Transcripts For CNBC Squawk Box 20240712 : comparemela.com

Transcripts For CNBC Squawk Box 20240712

Becky is off today. Looking in the green nasdaq to open about 78 points higher and looking to open higher as well also 22 points higher. Also treasury yields youll look at the 10year note at. 681. We have a lot going on today on the data front, details come at 8 30 eastern. Breaking news overnight. The House Transportation Committee issuing the final report on the 737 max list the failures that led boeing to design and the faa to approve the software that contributed to two crashes. Around the Safety System called mcas accusing boeing of concealing the information. Including concealing the existence of mcas from its pilots boeing says it learned many hard lessons as a company from the accidents and from the mistakes we have made as this report recognizes, we have made many changes to our company. They expect to get 737 max back in the air in the Fourth Quarter. Congress is expecting legislation to review the safety reviews of new plane models. Reporting that there was no singular mistake that led to the crashes. It was a series of events. Weve heard it before that pilots were like, what is this hearing they didnt know about mcas, that is shocking youve got this huge piece of machinery underneath you and there is this new system, which was wellintentioned how do they explain that . We needed help im glad you appreciate becky even more so now. Was there a get melissa emergency. Was there begging, pleas i saw the signal in the night sky and i came in. Thats cool i love that. Thats my favorite part of batman well move on here facebook i dont have anything to freeze in terms of instagram. I heard celebrities were doing this i thought should i be doing this but i dont have an instagram account. The ftc is gearing up the agency has spent more than a year investigating concerns that it uses its market position to stifle competition the company has argued its acquisitions and not final decision has been made the commission doesnt always bring cases. Well talk more about this you are going to go into it right now. Youll mention People Like Us but go ahead well talk about the ftc case and what that may or may not look like. As joe was mentioning in other Facebook News given celebrity status, surprising you dont have a account some are freezing their facebook and instagram accounts for one day to protest the spread of hate speech and misinformation among the people today, Kim Kardashian west, Orlando Bloom, Ashton Kutcher i will say, a oneday protest, dare a say, is not a protest im not sure that this is somehow going to change. Maybe not to you. You have an instagram. You may be the only one of three. If you are Kim Kardashian and this is your primary way of communicating with your followers. One day is significant to these people we are not those people so maybe we dont understand that it is only significant if it is significant to facebook if the idea is that you are going to change facebook ways. A week or two could become meaningful you have to injury yourself at the same time but thats what a protest is im suggesting this is more symbolic than that well we are talking about it. I agree we have more coming up. We have to talk about apple. The big news yesterday apple unveiling its new subscription bundle it means for the stocks details on the company, snowflake. All straight ahead after this. Clean is a feeling. Its the simple joy of washing your hands, without ever touching a faucet. Its the Little Things that matter. Thats why we create moments to feel kohler clean, every day. Fedex reported strong earnings thanks to a boost in shipping ground jumped 31 . Revenue per package rose the company helped by a 35 drop in fuel costs. Fedex declined to provide an earnings forecast for 2021 citing continued uncertainty and shares of rival ups were higher following that fedex report. Cloud Storage Company snowflake will debut price above range at 120 per share valued at 33 billion. Revealing that Berkshire Hathaway and salesforce agreed to buy stock berkshire will buy 4 million shares it will trade under the Ticker Symbol snow. Apple unveiling a new subscription growth. The bundle includes different tiers for products and music including a fitness service, new watch and new ipad the stock coming off a big run year to date tech columnist and contributor and managing director at raymond james. Ill start with you, are you impressed. I buy most apple things that i have to admit that i am unsure i plan to buy the full bundle. Im spotify on music weve got peloton going. Im trying to avoid the arcade stuff for my kids. Where do you stand who doesnt love a bundle actually, no one zs that means you probably are paying more than what you actually need. In apple case, if you are a major apple user, which you are but you use services from other companies. This might make sense to you but if you start using one service and you see that is just 10 more and i get all these other services thats 10 you would pay for me, i pay for apple storage and apple tv plus. In that case, the family or individual bundle makes a ton of sense. Does it make sense or are they going to start losing money on you i dont care if they lose money on me. I know but Share Holders do they might. Thats my question, if you add a lot of apple subscribers for me, i could pay 20 less. But is the game bigger for people like you who havent been paying for some of these services chris, take it from the investment side. What do you think . The whole thing out of the apple thesis is getting a few more dollars out of the base adding things to potentially be in the bundle is incentive to trade up when you put it in a bundling type situation, fitness is a good exam elf that when people arent doing their gym memberships, it is a good incentive. Those are things that are not large to invest in the costs are not higher relative to the charge to that what is the bigger picture. There are six services that make up the bundles and 5 million to these services the revenue to these is pretty small as a perfect of its total revenue. What is the largest picture apple is aiming for . Is it to create a hard wear plus services bundle. What do you think the big game plan is . My view is that the game plan is to sell hardware first and foremost when the services was in vogue a few years ago, we didnt agree with it because we think Services Makes sense and that is starting to grow again it was just the appetizer for the main event which will come shortly. Services becomes icing on the cake for those services, you need the apple watch for this that is incentive to get the apple watch. Here on the apple watch, the incentive to upgrade every two to three years where they are coming in to say youll also pay us 10 a month for this great workout service. Seeing this, im thinking, i dont need to upgrade. You are probably not thinking about buying a watch how concerned do you think apple should be that they are tempting regulators by pursuing a bundle of this sort. Talking about fais and spotify and these bundles are competitive. I can make that argument t apple. These are harder to make a tiein case, if you will you have to be tying to a dominant product it is unclear any of those are dominant unto themselves just by pursuing this strategy, how worried do you think they would be to pay even more attention. The way you brought it up, perhaps on i cloud, apple music, spotify is a great competitor there. Apple tv plus there is the underdog what this does do is build the wall higher around apple users saying these walls, the control of the hardware, software, really stifles competition from developers yesterdays case there is a lot of case made that apple is building its walls even higher chris, would it be a good idea from a business perspective, bad idea from regulatory perspective how do you see it . They are not dominant in any particular individual piece of that bundle. This he were trying to incentive the deal there personally, i dont think it will wind up being an issue for them we appreciate your time and well see what happens next. Thank you. An update on Hurricane Sally. Sally has strengthened and made land fall about 5 45 a. M. Eastern as a category 2 storm. The eye is near gulf shores, alabama. Could bring storm surges and down pours coming up, the kickoff of an auction of a trex more from adobe going higher stay tuned when it comes to parenting, youre a pro. You know your kid doesnt step around puddles. And you know cheap leaky diapers are an amateur move. You need luvs prolevel protection. Luvs. Parent like a pro. Good job, michael does. Ok, lindsey now tell the class what your mommy does. My mom has super powers. Its like she can see the future. What . its like she time travels in a rocket ship. Thats cool and then she comes back saying try this or try that. She helps everyone. She helps them feel less worried. Wow mommy, so what is it that you do . Im a financial advisor. She is aig proudly supports all the professionals taking care of our financial futures. Kristis is preparing for an auction like no other. It involves trex. This is a trex. We havent actually created one. Maybe it is possible using the agar and the cloning i dont know not yet this is a real fossil. A 67 millionyearold trex fossil unfailed at Rockefeller Center it can be yours for a mere 6 to 8 million hes one of the largest and most complete skeletons ever found. Discovered in 1987 in south dakota displayed at the black hills center for research. Which is now selling it. He will be on view in the windows of christies. We believe in this challenging time, its important to start the new season with something positive the last trex was auctioned off in 1987 for 4 million mcdonalds bought it at the time and donated. Stan will be auctioned with a 20 to 30 million pick asso quite a picasso there cracks me up did you see that there it is. Is that one person, robert help me out . I believe it is a portrait of marie perez, his longtime partner, mist res. I believe it was meant to be flattering what did you say to me about as old fossil. You felt the same thing going whoa, thats not very nice but im no artist we are going to go to break. We want to offer our condolences to the gates family. Bill gates senior died monday at the age of 94 years old. He was crucial in starting the bill and me Linda Gates Foundation he called his father the real bill gates and said, he was, quote, everything i try to be. And i will miss him every day. Well be right back after this with an update on the pandemic from dr. Scott gottlieb. As business moves forward, were all changing the way things get done. Like how we redefine collaboration. How we come up with new ways to serve our customers. And deliver our products. But no matter how things change, one thing never will. You can rely on the people and the network of at t. To help keep your business connected. Our Retirement Plan with voya gives us confidence. They help us with achievable steps along the way. So we can spend a bit today, knowing were prepared for tomorrow. Wow dad, do you think you overdid it maybe . I dont think so. What do you think, peanut . Nope honey, do you think we overdid it . Overdid what . See . We dont think so, son. Technically, grandparents cant overdo it. Its impossible. Well planned, well invested, well protected. Voya. Be confident to and through retirement. Good morning welcome back to squawk box here in the green with the dow looking to open about 125 points hire, the nasdaq about 70 points and s p about 20 points higher shares of nikola under inquiry the firm accusing nikola of misleading investors about those trucks stocks were down about 8 after word the sec was looking into the same claims. Nikola, the connection with gm, people now start to look at gm we had mary barra on they own a piece of nikola true. The fda can use its emergency use commission to shrink the lag time of approval according to fda commissioners dr. Scott gottlieb joining us now is dr. Scott gottlieb hes also a cnbc contributor serves on the boards of pfizer and illumina you now have a tougher case to make, doctor, after comments youve seen that are well intentioned, helpful, whatever you heard bill gates almost questioning the legit massy of the fda under the Trump Administration now youve come out with this oped. You are proposing an expedited process after weve just said we need to be really weary of what these companies will do. What the agency will do is use the fdas emergency use authorization which was cot tied by bio shield in response to the anthrax attacks and have a recall act in 2013 and teaked a little to respond to the h 1 n 1 pandemic it gives a lot of latitude to make a market entry. The fda will put out guidance for approval or authorization of a vaccine. Im pretty sure that theyll set a bar where clinical standards and an eua would be the same the difference is under the emergency use authorization, they would make a staged influence to approve or authorize for a very narrow group of people to make the original data sets mature. It allows the agency to bypass additional things. For the vaccine to give it a by logics application to make sure it can sit on its shelf for six months when they sit on the supply chain, they may sit for a while. You dont need initially the six months of stability testing. Allowing the fda to authorize that as you mention on the board of pfizer under development for covid. The fine point you made about expediting the process or the safety issues you are expediting are on the shelf. That will be muddled in this charged environment we find ourselves in right now maybe there is something to it and you look at hydroxychloroquine and the way that was very controversial, the way that was handled you look at the pressure on the cdc in terms of testing. People are naturally going to question in terms of important agencies like the fda and cdc and elsewhere are put under undue political pressure not just to save lives but in time for an election. How do you walk that line . It is difficult where those positions are miss held or miss communicated this is a really important decision i have trust in the process and in the point of view the external advisors and the committee, which is going to review this application and data, i believe and before the fda makes the decision you have multiple layers of review you have the companies and monitoring looking this over so you have a lot of data, even filing let alone before you advertise it the vaccine will be available to a sub set of population. We shouldnt see this licensed to broad use what is likely to happen in late fall, winter, the fda will issue an emergency demonstration that demonstrates it is safe and effective and authorize it for a narrow sub set maybe Front Line Health Care workers and maybe those that are older with a higher risk of contracting covid and a loutill the initial data set to mature and get more longterm safety data in that guidance which they say theyll put out. Theyll articulate how many patients need the longterm follow up data with 5,000 patients with six weeks to eight weeks theyll set down the bar not just on efficacy but safety in that guidance document, which is forth coming so doctor, you over the years have seen there is a whole lot of conjecture about the vaccine and autism and it is antiscience, a lot of it but very controversial here we are in the middle of it. Do you think it is helpful we are already hearing a lot of americans say they are not going to get the vaccine herd immunity will be hard to come by. Do you think it is helpful when bill gates questions the efficacy is that okay look. This entire crisis has been plagued by crisis that is imprecise. People have to be careful how they communicate about these things they are very complex. When you put out a sound bite, it can erode confidence. I think there is better ways to air those concerns in the constructive fashion than the way these are picking up across the political spectrum to your point, there have been miss steps by the agencies and officials that breeds further confusion. Dr. Gottlieb, to that point, politico over the weekend headlined Trump Officials interfered with cdc reports on covid19, the spokesperson and his team demanded and received the right to review scientific reports to health care professionals. What does that do to the credibility of these organizations . It erodes them. That is unnecessary. Those reports were held in a very high regard people didnt get it weigh in on those. There are reports related to fda issues i would see those reports as they kr going out. They were carefully guarded in the way the fda carefully guards their review positions those cannot be interfered with. When you see that, thats the kind of stuff that erodes confidence to let these things happen on the margins that are important you end up ee rodding these things sometimes you distinguish. Because they are not there they dont know. I believe the vaccine review process, how do people trust that when they see things like you are saying why are they confident a vaccine process will be different and walled off from the treatment weve seen with emergency use which then later on were found to not have the efficacy originally thought. You have President Trump basically saying to abc, three to four weeks to a vaccine president says dr. Fauci says it might be the end of the year then President Trump says well many disagree. A neurologist, i dont want to knock them the president is still saying three or four weeks, deferring to the judgement of a neuroraidologist hes really close with how can you be confident this process wont be politicized and that front line workers will be doctors and say, you know what, we are going to trust this process and we will accept this vaccine and take it. It is going to undergo multiple layers of the vaccine the people who are external will allow this all of us will know it youll see something very public i know the folks who will be engaged in this. They jealously guard that process. Something will happen here youll know it if they feel they hadnt been leaned on and the ability to make the decisions here, youll know that too. Im pretty confident well have transparency and how the decision gets made the mere fact will discourage anyone from trying to lean in on this we are about out of time doctor you heard the news of the Monoclonal Antibod

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