Transcripts For CNBC Squawk Alley 20240714

We were discussing earlier whether or not theres a fine big enough to get the street to care i think theres some truth in that obviously amazon is going to have some risk associated with just being in the spotlight for these sorts of issues. At the end of the day theyve created such a juggernaut and are so much a part of the ecommerce fabric and not just in this country but globally as this is a global question. Im not sure there is a fine big enough im not sure a fine big enough is warranted as long as they continue to come under appropriate regulatory meaning, what, the europeans are looking to us to subsidize their government operating costs . I think theyre looking for other governments around the world to take a stance to make sure this is the use of personal data is appropriately governed and managed in these really Large Companies its not just Amazon Amazon is the flavor of the day in the situation is there reason for regulators to think that amazon is implementing anticompetitive practices in its different businesses well, the thing is actually organically competitors are rising that are start to go quietly compete with amazon. I think theres an organic market practice. You have the google antitrust in the u. S. , the huge if a is book fine recently, 5 billion. That should be trillions of dollars. I think regulation is often a measure of societal animous. If you were to rate on a spectrum the names of Big Tech Companies with liability right who is on top i think theyre the folks youre seeing at the hearings today on the hill. It is amazon it is facebook it is google its the folks who have an enormous amount of power at least in part as a result of the tremendous amount of consumer data that they have and the requirement that is going to come along that they manage that consumer data in an intelligent fashion. So, again, amazons got a number of other of these companies have anticompetitive questions, part of whats being asked of them today but they have the question what are you doing with this consumer data and how can you ensure it will be protected . I think thats as much or a bigger issue to wrestle with balaji, how do you be sure go ahead some Companies Like apple, for example, are less in the cross hairs because they have device that is are private Elizabeth Warren wanted to break them up, too im not sure theres something they can necessarily do. Balaji, does any of this come out now in pitch meetings, the way in which entrepreneurs are trying to present or position their upcoming Startup Companies . Something we think about, control is potentially a liability. Block platforms because then theres no single party, no single point of control, all the proceeds are split between the participants in the network. Thats a different animal. Ted, there seems to be something of a growing chorus that maybe if some of these companies did break themselves apart, whether it was pushed by regulators or not, more value could be realized. Aws versus ecommerce, that more value could be realized with these businesses stand alone what do you think . I disagree with that. Ive certainly heard the argument weve seen it in the past with the bell system. We saw antitrust concerns around microsoft where the Justice Department got a win but not necessarily a Different Company out of it. We have to hole these companies to an appropriate account for the way they manage the data that theyve been entrusted with breaking them up does not create more of i dont think that creates more value the value is in the ecosystems, the thousands of other companies that are part of their Strategic Partnership groups the sellers on amazon, the other companies that play on their platforms. A tremendous amount of value and attracting all these other companies, thats the power they have things changed once they got the litigation growth rate has flattened out over time. They did and reasserted themselves and they will continue to in the Large Companies if theyre able to innovate and grow. The biggest concern is you will dampen the innovation engine dont take that away speaking of growth, facebook, balaji, is back on the hill. David marcus in front of house financial services, lets get o toto it reporter calls from democrats to halt the development of libra i dont think you should launch libra at all because the creation of a new currency is a core government function and should be left to democratically accountable institutions that are accountable to the American People reporter facebook did try to defend its work. It is in active discussions with regulators at the g7, with the swiss. We do know as of yesterday the swiss regulator said it had ye to hear from facebook. Now today marcus would not agree to a moratorium on libra or a Pilot Program but he would take the time to answer all concerns. I pledge to you that facebook will not offer the libra Digital Currency until we have addressed concerns and received appropriate approval reporter the chairwoman of the Committee Maxine Waters pointed to repeated privacy breaches at facebook as evidence the company could not be trusted. She compared it to wells fargo as well as equifax i will keep you posted on what happens next back over to you balaji, thoughts on this. Others have argued that given the seasonality that the likelihood of legislation of any kind is diminimus in the next year this is why i think of crypto as kryptonite. The bigger they are, the more likely their initiatives are to be under regulatory scrutiny and why people often dont move forward with them. The libra thing is well intentioned, trying to increase trust in tech with Trustless Technology thats kind of what their longterm goal is. I think that they are going about it in the opposite way he didnt go to the imf or the world bank he just did it thats the right approach for starting a new currency. Is that what facebook should do do this and ask for forgiveness later if it doesnt work out i dont think facebook can do that i think what it could do is use existing platforms like bitcoin rather than trying to create a new one. That might have been easier and a better first step. Well see what happens do you agree with that . The part i keep coming back to is theyre not the only ones working on a digital coin right now. They came out with the white paper and said they wanted to make it public before they had the conversation with regulators why not have the conversation with regulators around the world first . They wanted to be first among the other large corporations which is thinking about their own coins. I dont think they have the ability to escape or that scrutiny and going to the regulators first in a public way or suggesting they will work with the regulators in a public way gets them out in front of all the other companies who would like to do what they can do but dont have the technology or the market power to do it do you think it actually happens . We have a libra service . No. It does happen eventually but in a different way when we think of it and it will take a very long time to satisfy all these regulators concerns balaji, your final thought . Im not sure if libra launches in the current fashion. They are, i think, determined to get something out there so well see. They certainly look like they are prepared to play the long game on this one a great discussion julia joins us now reporter morgan, investors are looking for netflix to continue to grow its Subscriber Base in the streaming market only more crowded. 5 million thats how many subscribers. Investors will be watching the companys guidance projecting that it will guide to another 6. 3 million subscribers it will add in the Third Quarter the Earnings Call is sure to be pressed about where netflix will fit into the streaming landscape, how much it will increase content spending, how its originals are paying off and how much it could suffer from losing shows like the office and friends to rivals as well as disney as all three prepare to launch rival streaming services well have to see if any benefits from a range of promotional partnerships with brands Stranger Things has dozens of prominently featured brands including coke and burger king promoting the service with their own products and adds. Even though Baskin Robbins wasnt mentioned in the show itself part of a rising trend of partnerships in streaming shows with hulu and ten episodes into the dark as brands look for new ways to get the attention of consumers spending less time watching tv in the 30second spots. Netflix tells us they were not wade for any of the Product Placement and promotional partnerships in Stranger Things. The value they get by including those brands and having all of that additional promotion from them off of the netflix platform back over to you of course youll be bringing us all of those headlines as we get them, if and when we get them thank you. Still to come, well head back down to washington to listen in on the house members q a on libra next, the ceo of car sharing app turo we have a lot more squawk alley straight ahead. At the time of zip car people would have thought airbnb was insane people have gotten more comfortable with the idea of both lending their things out and borrowing from others. Welcome back to squawk alley. A major investment deal in the car sharing sector this morning backing the startup turo to the tune of 250 million market. It allows users to rent ou their own personal vehicles to others joining us now for a first on cnbc interview thank you for joining us today a little bit of back ground on the Actual Service youre offering here. Thanks for inviting me. Turo is a great business, almost 1. 5 billion cars around the world and they are idle the vast majority of the time with our app you can share your car so that you can earn money when youre not using your car weve seen people earning more than 500 a month its a great opportunity to earn money with them when theyre not using them i get the share economy is very mainstream and comfortable with sharing other peoples homes or getting into lyft or uber this idea of sharing someone elses car, theres a connotation attached to it how do you overcome that we focus on Building Trust and safety the car owner that is sharing their cars with their guests as well as providing coverage for guests so its all about, i think, bringing that new idea to mark and Building Trust and building safety for our community as we continue to grow and invest in our brand more and more people are sharing their vehicles last year we ended with more than 400,000 listed. Our community is more than 10 million strong were hoping to be in the same realm as ride sharing and home sharing. What does this investment bring to the company especially since the ceo is joining the board as well . Were very excited to partner with them, an Incredible Company that has a lot of expertise. Were looking forward to collaborating to help accelerate our progress, our growth we want to invest more in our expansion, to refine our customer experience. We would like to expand in more markets. Can you remind people what percentage of the days or hours of the day their car is actually in use over the last few months weve seen the average house is sharing their vehicle roughly a third of the time, so ten days a month. Theyre earning roughly 550 on a monthly basis which, as you can imagine with 550 of earnings you can pay for your car payment and its an incredible deal for people using the app. Traditional ownership you use your car half that we have seen the stats come in and traditional ownership is utilization less than 10 of the time its a very inefficient use of an asset that depreciates rapidly and has a lot of fixed costs. Turo is a tremendous opportunity for people who want to make better use of their asset. As weve seen with other companies and other industries focused on the share economy there seems to be Regulatory Risk here. We have these brewer brewing conflicts, some of these different airports around the country. How would you expect that landscape to shake out yes, we are faced with a lot of challenges on the regulatory front. I think the traditional players are concerned that consumers now have a bit more choice and there is better selection, better value and convenience with an alternative to the options of car rental we have gone into government relation battles with enterprise trying to pass laws that will restrict consumers ability, avoid competition. Were fighting back. Weve been building a Strong Coalition of like minded people. We have great support from the car manufacturing industry, from the Insurance Industry and we have prevailed in all of these regulatory battles we have 25 states last year. So were trying to be very vigilant when it comes to protecting the ability for consumers to share their cars and will continue. Thanks for joining us today dow coming off another alltime high but lower this morning. Trying to turn some things around boeing, united health, intel boeing, united health, intel dow down 49. Well sure, at first, but jj can help you with that. Jj, will you break it down for this gentleman . Hey, ian. You know, at Td Ameritrade, we can walk you through your options trades step by step until youle. I could be up for that. Thats taking options trading from wall st. To main st. Hey guys, wanna play some pool . Eh, im not really a pool guy. Whats the hesitation . Its just complicated. Stepbystep options trading support from Td Ameritrade they use stamps. Com all the services of the post office only cheaper get a 4week trial plus postage and a digital scale go to stamps. Com tv and never go to the post office again. Welcome back european markets closing and a look at todays action the ftse 100 being helped by a weaker currency. The pound dropping nearly 1 hitting a low. Boris johnson signaling the backstop would have to be scrapped and any fresh brexit deal, something the eu has rejected lets it turn to a busy day of earnings the company said its set for modest growth in the second half keep in mind the surge in iron ore prices has been a major headwind up 70 this year amid record steal production in china. News for chip stocks today, take a look at dialog, the transfer of assets to apple and then asm reaffirmed its fullyear outlook. One weak spot is erickson. To hit profit margins, looking at that stock down about 11 seema, thanks for that. Lets get to Contessa Brewer President Trump ramping up his attack against congresswomen of color this was after a vote to condemn what it believes to be racist comments against those congresswomen. Mexican drug king win guzman has been sentenced to life in prison before the sentencing chapo was allowed to address the judge saying he was denied a fair trial and complained about the conditions of his confinement. Pakistan says it has arrested a radical cleric and wanted terror suspect blamed for the mumbai attacks this is just days ahead of prime ministers trip to washington early riseers in australia were treated to a partial Lunar Eclipse that lasted about an hour about 45 went dark and was a witness. It looks like to me every month you get to see half the moon thats our cnbc news update this hour big deal to me carl its a little anticlimactic. When we come back, how and why your in box is spying on you well explain that next. In the meantime, major averages trying to come off the lows of the session. Csx now the lowest the worst csx now the lowest the worst y, sulsain7 arda ihod y 1yes. Fights cancer, repairs shattered bones, relieves depression, restores heart helps you back from strokes, and keeps you healthy your whole life. From the day youre born we never stop taking care of you. Or trips to mars. 4. 95. Delivery drones or the latest phones. 4. 95. No matter what you trade, at fidelity its just 4. 95 per online u. S. Equity trade. Two decades and googles brief 600word Privacy Policy from 1999 is now roughly 4,000 words as Data Protection is more complex, the subject of our next guests article telling the story as privacy concerns continue to ramp up. Its good to have you back good morning thanks for having me. Youve been all over the google story from a number of lenses what do you make of the evolution of the policy . Google has put its entire iteration of 20 years of its policy on line for anyone to see with all of the different changes so can you watch as, you know, each year this thing evolves. It tells the story of the internet its very folksy, easy to understand we help you search and get your information. We dont store it. If you look at that evolution throughout the years you get to watch the rise of smart phones and connected devices. The understand of tracking location and things like that and now when you look at the policy in 2019, 20 years later, its completely different. Well over 4,000 words, collecting so much information it is a story about the modern internet which is built on tracking users the biggest recent overall has been in response to gdr. Why do you think its been so influential . Its something they have to include broadly because there are some serious rules and penalties in place but i think this is setting the table for a new way these companies will try to think about policy going forward. I think theres a lot of talk in washington, d. C. , and companies are preparing for the moment and figure out how to structure those policies. Someone who reports on, analyzes and tracks privacy issues where connected is concerned, what do you think about the comments of google working with china and the association with the Chinese Military and President Trump saying his administration would look into that i think theres a real pattern here with the way the right and the protrump world is looking at big tech. Theres a kernel of truth whether its Something Like biased algorithms, whether this specific claim about china, all workers are inherently vulnerable to outside assets there isnt really a lot of concrete evidence to a lot of these accusations. They are sort of gut level feelings perhaps and when we dont have that sort of very real very, very serious claims, i just dont think its wise for the administration to act on that. Finally, hopping on to the teal news and the president s tweet earlier in the week, i wonder do you think the administration on a net basis favors facebook because of the connection to thiel and the criticism in the past . I think that the entire sort of 2020 rampup is going to really hinge on an antisilicon valley initiative. I think its something that has a broad tent that can bring in people this is a controversial administration the policy of going up against big tech is something that i think a lot of people can get behind i think there will be a really important thing. I dont think there is a favorability towards facebook. I think there is a populous sentiment they are large, unchecked, and i think that both sides of the aisle will try to ride that in 2020. Were seeing signs of that even as we speak charlie, always good stuff we love reading you. Well see you soon thank you as we head to break take a look at shares of apple trading right around the flat line getting a price target increase at goldman this morning taking the stock up to 187. Meantime, Rick Santelli, what are you watching today reporter i continue to watch rates, global rates, on the low side any Sherlock Holmes fans out there . Remember the 70 solution . Th mht hatigave something to do with Monetary Policy soft music when i see obstacles, i create opportunities. When i see adversity, i find a way. When i hear never, i say now. [announcer] Southern New Hampshire university is education made to fit your goals with over 200 degree programs, flexible class schedules, and some of the lowest online tuition rates in the nation. cheering so when i face barriers, i can break through. [announcer] breakthrough at snhu. Edu. Welcome back to squawk alley. Members of the house grilling facebooks head of libra on capitol hill here is representative shawn duffy moments ago. Lets listen in. Thank you, madam chair. I have to tell you, this is absolutely brilliant innovative, creative, and to come from facebook and leverage your network is Pretty Amazing i was shocked at how bright it was. Who gets to use calibra and libra . So anyone that can open a calibra account in countries where we can operate this is a 20 bill who can use a 20 bill yes, congressman. Who can use it better question, who cant use a 20 billio bill everybody can use a 20 bill it doesnt discriminate on anything you could be a murderer, say horrible things, say great things, this 20 bill can be used by every Single Person that possesses it with regard to your network, can Lewis Farrakhan use libra . Congressman and i bring that up because both of those two individuals have been banned from facebook congressman, first, i want to say that no, simple question give me we only have five minutes. Answer our questions so we can do the best job in vetting what you want to do we must be thoughtful about the issue, congressman, so i am trying to respond appropriately. On one side i just want to stress that a platform that enables you to communicate and share ideas while facebook, we believe, is a platform that accepts ideas across the political spectrum i somewhat disagree with that listen, can milo use it . Can milo, can Louis Farrakhan use this system . Theyve been banned from facebook, can they use it . Yes or no . Yes or no . I dont know yet, congressman. Okay. If im a gun dealer who i can use a 20 bill because if its a lawful gun, that happens all across america on facebook you dont allow gun sales. So can a gun dealer who is abiding by american law, can they use your system so this is a question that is really important to get right and we havent written a policy. And that is what concerns me. I love what youre doing but when we say we at facebook will set the social policies of who can use this cryptocurrency, in a way were going to set the social policy of who is in and who is out and whats great about this is everybody gets to use it what i fear is in a round about way whats happening in china with their social scoring, you can get a loan, an apartment, you can access the train maybe facebook is doing the same thing, if you meet our social standards, which a lot of people here dont necessarily agree with your social standards, thats the way you access the network. We have to conform to the standards of facebook. I think the right answer is, listen, everybody if youre abiding by the law has access to this system congressman, personally i believe that we shouldnt be that hearing continues on capitol hill right now well continue to keep an eye on it and bring you any further headlines we get lets get over to the cme and Rick Santelli. Hey, rick. Reporter well, thank you good morning theres a lot of Sherlock Holmes fans out there, im sure the solution that he uses to stave off his addiction for heroin the 1 solution is about addiction as well. Its about easy money addiction. Every country the United States, japan, all the members of the euro zone, they lookat issues such as inflation, productivity, growth domestic issues. They do acknowledge global aspects. But really when you take a stem back, its just like the analogy of all stimulus is fungible, that if somebody eases a central bank in another country, that stimulus flows throughout the globe. The same could be said in a simplified way for inflation, productivity, growth, commodity costs, all these things are on a global perspective and seek a certain level which means that the reach of any individual central bank to try to implement policy, well, it becomes next to impossible without a unified front. So when we talk about issues regarding what our fed is going to do or what the ecb, central bank or japan is going to do, the real point is the addiction to liquidity and the reasons its created in a simplified version are to combat inflation or lack of inflation they want prices to be higher. But if they cant make a difference, the damage theyre doing is just so gravitationally impossible to escape negative rates, once a country gets them, i think it will be nearly impossible to reverse course if you think of the u. S. Economy and Monetary Policy and negative rates are flying over it if we start to tick down on these rates, there will be a crisis if the belly of the plane touches the water, were in trouble. Do you think americans are going to adjust well to negative rates . This is just my opinion but i think americans are going to hate negative rates. I think that it will put Central Banks and the fed in the middle of a huge political spotlight. Do fed officials want to be the debate topic of president ial elections of the future . Policy is hoarding cash, is this part of the American Dream see, i think having inflation targets that are impossible to meet causes activity that creates outsized results that at some point become too big to address. So why cant all global central bankers sit in a room and recalibrate inflation . I said 1 solution maybe its the stability level because it certainly seems as though euram and japan and many countries have stable pricing outlooks trying to raise those up is causing so much damage that somebody has to say stop to the ph. D. S and bring in just a tad of common sense. Carl, back to you. Lets hope we dont find out, rick Rick Santelli on negative rates. Sothebys had planned to host its first ever sneaker auction this month but a single buyer quickly scooped up the entire collection our robert frank has more on what the buyer paid. Hey, robert. Reporter yes, i am wearing gloves to pick up sneakers sothebys planning to hold an auction of the rarest sneakers in the world one buyer bought all of them this morning, about an hour ago, for 850,000 that buyer is the canadian marketing executive. He bought all 100 except for one pair, thats the 1972 pair of nike waffle sneakers, one of the first big breakthroughs for nike they only made 12 of them. This pair that was going to be sold was the only one that had never been worn. Theyre expected to sell, still bidding online up to 160,000. Miles said hes not a sneaker head this is a huge new world as he learned he could buy the best collection in the world for under a Million Dollars he instantly wrote a check. I definitely think theyre a collectible. I think theyre a representation of art, and if you look at the athletes, the fashion designers, the music moguls, the rappers and other people who are now involved in the creation of these sneakers i think theyre a representation of pop culture. Reporter a sneaker Retail Market about 3 billion a year expected to double in the next five years this is the derek jeter Nike Air Jordan 11. Nike only made five of these to commemorate derek jeters retirement they have the nike blue, his number two on the back they were expected to sell for 60,000. Miles said hes not a big sneaker wearer but will display them in toronto. Back to you. This gives me hope for my sneaker collection, although mine have been worn and i suspect many of these have not thank you for that fascinating report anyone who has ever red shoe dog knows the story behind those shoes. Incredible equinox getting into the Hospitality Business well talk with the executive chairman next and then later morgan and i get a little bit older. Well explain in just a few moments. Moving is hard. No kidding. But moving your internet and tv . Thats easy. Easy . easy . Easy. Because now xfinity lets you transfer your Service Online in just about a minute with a few simple steps. Really . Really. That was easy. Yup. Plus, with twohour appointment windows, its all on your schedule. Awesome. Now all you have to do is move. That thing. [ sigh ] introducing an easier way to move with xfinity. Its just another way were working to make your life simple, easy, awesome. Go to xfinity. Com moving to get started. Welcome back i quinn ox crossing over into the Hospitality Industry but does it fit with their Current Business model and will this current venture work out . Not sweating the details is equinoxs chairman who joins us at post 9. Congratulations on this new hotel. You stayed there last night . Tell us about it it was amazing. This is about experience this is definitely a luxury experience you think about luxury in the modern world and where its going. More defined by experience service obviously important. Design critically important. Its really about living a Life Experience for almost 30 years weve defined equinox as not just a fitness brand but a lifestyle brand. Our community has said we want more when you experience our new hotel that opened softly at hudson yards you get that experience its about movement, the activity they get at equinox fitness club, how you can eat and how you sleep. Last night i stayed for the first time, and it was a truly remarkable experience. Right before i went to sleep, i went to our ipad, hit the quiet, dark, cool button. Complete blackout. Lights out shades closed. Temperature at 66 degrees and i slept like a baby. Was this in the 500 a night room or 7,000 suite this was an entry level room so like 600 to 700 who are you going to take share from people that would have stayed at four season s and ritz for whom the gym experience was not good enough this is a disruptive experience and the first of its kind in the industry were truly doing Something Different like weve done from a fitness perspective. I think were going to steal market share from across the spectrum some of the lifestyle guests who want something more elevated and the true authentic lifestyle, its more about fitness and wellbeing theres luxury guests coming out of some of the brands you mentioned that are a little bored and want Something Like this we hired a gentleman, chris norton, who was chief operating officer at the four seasons to be our ceo we were the future and others were in the past how many other hotels do you plan to build, and will they all be related to related, which is the Parent Company of equinox . Well have 50plus locations certainly over ten years i think well do better than that this year probably almost 20 locations in major urban cities in the United States and outside the United States. When i say 20 in our pipeline, that means locations were going to develop ourselves because of the experpiece so theres never been a hotel brand launched this way. Usually converting someone elses problems. And very, very excited about what were doing you think youre going to draw from existing equinox members or is this going to feed more members, people who arent already . Its a combination. What weve been really well is build this Great Community of likeminded individuals and well serve that community some of them are equinox members. Some of them we may not have an equinox in a market they currently live but this will be a way to introduce them to the equinox experience i want to get your thoughts on the pulse of the consumer given the fact whether its the gyms and fitness clubs or this new hotel, you do, i would imagine, have quite a sense of how folks are feeling about the economy and what they want to spend and where they want to spend. We dont see anything different from our perch we think the economy is strong and demand has never been greater across our portfolio brands whether its equinox or soul cycle or with the blink brand which is doing extremely well so were very bullish near term where the economy is going and i think whats really important is were focused on the experience side. Even in the last downturn, we did very well. And actually emboldened us to do more and acquire soul cycle and launch blink fitness because we saw an opportunity people were more focused on themselves and helping them live a healthy life and focusing on their families as compared to product consumption or luxury consumption. You came on maybe a month ago. We talked about this as a concept and talked about how the overlap of, do a lot of laundry. Even serve food and beverage those synergies are going to work well see that definitely differences when youre in a hotel environment. Weve been in the Hospitality Business when you come to see and stay, were the talk of the Hospitality Industry because its unique, its special. And i got a really good experience last night when i stayed harvey, thanks for joining us at post 9. Congrats on the hotel. Thanks for having me as always when we come back, morgan and i do the face app challenge after the break. If youre on social media today, its taking everything by storm. Thats a win. But its not the only reason i switched. Geicos a company i can trust, with over 75 years of great savings and service. Now thats a winwin. Switch to geico. Its a winwin. Have you ever wondered what father time has in store for you . Face app which first launched in 2017 lets you take a peek into your future allowing users to alter superficial features like hair color and facial expressions. But its the aging feature that is truly going viral the trend attracting celebrities like gordon ramsey, carrie underwood, jonas brothers. But the app has some people asking, is the russianowned faceaging app a danger to my privacy . Thats a big question. And everyone from the times to forbes is still struggling on what happens to these downloads of your face absolutely. And it would seem theres a forbes article about this saying, quote, first line. No face app isnt taking photos of your face and taking them back to russia for some nefarious project. But it gets back at the same conversation weve been having about what does happen to all that data, and what are you signing off on, if not explicitly, then implicitly when you work on an app like this we both did this. We did. I havent seen it yet. You first all right that is pretty good its not terrible im not mad at it. Its a heck of a lot better than mine which is truly humiliating. And lets just hope oh i dont know. Stay out of the sun. Whats the secret . No vaping for you yeah. Theres a look at squawk alley 2028, 2038 3. 0 before we go, its going to be a big night tonight with netflix, ibm, ebay, united rentals. Are you taken back bys price action in csx . Yeah. So they revised their fullyear revenue guidance from up 1 to 2 to down 1 to 2 . And certainly and weve known this some of the great data has been rolling over, including the rail car loads. But i think just the tone on the call being so cautious, and then i did speak to the ceo of csx jim foot today also very cautious but saying that were not falling off a cliff in terms of the economy, but not as robust as it once was. Well see. Its a big move. One more look enjoy it because thats the last youll see of it. Lets get to sully and the half. Morgan, i was right there with you i did it, and it ruined my day im Brian Sullivan in for scott. Stocks near record highs but we may may see a new crack forming in the economy a new sign to worry wait until you see what executives in the freight industry are saying about the next turn in the Great American economy. One top analyst takes a knife and slashes through several key retailers. Plus, two weeks to fed decision day. One of the best in the