positions. plus, seven stocks to be bullish on ahead of their earnings the investment committee is ready to go. "half time report" starts right no now. >> welcome good to have you with us j joe, and cnbc's jim cramer you know him, the host of "mad money. s&p and nasdaq jim, i turn to you with the question we asked at the top, whether the market is over valued in a danger zone or not. >> i think it depends on tech. it actually depends on tech. 20% of the market is tech. you could have great numbers from facebook, which i think you could have it, amazon not being kept down from the fact that amazon services has bottom there had, versus azure. netflix, i didn't think, was that bad alphabet could be good i believe apple might be a real growth spurt f those happen, i think it's going to take up a lot of the worry and i think every one of them could. instagram for facebook has taken off as the single best way to advertise. i didn't hear anything at on the netflix call. >> on that point, new highs for facebook, new high for alphabet. in terms of tech, adobe applied materials, sales force, micron, service now, nvidia, texas instruments. you know where i'm going these stocks keep going up. >> i could tell you a story of every one of them. >> yeah? >> asml with a blow out. and nvidia this morning said it's back on its continuum it has new chips amd taking a lot of business from intel i could go on and on those stocks, those companies could have breakout earnings instead of this being on -- we don't really like it when we've gotten the so-called levitation. it then justifies the higher that might be happening. >> by my numbers, joe, so far minus 0.8% to cramer's point you've had multiple expansion, you better get the earnings growth to back it up. jamie dimon out in davos, market's in a goldilocks place yesterday, jonathan was raising his price to 3600 on the s&p they say there's more upside than you think bullish, bullish, bullish. maybe it's justified maybe that's just fine jim says you can make a story for the stocks that continue to go up. can you make a credible story for the mark that continues to go up? >> if you're focused on growth there's a distinction between growth and value a lot of the story is underneath the surface. look where the yield is trading for a ten-year it's 176 again what's that telling you? that the world is going to search for growth. look at the price of oil seven-week low for the price of oil. again what's the signal for that i've said ad nauseum and net overall seller of equities and that's the type of behavior that leads to a higher stock market but other stories are continuing the growth and momentum from 2019 look at private equity, blackstone up 10% so far year to date chipotle, 880, trading at 880 right now. mcdonald's, coming back. we thought we were going to leave that wasn't going to be an opportunity. 212 for mcdonald's so there's other stories but it's all about growth. i think that's where you have to focus. >> back to you for a second. i've heard on this desk the last several days people who were looking to trim some of the gains they had rather than putting a lot of cash, new cash to work in the market. you run your own book stocks how do you feel about -- >> we did trim every trim was wrong feel greedy. at the same time it was at 180 i know that's the problem. mastercard, bought at 305. pigs bulls make money, bears make money, pigs get slaughtered. people realize i don't have enough stock on. cloud stocks are expensive but geez, i don't know maybe they do the numbers. >> there are some people who are making comparisons to '99. let's remind you of what paul tudor jones said. >> we're in a crazy monetary mix in history it's so explosive. it defies imagination. i don't think anything has changed. it reminds me a lot of early '99. we had 2.3% cpi. we have the exact same metrics today. >> you have this powerful potion. >> yeah and, scott, one of the things you do so well is hold our feet to the fire guys, do we take profits here? guys, what are you thinking? is there still upside? is there anything left in th tank what inning are we in? we do all these games, right to paul tudor jones' point, in '99 the market was up 2.6% if you got out early in january or february 1999, you missed so much dow was up 25 points, s&p was up 12 we only traded ed 200 billion shares for the year. do you know how many multiples of that we do right now, scott yes, in terms of market meltups, in terms of moving higher, you could feel a little bit of that right now but it's all back to timing and if you're getting out right as a lot of these factors are coming to the floor, i think you're going to leave an awful lot of money on the table. >> i hear you. >> i've done it. jim did it, as far as when we've lightened up but i've had to do it. >> yes >> it's the discipline i have. and you have to take some profits. >> when did greenspan do irrational exuberance? it wasn't '99. it was '96 so to your point you would have left buckets full. >> gobs. >> we have to be disciplined this the investment committee. people will be saying i really love adobe and i don't even care what adobe is it could be pueblo hot this thing has gone up so much we have to take some off it's been the guiding light for me discipline should trump conviction. >> i'm glad you mentioned adobe. you sold all of it >> no, no, a small portion of it. >> you're trimming some of the profits as jim just said now growing by the day tleerks pages long of highs, 52 week or all-time adobe is on the list, all-time high since 1986. >> since i bought the stock in november it's up about 30% it became too big of a position for me so i had to trim some. i sold boeing. it's like gym class in high school, pass/fail. >> and not get beat up that was the key. >> exactly. >> survive the playground. >> some of the things joe said are things i'm worried about mcdonald's back. fundamentals respect back. stocks moved higher, chipotle selling at 85 earnings, that's not making me feel better. it's making me feel worse. clearly, you have to worry however, to what paul tudor jones said, fed funds was 6% in 1999 money is free around the world that's a major difference. by value that's, by definition, a relative term. free money, the momentum we're seeing jim is exactly right you talk about asml, they talk about some parts of the business but mention memory is picking up that's micron. there's a story for almost every stock. some there aren't, like mcdonald's. >> plus the powerful of ptj, paul tudor jones. >> i'm not concerned if any of those companies miss the thing that i like is that the market has gotten more rational for example, we have the flu coming out of china. that was not even a one-day event. so the market says i've seen this before. i'm not going to let it impact me not that pandemics really have they haven't. >> is tesla rational, 125% in three months rational? >> absolutely. >> you just said -- >> to me. >> that's short, scott, short in the s&p 500. >> some will point to that and say this is case a as to how out of hand the market has gotten. somebody coming on this network talking 6,000 price target for tesla. >> roadway. >> last week. >> that was just last week today it goes over 100 billion in market cap. i get some of it is short covering china, they've figured it out. >> it's a tech company here is why i say this first of all, when you start making excuses, it's cheesy to do, but nobody else is selling for the most part any evs. those of us who have driven it marvel about all the other things that are in a tesla then what happens if elon musk -- by the way, national treasure the guy who invented the wheel a lot of simple machines. >> what can you do about the wheel? >> it's copyrighted. i see everybody. >> telephone >> here is what really does matter what happens if he comes up with with 1,000, battery that lasts 1,000? >> that's what they're looking at with technology. >> that's the bad. >> tell me what you think, michael farr. >> i think there are similarities to '99 but not a lot of similarities to '99 this is it not a bubble time the word in '99 or through the late '90s, all you had to do was buy stocks because they were all going to go up that proved you right for a while. when the market gets this comfortable, i think you've got to be uncomfortable, right you can't just say i'm going to buy all the fang stocks. take a look at those stocks that have real growth a lot of these fang stocks have terrific balance sheets without a lot of debt. they're growing earnings as a growth manager when you're looking to buy stocks with earnings growth these are the best names you can find. look at other places around, too. you have to find that earnings growth it's a time in the market where you have to work twice as hard, make sure your balance sheets are solid. a lot of s&p companies have doubled the amount of debts they have debt doesn't matter until all of a sudden it does when it does, you don't want to be the one without the seat when that music stops. >> credit suisse say while tech enjoyed a stellar 2019 performance up 37% and valuation is more expensive today than in the past decade, sxeks are nowhere near march 2000 levels. >> nowhere near. >> i like the '87 example better people could say wow, that could be october, because we get october. you went up to 29 multiple a lot of that was japanese bond that came in over the top every single day we're nowhere near that level. i agree with everything. we've got good balance sheets, some earnings. i think what all of us would love, honestly, is come in here day three of a sars like -- we don't want stars, obviously. day throw of a pandemic and suddenly find ourselves thinking, you know what? amazon shouldn't be down 30 points i don't get that we kind of feel like it's parabol parabolic. everyone knows that parabolic ends badly but in the interim, wow. and we're afraid -- those of us who have trimmed know we're lagging those who haven't, and that's painful. >> i've also asked the question in these kind of conversations that we've had as to whether things are overvalued or whether it's time to fear or fear not. maybe it's all justified as you said at the very outset, if you can tell a credible story, backed by fundamentals. >> right. >> real things that are happening, then perhaps it is justified. >> david faber andsand i clashe, not just like we do on fridays when he doesn't wear a tie that's nasty but we clashed over the idea that perhaps apple has a gigantic upside. this thing took the world by storm. triple camera. i sent tim cook a picture. i did a portrait mode of my wife i thought it was better than -- you know these great photographers you pay millions of dollars to have your -- no. i am a great photographer. >> you mean annie liebowitz? >> yes i crushed her. the air pods -- who doesn't own an air pro this is like maxwell smart now we're really into a shoe phone it could have 13, $14 earnings power. so what happens you say holy cow, why did i sell at $11 >> i'm listening to all of this and thinking the biggest risk possibly is not that it's '99. maybe it's 2018 and maybe next week the federal reserve looks at all of this and sees that the only inflation out there is in asset prices that's the only pure inflation that you can find. what do they message to the market at that point if they're messaging something that's going to signal a little bit of a different shift, then i think you look at a softening in asset prices. >> we'll see i don't know if we'll go that far. let's get another voice from naples, florida. liz ann sonders, charles schwab chief investment strategist. nice to see you today. >> hi, guys. thanks. >> when it's comfortable, it's time to be uncomfortable. >> sentiment has clearly gotten stretched here you've spent a lot of time talking about valuation. first it's a description of what metrec you use if you look at equity versus premiums, relative to corporates, or the fed model, the market still looks pretty cheap. on more traditional metrics, it looks much more expensive. the reality or more important factor is that we think of valuation as this fundamental factor because the component parts of most metrics are quantifiable the reality is that valuation is as much as sentiment indicator as anything else i think that's what we're seeing a melding of right now you also talked a lot about the so-called trimming to early. the reality is if your only measure of success is to get out of the top and get in at the bottom, neither get in or get out is an investment strategy. that's gambling on two moments in time and none of us will be consistent doing that. the whole notion around rebalancing is what sort of generally keeps you on the right side of things you're trimming into strength, nothing wrong about that but you're making sure you're keeping overall longer term asset allocation in line without getting way out over your skis when you have the inevitable pullback or correction, you're not much longer in that particular asset class it's really back to the basics. >> what part of the market are you watching closer than any other to take your signals as to where you think this thing can go >> i think we are seeing some similarities to what we saw in the beginning of 2018. you're seeing a tremendous amount of speculation in the options market, a lot of really stretch behavior in terms of technicals we don't have the same vehicles in early 2018 like the xiv that imploded when the volatility index spiked but a lot of positioning has kicked in that is on the basis of an expectation that we're going to stay in this very low volatility, nothing to see here straight up. so i just think that there are ways that investors ought to think about sort of protecting, even if it's just, again, back to the simple strategy of being mindful of that rebalancing, which can really be just such a beautiful tool as boring, i suppose, as it is to talk about on a show like this. >> as always, liz ann is terrific and summarizes it perfectly. i remember going to minnesota to see the eagles crush the patriots but that was it. remember that friday >> yeah. >> we had the vicks. who is playing the vicks the cab driver i had what's going on with the eagles? no, no, the vicks. i'm short the vicks, the cab driver boy, was he wrong. now, of course, we are just a few days away from the same point. now what really happened we had a very hot employment number the fed starting panicking we had janet yellin. the volume was so great, right out of left field. it was the spirit. it was it was a personal foul what happened there and i think what happened wasn't foreseen and that's my biggest worry. i didn't see that vicks thing happening. i had no idea about the volume i know there's a lot of people out there. they had to sell the s&p at the same time the volume is too high you had your chance to buy. >> you never see the big event, do you >> no. >> liz ann, is there some level of complacency that's seeped into the market the more we've gone up with trade feels like it's in the rear view, impeachment doesn't feel like it's going to end with the removal of the president, which would certainly be disjointing to the markets. >> there's an extraordinary amount of complacency right now. save for mutual fund or etf flows which have been negative that's really been the 11-year story of this bull market. i put that aside the thing about sentiment, and you know i grew up in this business from '86 to '99, working for the late, great marty, who pioneered the whole phrase of don't fight the fed and the meaning behind it, but invented the pacaw ratio if he were here, and one of the things i learned from him, he would say sentiment in and of itself doesn't suggest that the market is going to turn in the opposite direction it's never wise to be a contrarian just to be a contrarian it does establish vulnerability to the extent there is some sort of catalyst. you mentioned catalyst, whether it's trade ramps up and concerns and tariffs ramp up with the eu as opposed to not worrying about china as much anymore. it could be something on the inflation front or on the jobs front. it could be something on the sars front so we don't know we just know that you're pretty likely more vulnerable in light of how one-sided sentiment and, in turn, much of the positioning associated with that has become. >> it's always great to get your insights liz ann, thanksso much for being with us. >> thanks, guys. >> that's schwab's liz ann sonders joining us again let's kick around some names as our last sort of segment we have as our a block netfl netflix, stock is down 2.25%, about $7.50. they're changing the way that they record views. have you to watch for now two minutes rather than 70% of a show that's peculiar in and of itself you have the news now that einhorn has added to his short jim i would like your opinion on this whole story they use the late '19 bounce in shares to make it a more substantial balance. winner take all or winner take most we believe this narrative is finally coming to an end to josh brown on this show yesterday said he agreed with einhorn. what do you do with netflix today? >> i think netflix is chronically over but the call was excellent. they are saying look, where are we in the continuum of time? there was a time broadcast was everything cable came along and destroyed the valuations then he's saying, look, these kind of streaming products are going to crush cable and so, therefore, a nice secular them which keeps artificial intelligence to read what you want, not necessarily selling you. there's a time and place let it cool off. i don't get the big short. i just don't. >> has the game not changed, though, in what was a, as einhorn suggested, a name like netflix has clearly changed and it's gotten much more crowded and fierce in the last year. >> so i suspect that being short and being long is going to disappoint you on both positions for netflix. i think netflix is in a place where we are now looking at it as no longer the hyper growth stock that it was in years prior. does it belong in the fang group anymore? probably not take it out. doesn't belong there netflix, right now, is not going to experience the multiple expansion that the rest of the fangs experienced in 2019. now there was a suspicion that was on the pre krchcipes of begg to get that multiple expansion, began to rally in the last couple of months the worst was past and this was going to be the quarter where you'll see better guidance and netflix will get multiple expansion. i don't think you're going to see multiple expansion on the other side of that, let's see what the competition really looks like from disney plus and apple when the promotions go away at the end of this year. >> hold on he just said that netflix is no longer a, quote, unquote, hyper growth company. >> i don't believe it is. >> doesn't it still have a valuation of a hyper growth stock? >> yeah, it does it does. in fact, scott, that alternative data that we cite all the time, this alternative data said it was going to be a bad quarter for netflix. not in terms of earnings in terms of subscriber growth or hanging on to international and things like that they blew out the numbers. this earnings report and the reaction to it tells you everything you need to know. and i say this as a short. i'm like einhorn in this one i am short in this. >> you're short netflix right now? >> yes, big. and the reason was -- i called our producer yesterday told him the positions i had put on and why i put them on alternative data told us that international, in particular, was going down for them. and they cannot afford that. >> it went up. >> it was good. >> the way they're measuring -- they measure a bunch of things like, for instance, india was supposed to be their big one right, steve india is not. >> i look at it like a portfolio. some sticks work some days and some work other days we have a portfolio of geographies now. i'm not sure that was unexpected but foreign blew it out miechlt concern with netflix is not competitive landscape or not only them losing viewers to other services, and i agree with you, joe, now is not the time to measure that apple doesn't really have a product. amazon is running in place and disney is free where i measure it is what they're spending on content. the deals these people are signing, they're writing $100 million checks. >> they did say they're getting closer and closer to cash flow positive i'm not ready to say gaf them yet, google, amazon, facebook, apple but i'm close to it. i did that on the fly. that's pretty good geez. >> amazon didn't have the earnings or the stuff and i finally got to the point okay, i can't think about amazon anymore. i'm getting there with netflix the fundamentals aren't there. i've watched so many go broke short that stock the past ten years, it's been amazing. >> a lot ahead to trade still. we'll take a quick break and come back. boeing, ibm. and here is what else is coming up on the half time report. >> up nearly 60% over one year, microsoft, and one firm thinks it's going even higher a few of our experts own this stock. we'll debate it in call of the day. plus john najarian's newest bets based on moves in the options market "the halftime report" with scott wapner and the traders is back in two minutes your cash is automatically invested at a great rate. that's why fidelity leads the industry in value while our competition continues to talk. ♪ talk, talk while our competition continues to talk. when i lost my sight, my biggest fear was losing my independence. mmm... good. so i've spent my life developing technology to help the visually impaired. we are so good. we built a guide that uses ibm watson... to help the blind. it is already working in cities like tokyo. my dream is to help millions more people like me. welcome back, everybody. i'm sue herera here is your cnbc update this hour iran's rouhani said that they are still committed to the 2015 nuclear deal he made comments during a meeting of the iranian cabinet toyota is recalling 361,000 vehicles worldwide to replace tak a. ta air bags that could deploy with shrapnel. two women who accused cuba gooding jr. of sexual misconduct will be allowed to testify on charges he groped three other women at new york city bars in 2018 and 2019, according to a judge who ruled earlier today. april 21st trial date has been set for gooding, who has pleaded not guilty to all of the charges. and one of the biggest brawls in college basketball history took place at the end of the kansas, kansas state game last night after a ball was stolen by the jayhawks player, who blocked his shot and stood over him and yelled a few choice words. benches from both teams then got involved kansas, by the way, won the game but it was ugly. that is the news update this hour scott, back to you. >> we'll see what the punishments are going to be as well. >> exactly. >> after that. >> we expect them perhaps later this afternoon. >> i would be surprised if not sue, thank you very much for that let's talk about ibm shares are higher. revenue rising for the first time in some six quarters. it's a big quarter, jim, for big blue you said this morning, quote, it's a safe stock to own. >> dripping lower. one of the reasons why that is, people are saying the mainframe cycle is good. better to play broadcom. >> red hat. >> very good really crushing, right. >> paying down debt. >> $10 billion worth more to come but then the rest of the business isn't moving. these are anchors. they're just millstones. they have to do something. by the way, a lot of the other watsom, flotsam and jetson, hate to be too technical. red hat needs to be more of the locomotive and not the caboose. >> let's put this on hold. >> what? >> when we were talking about netflix literally the first person i thought about was mark cuban. a long-time shareholder mark cuban joins us now on the phone. mark, are you there? >> yeah. what's up, guys? what's up, jimmy >> i really appreciate you calling in, mark literally i was thinking of you as we were having this conversation stock is down today. the guidance was a bit weak. tell us where your position is now on this company and this stock. >> same as it's always been. i haven't sold any shares. they always offer a weak guidance, it's always the discussion after earnings. their market cap, is that a legitimate market cap for the second biggest and best media company in the world after disney i think it is. all the trends are going in their favor more so than their competitors. for instance, netflix is global. if you look at what's happened in the technology world, you're going to see content, movie, videos, et cetera, go from being dubbed and closed captioned to looking like everything is spoken in the native language over the next five years and you'll be able to back update not all but a lot of your libraries. being global and having that technology is going to be a huge advantage. that's part one. part two, every single new smart tv that comes out has netflix as an option. you go into the gym, every smart workout device has netflix as an option it's ubiqutous not just here but becoming more ubiquitous globally as well i don't see their competition negatively impacting that at all. >> the interesting thing, mark, is what joe brought up a while ago, suggesting that netflix was no longer, quote, unquote, hyper growth company, but yet has a hyper growth valuation how do you reconcile that? >> i mean, you don't have to be. when you get big, the law of big numbers takes over and hyper growth is relative if you look at it just in terms of the united states, sure, it's not growing nearly as quickly but saturation is also an issue. when you have so many customers. if you look at what they're doing in other countries, it is hyper growth the united states doesn't reflect the whole story. streaming and content is a global story now so, yes, the growth here in the united states isn't as dramatic as it was, but you can't say the same thing about the rest of the world. netflix is making the world a smaller place. >> mark, it's great you called in i think the market cap is justified given the fact that they're a robot company. weren't you impressed when regis said look, we're artificial intelligence we know what you want, which allows us to make content cheaper. >> it's exactly how they approach their world when you have data -- data is the new oil, right particularly when you're becoming more of a global company, it becomes increasingly and exponentially a bigger story. when you look at this and say merge africa every time outside the western -- every africa, india, china, all these new markets that they're starting to go into are all growing markets where the technology and the price performance is all working in their favor and then the technology, again, so that you can take content and manipulate it so that it works in any environment, in any language, that works out well for them to your point, jim, using ai and the data that they have, they can anticipate what works. you see that reflected in the fact across all the streaming competitors they have five, ten times more products than disney has mandelorian and what else? amazon prime has two or three shows. you can go down and create a long list of ten or more shows on netflix where you can't wait to see the next series, the next season of the show that's just huge. >> let me ask you a question about the market do you remember what happened on april 1st of 1999? >> yeah, that was a good day for me. >> is that broadcast.com >> yeah, we sold it. >> to yahoo! for nearly $6 billion. we've heard folks making comparisons between now and t n then what do you think? >> interest rates were different back then. you saw a lot of people participating in the market and you would get into a cab and people would be talking stocks you would just go randomly any place, people would be talking stocks you don't see that now people don't buy individual stocks the way they used to. there's so much money chasing index funds that as long as the money keeps going, the market will low interest rates like this is ubi for rich people. as long as rates keep going down or staying low where they are and dploeblly there's negative or next to zero rates, where else are you going to put your money? that money is going to continue to flow into our equities, our markets. is it frothy you can definitely make that argument is it like 1999? no prince was wrong on this one. >> well, look, we asked the question at the top of our show if it was time to party or worry like it's 1999 that's where the conversation, mark, seems to be. joe teranova has something for you. >> sure. >> you bring up an interesting point regarding passive investing. we've been talking on the show about apple and the reasons why apple continues to appreciate. how much of that appreciation is attributable to exactly what you're talking about, which is all the moves towards indexing and the passive flows into the market is that ultimately a risk if we see a pullback in those flows? >> so, i don't have data if i had to guess i would say 99.99% is driven by money going each and every month into passive funds and indexes. should we worry about that yes. if people have to start taking money out of those funds, that's when everything turns upside down you hear and talk to people and they're withdrawing money from their funds because they need to use it in their day-to-day life, that's when we have a problem. >> mark, are you a buyer of stocks recently? were you a buyer of any of the ipos, the hot ones of last year, uber, lyft, slack? >> no. not because i wasn't interested but i'm at morgan stanley so they have these weird rules and i can't participate in ipos. there's some i like and some i would and would not have purchased. again, i'm a fan of ipos in general. that keeps people interested it kind of minimizes the potential negative impact that we're just talking about with passive investing. i think it's important to have more ipos rather than less, regardless of what happens to the price, action wise. >> i'm trying to recall, jar my memory from the last time we spoke. do i recall you telling me last time that you had an opportunity from travis to invest in uber early on and you passed? >> yeah. thanks for reminding me. >> is that one of the ones would you have bought? >> the opposite. i wouldn't have bought if you had been a business 10, 11 years and still have not gotten public and not in that hyper growth phase anymore, it's probably too late. i told that to travis many times. you need to be in that hyper growth phase that distinguishes you from all the other stocks in the market there's plenty of mature stocks, plenty of growth stocks but not a lot of stocks that are experiencing hyper growth. being able to take advantage of the liquidity that it provides, not just the company itself but all your employees and early investors, i think, really makes a huge difference for companies. >> one of the things we witnessed is that the notion of growth at any price is over, right? >> it was a good thing in silicon valley as vim notes, i've been anti-silicon valley for a long time these companies that have raised hundreds of millions of dollars, i run away just because they go public is not a reason for me to invest. it's easy to sell dollar bills for 50 cents and i don't see that as a win ever. >> in '99 it was irrational and it suveng tnk the market. now the market is saying we don't care. >> if you were taking a company to public market would you do it through ipo or public listing? >> i don't know enough about the nuances of each to give you an answe answer. >> mark, i wanted to get your view on apple. they have growth products. can a company change its stripes? they know how to leverage their platform netflix is a platform. will they learn how to leverage and create other opportunities will they allow you to download their movies and keep it forever and transfer it forever? apple uses data the same way what's interesting about ai, there are probably fewer than ten companies who purposefully use artificial intelligence. we have really evolved into the have and have nots small and up and coming companies are trying to use ai, but it's hard. companies like google, amazon, apple, netflix, ibm they can afford to make mistakes and learn from them. most companies cannot. the hardest part of ai is getting to the point where you know whether the results are valid or not a lot of companies can't get to the point where they learn that. they'll keep becoming smarter. netflix will keep becoming smarter. amazon is actually my largest position and will continue to be simply because i think when it comes to using data not only are they the smartest company in the universe but they're the ultimate startup they cannot only use that data to know what to sell and how to sell it but also to help guide them on what business to get into they're not always going to be successful, obviously, in every attempt, but the knowledge base they have gives them such a unique advantage i don't think people are truly respecting or understanding. >> interesting. >> wow >> we do a segment called ask halftime, take questions every now and then -- every day, i should say, from our viewers or those on twitter i'm looking at one on twitter that wants me to ask you what you think about roku i don't know if you have an opinion on it or not or own it or not but do you? >> you know what i came real close to buying it when it dipped last year into the 40s and i kicked myself for not doing it i love what roku is doing for a lot of the same reasons that i mentioned netflix, the trend are going their way. the challenge is transitioning from hardware. tvs that require an extra box will get replaced with tvs that have all the software internalized it will be interesting to see what the battle is between google and amazon and roku, among others, to try to become kind of the home page of your television i don't have an opinion. i haven't really followed it a ton since then, other than paying attention to streaming in general. so that will be the ultimate battle they have will they -- will their software become the home page for tv or, you know, how will they continue their hardware based business and who wins that battle >> i'll leave you with these final two questions. how close did you come to running for president and who is going to win in '20? >> i don't know who is going to win in '20 and i wanted to my family shot it down if your family is not there with you, it's not going to happen. >> you were really taking a look around >> oh, yeah, absolutely. yeah, absolutely. >> okay. mark, we appreciate it. >> any time, guys. >> it's always fun to call in. >> he's amazing. >> mark cuban with us there. >> warriors/portland game last week tlefs. of course, i was interested in him running for president. i think he's a genius. people forget he was a computer reseller he won the contest his humility is matched by his genius and i said this to my wife, who wasn't at the game i was with mark cuban and he's so brilliant you learn so much every time you see him. unbelievable stock picker. and just ll-around great guy she said is he married i said, what's the -- that's not what we're talking about of course, he is, but he's legendary and not in his own mind he's legendary because he deserves to be legendary i have to tell you, i'm listening to him on netflix and i'm thinking, you know what? it's okay, because that's the bearing that man has he's incredible. >> sure made a bull case against your short. >> i like his take on apple. i do not like his take short term to joe's point, when he asked me about netflix, i don't think netflix is going to 100 bucks a share right now but i think it could break 300 on this down move, judge this was a terrible reaction to blow out earnings. and i'm showing that their daily, average use is way down by the data that we scrape. >> you're going against -- >> yes, sir. >> -- one of the greatest stock pickers and knows when to sell, by the way >> yeah. >> and you're going against it >> and then sold to yahoo! >> you're like the knicks. >> i don't know why you're relying on your data when your data was wrong. >> it wasn't wrong it wasn't wrong. cited every other area but i said india, in particular, steve. and i published it india, the downloads out of india of the netflix app, daily users in india were all india all down substantially that's supposed to be their biggest growth area but i could end up being wrong here, steve, but when you saw those numbers last night didn't you think netflix would be 350 >> why >> they blew out numbers. >> weak guidance. >> but after the fact they gave out weak guidance but they blew out every metric that they could possibly put out yesterday except the ones i talked about. >> hold on domestic subs were 423,000 versus 600,000 expected. >> uh-huh. >> didn't blow that one out. >> the bottom line numbers. >> it's a company that survives on subs. >> survives on subs. a lot of the passwords are shared and - >> missed by almost 200k. >> i know they let you do that that's another reason i don't like it short term, steve. >> i just think netflix is in a place where it's going to sit here you cannot argue that revenue growth is declining here in the u.s., going to go sub-20% in 2020 they're going to possibly go sub-17% in 2021. the question becomes, does netflix have the same pricing power today that it did two or three years ago? >> i think it does >> okay. >> you mentioned netflix to a man on the street. have you seen "witched"? aaron hernandez? if i mention disney, amazon, how many - >> a dozen on amazon great content. marco's wrong about that >> he likes amazon but i'm saying that they - >> prices like they have in the past >> i think they could. >> okay. >> how about the idea of you can own one if - >> you had apple more than double with down revenues, down earnings. >> i said that at the top. why? they were given multiple expansion. this is why this quarter so important to me with netflix i thought they'll get the multiple expansion. >> hold on, hold on. >> if you are mark cuban, a professional, on the investment committee, maybe you can find a rational to own the stock and i understood mark's and i think it made sense if you're responsible to individuals and responsible to those folks with smaller net worths and $2 million, $5 million, $10 million range, i can't buy netflix for fred and ethel. i can buy disney all day long, great content as a reasonable multiple with growth and a dividend other companies make sense this is not for everybody. this is not a for everybody stock. >> you'll take some heat you don't mind on twitter when you say 2 million. that's something i have to close my twitter for the rest of the week because -- cramer thinks $2 million is nothing that's why i became jimmy chill. >> what's twitter? >> quick break come back. going -- >> obviously there's no breaks in the show. >> why do you bother why do you even bother >> you want to answer that in his ear going to break boeing and microsoft are next. watch us on the go on the cnbc p. sten to us there, as well. at fidelity, online u.s. stocks and etfs are commission-free. and when you open a new brokerage account, your cash is automatically invested at a great rate. that's why fidelity leads the industry in value while our competition continues to talk. ♪ talk, talk while our competition continues to talk. that's what happens in golf nothiand in life.ily. i'm very fortunate i can lean on people, and that for me is what teamwork is all about. you can't do everything yourself. you need someone to guide you and help you make those tough decisions, that's morgan stanley. they're industry leaders, but the most important thing is they want to do it the right way. i'm really excited to be part of the morgan stanley team. i'm justin rose. we are morgan stanley. we are back. more stuff to do tell us what's tonight on "mad." >> we haverusty braziel. oil is not going on iraq or iran he's a visionary going to 80, 90, 100 he is the truth teller listen to him. >> thank you let's kick boeing for a second united says the max is not going to fly this summer calhoun's got the first call with the media i believe at 1:00 in like three minutes. you sold the rest of your boeing. >> yep. >> right >> i did >> tired of this whole thing >> look. i don't have a -- i don't think calhoun's has a lot of credibility. on the apology tour he sat next to the ceo saying we get approval in december he is on the board for ten years, a lot to prove. i thought there was an arrogance in that releasethey put out yesterday saying as we repeatedly told you -- well, excuse me. i'm sorry. you know so until the good news, no stock can go to 250 before 350. >> meet the new boss same as the old boss. >> it is, absolutely. >> devastating. >> i asked cuban a couple of other things on e-mail no thoughts on tesla but i did buy some twitter at 30 bucks >> hmm. >> i think their self serve sales to small biz is awful. improving. i think the content presentation is better and control to changes replies to post will have a positive impact on usage now, josh brown gave up on twitter. right? >> not me. >> got out of it. >> i bought it pete and i both bought it because of the unusual activity. >> i sold in the 40s and not going back any time soon. >> i'm with him. >> with mark >> there's great opportunities there. did mark say he had a good time? >> he did. >> matters more than anything. >> he stuck with us for a while. microsoft real quick you spoke with satya last week the price target bumped to 192 from 163 at rayj a lot gong on. >> this is one -- basically said i want you to listen to this tape what gives him the permission to do esgs is impressive. >> our shareholders give us permission to be able to think about whether it is the affordable housing or whether it's carbon. it is our shareholders who care as much as anybody else and they give us permission and therefore we are accountable to them to execute on these commitments we are making and that's good for business. >> yeah. i did think satya -- got permission. >> not being asked i'm a shareholder. >> can you still buy the stock given the run? >> probably one of the toughest but i say yes. azure is coming on. >> yes. >> yeah. >> stocks care about execution these days not valuation. >> we got like 40 seconds left a crazy, fun hour. final trades okay michael, what do you got >> fedex, buy it when people hate it. i think the earnings are coming back. >> okay. joey >> wingstop, moving higher. >> johnson & johnson, bought 20,000 march 50 calls with the stock at 147.50. >> wow. >> jimmy chill >> broadcom. they bought ca meantime 4% yield. 13 times earnings. it's the sleeper >> ual it's a steal here but also taradyne reporting tonight a good run if they miss buy more. >> thank you >> what a show. >> nice job. great stuff, guys. thank you. welcome now to "the exchange." here's what ahead. breaking news on boeing. the ceo speaks to reporters about when the max may get back into service. plus, business leaders in davos expressing concern about the coronavirus and the markets seem to be taking it in stride. netflix's new metric is raising eyebrows on wall street. two minutes for a view really that's ahead let's begin with today's markets. bob pisani is downtown at the nyse and liv
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