comparemela.com

Good monday morning. Welcome to squawk alley. I am carly fiori i am Carl Quintanilla with Morgan Brennan and jon fortt a big week in Northern California more from jon in a moment. What a day tons of record highs for stocks and indexes overall. The dow hits an all time trading high, First Time Since july. We turn to mike santoli with whats happening. The big picture in terms of overall market is removal of points trade deescalation, low yields it is happening at the same time where some more emerging Consumer Tech companies have been punished brutally last month and last week, wayfair, grub hub, etsy, pinterest, beyond meat, yelp struggled. Whats going on here is i think some of the real emerging Business Models are having a reckoning, relationship with the consumer through an app is not enough and essentially after uber and wework debacle, people wonder if the leading edge of Consumer Tech is worth owning the question now is what it means for the overall market in a sense, it ratifies why amazons and facebooks have the valuations, scale is so important in this area i think you can make the point that essentially weve quarantined the overall market from aggressive, speculative areas. I think giving the stiff arm to wework when they tried to go public is part of that i think you want to keep watching this area it is changing character of the market were seeing old economy cyclical stocks lead the way this run as we try to fresh to record High Definition highs. Sounds like you believe the markets ability to discern between tech stocks willie lo will elongate the window. Seems like it seems like the market repeatedly refused to get to bubble territory, it refused to let froth build up long, whether it was in credit or in emerging tech or ipos before it gets snuffed out. At some point the fact that risk appetites pull in might not be great if the cycle isnt cooperating and other parts of the market arent working. It seems as if it is more about getting inoculated by something more dangerous and it is not game over for the companies, it is reassessment of value of companies that pretend to be software but dont have software margins because theyre doing real world stuff. Key point a lot of the names are not playing today. Thank you for that, mike santoli. Mcdonalds, big story. Steve easterbrook is out after violating Company Policy over consensual relationship with an employee kay rogers has more and who is set to take over. Thats right. Mcdonalds announced that Steve Easterbrook was out Effective Immediately after demonstrating poor judgment after a consensual relationship with an employee. Easterbrook is off the companys board of directors the new ceo has overseen business and strategy, and working closely with franchisees on initiatives like fresh beef, experience of future upgrades playing a role in the companys turnaround he was hired as a mentor in an email to employees now, he did get push back in regard to speed of the tech upgrades and roll out at mcdonalds as it has undergone changes. He said that he was a natural successor to easterbrook before this unfolded. But he chases a challenging environment in the food space. Mcdonalds had the first miss on earnings in two years. He has to continue to build on Technology Momentum and Delivery Business as he takes on a new role so far wall street is divided on the move piper jaf res said changes of this magnitude can be disruptive, and they believe mcdonalds system is more than one man. Easterbrook made nearly 16 million cant work at or consult with restaurants large and small for the next two years, including chipotle, dominoes, and more over to you. Interesting development there. Kay rogers, thank you. Shares of mcdonalds down 2. 5 today. Another company under pressure, underarmour. Hi, morgan. They reported a stronger than expected quarter today investigation into Accounting Practices is overshadowing any result pushing it lower the wall street journal initially reported department of justice is investigating under accounting with revenue recognition, particularly whether revenue was shifted quarter to quarter to make sales look better. On earnings call, the cfo David Bergman is the only executive that responded about the investigation, using the same statement provided to cnbc twice. Heres what he had to say. The most Important Message to convey is we firmly bleach past Accounting Practices and disclosures were entirely appropriate, we have been fully cooperating the past twoandahalf years on this now were focused on 2020 and beyond. While the investigation that started in 2017 is ongoing, heres what we do know there were three different chief Financial Officers from 2016 to 2017 and the brands meteor i can sales growth began to decline in late 2016. Earlier this month, they announced that kevin plank would move to executive chairman and brand chief as chief operating officer succeeds him as ceo. This happens january 1st he joined the company in 2017, around the time the accounting investigation did begin. For the quarter, they beat on revenues and earnings. Sales down 4 , in line with the Company Forecast it trimmed full year revenue forecast traffic continues to be an issue and conversion at the direct to consumer channels. Jon, back over to you. All right, courtney, thank you. A preview there on the screen. Airbnb ceo announcing the company will ban all party houses after five people died in a california shooting on halloween. Josh lipton joins me here at one market, rather i join him, this is your house, with more. The airbnb ceo taking to twitter over the weekend, detailing steps his company is now going to take after a deadly shooting in california he is saying his company will ban party houses, and airbnb will redouble efforts for unauthorized parties reportedly thats what happened. The owner of the property was told the house was being rented for a small family reunion, instead it was a party with 100 people showing up, ending in violence so they unveiled a new plan, saying theres a dedicated party house Rapid Response team. Airbnb will expand manual screening of high risk reservations, in other words, increase the number of people viewing reservations and will take actions against users that violate the policies, including removal. He also directed the vp Margaret Richardson to initiate a ten day sprint to review, accelerate new Safety Initiatives all of this comes as airbnb prepares for ipo next year, sure to be one of the most high profile public debuts in 2020. Last valued 31 billion. Globally, remember, they have 7 million listings, more than 100,000 cities ebitda profitable the last two years, meaning profitable on cash flow basis. Now the headline hit and theyre getting unwanted attention, including from governor of california, gavin newsom saying our hearts ache for victims and all those effected carl, back to you. Josh, thank you this comes with the journal saying airbnb is spending millions in jersey city to fight a ballot measure curbing Short Term Rentals expected ipo first half next year recode cofounder and cnbc contributor kara swisher joins us to talk about implications about all of this. What do you think they are it is not good. These things happened before, early in airbnbs history, they had issues around people having orgies this is the same thing people using houses for other purposes than short term rental, the good side of airbnb. I think the idea of people being scammed if youre a user, scammed if youre an owner is problematic and they have to enforcement is critical because it is a good company in terms of providing a service that people like, and it has compared to a lot of Internet Companies, has a lot of possibility of profit it is definitely disrupting businesses, but enforcement and the way they manage platforms has got to be top of mind as they move into an ipo. Yeah. A big investigation, spent months recording out for a documentary on this a year and a half ago they unwelcomed guests and party houses was one of the issues the key thing we were highlighting, we talk about it with other Companies Like facebook, for example, but the idea of platform what are you responsible for in terms of whats on your site and how does that play out in different markets and what does it mean in terms of regulation coming in in the different markets. 100 . And around housing, even more so this is where governments get involved i think the ceo has been very responsive he is not someone to sort of slow roll this he usually responds very quickly, the staff really responds sounds like he is doing the right things the question is anticipation of these kind of things that are going to happen, and especially when theyve got sort of rivals like the Hotel Industry which is using a lot of money and power to try to point to these problems of Short Term Rentals it is not similar, a little similar around uber in terms of safety of passengers, it has to be top of mind safety of people who use the form on both sides, owners of the homes and people who rent the homes. So youre not going to prevent it completely, theres no way if humanity is using this, but you have to have things in place in order to enforce it and understand it quickly and take care of it kara, this also comes after buzzfeed had an interesting story about a bait and switch that one specific host was pulling on a number of people. Seems like this goes down to the issue of identity verification. Right. And reputation verification were seeing it across a lot of different platforms. Is there any kind of centralized fix or lesson for all of the platforms around responsibility for people being who they say they are, doing what they say theyre going to do . I think it is incredibly hard i dont discount how difficult it is. But i think anonymousness in any format always leads to abuse, it just does. And in certain cases if youre in a country thats an autocratic country, thats different, which is what Internet Companies push towards. But theres an issue with understanding who people are, so you have a transaction thats honest between two sides yeah. I mean, i just wonder, i use airbnb as the example again because of work i did last year and the fact that it is in the news today, but i wonder if that company would be making changes, given the fact these are issues playing out on the platform as many years as they have if they werent going public now. 100 . They have to all of these companies, that was a great documentary. All these companies have to as i said time and time again anticipate possible problems and when youre going public, theres all kinds of liabilities for public investors, and they have to really show they can enforce best as possible again, nobody is perfect like thats not what i think people are going for the issue is you can anticipate that people are going to use these houses for house parties so how do you ban them properly, can you ban them properly, instead of doing a Fast Response taskforce which is great, they should have been thinking about this a long time i think they probably have, i think it is just incredibly complex to imagine thousands of ways people can abuse this system i think thats the problem is the anticipation of this stuff because it is not good, it is a bad look for them. Someone died, it is tragic again, it sticks in a way, bad things happen in hotels, bad things happen in all kinds of rentals, but this company just cant in terms of going public, it cant have this kind of thing front and center when it is trying to sell it self to the public definitely a risk factor thats been coming to light, kara we want your take on the other story, google fitbit, the degree you think it will draw antitrust scrutiny well, i dont know, it is an interesting question because google hasnt been in this space except for the phone sort of is. So im not sure. Anything google does will attract antitrust scrutiny, no matter what it buys, but there are a lot of competitors in the market apple with its apple watch and other things, so they have certainly a lot of defense in that they shouldnt be barred from getting into an area that apple is in since their android is in it i think the issues around google are more problematic around data the amount of data being collected. People that use fitbit, i had a nest and then amazon owned it, i had to think twice wait a second, now a big company owns it. I think thats more the issue and that the focus will probably be on for regulators, what are they going to do with data, how do they link it to advertising it is just more data that google gobbles up and it is a lot of personalized data. They have to really answer questions around that more than just owning more stuff which i think still is also problematic. Kara, even more broadly, how do you think it speaks to the role that hardware is increasingly playing in future of software and scaleability it is distribution. How do you distribute your stuff. I think distribution is critical you look at streaming wars, netflix has a distribution vehicle not, they dont have one. I think the more youre linked between data and distribution or entertainment and distribution is going to be critical. So it is going to be very hard for competitors who are more innovative and smaller to break in here when you have apple and google pretty much owning two main platforms and youve seen in this space, i dont know how many of these, but dozens of these companies have come and go it is coalescing around Big Companies linked to phones, data, et cetera, et cetera yeah. I mean, to me, kara, the antitrust line of argument in this case, it makes no sense the data thing makes tons of sense. Yeah. Google has nest, amazon has ring there are questions of where the data goes. Fitbit is number four behind huawei and apple and others and google has not done tons in the space. Samsung, if anything, is doing better in wearables. I think the data cases, im sorry, i mistakenly said amazon bought ring, which i had, and i also have a nest, and just it is like theyre coalescing all of the data around every possible distribution or sensor point and thats problematic i think thats something that regulators should look into. I think the fact that google cant buy anything, thats just it may be theyre going to be scrutinized more, but certainly should be able to buy some things. It is just a question of what they do with it. I want to know what they do with the data if youre a fitbit user, i bet you want to know what google will do with the data that was collected and what happened to it over the years. A lot of people have it many years, data on whereabouts, usage, et cetera thats true im sure that thought crosses their mind every morning when they put it on see you soon do you have one, do any of you have one i dont have an apple watch. I have a fitbit in the drawer at home. I found it wasnt accurate it is older model. I use this thing called a watch, it works well it is fantastic. Tells time. Kara, see you soon kara swisher do not miss tomorrow the interview with andresoinw rk tomorrow at 11 00 a. M. Eastern back in a minute rm view . It begins by being privately owned. With more than 85 years of experience over multiple market cycles. With Portfolio Managers who are encouraged to do whats right over whats popular. Focused on helping me achieve my investors unique goals. Can i find an Investment Firm that gets long term the way i do . With capital group, i can. Talk to your advisor or consultant for investment risks and information. Talk to your advisor or consultant by the way, shes the it wasnext mozart. G day. As usual we were behind schedule. But sophies enthusiasm cannot be dampened. Not even by a runaway donut. We powered through it in our toyota prius. Because a stars got to shine, no matter what. Its unbelievable what you can do in the prius. Toyota lets go places. That could allow hackers devices into your home. Ys and like all doors, theyre safer when locked. Thats why you need xfinity xfi. With the xfi gateway, devices connected to your homes wifi are protected. Which helps keep people outside from accessing your passwords, credit cards and cameras. And people inside from accidentally visiting sites that arent secure. And if someone trys well let you know. Xfi advanced security. If its connected, its protected. Call, click, or visit a store today. Latest at work survey finds americas workers optimistic about emerging technology in the workplace. 78 of working americans say they are more hopeful about changes that Technology May bring in the next five years, versus 21 that say theyre more fearful, and 38 say theyre not worried at all that the job they have now could be eliminated by robots or Artificial Intelligence a quarter are somewhat worried that could happen. Also took stock of how happy workers are. The Workplace Happiness index was steady, 71 out of 100 for the Third Straight quarter 85 of workers are somewhat satisfied with their jobs. That number has also held for three straight quarters. Feeling work is meaningful is the most important factor in determining Workplace Happiness for 35 of american workers. For 21 , it is being well paid full survey results are available at cnbc. Com work and still more from cnbcs at work conference, happening here in San Francisco dont miss an exclusive with Kaiser Permanente ceo Bernard Tyson today at 3 00 p. M. On closing bell. I will be interviewing him on stage from here, guys. Youve got a jam packed lineup, jon. Looking forward to it. When we return, federal Election Commission chair ellen wi weintraub. Tomorrow, dont miss jons resqwkll sai narayen mo ua aeyistrght ahead. See thats funny, i thought you traded options. Im not really a wall street guy. Whats the hesitation . Eh, it just feels too complicated, you know . 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 youre comfortable. 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 when you look at the world, what do you see . Where others see chaos, we see patterns. Connections. Relationships. When you use location technology, you can see where things happen, before they happen. With esri location technology, you can see what others cant. Welcome back to squawk alley. European markets are set to close in a moment. Seema mody has todays action overseas. Hi, morgan. Record highs in the u. S. Look at the screen behind me, strong rally for eurozone equities, thanks to strong earnings, optimistic trade signals over the weekend, outweighing another weak manufacturing reading. The ftse 100 german dax, down 1 . The broader stock 600 hitting the highest level since august of 2015. Really led by auto, ferrari being a standout, raising the 2019 outlook after posting strong sales of the super fast sports cars. Thats a record high of 6 in todays streak ryanair publishing results, a one year high after beating profit estimates shares up 8 look at the banks. Deutsche bank, commerce bank, Credit Suisse up 3 to 5 were awaiting bang of england policy announcement on thursday. It is worth putting the record run into context yes, u. S. Stocks are outperforming the overseas peers since start of 2019 but since the market lows hit back in august, europe and china have actually outperformed stocks here in the u. S. , as you can see in this chart here and today, france, germany, italy hitting fresh 52 week highs. Encouraging start for november carl, back to you. Thank you. Lets get a news update. For that, we turn to sue herera at hq. Good morning, carl, good morning, everyone. Heres whats happening at this hour lead lawyer for National Security council defied subpoena to appear before the house impeachment investigators. John eisenburg and robert blair didnt show up this morning. Michael ellis and brian mccore mick were scheduled to testify this arent, are not expected to testify. Four protesters and a member of the Security Forces have been killed in clashes in central baghdad where antigovernment demonstrators crossed a main bridge and approached government buildings. Another 60 people were wounded in the unrest. Turkeys interior minister says theyll send back Islamic State Group Members in syria to their countries of origin, said they would be returned regardless whether their citizenship was revoked by home countries. Here at home indianapolis motor speedway, Indycar Series have been sold to penske entertainment this relink wishes control of the speedway after 74 years from the who wiholman he is the winningest in hks with 15 victories morgan, back downtown to you. Sue herera, thank you. Record highs for stocks. The dow joining the s p and nasdaq making new inter day record highs first time for the dow since mid july energy and industrials, sectors leading the charge everything up more than a half percent. Squawk alley is back after this break watch the major indexes, nasdaq at record highs still the leading sector on the s p, tech is pretty good start to the earnings season, putting uber and peloton in focus this week, not to mention m and a with google buying fitbit last week for 2. 1 billion mark mahaney joins me at one market and Yousef Scully from new york. Good morning good morning. Whats the biggest deal here in earnings . Overall, they looked pretty good but there were a couple of little hiccups i think demand trends are relatively consistent, google, ad Revenue Growth is untouched been the same for nine years facebook growth was dipped by a point. Thats consistent. Amazon showed a little acceleration, actually although there was noise around netflix earnings, netflix results showed modest acceleration in growth. Had reasonably successful price increase i say demand fundamentals are unchanged, theres a little more regulatory noise across all those names, maybe a little more competitive risk with the big one being netflix. Other than that, demand is the same. Pinterest, shopify, some concerns around those names. Then you get into high multiple stocks. Thats your van guard internet reasonable valuation, with the exception of netflix pinterest and shopify give you ten times multiple stocks. Those are expectation stocks if you dont print to the high end of expectations, youre going to see a correction. Thats what happened in both those names. Yousef, what do you see from peloton, uber this week . Well, we think were going to see exactly what mark talked about, broadly speaking consumer continues to be healthy, advertisers continue to be healthy. For uber, we expect 30 plus growth rate. For peloton, looking at 65, 70 year on year growth. So really, really strong but again, there are some issues regulatory is an issue the big mac row potential slowdown is an issue for a number of investors. But i would say halfway into earnings, were pretty happy where we are in terms of valuation, you said earlier in your opening remarks that were obviously trading at an alltime high you look at the Digital Media group, were not tradi trading 14, 15 times multiple of cash flow. Topped at 19 were substantially below. Were underperforming the s p 500, and also underperforming in the last 12 months we think valuations look attractive here. Yousef, jon touched on it, but it has been a bloodbath for many of the small and midcap internet names do you see buying opportunities among the wreckage, and if so, what yeah. So the ones that have frankly kind of blown up, we dont actively cover, pinterest and wayfair. That said, there are smaller cap names we really like they just happen to have not reported earnings yet. Stitch fix is one, trade desk is another, survey monkey another among large caps we think the usual suspects will continue to grow at a healthy rate, and we continue to recommend them but theres definitely a fair amount of value in some of the smaller names that are not household names. Mark, facebook out with a little news today on how it is going to brand its family of apps, whatsapp and instagram, et cetera. I had the sense that facebook had benefit from people not realizing that they were part of the facebook family. Now they seem to want to make that especially clear. Whats driving that, anything for investors to take away im unclear what the rationale is i agree with your bias on that, jon, the brands were known independently, probably are better known independently going forward. Is there a win here long term for facebook and investors that they can get people kind of cross pollen ate them. You use the information from facebook kpancampaigns, find thm and target them, i think thats years away i dont think theres a natural win out of the move by neighbor. Yousef, do you think it is a databased defense perhaps that maybe people cant argue youre mingling data from different applications but not telling us. Facebook saying were putting our name on everything it should be clear to everybody that all this stuff is engineered together . I think thats absolutely the right way to think about it. The other thing, from regulatory standpoint, to the extent Mark Zuckerberg makes it really hard to segment or divvy up the assets, particularly instagram with facebook and ultimately messenger, et cetera, it becomes harder for regulators to see them as separate units and instead is seeing them as a whole, seeing the umbrella ecosystem as whats driving the business, which is ultimately what every Successful Company tries to do from google to microsoft to amazon. Ask you about airbnb. We were touching on it earlier with kara. You have this issue with some of the renters, youve got issues, identity and verification wise with landlords i thought that this was a company that was largely out of its troubled waters period, but these issues are similar to what weve seen with facebook, seems to me. How does that look to you heading into potential i was going to explain it a different way, it is similar to the gig economy issues youre putting as a marketplace, you put together a lot of humans, you have privacy issues, youre going to have personality issues isnt the right word, the way people interact with each other, you bring them into peoples cars, into their homes. Theres a lot of need for screening from both hosts, drivers, riders, renters side. Some of the moves are probably necessary. I guess i cant rent out my house for parties, probably losing income, but probably sleeping safer at night. Airbnb, one thing were not talking about. Uber, it was a big issue with uber and lyft. The magnitude of losses. Never seen losses that big those are generous, those are ipos on their own. Airbnb without prediction what will happen to it is clearly coming to market without near those losses, roughly break even it will make it more palatable than the prior two offerings great takes thanks back to you guys downtown. Thanks, jon. Tomorrow, dont miss a cnbc exclusive, jpmorgan chairman and exclusive, jpmorgan chairman and ce the long term. Who look beyond the spreadsheets back after a quick break from breakroom to boardroom. Who know the only way to get a 360 view is to go around the world to get it. Can i rely on deep research to help make quality Investment Decisions . With capital group, i can. Talk to your advisor or consultant for investment risks and information. Heres whats coming up top of the hour. Lee cooperman on the war with Elizabeth Warren we debate her tax proposals, where he sees stocks heading the dow hits a new alltime high. Underarmour and mcdonalds whats up next looking forward to todays show. A big one, scott. See you in a few. Meantime, lets get to chicago for the Santelli Exchange hi again, rick. Good morning, carl. You know, we live in a world where stock markets, especially in the u. S. Are roaring. The uncertainty is at levels that are historically high, and we still live in a world that has a lot of negative yielding securities thats what i want to talk about today. How do you get a world with 18 trillion at the peak, 17 trillion, negative yields in securities, which are by the way coming down a bit. You have to have an awful lot of buying, you have to have an awful lot of confidence that what youre buying is going to have longevity because on the face of it, owning something with a negative yield sounds like a precarious position to have because really ultimately yields will turn positive, and the amount of selling pressure in the securities to get it there will be large. Think about it from a logistics standpoint we talk about how the stock market is teflon coated, especially in the u. S. , buy backs,lots of ammunition to keep the market even in times of uncertainty regarding global trade at lofty and ever lofting levels today is an example of that. What happens when things change. Lets go to the board. Ten year bund. End of august, bunds hit a negative yielding close. Since then we cut it in half we have been doing it several weeks. Why is that significant . Ultimately all of the positions around the globe in europe and japan that are embedded in negative yielding securities are going to exit. And when they do exit, that overweight, negative yielding security will be a big pool that most likely ends up with positions in Global Equities and i think that rebalancing, and remember, long before negative yielding securities, when rates started a massive drop which happened right after the crisis, many thought that ultimately it would reverse. Those positions would be fodder for an even larger equity rally. The timing was off, the reasons were off, negative yielding securities put about five extra chapters in that book. At the end of the day, thinking there will be a long line of people behind you to buy your negative yielding security because Central Bank Policy was the leader of that pact, those days are slowly coming to an end, and ultimately i think will be a Huge Positive for the Global Equity positions. Jon fortt in San Francisco back to you. All right rick santelli. They cant say you didnt warn them scott mentioned it, im mentioning it again. In 15 minutes, dont miss leon cooperman on the Halftime Report today at noon. Never shy about giving his opinions urats coming up in the next nt go anywhere. Were back after a quick break welcome back to squawk alley. Abolishing political ads on social media thats not the issue the federal Election Commission is interested in. Micro targeting is where real problems lie federal Election Commission chair ellen wine traub joins us now. In terms of this, what are they targeting and what is the problem . Micro targeting is when you get an individual ad in your feed designed based on all of the analytics that platforms have available that they gathered about you that allows advertisers to target the ad to your exact susceptibilities. The problem is that it is the equivalent of somebody whispering in the ear of voters a slightly different message targeted for them, theres no audience, no one there to counteder act the message if something is wrong with it or if theres another point of view. What we want under First Amendment is to inspire the most robust debate, wide open robust debate about issues that can only happen when you have give and take microtargeting oh blbliterates. No one knows whats being said. Facebook would respond with every ad would be viewable by anyone why is that not a sufficient fix . If you go to their they have an archive and you have to sort through a billion different ads, how are you going to find the one that goes to that voter, youre not going to have the kind of data you need and it is not accessible enough to promote the kind of debate we want to see in our politics. Are you arguing we should create a standard for digital ads different from other types of ads or real life . It seems to me in a way visiting black churches and singing the hymns, kissing babies at the county fair is a way of microtargeting an audience, so is going door to door in certain neighborhoods. Isnt this the digital equivalent to some degree with microtargeting none of this has anything to do with the candidates ability to go door to door but most other advertising takes place on a much broader we have a scale doesnt take place anywhere else this is what Digital Media allows theres only so many doors you can knock on the possibility to to whisper in millions of ears im not advocating for anybody taking down their ads. All this started over a debate of whether political ads should be allowed use the platforms to get your information out but let somebody else see what you have to say. Dont be afraid to engage in the kind of dooeshts that would allow both side of the issue to be aired out. Given that fact is twitter making a mistake is this a misstep to pull political advertising altogether thats up to them to decide what kind of advertising they want to allow. Its my understanding twitter didnt a lot of political advertising so its not clear its going to diminish a lot of debate by that decision. There are differences on different platforms. Maybe something about the platform on twitter and the small number of characters that made them feel more comfortable doing it that way. There was starting to be pressure built as a result of that decision on other platforms, though, and i want to suggest theres another way. Im not suggesting that we do this by government regulation. This is a friendly suggestion that the platforms step up and do something good for democracy. Make sure they are encouraging the kind of debate that will be helpful to the voters and create a more informed citizenry. Advertising aside we live in a country where our Tech Companies are the best innovators in the world. They can create products that no one could have ever imagined are we going to be hearing a renewed push next year for them to wade in and make the process of voting and counting votes more secure and easy well, we dont vote electronically and thats because i think a lot of people are concerned that it cant be 100 secured if we were to go to evoting thats an entirely separate issue. What were talking about here is how peoples messages get out and what kind of debate we can have going back as far as the Supreme Court has endorsed the notion that sunshine is the best disinfect nlts rather than having a private forum of advertising let your message be heard by a lot of people and engage. Have you actually engaged with the Tech Companies and the discussion in this oped. Lost the volume have you engaged with the Tech Companies about micro targeting about the discussion thats in your oped not yet but im happy to talk to them about it. All right Ellen Weintraub chair of the federal Election Commission, thanks for joining us. Thank you when we come back under the hood of customized ferraris. A look inside the new manhattan Design Studio in a few moments as the markeist holding 3080. Dont go anywhere. Esses, were a reliable partner. We Keep Companies ready for whats next. man we weave security into their business. Virtualize their operations. woman and build ai customer experiences. We also keep them ready for the next big opportunity. Like 5g. Almost all the fortune 500 partner with us. woman when it comes to digital transformation. Verizon keeps business ready. Welcome back half a day and a few hundred dollars, thats all you need these days to customize your own ferrari in new york. Robert frank got the exclusive tour of ferraris Design Studio here in manhattan. Stock at a record high today, by the way, joins us now with a peek under the hood. Ferraris earnings out today, up about 6 , highlighting one of its biggest profit engines and that is customization. Now the base price for a ferrari starts about 200,000, but the company can double that price by charging for fully customized cars through its Tailor Made Program. Buyers spend half day with a personal designer choosing their own fabrics, wheel treatments, metal finishes, stitching, shifting paddles they can have their name inscribed in the interior and create oneofakind colors that are displayed on ferraris famous color wall. Customization for us is extremely important to increase the customer satisfaction. Its a way to engage clients having them happy and coming back again now, wealth alone cant get you a tailor made ferrari. They only make about 200 a year, out of a production of 9,000 the Company Wont Say what qualifications those are, but they typically go to customers who have purchased multiple ferraris the company just opened a new Design Studio in new york. We got an exclusive tour and i created my own virtual ferrari, 812 gts starts at 398,000 by the time i added the blue paint, racing stripes, special badge, the price was a half million which is why its virtual. Back to you. Robert, what are the margins on these customized ferraris is it a more lucrative venture for them the margins on ferrari as a company are now 34 . You think of that, most Car Companies are like 8 to 9 these are margins we usually associate with a luxury company, with the Tailor Made Program it can be 50 you can double the price of a car just by adding the special fabrics and paint colors robert, you mentioned that people can stitch their names in these custom ferraris. If youre doing that youre not worried about resale youre not but whats interesting even though people compete, one of the reasons they compete for the slots, depending on to your point what you do with the customization, it can make resale a lot more valuable. To have a one of ferrari as long as its not horribly gross or weird, you can actually resell it for much more than a sort of typical ferrari. All right robert frank. Thank you, guys. Thank you wow. Speaking of customization, coming up tomorrow, im going to have the ceo of adobe live from the adobe max conference in l. A. Its their biggest product event of the year where they roll out a number of new products including were expecting photo shop on ipad thats a big deal. Also want to catch up with him about some of the Enterprise Transformation things he has been working on. Guys all right john, we cant wait for that very big with week as jon is out. In the meantime were watching the markets here s p 20 3080, basically held and the earnings parade will continue today marriott, shake shack, uber before some of the big media names later in the week. Its another 80 s p 500 Companies Reporting this week. Real, real also is going to be one to keep an eye on, peloton, some of the companies that have gone public and hit hard since then. The judge has got lee cooperman, a lot to talk about with lee lets get to the judge all right im scott whammer in, front and center the war of words between leon cooperman and president ial candidate Elizabeth Warren, wealth, taxes and the future of capitalism. There is unquestionably a shift to the left in this country. They wont open the stock market if Elizabeth Warren is the next president. The 99 in america last year allin, paid in taxes, all their taxes, about 7. 2 of their total wealth the top 1 paid 3. 2 i am tired

© 2024 Vimarsana

comparemela.com © 2020. All Rights Reserved.