Record sales for the most valuable company. And boeings billions, it is taking a 5 billion hit in the Second Quarter due to the worldwide grounding of what was its bestselling plane ever. And rate cut optimism. Stocks on track to open higher but on pace for worst week since may. Microsoft on track to open at a record high, market cap above a trillion dollars Quarterly Results beat expectations on cloud strength here is nadella on last nights Conference Call. Our commercial Cloud Business is the largest in the world, surpassing 38 billion in revenue for the year with growth margin expanding to 63 . Im proud of what we have accomplished over the last 12 months, and im energized by the tremendous opportunity ahead every day we work alongside our customers to help them build their own digital capability, creating new businesses with them, innovating with them and earning their trust. Cloud is a third of revenue and after at t they had quite the week. Yeah. I did something i never do i listen to that Conference Call around 11 30 last night. And i shot him an email. Subject line, bravo. And im out of superlatives, well done. I dont know what to say this is a Gigantic Company it deserves to be if there is a trillion Dollar Company, it deserves there wasnt when you got this amy hood, shes been the cfo, one of the best cfos in the world. People have to listen to this. This company is this man is a unassuming, humble man who has taken a company that was once great, turned it around, and is a powerhouse andy jassy, Amazon Web Services, hes fabulous too. We have some executives in this country that if we dont start realizing, they are the people who are driving forces, doing things, that are amazing you know, look, i know washington wants to break up some they should bring satya in you will hear how Great America is. One of the names theyre not talking about very often is microsoft. It does not get lumped in, even though it is the largest and resurgent back to being the most the Largest Company and therefore the Largest Technology company in terms of its market cap. It is not included in any discussion about regulatory or antitrust. Having dealt with that 20 years ago. Yeah. Now it is just all about cloud. Thats what it is about. And to your point, i mean, he pivoted the company to focus on this five years ago, whatever it was at this point. And the growth rate is just astounding there is a moment in the call, where to find anything wrong with this quarter is ridiculous, where the analyst says, do you want to still be in gaming xbox he goes we have the greatest Gaming Platform in the world we have the most gamers in the world, gaming is the future. And im thinking, linkedin oh, my, was that brilliant gaming, brilliant. 360, office 360. I have a pc that is an office 360. Tim cook, it is a darn good pc and you sit there and you this is a corporate you sit there and say, did they miss on anything nothing. And i am in awe of what this man has done i remember he said 18 billion for cloud an i was critical. I met him, hes wearing the black tshirt, i was wearing the trademark brione im listening to the man and hes talking about educating people in second grade thats what he wants it talk about. Stem who is this man. He came in with the benefit of low expectations. Some classic headlines in the journal the day he was his position was announced and people did not think he was going to do much of anything. The lowest, i think he came in and the big change was that you got to start thinking the clippers will put together a max player that was really the change there was a tone to him that is a tone you never hear out there. And it is a tone of a level of sweetness ill use that word kindness he is not all right, all right. Stop. Enough. Okay. And then were in the world of what have you done for me lately, great. Or enough with the sing song of praise. How much can we extrapolate to large cap tech in general is this just a microsoft i thought you could you can lock pc. Said the data center has too much capacity, you dont want to do that. I resent what you just said. Im sorry i have every right, i have trashed every executive in america. I have every right i have asked people how they can live with themselves what can i tell you, you trash them better than when you great fun when youre critical. You got a wall of shame, but not a hall of fame. Retired but i want to ask you something, have you ever read that guy dalai lama, the short fellow, he talks about being happy. He pivoted the dalai lama pivoted big. I have high expectations. I would like to focus on when i met amy last time, she had a child, a child projected vomit on her corduroy jacket, how is that . So shes a great mother yes awesome. And great at goldman. Im sorry, you know what, i got to go back, i realize, i got to go back and be cynical who can i trash . I have Brian Moynihan on, he was really good. I didnt mean to gush. I take it back you know, hes all right to your credit you have talked about the power of azure for a long time. Thank you. Very positive on microsoft for a long time and nadella and youve been dead right what is amazing is the growth rate at azure in all seriousness is above that of aws. Thats the point. Youre so right. Wow. You are so great youre going to have a great weekend. I like you i want people to understand how good he is. Understood. Does it deserve to trade any richer forward multiple than alphabet yes plus, there is no that i know of, known communists that work at microsoft he has peter thiel still has not named the known communist sympathizers, you know, he thinks there are some for china. This company, alphabet missed quarter after quarter. There is always one line ruth porat, i want them to make the quarter. They have great firepower. They had a Cloud Initiative that was not strong and they let these guys get ahead of them it is a duopoly now. I had Ginni Rometty on with the fellow donovan from at t and that was a very good conversation but literally, a few days later, the big cloud win was microsoft. And azure, we say cloud 39, azure 68 thats a crazy number on azure, even at the 68. Incredible. You are talking not a lot of large numbers has caught up with them too not early days any longer. Thats why google is trying to play catch up. These guys they float like a butterfly and they sting like a bee. And they are the go ateam now. Does everybody get lifted by the enormous movement of i dont think they can. Commercial opportunity to the cloud. I think that this it is not a share take there is tremendous growth and benioff and look, you get the same story if you went to ryan at adobe, you get the same story from andy jassy. Just a wholesale change. Talking about the number you keep hearing about is 20 as we go over. Thats the Jim Whitehurst number i dont know i dont want to do the read through. He said that one thing, there is still a little oversupply in data center. But i think the read through is that you just hope that jay powell doesnt hear it because, wow, business these are a lot of businesses using the product and 365 is very, very strong gaming, the king of gaming tough compare on gaming year over year. Yes but this we never talk about linked linkedin 25 . That was an acquisition that may have been remember, broke down in february 2016, waited for it to break down, benioff goes to get it and out of nowhere, satya gets it satya obviously applied competitor you think it is a black tshirt thing. I may wear that this weekend at ozi fest. With the necktie, of course it will be hot. Dont wear black. I got to be told i already got told im not allowed to wear my trademark suit. Ive never been caught anywhere, including in bed with. Without. Yeah. I cant i dont know, it is my armor. I know it is. This is a good one. Look at this this is a 200 count. No idea what this is a 200. Like baby skin. Butter, it is amazing. It is my strength and my confidence. Lets quickly do boeing up in the premarket, despite these plans to take a charge of about 5 billion in the june quarter to compensate their customers affected by the max, company says the charge is related to estimates for potential concessions and other considerations to customers for disruptions. This is going to include product slowdown, increased cost, this is why is the stock up . I think that if any time you can contain and, by the way, i they have very smart cfos anytime you can contain a loss, they could have printed 10 billion. We just dont want open ended. This company is after initially not handling this right, and i think we all pretty much agree, feinberg, facebook had done that, feinberg in like i said, different, bring feinberg in, start quantifying things. There is still 100 lawsuits outstanding. Yes there are. And typically the other day when David Solomon was asked about reserves for 1 mdb, he didnt tell you exactly you tend to not want to put a number out dp tried to do that in the gulf. But i felt better about boeing after this because i know that theyre a conservative company entirely possible theyre getting their arpz arouget i getting their arms around some i want to know what southwest has to say i want to know what they have the most of the airline airplanes american air had a great number because of others did not have enough routes they were able to raise rates. They had to reschedule a lot of things. Yeah. This is a remarkable time because the airlines were doing poorly until the supermax. They all exploded higher boeing is a remarkable stock stocks are down for the year, so this is any quantity fiction is regarded as being positive. Well watch that. The president once again on twitter today sounding off about the fed. Well tell you what he said. Another look at the premarket here, looking pretty good. Shanghai coming off the best day of the month well talk about china as well when we come back. Driverless cars. All ground personnel. Or trips to mars. 4. 95. Delivery drones or the latest phones. 4. 95. No matter what you trade, at fidelity its just 4. 95 per online u. S. Equity trade. Noprpharmacist recommendedne memory support brand. You can find it in the vitamin aisle in stores everywhere. Prevagen. Healthier brain. Better life. Stocks on track to open higher today yesterdays dovish comments boosted hopes that the fed will cut rates later this month s p and the nasdaq still on pace for the worst week since may, but earlier on squawk, larry fink said people are still under invested in stocks take a listen. We saw people derisking still and i still believe as i said last quarter, i think this is going to be a mistake. People are underinvested in equities and i do believe with now the changes of tone in central bank behavior and starting to see corporate earnings coming in pretty well, you know, we still are constructive on the world. Comes on a day where mike wilson, Morgan Stanley, again, says look for a 10 correction in the next three months. Remember, mike put his money where his mouth is and i got to tell you, my mother always said dont put money near your mouth because it is dirty i think that larry was at his best today i think that larry is talking about the notion that if youre going to be a long term investor, you need longterm assets s p 500. I felt very, very good because he is a not a cynic, but you used the word earlier, skeptical. The money hasnt come in yet a great interview. Can you get that can people get that on cnbc. Com . It was you felt like, wait a second, Morgan Stanley is taking too shortterm a perspective larry was very buffettlike this morning. And i felt great about it. I really did hes a man i admire greatly. Some of the charge this week suggested you could slide back to 2950 and still call this a consolidation. Do you agree with that i had a my friend carl did chart work this week on mad money and absolutely. Wouldnt be a false breakout . Thats exactly right. You say that, she said it could hold there, and people would come back in obviously if it doesnt, there is some substantial downside larry said, you know, we had pretty good earnings im saying, well, you know, we had csx and union pacific. And ksu today. Yes your interview with lance, again, people have to listen to that interview he was not baffled by the economy. He said that they can still do better the economy is down last time on Brian Moynihan, the economy is good but downshifted. Everyone in this ilk understands if jay powell wants to get the economy back, a little bit, just takes out that last rate hike. But i thought that lance made me feel, again, well, okay, things arent perfect but if we get then he mentions the trade tensions, it wasnt just china he had europe, japan. I was waiting for him to talk about luxembourg did he bring up luxembourg. Mexico and canada. Here is what moynihan told jim last night take a listen to this. The core thing is the United States economy is growing. Is it growing slower than last year not so far reportedly, but expected to slow down because the First Quarter is equivalent to last year in the consumer is driving it. So still looking for a july cut. Do you want the 50 no, no. 50 is panic filled i just want them to be able to oto appease our tweeting president a lot of larry fink was going over bulgarian rates my nephew, who writes my show, cliff mason, he has always said the king of bulgaria watches our rates very highly. Good to be the king. We know that but larry fink mentioned bulgarian rates being well below ours and picked a country we dont think Central Bank President clinton always admired their central bank, oddly. He had a couple of calls with my nephew i do think when i was listening, i said, oh, my, we have to take that rate there are. 68. Are we really talking about bulgarian rates . Well, yeah, larry fink brought it up. What is the population of bulgaria what do i look like information please. Yes i got this thing random facts i was going to go to this so infiltrated by chinese communists, google, i would i have in my head 7. 1 million. Still had ashford and simpson. Ashford and simpson i saw them wow. When we,ba come back, cramers mad dash we still got to get to some calls on chipotle, philip morris, amex, crowd strike a ton of names to get to dont go away. Pnc bank has technology to help make banking easier, like. Pnc easy lock, so you can easily lock your credit card when its maximum limit differs from its vertical limit. And clover flex, for when you need to take credit cards when no one carries cash. Or requesting a call to help get a new credit card one that hasnt followed the family goldfish. Pnc make today the day. Is where people first gathered to form the stock exchangeee, which brought people together to invest in all the things that move us forward. Every day, invesco combines ideas with technology, data with inspiration, investors with solutions. Because the possibilities of life and investing are greater when we come together. I felt completely helpless. Trashed online. My entire career and business were in jeopardy. I called reputation defender. They were able to restore my good name. If you are under attack, i recommend calling reputation defender. Vo theres more negativity online than ever. Reputation defender ensures that when people check you out, theyll find more of the truth, not trash. If you have search results that are wrong or unfair, visit reputationdefender. Com or call 18778668555. Its my special friend, antonio. His luxurious fur calms my nerves when im worried about moving into our new apartment. Why dont we just ask geico for help with renters insurance . I didnt know geico helps with renters insurance. Yeah, and we could save a bunch too. Antonio fetch computer antonio . Ill get it. Get to know geico and see how much you could save on renters insurance. Happy friday, everybody. For some reason, were all here today. I dont know what happened. All right, youre okay. Youre dropping stuff. No, no. This is the crowd strike it is too high it is too high i cant blisters. I have blisters from this. David, 100 . 100 growth. More than 100 growth. You know, i cant touch that no. It is hotter than sunday. Who are these guys . I feel like it is Butch Cassidy and the sun dance kid. Who are these guys. Markets very recently anybody who bought and held on the ipo is happy this is beyond meat this is a great these are cybersecurity built for the new time z scaler, a company i like very much, it may not be as good as this this growth, not even 100 million, theyre not a tiny company. This is a 14 billion market cap. Im saying, the revenues that double dont touch that, david. Just the third rail of stocks. I remember they were a very small company. Their cto helped us with our work on chinese corporate espionage. That was one of the greatest stocks ever. Small little mini dock. You cant say that about every dock you have to pick and choose. That was not one of my greatest. Narvick was your best, house of cards has to go higher that seems silly it has to. There are people who say what is the Fastest Growing company on earth. I want to own that thats how some managers that do that. Bingo. Crowd strike right here. Yeah. Not as though cybersecurity is oer oh, my, just getting worse and worse. Theyre calling it the new Palo Alto Network by the way, we have medallia today. Really noisy. Wont hear a thing. Four times oversubscribed i heard oversubscribe so many times on so many things that diabe didnt do well, but im told it is one of the better coming out of the box another gd art oostto the day. Who are those guys who are those guys . Opening bell coming up your daily dashboard from fidelity. A visual snapshot of your investments. Key portfolio events. All in one place. Because when its decision time. You need decision tech. Only from fidelity. You need decision tech. [what about him . Lets do it. [ sniffing ] come on. This summer, add a new member to the family. Hurry into the mercedesbenz summer event today for exceptional offers. Lease the glc 300 suv for just 419 a month at the mercedesbenz summer event. Going on now. Youre watching cnbcs squawk on the street. We talked a bit about microsoft today, the fed commentary last night, the president i guess gold at 1450 yesterday, jim, is getting a lot of peoples attention you say that. Im getting so many questions about gold and whats going on remember, bitcoin took the shin