Transcripts For CNBC Worldwide Exchange 20240712 : compareme

A live report from that region is apple making the best for october . What it is saving for the fall wednesday, september 16th, this is Worldwide Exchange on cnbc. Good morning, good afternoon, good evening wherever you are watching thanks for joining us. Here is how your money and local markets are opening. Maybe you cant because you are driving. They are higher. Dow futures indicate they are opening higher futures are up 97. The decent day rises on tuesday. A positive breath day. About 70 of all stocks rose the third positive session in a row for the dow and s p 500. Small caps continue to be a rising star. The russell 2000 adding to the mondays 2. 5 gain from the recent 52week high. Small caps, again, a group to watch. Another one are the transports a new 52week high a leading indicator. That is the transports highest level. That record set almost two years ago today but something to watch. This morning, oil is rising on concern that Hurricane Sally will not begin production. We are still a few dollars per barrel below where we were a couple of weeks ago. Opec holding a virtual monthly meeting tomorrow no major change in policy is expected japan elected its next Prime Minister to succeed shinzo abe things are Getting Started in europe the markets there are higher across the board overnight, it was the cnbc 2020 singapore Virtual Summit making real headlines with exclusive comments. Standard charter bank and John Philippe jamie dimon is the one we are focused on across the board, markets bouncing in the green. The ftse here in brexit concerns popping into the Retail Stocks banking stocks trade weaker. You mention jamie dimon. His comments are interesting the fed has done enough at this stage to support the markets take a listen. I think they are doing the right thing now which is to let us get through this. There are going to be serious issues about government deficits that is kind of a secondary problem right now. Getting through this and cooler heads will prevail and get to that wisely. He mentioned hes disappointed congress hasnt come up with the second round of stimulus the ceo of Standard Charter group, bill winters, take a listen to his comments very low Interest Rates are difficult. We estimated that the impact would be around this we think this could be around us a number of years or longer. And it could be a hill we have to climb we can do that talking about the impact of very low rates including discussion weve had in europe many years where they may lower rates the conversation that american banks would have to deal with. Much rosier forecast have crossed for the recent quart and Unemployment Rate 8 b. 3 below h 9 we will respond after the european markets later on today. Very big Virtual Summit more interviews on cnbc. Com. Your favorite website. Thank you for joining us back at home new details around the oracle tiktok partnership. Both sides seek the white house approval before the sunday shutdown date. Bertha has more. Good morning. Part of a proposal being reviewed, Chinas Bytedance would reportedly retain a majority ownership the Global Business would also become a Company Based in the u. S. And remain a unity of bytedance with oracle taking a Minority Stake in that Company President trump said his administration would make a decision on the impending deal pretty soon adding that he has high respect for Larry Ellison who has raised funds for the Trump Campaign Hurricane Sally, some 150,000 homes and businesses in the region with without electricity. A curfew is in affect in gulf shores sally, now a category 2 storm with winds up to 100 miles an hour currently 60 miles southeast of mobil moving at a sluggish two miles an hour with land fall expected this morning. The Justice Department is join issing the sec for claims that nikola misled investors making exaggerated claims about its technology the qui the inquiry is being handled by the Manhattan Office nikola said when we have something to disclose, we will shares off 7. 4 . Brian . Surprising silence from what has been a very vocal company not only before the sec but now after it as well this has been a day trader favorite got to be careful. A lot of headline risk out there. Back now to the macro markets. There has always been what is key. Growth, inflation and liquidity. Your next guest says a fourth factor may be necessary, so lets call that a quad fecta director of global strategies. What is that mysterious fourth factor you speak of . Indeed. Good morning it is the vaccine. There is a lot of expectations the vaccine will happen before the year end just the recent headline trump things it could come as early as october. That all sets up for those expectations that the solution is near. It is important for these expectations to beout lined. It has become what i call a quad factor it is an actual word you have to take that into account and focus on that. Ben, in trying to understand history, been reading a lot about past pandemic. Everyone points to 1918, that was far more severe. You look at the roaring 20s. We are taught that was because of the end of the war. We look now and think maybe that was more about the end of the pandemic than the war. Is there an opportunity for a new roaring 20s . Not only the idea that a recovery is priced in, maybe more than a recovery a few years of wild spending as everybody goes albbonkers. Because a year or two of semior all lockdown will be over. You think that none of us are in need of experience. There is a huge political pressure to get the solution together it will happen and if that does with this major stimulus put into the system by Central Banks and governments with more coming where well see at the fed meeting as well as what is happening in d. C. , you could have a major spending boom ahead of us. If you look at the markets today, there is a fair amount of normalization. The expectation moving where we could get to a pre covid environment for the market which looks like previously or essentially a new environment that will boost a lot of spending you are waking great pointz. We could have a roaring 20s idea by next year we dont know that is right we are pricing in recovery maybe we need to price in more than recovery because of pent up spending appreciate you coming on and we love reading your daily notes. Thank you. Meantime, weve got breaking news on boeing the Transportation Committee issuing the final report on the max. 250 pages long we are not going to give it to you all. The list of failures that led boeing to design and faa to approve softwares that led to two fatal 737 max crashes. A report that boeing made, quote, faulty designs end quote, especially around key mcas systems. Boeing withheld crucial information. Including concealing the very existence of mcas from those pilots boeing responding that it learned many hard lessons. As this report recognizes, we have made fundamental changes to our company as a result and continue to look for ways to improve. Boeing expected to get that 737 max in the air and resume deliveries of the airplane in that Fourth Quarter. That deadline continues to push back congress is considering legislation of safety reviews of any new airplane models. We have a lot to do when we come back. How wall street analysts missed the mark on how one stock is soaring. The incredible story and Worldwide Exchange exclusive behind what is now europes most valuable startup apple puts out a new watch but do investors care about anything other than a new phone a bk ghafr iswereacrit teth to deliver your packages. And the peace of mind of knowing that important things like your prescriptions, and ballots, are on their way. Every day, all across america, well keep delivering for you. Welcome back good morning it continues to be all about the cloud. Fedex. The company reporting the highest quarterly revenue in history. Delivery spiking, as you know, everybody staying home you might have heard about this pandemic fedex shipped 31 more per day in ground shipping and it expects that trend to stay for a while. Adobes Third Quarter result Fourth Quarter guidance above estimate saying educators and Small Businesses have fully embraced Digital Tools during, you know, the pandemic there is a pandemic. Adobe shares up more than 50 this year. Microsoft wants its investors to get paid raising the quarterly dividend, youll get 50 Cents Per Share paid every quarter coming up, a liquored way to do the dew from folks at red lobster and why that is trending coming up. Announcer todays big number, 79 billion. Thats how much u. S. Ipos have raised so far this year, on pace for one of the highest totals since the tech boom. Cloud data company swfkenola goes public today. The Biggest Software ipo of all time at leaf blowers. You should be mad your neighbor always wants to hang out. And you should be mad your smart fridge is unnecessarily complicated. Make ice. Making ice. But youre not mad because you have e trade which isnt complicated. Their tools make trading quicker and simpler so you can take on the markets with confidence. Dont get mad get e trade and start Trading Commission free today. Dont get mad get e trade and start trading i keep working my way back to you, babe with a happiness that died i let it get away servicenow. The smarter way to workflow. Time for your morning rbi. Sometimes, what it takes to start a company. Swedish payment is now worth billions started by a couple of buddies who met flipping burgers they decided to take a trip around the World Without flying. Your next guest missed the boat literally and couldnt make it back in time for exams per rules, he had to stay in sweden and work for a year and he learned that companies have a hard time making quick transactions missing the boat, a good thing random but interesting our guest, klarna ceo. Another bit of trivia. You were the last person i had dinner with in new york city you guys securing a huge new round of funding congratulations. To what do you plan to do with this large new influx of cash you have received . Thank you i was laughing to hear that summary of my life in those 15 seconds. I did enjoy that dinner a lot. U. S. Was still not sure how covid was going to hit and i was coming from europe where they were already locking down. It is interesting in getting close to 10 million u. S. Consumers super amazing. For us, we are big believers that there is an opportunity to genuinely disrupt the trillion dollar industry. The industry that lost sight of its customers. This money is here to support us and be a positive force in changing that industry i remember that dinner was odd, you were like, i just flew in from europe and i was like really . Everything worked out. Internet 1. 0, you bought online and put in that credit card number internet 2. 0, you have the option of a credit card or paypal now i see your famous pink logo more and more. Is it more than a random thing that these spaced out micropayments are going to become the way we pay like a paypal i think it is first, one big reason this is working, in the u. S. , the Younger Generation dont have credit cards, they have debt cards. Shopping online is not that easy if you do a return, they might hold on three weeks to syour salary money there are a lot of issues. To get the product and get access to financing and put it on installments with no interest where the merchant pays the finance cost, all of this is a benefit. Weve seen big change. People are telling me almost 50 of ali pay transactions are buy now, pay later we are very excited about it it makes sense to the commuter we showed some of your Retail Partners, what you guys do, lets say i buy something online from sonos for 800, i can buy it now or pay it in 10 smaller installments each month. You have hundreds of Retail Partners what is your biggest sticking point. You approacha new partner, wha is the biggest drawback . The hardest selling point . I dont think it is that hard weve been a couple of months in the u. S. Theyve seen amassive increase from it this rate and the lyft play as people get over that and realize it is working for their businesses it grow faster, you dont get much push back from that perspective the Business School that put you on the bottom of this ar wildly off building the company, did you and your partners see that others missed . Look, i could talk about that for a long period of time. I just think weve been very focused on this. Weve been doing this 15 years we were 23 years old im not that old yet i still want to do this another 15 years trying to disrupt retail and Banking Industry its a dream because we have these legacy players, barriers of entry, regulatory hurdles both makes it challenging and hard and makes the opportunity so massive we saw there is a better way for consumers. The traditional way about giving you a grace period and trying to convince to you put your groceries on revolving 29 interest rate. Consumers are tired of thi tactic we are providing a service that is free for the consumer it is a installment compared to a revolving. Its very clear. It is just more customer centric approach that has been lacking in retail banking. It is an industry that lost sight of its customers 90 million customers. You were five on our cnbc disrupters list. You should have been number one. I look forward to another dinner in person at some point. You are paying you can pay it all up front or in installments but you are buying congratulations. Best to you. Thank you take care ceo of klarna, worth 10 billion. We are back right after this i keep working my way back to you, babe with a happiness that died i let it get away servicenow. The smarter way to workflow. They have businesses to grow customers to care for lives to get home to they use stamps. Com print discounted postage for any letter any package any time stocks making it four in a row. Futures are higher Hurricane Sally batter the gulf of mexico with lifethreatening storm surge. We are live on the ground with the latest apple pulling back the virtual curtain. Leaving fans perhaps wanting a little more. No new iphone. You are watching cnbc. One of our viewers yesterday said why dont you throw up a little van halen i know if you are listening on radio, you are not hearing it because of licensing issues. Fur watching, well good morning. Dow futures indicated up about 150 points futures higher about 90 following another decent higher day for stocks positive day too 70 of all stocks rose the third positive session for the dow and the s p 500. We noted small caps continue to be a bit of a star the russell 2000 at it again watch the russell and for in kind of rotation from a larger to smaller cap stocks. Another group to watch are the transports this is scene as an Economic Indicator kind of group and hitting a new high not an alltime high they are creeping towards fedex. A big story. Oil rising on concern that Hurricane Sally will knock off production over 40 a barrel on demand. A developing story in the gulf of mexico and Hurricane Sally continuing to churn in the waters off the coast strengthening to a category two storm bringing high winds and a did deluge of rain jay gray in alabama. Im seeing some of these rain totals they are pretty terrifying it is overwhelming the winds picking up dramatically as you talk about some of what it is doing wind wise, its that water that will make that issue. Unbelievable and so much water in that short time then youve got a storm surge that could reach nine feet or so pile it on top and it is just too much water for areas along the shore line to deal with. Especially these low lying areas along the gulf well deal with them five, six, seven hours that means contin continuous rain. That will be a rough ride for most of the day and really across much of the gulf coast. You can see the storms you and the crew are dealing with there. What kind of storm surge and geographical hit can we expect i think the storm surge will be nine feet. It is forecasted 9 to 11 feet. Where you will see the real problem is inside some of these cities especially here in mobile where water will pool and accumulate it will bring down a lot of the trees in the gulf coast. Beautif beautiful oaks and other beautiful trees that could be uprooted because they are saturated. Many of these areas have exposed power lines. We are tens of thousands without power. Some of those will be without power for an extensive time. Showing the radar map to the eastern side of new orleans. A big storm. Be safe. Be careful thank you. Get inside back down to business. One cell phone provider thinks you might be willing to watch some ads to your phone if they cut a few bucks off your phone at t is considering partially subsidizing Wireless Phone plans with ads it could come as early as next year to laurchl a cheaper version of hbo max. Also saying the company is considering selling its Advertising Technology unit. Shares of snowflake to begin sharing today after the cloudbased Storage Company priced the ipo at 120 per share. Valuing the Berkshire Hathaway company at 33 billion the stock will trade on the Worldwide Exchange<\/a> on cnbc. Good morning, good afternoon, good evening wherever you are watching thanks for joining us. Here is how your money and local markets are opening. Maybe you cant because you are driving. They are higher. Dow futures indicate they are opening higher futures are up 97. The decent day rises on tuesday. A positive breath day. About 70 of all stocks rose the third positive session in a row for the dow and s p 500. Small caps continue to be a rising star. The russell 2000 adding to the mondays 2. 5 gain from the recent 52week high. Small caps, again, a group to watch. Another one are the transports a new 52week high a leading indicator. That is the transports highest level. That record set almost two years ago today but something to watch. This morning, oil is rising on concern that Hurricane Sally<\/a> will not begin production. We are still a few dollars per barrel below where we were a couple of weeks ago. Opec holding a virtual monthly meeting tomorrow no major change in policy is expected japan elected its next Prime Minister<\/a> to succeed shinzo abe things are Getting Started<\/a> in europe the markets there are higher across the board overnight, it was the cnbc 2020 singapore Virtual Summit<\/a> making real headlines with exclusive comments. Standard charter bank and John Philippe<\/a> jamie dimon is the one we are focused on across the board, markets bouncing in the green. The ftse here in brexit concerns popping into the Retail Stocks<\/a> banking stocks trade weaker. You mention jamie dimon. His comments are interesting the fed has done enough at this stage to support the markets take a listen. I think they are doing the right thing now which is to let us get through this. There are going to be serious issues about government deficits that is kind of a secondary problem right now. Getting through this and cooler heads will prevail and get to that wisely. He mentioned hes disappointed congress hasnt come up with the second round of stimulus the ceo of Standard Charter<\/a> group, bill winters, take a listen to his comments very low Interest Rates<\/a> are difficult. We estimated that the impact would be around this we think this could be around us a number of years or longer. And it could be a hill we have to climb we can do that talking about the impact of very low rates including discussion weve had in europe many years where they may lower rates the conversation that american banks would have to deal with. Much rosier forecast have crossed for the recent quart and Unemployment Rate<\/a> 8 b. 3 below h 9 we will respond after the european markets later on today. Very big Virtual Summit<\/a> more interviews on cnbc. Com. Your favorite website. Thank you for joining us back at home new details around the oracle tiktok partnership. Both sides seek the white house approval before the sunday shutdown date. Bertha has more. Good morning. Part of a proposal being reviewed, Chinas Bytedance<\/a> would reportedly retain a majority ownership the Global Business<\/a> would also become a Company Based<\/a> in the u. S. And remain a unity of bytedance with oracle taking a Minority Stake<\/a> in that Company President<\/a> trump said his administration would make a decision on the impending deal pretty soon adding that he has high respect for Larry Ellison<\/a> who has raised funds for the Trump Campaign<\/a> Hurricane Sally<\/a>, some 150,000 homes and businesses in the region with without electricity. A curfew is in affect in gulf shores sally, now a category 2 storm with winds up to 100 miles an hour currently 60 miles southeast of mobil moving at a sluggish two miles an hour with land fall expected this morning. The Justice Department<\/a> is join issing the sec for claims that nikola misled investors making exaggerated claims about its technology the qui the inquiry is being handled by the Manhattan Office<\/a> nikola said when we have something to disclose, we will shares off 7. 4 . Brian . Surprising silence from what has been a very vocal company not only before the sec but now after it as well this has been a day trader favorite got to be careful. A lot of headline risk out there. Back now to the macro markets. There has always been what is key. Growth, inflation and liquidity. Your next guest says a fourth factor may be necessary, so lets call that a quad fecta director of global strategies. What is that mysterious fourth factor you speak of . Indeed. Good morning it is the vaccine. There is a lot of expectations the vaccine will happen before the year end just the recent headline trump things it could come as early as october. That all sets up for those expectations that the solution is near. It is important for these expectations to beout lined. It has become what i call a quad factor it is an actual word you have to take that into account and focus on that. Ben, in trying to understand history, been reading a lot about past pandemic. Everyone points to 1918, that was far more severe. You look at the roaring 20s. We are taught that was because of the end of the war. We look now and think maybe that was more about the end of the pandemic than the war. Is there an opportunity for a new roaring 20s . Not only the idea that a recovery is priced in, maybe more than a recovery a few years of wild spending as everybody goes albbonkers. Because a year or two of semior all lockdown will be over. You think that none of us are in need of experience. There is a huge political pressure to get the solution together it will happen and if that does with this major stimulus put into the system by Central Banks<\/a> and governments with more coming where well see at the fed meeting as well as what is happening in d. C. , you could have a major spending boom ahead of us. If you look at the markets today, there is a fair amount of normalization. The expectation moving where we could get to a pre covid environment for the market which looks like previously or essentially a new environment that will boost a lot of spending you are waking great pointz. We could have a roaring 20s idea by next year we dont know that is right we are pricing in recovery maybe we need to price in more than recovery because of pent up spending appreciate you coming on and we love reading your daily notes. Thank you. Meantime, weve got breaking news on boeing the Transportation Committee<\/a> issuing the final report on the max. 250 pages long we are not going to give it to you all. The list of failures that led boeing to design and faa to approve softwares that led to two fatal 737 max crashes. A report that boeing made, quote, faulty designs end quote, especially around key mcas systems. Boeing withheld crucial information. Including concealing the very existence of mcas from those pilots boeing responding that it learned many hard lessons. As this report recognizes, we have made fundamental changes to our company as a result and continue to look for ways to improve. Boeing expected to get that 737 max in the air and resume deliveries of the airplane in that Fourth Quarter<\/a>. That deadline continues to push back congress is considering legislation of safety reviews of any new airplane models. We have a lot to do when we come back. How wall street analysts missed the mark on how one stock is soaring. The incredible story and Worldwide Exchange<\/a> exclusive behind what is now europes most valuable startup apple puts out a new watch but do investors care about anything other than a new phone a bk ghafr iswereacrit teth to deliver your packages. And the peace of mind of knowing that important things like your prescriptions, and ballots, are on their way. Every day, all across america, well keep delivering for you. Welcome back good morning it continues to be all about the cloud. Fedex. The company reporting the highest quarterly revenue in history. Delivery spiking, as you know, everybody staying home you might have heard about this pandemic fedex shipped 31 more per day in ground shipping and it expects that trend to stay for a while. Adobes Third Quarter<\/a> result Fourth Quarter<\/a> guidance above estimate saying educators and Small Businesses<\/a> have fully embraced Digital Tools<\/a> during, you know, the pandemic there is a pandemic. Adobe shares up more than 50 this year. Microsoft wants its investors to get paid raising the quarterly dividend, youll get 50 Cents Per Share<\/a> paid every quarter coming up, a liquored way to do the dew from folks at red lobster and why that is trending coming up. Announcer todays big number, 79 billion. Thats how much u. S. Ipos have raised so far this year, on pace for one of the highest totals since the tech boom. Cloud data company swfkenola goes public today. The Biggest Software<\/a> ipo of all time at leaf blowers. You should be mad your neighbor always wants to hang out. And you should be mad your smart fridge is unnecessarily complicated. Make ice. Making ice. But youre not mad because you have e trade which isnt complicated. Their tools make trading quicker and simpler so you can take on the markets with confidence. Dont get mad get e trade and start Trading Commission<\/a> free today. Dont get mad get e trade and start trading i keep working my way back to you, babe with a happiness that died i let it get away servicenow. The smarter way to workflow. Time for your morning rbi. Sometimes, what it takes to start a company. Swedish payment is now worth billions started by a couple of buddies who met flipping burgers they decided to take a trip around the World Without<\/a> flying. Your next guest missed the boat literally and couldnt make it back in time for exams per rules, he had to stay in sweden and work for a year and he learned that companies have a hard time making quick transactions missing the boat, a good thing random but interesting our guest, klarna ceo. Another bit of trivia. You were the last person i had dinner with in new york city you guys securing a huge new round of funding congratulations. To what do you plan to do with this large new influx of cash you have received . Thank you i was laughing to hear that summary of my life in those 15 seconds. I did enjoy that dinner a lot. U. S. Was still not sure how covid was going to hit and i was coming from europe where they were already locking down. It is interesting in getting close to 10 million u. S. Consumers super amazing. For us, we are big believers that there is an opportunity to genuinely disrupt the trillion dollar industry. The industry that lost sight of its customers. This money is here to support us and be a positive force in changing that industry i remember that dinner was odd, you were like, i just flew in from europe and i was like really . Everything worked out. Internet 1. 0, you bought online and put in that credit card number internet 2. 0, you have the option of a credit card or paypal now i see your famous pink logo more and more. Is it more than a random thing that these spaced out micropayments are going to become the way we pay like a paypal i think it is first, one big reason this is working, in the u. S. , the Younger Generation<\/a> dont have credit cards, they have debt cards. Shopping online is not that easy if you do a return, they might hold on three weeks to syour salary money there are a lot of issues. To get the product and get access to financing and put it on installments with no interest where the merchant pays the finance cost, all of this is a benefit. Weve seen big change. People are telling me almost 50 of ali pay transactions are buy now, pay later we are very excited about it it makes sense to the commuter we showed some of your Retail Partners<\/a>, what you guys do, lets say i buy something online from sonos for 800, i can buy it now or pay it in 10 smaller installments each month. You have hundreds of Retail Partners<\/a> what is your biggest sticking point. You approacha new partner, wha is the biggest drawback . The hardest selling point . I dont think it is that hard weve been a couple of months in the u. S. Theyve seen amassive increase from it this rate and the lyft play as people get over that and realize it is working for their businesses it grow faster, you dont get much push back from that perspective the Business School<\/a> that put you on the bottom of this ar wildly off building the company, did you and your partners see that others missed . Look, i could talk about that for a long period of time. I just think weve been very focused on this. Weve been doing this 15 years we were 23 years old im not that old yet i still want to do this another 15 years trying to disrupt retail and Banking Industry<\/a> its a dream because we have these legacy players, barriers of entry, regulatory hurdles both makes it challenging and hard and makes the opportunity so massive we saw there is a better way for consumers. The traditional way about giving you a grace period and trying to convince to you put your groceries on revolving 29 interest rate. Consumers are tired of thi tactic we are providing a service that is free for the consumer it is a installment compared to a revolving. Its very clear. It is just more customer centric approach that has been lacking in retail banking. It is an industry that lost sight of its customers 90 million customers. You were five on our cnbc disrupters list. You should have been number one. I look forward to another dinner in person at some point. You are paying you can pay it all up front or in installments but you are buying congratulations. Best to you. Thank you take care ceo of klarna, worth 10 billion. We are back right after this i keep working my way back to you, babe with a happiness that died i let it get away servicenow. The smarter way to workflow. They have businesses to grow customers to care for lives to get home to they use stamps. Com print discounted postage for any letter any package any time stocks making it four in a row. Futures are higher Hurricane Sally<\/a> batter the gulf of mexico with lifethreatening storm surge. We are live on the ground with the latest apple pulling back the virtual curtain. Leaving fans perhaps wanting a little more. No new iphone. You are watching cnbc. One of our viewers yesterday said why dont you throw up a little van halen i know if you are listening on radio, you are not hearing it because of licensing issues. Fur watching, well good morning. Dow futures indicated up about 150 points futures higher about 90 following another decent higher day for stocks positive day too 70 of all stocks rose the third positive session for the dow and the s p 500. We noted small caps continue to be a bit of a star the russell 2000 at it again watch the russell and for in kind of rotation from a larger to smaller cap stocks. Another group to watch are the transports this is scene as an Economic Indicator<\/a> kind of group and hitting a new high not an alltime high they are creeping towards fedex. A big story. Oil rising on concern that Hurricane Sally<\/a> will knock off production over 40 a barrel on demand. A developing story in the gulf of mexico and Hurricane Sally<\/a> continuing to churn in the waters off the coast strengthening to a category two storm bringing high winds and a did deluge of rain jay gray in alabama. Im seeing some of these rain totals they are pretty terrifying it is overwhelming the winds picking up dramatically as you talk about some of what it is doing wind wise, its that water that will make that issue. Unbelievable and so much water in that short time then youve got a storm surge that could reach nine feet or so pile it on top and it is just too much water for areas along the shore line to deal with. Especially these low lying areas along the gulf well deal with them five, six, seven hours that means contin continuous rain. That will be a rough ride for most of the day and really across much of the gulf coast. You can see the storms you and the crew are dealing with there. What kind of storm surge and geographical hit can we expect i think the storm surge will be nine feet. It is forecasted 9 to 11 feet. Where you will see the real problem is inside some of these cities especially here in mobile where water will pool and accumulate it will bring down a lot of the trees in the gulf coast. Beautif beautiful oaks and other beautiful trees that could be uprooted because they are saturated. Many of these areas have exposed power lines. We are tens of thousands without power. Some of those will be without power for an extensive time. Showing the radar map to the eastern side of new orleans. A big storm. Be safe. Be careful thank you. Get inside back down to business. One cell phone provider thinks you might be willing to watch some ads to your phone if they cut a few bucks off your phone at t is considering partially subsidizing Wireless Phone<\/a> plans with ads it could come as early as next year to laurchl a cheaper version of hbo max. Also saying the company is considering selling its Advertising Technology<\/a> unit. Shares of snowflake to begin sharing today after the cloudbased Storage Company<\/a> priced the ipo at 120 per share. Valuing the Berkshire Hathaway<\/a> company at 33 billion the stock will trade on the New York Stock Exchange<\/a> under the symbol snow, what else the latest in the rush of recent ipos according to renaissance capital. This week is the biggest week for the ipo markets since may 2019 when uber went public and the most investors have seen sibs 2014. Frank slootman will have more about his company at 11 00 in a first on cnbc interview. The federal trade commission preparing to launch an antitrust suit against facebook. The agency has spent more than a year investigating complaints that facebook has been using its powerful market position to curve competitors. Celebrities like Kim Kardashian<\/a> west, Sasha Baron Cohen<\/a> are going dark to protest the spread of misinformation on any of its platform i know you will not see the kardashians today on instagram i know you follow them what will we do . I dont know how theyll feed their families the kardashians and the jenners have been on the cover of architectural digest like two of the last three months. I still think their empire will stand despite a break from social media right, birtha . I think so. Im not sure what one day will do but it calls attention to the situation. Like everything they do, it worked out it is a busy morning let us jump right into this. A lot to discuss. You heard facebook ready to launch an antitrust investigation. Shares moving. Why doesnt the market seem to care thats funny. Before i turned around, i turned to check if the market was moving hire. Weve been here and down this road before with zuckerberg and facebook before we see some real change being forced upon the company and some of their practices and investors continue to shrug it off. You go back to the cambridge scandal and it snapped back. Advertisers arent going anywhere else. Until you see a shift in ad dollars, there is no shift because theyve proven in ept, theyve proven we cant crack down you cant about a month ago, we were talking about these boycotts and facebooks stock is higher now than two months ago and suddenly the world has gone silent. You cannot be off Facebook Facebook<\/a> like google is the internet dont forget, people are still insemilockdown mode. Increasing addiction to their device users are not flocking to any other platform the bulk of users are sticking with it. It is a shift. The kardashian oneday boycott the tablet and service bund ams and the new watch they did a great job virtually. Weve got to be back in person the market doesnt care, is the market still about the phone is. I think so. Well have the announcement in october. Expecting any iphone announcement not a big deal there you hit the nail on the head giving parents more control of their devices. They are up selling to existing customers. Theyll continue to drive the margin support moving forward. Wearables are a big piece of the sky it is great business and the business plus apps and the competitive force to peloton well see the power apple has. We know their install base is massive. They are marketing geniuses. They continue to pull people into that eco system thats the thing to having the watch that you can use without the phone and come in with a lower purchase thats amazing. You used the word yourself addicted we really cant leave. When you think about it, it is terrifying a discussion for another day do appreciate that coming up, the live music experience going more virtual as they look to get in on the action as we head to break, other top stories. Found that company did not break any laws with the 765 million loan from the government and saying around the time of the loan did not violate any internal policy. And Jpmorgan Chase<\/a> named steve burke as new director. Hes our former boss starting january 1st kohls is cutting its work force by 15 amid pressure from the outbreak and shifting trends e thdow is up 150. Well continue after this. For skin as alive as you are. Dont settle for silver gold bond champion your skin welcome back virtual concerts will be here for a while. And mountain dew partnering with at t at t te tequila. Lets start with spotify making it easier to find live events important to note they are not launching a function itself. The dewgarita will be available in selected red lobster locations the end of september. In addition to the signature soda, the drink includes tequila. The drink is the first of several tasty menu items the two will cocreate. This is like when people would mix red bull and vodka you get a surge of sugar and caffeine to go against the affect of the alcohol. What could go wrong sounds like the makings of a perfect evening. They sort of canceling each other out. I have a young friend in his 20s. He had a cup of water to keep hydrated, a coffee to keep awake and a beer kind of a take your friend has remarkable selfdiscipline. Id be happy to go to a red lobster. Or anywhere. Take care. On deck, stocks to keep the rebound going. Standing by with where he is seeing opportunity for you delivering alpha is back for its 10th year on september 30th. Saudi aramco delivering alpha. Com to learn more and register. The virtual mmsuit is still a biggie Worldwide Exchange<\/a> is back after this welcome. Stock futures are pointing to another higher day an implied open. New comments from the Federal Reserve<\/a>. Theyll wrap up the new policy and Rate Decision<\/a> later today. Those rates expected speak exclusively at the singapore Virtual Summit<\/a> jamie dimon weighing in on the response of virusrelated pressures. What they didnt want as with regard to the Great Recession<\/a> where markets closed down and people couldnt get money. So they kept the markets open. They dont need to pump it up anymore. For more from the chief investor and one of the top 100 ip investors does the Federal Reserve<\/a> matter anymore for the next few years the fed has the market back they brought the fund rate down tozero theyll be there with any disconnect and one lick weakness of those prices. What else can they do is there anything else you are able to do given all youve just mentioned . They have a lot more spending that they can do they can intervene more basically, the markets are keen on the fact that the fed is there and will provide liquidity when needed. How effective will they be and more effectively, the economy has to recover on its own with that need of fiscal influences talking about the roaring 20s and the new version. Leading to hyper inflation and excesses later on. If you are advising your clients 5, 10, 15 years out. What do we do long, long term . We have to get through the recovery phase of the pandemic before we look to the 5 to 10year range. In terms of our client asset, we are overweight growth. We are overweight because that is where there is lore volatility and lower beta and higher profitability we expect that to continue in the longer term wed be concerned about the rising rates not for the next two or three years. The fed will keep rates low. We wouldnt worry about bond values past 2022 at some point well have that higher rate discussion but not today. Good stuff the fed decision coming down at 2 00 today that does it for us, stock futures are higher by 165. Thank you for watching another day, another chance to bounce forward. Lets do this. By making internet speeds fast and reliable. So you can keep up with your customers. By ensuring those speeds have wireless internet backup. So if the power goes down, your connection doesnt. And by covering all your connected devices with serious security. So we can handle this. And this. While you get on with this. And this. Be fast, be secure. Bounce forward. With comcast business. Get started with a powerful internet and voice solution for just 64. 90 a month. Call or go online today. Good morning breaking news on boeing. A House Committee<\/a> report condemning the company and the faa for flaws that led to two crashes. And more on facebook. A report says the sec. And celebrities planning to freeze their instagram accounts today for protests on hate speech rising ahead of the policy announcement ahead of the trading day september 16, 2020 squawk box begins right","publisher":{"@type":"Organization","name":"archive.org","logo":{"@type":"ImageObject","width":"800","height":"600","url":"\/\/ia601908.us.archive.org\/5\/items\/CNBC_20200916_090000_Worldwide_Exchange\/CNBC_20200916_090000_Worldwide_Exchange.thumbs\/CNBC_20200916_090000_Worldwide_Exchange_000001.jpg"}},"autauthor":{"@type":"Organization"},"author":{"sameAs":"archive.org","name":"archive.org"}}],"coverageEndTime":"20240716T12:35:10+00:00"}