Transcripts For CNBC Worldwide Exchange 20160527

Very good morning to you. And warm welcome on Worldwide Exchange. President obama speaking live at hiroshima. Well have a live report in a few minutes but lets bring you up to speed on the markets after a week that say the best two day rally since early march. At this hour the s p would open slightly positive. The dow opened about 14 ponies up. The nasdaq about 10. The big story has been energy. Domestic crusade hitting 50 for the First Time Since october. Pulling back a bit in the session. Hit the highest levels since october last year. You can see it sitting about 49 bucks a barrel right now. Of course part of that is due to the stronger dollar this morning. Right and well be looking at Janet Yellens speech. Lets look at also at Global Market this is morning. Japans core Consumer Prices fell for the second straight month in april as weak consumption discouraged companies from hiking prices. In general slightly positive. The nikkei up. 4. Hong kong having a good session ending a decent week in asia. Europe more mixed today but coming to the end of a very very strong week in europe. So taking some profit. Not too much of a surprise. Particularly that we are awaiting that speech from janet yellen. Over the week the stoxx europe 50 is up 3. 6 . So those declines of about a quarter percent in perspective this morning. The broader markets we just mentioned the dollar. Strength in the dollars part of the reason for the slight pullback in the oil markets. We are seeing dollars strength against the euro as well as the against the yen. Against the euro 111. Against the yen 109. Against the pound 146. Treasuries look at Interest Rates this morning. The 10 year seeing a yield of 1. 82 . Of course, well see how duffyish or hawkish her tone this issen afternoon in light of recent hawkish fed speak and look at gold. A slight pullback this week. Although today for gold it is up just slightly at 12. 23 an ounce. Wrapping up the week with a pair of public reports and more. We get the final read on Consumer Sentiment. Janet yellen speaking at harvard this afternoon to receive the radcliffe medal which is presented each year to someone whos had a Transformative Impact on society. I dont think think shell be quite as hawkish as some have been. She doesnt want to guarantee june and july but i cant imagine shell take june and july as an option off the table. I love the way gym kramer described the recent fate of fed speak. Her call is the only one that matters. It is the only one that matters but i dont think shell derail the sentiment in the last couple of the days. Theres been a unanimous voice from the special teams that for the coach to go and put them on the bench, all of them on the bench would be a surprise. Im sure she wont be super hawkish but continue the theme, yep they are possible, not necessarily likely. In Corporate News Verizon Communications is reportedly working on the bid for yahoos core assets with the help of bank of america. Just last year bank of america was advising yahoo which is why this story is so interesting. The move as verizon seeks to beat out other bidders ahead of the june 6 deadline. Verizon shares are flat. Yahoo slightly positive. Earlier in the week at a conference the ceo of verizon was talking about past acquisitions and he said we acquired yahoo for 4. 5 billion. He meant to say aol. But it was just a little slip of the tongue and you could see it was top of mind for him. Will it become present tense well see. Valeant received a bid for takeover. It came a month or two ago and valeant declined. Firm reportedly in talks with citi group about loans. After an internal probe found employees at lending club falsified data on some loans. The stock is up slightly on the news that it could be working with citi group. Citi group had been working with one of lending clubs rivals, prosper. They ended that partnership. And while lending club shares are up 3 the stock is down 3 make nothing blip on that schart the past few months. Palo Alto Networks reporting a loss on rising costs. Also a down beat outlook for the Fourth Quarter. It is down almost 10 in the pre market. Gamestops First Quarter profit fell 12 and the video game retailers expects lower Second Quarter results blaming a lack of block buster game launches. Shares of ulta salon. Rose 38 beating forecasts help. The company is also raising its full year outlook. Shares at the moment not moving in the pre market. Splunk report iing a wider ls but boosting full year guidance for the second time in as many quarters. Not helping the stock today. Western digital meanwhile is cutting its Fourth Quarter outlook citing higher debt costs. On thursday Western Digital reiterating plans to ramp up production of its 3d flash technology. That is expected to be the mainstream data storage. Stock down 2. 5 . And decker swinging to a forty quarter loss. The maker of ugs is also a naming a new ceo. Dave powers, he had previously worked at nike, gap and timberland. Continuing last night with dentin writing thiel an open letter. Dentin calling thiel thin skinned and challenging him to a public debate about the role of journalism in society. Thiel launched a decade Long Campaign about society. Dentin saying thiels reaction was out of proportion. This all comes after reports surfaced that dentin had become soliciting bids for the sale of gawker. This comes after something. Programming note. Nick denton will join the squawk box team at 7 00 a. M. Eastern for a exclusive interview. The word to comes to mind is tasty that. Will be exciting. Not one to mince words either. It is goin to be a war of wards and great that we have it on our air time. Philippe del something remove from the trust. After the controlling shareholders dies or is deemed incapacita incapacitated. This fight behind the scenes has been played out publicly for via com stock. But it is just about flat this morning. It was a lesson. Is the via com story a lesson for the likes of facebook where they have put in these processes. Much smaller percentage of shares but they still control the company. And what is is going to happen wh when. And raising issue should companies be doing this at this stage . The super majority voting power. The structure. Works well for now but down the line. Amazon being a different set up where bezos hasnt done that. Switching gears to tech news. So not really switching gears in fact. Google didnt violate copyright laws. Oracle will appeal the decision in which it was seeking as much as 9 million from google shares. Twitter meanwhile is losing two more company executives. Jaafari will held up the roles in a more unified structure now. Ceo jack dorsey has added others in recent months including former American Express executive leisurely burrland. She joined the dice. There are still big question toefrs management. Where is there isnt with the likes of facebook. People believe in what zuckerberg is doing. They have a headline problem. Facebook. Searching for a chief information officer. Facebook is seeking someone with strong technical leadership who can innovate and r d deliver Exceptional Service quality for the workforce. And it is almost memorial day weekend, the unofficial start to summer and the time to honor those who have served our country. It is also a popular weekend to hit up major sale asks to hs an the road. Here is landon dowdy. Lets start with retail sales. Shoppers can expect to see discounts up to 90 according to walt hub skmz a great chance to score on big ticket items and this year in particular clothing will be steeply discounted and wouldntnt be memorial day without a barbecue. 39 of americans plan to travel with 2. 6 billion expected to fly. And a whopping 89 hitting the roads. Gas prices are at an 11 year low. The number one memorial day weekend destination, what do you think . I would say washington d. C. Because of that concert on the lawn. Orlando florida. Apparently the happiest place on earth. This is when you go. Hands up for the weekend. Landon thank you very much for that. Time for our twitter and facebook question of the morning. We asked you in light of recent fed speak, whether tone will yellen take today . Weigh in and well bring you the results later on in the show. The choices hawkish, duffyish. Somewhere in the middle. Duf duffy. Before we head to break it was this day on 1937 the Golden Gate Bridge opened to pedestrian traffic. In the send of 1970 pedestrians had to pay a fee to cross but no longer. You get use to pet odors in your car. You think it smells fine, but your passengers smell this. {ding} eliminate odors youve gone nose blind too, for up to 30 days with the febreze car vent clip. Wow, it smells good in here. So you and your passengers can breathe happy. singing you wouldnt haul a load without checking your clearance. So why would you invest without checking brokercheck . Check your broker with brokercheck. Good friday morning and welcome back to Worldwide Exchange. Another swift malware attack to tell you about. Symantec saying the malware was used to steal 81 million from bangladeshs central bank has now been linked the a separate attack in the philippines. They hacked into the swiss system in bangladesh sending messages tost new york fed. The initial successes of that group could prompt more attacks. Exactly right and it continue. Slightly worrying story of course. G7 leaders wrapping up their summit today. President obama also wrapping up his swrit to japan with a historic visit to a world war ii memorial. Akiko fujita joins us now from japan with all the details. Good morning wilfred. Certainly an emotional moment for the 180,000 atomic bomb survivors still living. They have waited 71 years to see this. President obama though not offering an apology but a larger vision of a World Without Nuclear Weapons and the significance of hiroshima. Death fell from the sky and the world was changed. A flash of light. And wall of fire destroyed a city. And demonstrated that mankind possessed the means to destroy itself. And here in iseshima, leaders of the g7 countries offering a united front when it came to the statement that came out saying the nations who you would work in a cooperative manner but stopped short of ouring specifics on coordinated fiscal spending. Prime minister abe speaking a short time after saying lead leader he said the leaders agreed on that. And the message was largely seemed aimed at domestic audience. He looked to clay the sales tax hike take a listen. Translator we rigorously debated the Global Economy at this time and agree it faces a great risk at this moment. Testifi and while Prime Minister abe defended his ab namnomienomics. The statement also reiterating the leaders commitment on exchange rates. The u. S. And japan still disagreeing over the yens move specifically whether they believe its one sided or orderly. Thank you for that and asian markets finishing a decent week in strong fashion. Still o come on Worldwide Exchange this mornings top political stories. Including Donald Trumps unexpected and perhaps unwanted new backer. Stay watching. Youre with cnbc. Now that donald trump has secured all the delegates he needs. He says sure. He will debate Bernie Sanders if there is a big donation to charity as part of that debate. And by big, well this morning we now know exactly what his price tag is. Just a few hours ago Bernie Sanders told jimmy kimmel hes ready to debate donald trump. The goal would be to have it in some big stadium here in california. Hes got questions. Why mr. Trump wants to give hundreds of billions of dollars in tax breaks to the top. 2 . Trump insisting it involve a big debate on womens health. Experts say trump has nothing to lose. Trump has never really delivered a stellar debate performance yet his poll numbers always tick up. Hillary clinton has said she will not debate. Shes trying to focus on trump. Donald trump is an unqualified loose canon whi. While facing new questions the Inspector General said she broke rules not turning her emails over sooner. I know people have concerns. I understand that. But voters are going to be look at the full picture. What she needs to do more than anything too fix her problem is to get this whole thing behind her. In the meantime trump is looking past winning the white house. I want a statue in washington d. C. Well not clear if that is going to happen any time at all but what we do know is that hes already got a game plan for the fall. Wilfred and kayla, he says hes going to focus on 15 Battle Ground states but he didnt say which states. By not debating in california is this making clinton look somewhat weak . At this point there are only three of them and if two of them are going to debate and one not and added to the fact shes also dealing with this email controversy, you know, it does raise questions about whether shes trying to avoid debating Bernie Sanders while she says she really wants to focus on trump. Sanders last night said it was a little arrogant of her to say that this nomination is already locked up before californias even voted. Tracie thank you very much for that update live from washington. Tracie potts. Trump also has ideas if the Energy Industry if elected. Says he approved the keystone xl pipeline, reversing president obamas decision to block it on environmental concerns. He also says he would cut regulations to make u. S. Oil and coal company more competitive. A sharp contrast with Bernie Sanders and hillary clinton. Both support a better thing. And meanwhile Martin Shkreli is making it known who he plans to vote for. He says i havent been called by the trump camp. I support him versus hillary. Adding he should pick an experienced vp candidate. No response from trump yet w previously called shkreli a spoiled brat. But politicians needs friends everywhere they can get them. Especially going into the election. Well pharma is going to be a big topic. Plays into the hillarys hands there a little wit. Up next well get you caught up on all the morns top tostori. Plus the brexit referendum vote is weeks away. An experts take in a couple minutes it stinks in here. Youve got to wash this whole room are you kidding . Wash it . Lets wash it with febreze. For all the things you cant wash, use febreze. Fabric refresher whoa hey mrs. Walker inhales hey, it smells nice in here and try pluggable febreze, with up to 4 times the freshness. In one refill. Pluggable febreze and fabric refresher. [inhale exhale mnemonic]. Two more ways to breathe happy tmom didnt want another dog. She said its too much work. Lulus hair just floats. Uhh help me doorbell mom, check this out. Wow. Swiffer sweeper, and dusters. This is what im talking about. Look at that. Sticks to this better than it sticks to lulu. Thats your hair lulu mom, can we have another dog . laughing trap and lock up to 4x more dirt, dust and hair than the store brand stop cleaning. Start swiffer ing good morning. Waiting on yellen. Global stocks mixed ahead of her comments at harvard. Will she help or hurt the rally. And we discuss risks and rewards ahead of next months crucial referendum. And how do you spell tie . The National Spelling bee goes down to the wire withc contestants emerging as awesome. Picture a very good morning to you. Im wilfred frost. We are seeing some mixed action in todays trade. U. S. Markets are slated to open in slightly positive territory. The dow would up by 19 points. Yerds we saw lackluster action in equities following pretty solid strength. Europe had been positive much of the session. Now were seeing it slightly negative. The ftsi 100 the only current market edging towards positive. And asia had been in positive territory. Japan the nikkei up by abo about. 3 . And the week as a whole for asia pretty strong. As the whole for europe. Very strong. Oil prices wti and brent were above 50 parts of day yesterday. Ended below that and declined further this morning. Wti at 48. 9 but of course has been a resilient and positive couple of weeks for oil. A look at the ten year note as well in the u. S. Weve seen some gains over the last two weeks in the yield. Just down a little again today. The dollar has been strong. At the moment not too pronounced. But the weak euro really helping stocks in europe. Gold prices have been range bound over the course of the week and pretty much flat at 12. 23. The g7 leaders warning that brexit would. A few weeks to go until the all important brexit referendum. If we look at the since the date of the referendum was announced back in february. And now it is near the top of the range. So moving in line with the momentum of the polls. And kayla, of course as we await the vote people questioning whether turnout will effect things, and will it really impact equity markets as well. So far the and the dliep has already passed for expats. For expats to vote. Im registered, certainly. Anyones allowed to vote if they have a british passport. If you are a citizen. Many who moved abroad are upset they are not getting the chance to vote. Upstreetream eu leaders have drawn up a plan ba contingency plan for how they would react in the case of a brexit vote to leave the eu. What do you think that contains . And what do you think it should contain . Well if you talked to eu leaders about what they would try do if this happened, they would want to end whatever momentum to further referendums in the eu. They see break up as the biggest risk. You could have five or six referendum with other countries. They would try to deepen the eu, get countries to rally around. But they may not have to worry so much any longer. The markets have seen the policy moving a good direction. Looks like the exit campaigners are losing the financial argument and turning to emotional and emigration arguments and one story was a large increase of emigration to 330,000 net. So it is going to be a more emotional appeal on the part of the brexiters. The pound is up. The markets are tracking. The u. S. Markets. So right now if there is any danger, it could be complacency because people are starting to bake in a successful vote on june 23rd. Of course there is an argument by the remain camp that pulling out will hurt security. On the flip side britain has the fourth biggest military in the world. A leading member of the nato and the u. N. And those factors wont change. Will there be any change in the security situation if britain did leave . One of the most interesting things about this National Referendum is that you have so many people actually voting from the outside. You had president obama coming to london. You have the g7 now making a statement from japan. And so clearly the Global Economics of this, people are worried of a british fragmentation of a populist surge from the political sense and that gets to the security question. I think from the purely internal security question britain would still have very strong bilateral ties to the u. S. And others around europe. The larger problem is not so much european intelligence and it is more the marginalization of the uk. In the leave Campaign People believe we have the special relationship with the united states. That is going to be great. We have the English Speaking countries around the world. But we at the Atlantic Council we leased a letter from 13 Foreign Policy leaders saying dont count on that. The special relationship is partly special because the eu can deliver excuse me. Because the uk can deliver. And fred just quick. This huge sway of migration into europe from the middle east and africa. Does that increase risks for the uk as well. Whenever you have four civil wars in the middle east sending millions of migrants abroad it is also going to increase risks to the uk, including terrorist risks. Im not sure they go fundamentally higher or lower depending on leave. But you can imagine that if anything happens between now and election day and in general, lit help those that campaign that are campaigning in terms of fear and emotion. In other words lit help the leave campaigners. If things stay quiet between now and election day it looks like the trends and the arguments in voting. Particularly pensioners now. Because it has been pensioners and it has been the less wealthy that have been for leave and it has been young voters and wealthier voters that have been for stay. But you are starting to see a shift now in older voters. And i think that has do with what might happen to their pensions and jobs if the leave vote goes through. Top trending stories of the morning. Facebook and microsoft teaming up to lay a massive internet cable across the atlantic. The cable will stretch 4100 miles of ocean between virginia and spain. It will help lower costs and make Internet Connections faster. The closest link, virginia to spain presumably. Must be. Remember there are already the cables in the pacific between the u. S. And russia but increasingly of course those have been under scrutiny. Jeff bezos revealing the companys next test flight will crash land on purpose. Saying we want to land with an intentionally failed parachute demonstrating our ability to safely handle that fail scenario. I guess if you say it up front its okay. Kudos to all of them for trying and not waiting. The scripts and National Spelling bee ending with two champions for the third year in a row. It was a shared result. The two boys aged 11 and 13 fought through 39 rounds of competition before hoisting the cup together. Taking home cash and prizes. The executive who run this is had a great twitter feed last night where he was tweeting comments from the competitors and when he asked the 11yearold what he was going to do now that he won and he said i dont know. Im in fifth grade. Now you have googd them. Googd still to come todays must reads. And fa man whos been in the headlines, sum that red stone. Sum the ailing tycoon. Directors were named to the trust that holds the majority voting right at via com and cvs. They have close ties with red stones daughter the fate of the trust still unclear. Todays must reads. America is still great but needs to stay strong. The complexity of todays International System is that despite american dominance other countries have in fact gained ground. In 1990 global share was 1. 7 . Today it is 15 . Developing countries from gone from 20 to 40 in the same period and while gdp is not everything no single country, not even the u. S. Can impose its will on the rest. It is a good read. Expected to come in slightly higher than we got before. Despite the fact that america has created so many of the billion plus user products that consumers use, gdp does appear to be slipping. And i think the big question remains. Is it high enough given the support weve had from monetary conditions around the world . Yes it is improving how bad would it have been . Exactly right. So now pick is a little more lighthearted. In fact the top trending stories on the Financial Times website. I think its relevant. Titled put tired james bond out of his misery. The conclusion says retiring bond would be an act of mercy. The arguments relate to the fact that the character was created in 1962. A lot of themes of him, his glamorous lifestyle, womzing and travel, wont really apply today. They are not cool. The box office would also disagree. Which he does cite. He makes one important point which is that there are that longer any books to go from so it is just script writing. No books for game of thrones at this point. But they are making do. Dinner jackets and black ties were enchanting in 1962. They look silly now. People dont do that anymore. And i read that and i was dont they . Good read but i disagree. Keep james bond coming. So the team is get aing ready for squaux. Joe joins us with if a preview. So true. And i guess i didnt seeout a correspondence dinner. No. Dinner double breasted white dinner which is the best example of how i disagreed with this article. I dont want to live in a who rld that doesnt have new james bond movies coming out. The most ridiculous things ive ever heard. I agree. I dont worry about it as matu much but all the things he represented still sound good. Maybe we give daniel craig a rest and put rupt friend ruert rupe rupert. Having seen a lot of his work. I watched entire wire series and some luther and im ready for that. Idris alba would be epic but hes old. A couple years younger than daniel craig. Hes a bit old to take over. My favorite for the job would be tom hiddalson. And ive thats an idea too. Look, james bond is here to stay damn it. And you can write these articles to get some publicity and stuff. But, you know, hopefully no one takes it seriously or Something Like this could happen. Im sure they are not taking it seriously. The other day when we did the greatest exports from the uk. Hes scottish. I could have said james you said from britain. And if you are going to really split hairs then someone would say but scotland is a very crucial part of Great Britain and united kingdom. James bond is not british. Hes scottish. You are british and you wish he was british. You are not scottish. You are trying to claim him. Scotland is part of britain. I know that but hes scottish. My wife is scottish and she makes the distinction a lot that im nothing like wilfred. Whats coming up on squawk box, joe . We have another import from the uk and that is snarkyness. If you are doing it right you are doing it in a british sort of way. And its going to be nick denton that is going to be on talking about this entire peter thiel and gawker saga. It should be interesting. I dont know if you saw his letter. I was initial thinking that peter thiel, it was a philanthropic effort. But after reading rick dentons letter its very persuasive. You would rather have organizations if they go too far sometimes, so be it. If you are going to air on one side or the other i guess you need things like gawker. But we are going to kick that around and its been everywhere. I know you have seen it. It has indeed. Its been a tasty zpoir a great interview. We look forward to that and the rest of squawk box in ten minutes. Scottish. Scottish. Not british. Coming up futures are slightly higher ahead of Janet Yellens speech at harvard today. Jim cahn will weigh in next. [ male announcer ] Tora Bora Jim khe sanh midway dak to normandy medina ridge the chosin reservoir these are places history will never forget but more important are the faces we will always remember. Illuminates skin with pearl optics science. But more important are the faces we will always remember. Your concert style might show your age, your skin never will. With olay you age less, so youre ageless. Olay. Ageless. Josh, dont you have fryeah, so . Ng over . It stinks in here. Youve got to wash this whole room are you kidding . Wash it . Lets wash it with febreze. For all the things you cant wash, use febreze. Fabric refresher whoa hey mrs. Walker inhales hey, it smells nice in here and try pluggable febreze, with up to 4 times the freshness. In one refill. Pluggable febreze and fabric refresher. [inhale exhale mnemonic]. Two more ways to breathe happy bounty is two times more absorbent. More sit per roll. So one roll of bounty can last longer than those bargain brands. So you get more life per roll. Bounty. The longlasting quicker picker upper. Images, videos, social updates. We call it dark data. 80 is invisible to most businesses. The ibm cloud has tools that can help see dark data and put it to work. Hello, my name is watson. Working with watson in the ibm cloud, we can help an Energy Company predict pipeline corrosion. And help a startup to use social data to predict market trends. Now businesses can get more out of their data. Thats what the ibm cloud is built for. The big focus for markets, Janet Yellens speech. We asked what you expected. Joining us from minneapolis is jim cahn at the wealth enhancement view. If you look at the data, you have to believe that there is going to be a rate hike between now and tend of the year. Right now market is pricing at 30 chance of a rate hike in june. We think that is probably a little higher and the market is discounting some positive news weve seen south out of the economy which may lead the fed to believe things are closer at hand. Do you think we stall out here . It is possible. I do think there is going to be more volatility. The market is under pricing we believe this the probability of increase in Interest Rates. Increase in Interest Rates reduces value of other assets like equities. So if we do have an increase in Interest Rates we do think well see potentially a sharp selloff in equity market because it is under price at this point. That said i think energy has room to go a little higher. Weve gotten noise out of iran and continue to get noise of various areas in the middle east. Be it syria, egypt, saudi arabia. So i always think there is that asymmetric risk you get a spike in Energy Prices as a result of fuel instability but dont forget a few months ago we were talking about oil at. That contributes to inflation. That is going to make this memorial day more expensive for most people. That actually adds to inflationary pressures and if you tie that back o into what janet yellen is thinking. Prices are going up. And as prices go up, they have to get concerned they are going to have to take the punch bowl away from the party. And actually slow things down a little bit. You mentioned you felt markets were slightly underpricing the likelihood of a rate hike. Does that mean the dollar has strengthening to do the rest of the year . It is interesting. I this i the currency market and equity marketing are pricing in different probabilities. The futures market is predicting 30 probability of increase in june. We probably put that closer to 50 . Currency markets rallied quite a bit so the dollars rallied against the euro and also against the yen. We think the currency is also pricing slightly probability higher of the Interest Rate hike. Not sure how much more there is to go in terms of hike if there is a rally. That said we do think that the Dollar Strength recently probably probably reflects the currency markets are doing a more realistic job of pricing whats happening this year with Interest Rates relative to the equity markets. Equity markets look like go ahead. Quick thoughts on data today . Gdp and Consumer Sentiment . Were likely to have a positive surprise as opposed to a negative surprise. Weve seen the weekly jobless come down. Jim, thank you so much for joining us this morning and please as always. That is it for Worldwide Exchange. Have a lovely weekend. Picture you wouldnt order szechuan without checking the spice level. It really opens the passages. Waiter. Water. So why would you invest without checking brokercheck . Check your broker with brcheck. By switching to xfinity x1. Rio Olympic Games show me gymnastics. X1 lets you search by sport, watch nbcs highlights and catch every live event on your tv with nbc sports live extra. Im getting ready. Are you . X1 will change the way you experience nbcuniversals coverage of the rio Olympic Games. Call or go online today to switch to x1. A new warning from the g7 leaders. Nay say a brexit would be a serious threat to the world es economy. And denton fights back. And a major new government study finding a link between cell phones and cancers in lab rats. Weve got the details straight ahead. It is friday may 27, 2016 and squawk box begins right now. Hey i just met you and this is crazy but heres my number so call me maybe. Live from new york, this is squawk box squaux good morning everybody. Im becky quick. Sitting with us for the hour is mike san totolisantoli. Lets get a look at u. S. Equity futures. Things right now are in positive territory. Its been a positive month for all of the major averages. The dow futures are indicated up by close to 30 points. The nasdaq up by 15. Overnight in asia you will see that the nikkei was up by about a third of a percent. The hang seng up about. 9 . And in european trade at t