should be allowed to incident great all the apps they own. i asked about the debate about political ads on the platforms he said snap is taking a different approach than facebook or twitter. >> we tried to strike the right balance. we subject all political advertising, and create a place for political ads on the platform, especially because we reach so many young people, first time voters, want them to be able to engage in a political conversation, but don't allow things like misinformation to appear in that advertising. >> so you fact check political ads? >> that's correct, yes >> reporter: i asked about growing app tiktok, incredibly popular recently he said snap and tiktok are different, he sees tiktok as a partner rather than rival because they buy ads and i asked about concerns from
capitol hill about chinese ownership in tiktok. he said what we're seeing now is the country grappling with the fact this is the first time we have seen a social platform with chinese ownership. guys, back to you. >> julia, great interview. shares of snap up 5% spiked to high definition of the session while you were doing the interview with evan spiegel. as someone that sat down with him before here, was there anything that surprised you or marked a change in philosophy for him? >> reporter: look, i think he noted how young the company is, only 8 years old and he seems to be finding his voice as a leader, seems more comfortable talking about the competition, and really trying to forge his own path as time after time, facebook introduces features into the apps, introduce threads which is picking up on snap's popular
communication, and i think what they're trying to do is differentiate snap they're taking different approach to political advertising. they're trying to go their own way here >> julia, what did you make of his response to your question about politics and tiktok. i thought it was interesting he framed it as a competitive issue more than a political issue, seeming to suggest that maybe the political issues around tiktok aren't as big a deal as the fact that you finally do have a chinese consumer digital brand getting traction >> look, i think he's always been very careful when he talked about snap's approach to privacy and data, that they're very secure, private, not selling or doing anything inappropriate with user data i think that's at the heart of some of the concerns about tiktok what is tiktok doing with videos, are they sending back to china, do the chinese have access i think he is trying to be careful about that i think for him, he says tiktok
is very different from snap. maybe suggesting it is posing more threat to facebook or instagram, but he says this is a free market question this is the first time we had a successful consumer brand owned by a chinese company how are we going to regulate that, treat that differently, and are we setting a new precedent how tiktok is treated. >> julia, thank you. julia boorstin. still to come on "squawk alley," a new ford mustang, as an suv electric a first look from the ford ceo the dow isacinos bk to pitive territory, up ten. stay with us
u.s. department of commerce that essentially extends the temporary licenses for u.s. suppliers to do business with huawei from essentially today, november 18, 2019, to february 16th, 2020 this is simply another 90 day extension for companies to continue doing business with huawei while trade talks between the u.s. and china continue. huawei has been a linchpin for the chinese government in these talks, even though the u.s. has maintained it is a national security issue, but that being said, it is once again figuring into talks with department of commerce, delaying by 90 days a final decision whether the companies can do business with huawei as talks continue carl >> kayla, i'll take it thanks for bringing us the latest from d.c. meantime, ford taking consumers by surprise out with the latest mustang, this time an suv and electric phil lebeau has more from hawthorne, california.
phil >> reporter: morgan, this is about ford taking the iconic brand name mustang, leveraging it to make a big splash when it comes to electric vehicles which ford hasn't been a leader in what's behind the mustang. range, fully charged, up to 300 miles. if you want a ten minute quick charge, you get 47 miles base starting price is $44,000 there will be a higher end version going for $60,000. the ceo of ford realizes what's at stake by attaching the mustang name to an suv >> the heart of the company is on trial here because we have to get this right because our mustang share performance keeps getting better and better. we are now the number one sports car in the world >> reporter: ford is nowhere in the market when it comes to pure electric vehicles in the u.s., didn't sell a single one this
year that market dominated by tesla you have gm, nissan, volkswagon picking up the remaining 20% of electric vehicles sold in the market you look at shares in ford the last two years, remember, a company transitioning in the turnaround into revenue generating phase of that turnaround from 2020, 2021, 2022, a lot revolume fg around these vehicles, people ask what's the instrument cluster? we're in the age of a tablet that's a 15.5 inch tablet. there's a screen behind the driver's wheel unlike tesla where you only have the screen in the middle, the tablet, you also have one behind the steering wheel as well this comes out the end of next year, that's when we'll see the first mustang mach-e
guys, back to you. >> phil, will it have the signature mustang vroom to it? >> reporter: it is electric so it is quiet. this is the debate in the auto industry with software, you can add sounds to vehicles we haven't seen that take off. that's more of an idea that had been pushed. i wouldn't be surprised to see more electric vehicles, you'll start to hear that discussion heat up a little bit >> seen it on the motorcycle side too with harley-davidson. phil lebeau, thank you >> mustang sally is a pta mom now. >> wow >> you're outdoing yourself this monday morning. it is monday dom chew has the breakdown of action overseas. >> no more alphabet soup more red than green across the board when it comes to european equities
after a cnbc report, there may be more pessimism about the path of u.s./china trade talks from one government source in china, citing president trump's comments not rolling back tariffs, a little negativity there. losses were paced by underperformance in major vortexes in the uk, traders kept an eye on confederation of british industry, where political leaders meet with business leaders to talk about respective agendas, that's key for the uk market notable corporate stories, airbus is lower today after what some cited as slow start to dubai international air show airbus managed to ink larger orders from air arabia and emirates volkswagon shares finished in negative territory the german automaker reduced forecast for measure of profits and sales growth volkswagon shares in focus and end on a surging stock in
spain, shares rose 38% after a swiss exchange announced all cash bid to buy bme. that's on the heels of competitor saying it was in talks to buy them. the battle is on for control of that carl, back to you. >> m and a in the exchange space has been crazy thank you. let's get to rahel solomon for a news update. >> good morning, carl, good morning, everyone. president trump suggesting he might be willing to offer written testimony in the house impeachment inquiry. he tweeted he will strongly consider an offer by house speaker pelosi to testify before the house impeachment panel to get congress focused again. iran breached another limit of the nuclear deal with the west by accumulating more than 130 tons of heavy water. this is in a report by the u.n. nuclear watchdog agency.
north korean leader kim jong-un supervisoring the parachuting drill of military sharp shooters, vowing to build an invincible army, this comes hours after president trump urged kim to act quickly to get a deal done, while hinting at another summit north korea publicized two military drills in three days. russia says three ukranian naval ships seized nearly a year ago have been returned 24 ukranian sailors were returned home in september as part of a prisoner exchange. you're up to date. that is the cnbc news update this hour. back to "squawk alley. carl, i will send it to you. >> thanks. when we come back, sprint required to divest from boost mobile as part of the merger agreement with t mobile. the original founder making a bid to buy it back we have record highs on the dow and s&p as well. the cnbc trend tracker data
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joins us to make a formal offer. this comes as t mobile announces a successor to john ledger as well boost mobile founder peter atterton is with us. peter, a lot to get to thanks for joining us. >> thanks for having me. >> all right you're looking to put an offer out there again for boost mobile what is it, why now? >> why now, because the merger agreement between t mobile and sprint hasn't been renewed they had opportunity to renew it, we think it is game on now for everybody. we looked at the merger and did i vestity tour of boost and numbers. if you take others, dish is underpaying for value of boost what we want to do is say we are willing to pay more for boost, we are willing to make commitments dish hasn't made, maintaining employees, dealers, and maintaining lower prices to continue to grow those if you look at the multiples paid on boost, it is somewhere
between three and four times ebitda, way below market value we think there's 3 to 400 million, as high as $500 million left on the table. we think sprint has an obligation to shareholders to maximize value of the assets, we think our offer and our offer is real, they know it is real, we are willing to substantially increase the offer dish made, and offer commitments to appease ags, a lot of concerns related to jobs, dealers, lower prices we think we're ready, we think we're the best for it, ready to make the commitment, ready to sit down with sprint, have the discussion today, give them materially more. i think that's something they should be looking at, considering t mobile and sprint haven't announced extension of the merger >> peter, how much are you offering for the assets? >> we think that the business should be valued between five and six times ebitda we think there is 3 or $400
million on the table that sprint or t mobile is leaving behind. we are willing to pay fair value. i spent two years, looking at nbos with private equity funds, three to four times that dish is paying is way below market value. >> how do you make an nbno successful in the 5g transition we're getting ready to go into while maintaining costs like employees that you talked about in. >> i don't think that 5g has any bearing on the consumers in the prepay market in the next three to four years. >> really, three to four >> networks have to be built, and hand sets will be expensive. talking about a low income market jumping from iphone 7 today, haven't gotten to the latest iphone. it will have very little impact. the capacity they talk about, increased capacity they're talking about is not going to be there for the prepaid consumer the best way to make it work and
grow the business is focus on your customers, focus on value play, keep costs low if you have one on one side of the business, have to spend $10 billion building a 5g network, on the other side running a low cost business, they don't come together that's why dish is not the best owner. they'll need a new group of subs for that network they're building prepaid low income customers are not going to cut it. >> have you had conversations with sprint and t mobile and dish about this? >> i tried in 2016 to have a conversation with sprint, got closed in the part of buying boost back past three or four weeks, i had discussions with dish. i'm trying to push them and push everybody else to say let's get real here. in theory, divestiture of boost makes sense, but to dish, it doesn't make sense, it
practically doesn't work we'll see that, consumers will pay the price. state ags have the chance to fix it, get it right, allow the consumers and employees to win >> you talked about listening to the customer in the prepaid market, how 5g will effect the high end doesn't matter for boost's customer what do you think the boost consumer is likely to say that's different from what might be considered another mainstream consumer >> i don't think that at the end of the day, i mean, we keep coming back to 5g and benefits of 5g. i haven't heard one ceo give me what the killer app is what is going to drive every consumer to race out, buy 5g keep talking about speeds. that's just an evolution, not a
revolution i have yet to see how that will work the other thing is pricing, cap ex, you can't keep prices the same or lower. it is disingenuous to believe t mobile will keep those prices low. now that the guy they sold it to jumped ship, ironic two guys sold us the merger both left th business, they both lost their jobs at the end of the day, we have to look at this, step back, say what are we doing. are we benefitting customers, we have a real offer with real money, real conditions. >> peter, to the point, consumers will get bombarded next 12 months on marketing, citing benefits of 5g. what is your advice to them, not to buy a new phone for three or four years >> my advice is wait until 5g is up and running, wait until it is out there, wait until there are more hand sets in the
marketplace and costs come down. overall experience between 4g and 5g experience is going to be zero why pay more >> peter atterton, thank you for joining us >> thank you we're going to continue to watch to see whether this rally continues. much more ahead on record highs we have seen in stocks next. first, rick santelli, what are you watching today >> there's been many calls that we are establishing all time bottom in long dated treasuries, at wit has taken a long time th'shat we're going to talk about after the break. lions of g the recession. so, my wife kat and i took action. we started a non-profit community bank with a simple theory - give people a fair deal and real economic power. invest in the community, in businesses owned by women and people of color, in affordable housing. the difference between words and actions matters.
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sorry, little paws, so. but have fun! send a postcard! voya. helping you to... ...and through... retirement. time for the santelli exchange let's get to rick santelli in chicago. >> when it comes to technical snals, i said it is as much art as science, maybe more so. the interesting thing about technical analysis at the base of it is that human behavior tends to be repetitive if you get certain patterns, certain patterns lead to certain outcomes that doesn't mean that real world issues don't get in the way, whether it is tariffs or recessions there's a lot of things that patterns aren't going to pick up having said that, long good-bye on interest rates has one thing in common, unanimous agreement that we have most likely formed
the lows now it is just a question of when the higher rates come let's go to the board. this chart goes back 29 years to november 1990. to give you an idea how long ten year note yields going down from over 8% the real issue is right here this bottom is around 138, july of 2012. this is july of 2016 also around 138. this was recent, august of this year, at 146 basically we've been trying to put in a bottom for over seven years beginning in july of 2012. believe me, that's a bottoming formation. does that mean in the final analysis that this market can't extend and move lower? of course not. considering the context of this, i would say it's a pretty good bet that we are making a bottom. let's take this little smidgen here and concentrate on it from
july of this year to show you how much minutia in these little formations remember that august bottom at 146? here it is even though it looked like we wanted to work higher, we sort of failed here in the mid 190s the point is this formation could extend back down here and become more of a parallel channel. but the real key is that we trade under 146 again. many people will get a bit nervous over that. if you look at all the context in the globe, consider japanese debt to gdp, approaching 240%. there are a lot of reasons to think central banks and countries and banking institutions are not going to do their darnedest to keep their foot on the scale of interest rates. i don't think anything will happen fast to the upside, but we want to be cognizant of the
fact occurs this year at 220, next we're we would do more work in an area that's higher but still not near levels we've seen in the 2008 to 2010 period carl, morgan, back to you. >> rick santelli, thank you. after the break, google's , oud gaming program, stadia set to debut tomorrow. what to expect next. stay with us - [spokesman] if you've tried college but never finished, (group cheering) snhu lets you transfer up to 90 credits toward you bachelor's degree. - [woman] it doesn't matter how old you are, you can do it, you can finish. - [spokesman] finish your degree at snhu.edu
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. google's cloud gaming service stadia is set to debut tomorrow it's nearly doubled the number of games available to play at launch gosh lipt josh lipton has more from san francisco. >> it's a day gamers have circled on their calendars the launch of the new video game streaming service, it's called stadia it officially launches tomorrow at noon eastern it's easy to understand why gamers could be excited by such technology it means they don't have to download or buy high quality come expresswplex games from a instead they can stream those games on a variety of devices. on launch day there will be 22 games available with 18 more titles on the way. in order to play, fans had to buy a $129 hardware bundle fans can play games on the chrome browser on a computer and
on more pixel phones to play on the tv, they need the stadia controller and the chrome cast streaming device. tech giants are finding different ways to capitalize on the video game industry. this is a big opportunity. the industry will generate revenues of 1$174 billion this year according to idc. google will have competition microsoft it already testing its own video game streaming technology, too, called project x cloud. right now in a limited free preview gamers in the u.s., uk and korea can stream more than 50 titles from their x-box to phones the price and launch date has not been released. back to you. >> thanks, josh. fascinating on a day when alphabet traded at an all-time high going back to the special distribution -- the ipo of 2004, but distribution since then. that's helping oravell markets
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by the way, she's the it wasnext mozart.g day. as usual we were behind schedule. but sophie's enthusiasm cannot be dampened. not even by a run-away donut. we powered through it in our toyota prius. because a star's got to shine, no matter what. it's unbelievable what you can do in the prius. toyota let's go places. two very big interviews coming up. gary cohn will sit down with
seema mody later today, and then lloyd blankfein will be on the halftime report, this comes on the heels of a tweet about elizabeth warren as for what will pull us away from the flat line, hard to say. let's get to the judge carl, thanks this hour, the stock surge, how far this record rally can really go as even some of wall street' most notorious naysayers get optimistic >> 28,000 and beyond how much higher can this record breaking rally go? and are stocks still cheap enough to buy? the undisrupted champions of wall street, four stocks outperforming this market and driving this historic run. a big week for retail earnings home depot, target, macy's and more the number one retail analyst on the street gives
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