tv Worldwide Exchange CNBC July 13, 2021 5:00am-6:00am EDT
it is 5:00 a.m. in new york. here is your top five at 5:00. record watch again stocks hitting all-time highs. will earnings and guidance slowdown this amazing run? all that led by the banks today. jpmorgan chase on edge. and president biden readying new action on the beijing free speech crackdown in hong kong. a new survey on how hard employees are working to get
payrolls back to pre-pandemic levels. and what happens when a ride share company gets knocked competitors swoop in all this on tuesday, july 13th this is "worldwide exchange. good morning, good afternoon or good evening. welcome from where every in the world you might be watching. i'm brian sullivan thanks for joining us. here is a check on your money this morning the 39th record close high of the year 39 dow futures are mixed. dow down a couple ticks. nasdaq up 33 the same thing we had yesterday, by the way keep an eye on the dow with 35,000 in sight. could happen today you never know all this, perhaps, as the most
important quarterly earnings in years hitting today. growth expectations are very high markets expecting a 65% jump from last year a check on oil delta variant lockdowns and concern growing in asia. it is not hitting oil. the battle of lower inventory is overcoming concerns about slowdowns. get this a 40% drop in domestic flying in china from april levels as regional outbreaks keeps people at home. australia dealing with more lockdowns. in global jet fuel drops, it is something to watch we are up nearing $75 once again on wti crude let's get a check on crypto.
with the stock market up, crypto was the loser on monday. every major coin, coummodity down more than on the markets in a moment let's hit the tuesday key headlines. the white house turning up the heat on beijing. the baiden administration lookin to warn american companies doing business in hong kong. any potential action comes as china continues to crackdown on free speech in hong kong and hitting tech companies there and elsewhere with warnings over their use of data. france's anti-trust watch dog hitting google with the fine for failing to negotiate in good
faith over licensing fees google has two months to come up with how it compensates news agencies for use of the news or face additional fines up to $1 million per day. a big fight with google and the news business in france. the bank of england scrapping pandemic-era curbs on dividending on hsbc and barclays the bank of england says the sector was well capitalized enough to deal with witthe fall. risks to the recovery remain. the government support measures unwind over the coming years watch the big banks. all higher in the uk in early
trading. now yoto the ongoing story china as they crackdown on the tech sector and the ride hailing giant didi investigations against the company grow and now its rivals are swooping in to lure drivers to gain market share in the ride-hailing free-for-all. eunice yoon is joining us now from beijing eunice, what are the rivals now doing? >> reporter: brian, i want to show you a list of the didi competition that are starting to become more and more popular by the day. these are some of the names of the challengers backed by established players in the car industry as well as the tech industry as i said, they are becoming more and more popular as i found out. with didi under pressure, this man's orders are up ten times.
he drives for the app backed by the carmaker that boasts rides only in evs. i used to wait a hour for a passenger. now order after order is coming in this man switched to the competitor funded by the state, markets unlike didi, it owns its fleet and has full-time drivers. takedown for apps is afts terri. if you are a new driver, you can only sign up for the competition. like didi other competitors, it is now offering users coupons. this ride is about half the usual price. food delivery has joined the race it caught attention on chinese social media by reviving the ride hailing app which shut in
2019 there have been a lot of problems long waiting times and the app is not user friendly didi is experienced and has so many users for any of the challengers to take over, it would take one-to-two years it is unknown when didi's path will clear one feature of the app is it includes the competitors on the app. if, brian, you wanted to call a car here, any competitors can answer your call that might be a feature that the regulators would like. i think they have to work out the 40-minute wait time. that is not going to fly >> all right let's be clear, eunice they own the cars. their drivers sound like employees. that kind of sounds like what we had before uber, you know? town car companies
777 777-7777 car in new york city it sounds like we're going back to ten years ago what's the difference? >> reporter: that is more for them for meiwan, they own their cars. the other takes pride they own their cars and have their own drivers. yes, it seems we might be going back in time a bit just because there are now more options. for example, hiring a driver the old fashion way. not using a ride-hailing app in a way -- regulators would like all of this competition >> eunice, i figured it out. you want to hear my idea let's start a company.
>> reporter: what is your idea >> okay. we're going to get a bunch of cars and paint them yellow we're going to sell them meda medallions if you go somewhere, you go on the street and raise your hand if they stop, you get in and you ask them to take you somewhere, politely you pay them when you get there. of course, leave a tip, and they drive away what do you think? >> reporter: brian, i don't know if that will work. if we painted them black and white and had checkers on them maybe people would be more attracted. >> or yellow in some cities. either way, i think that model may be coming back let's find out eunice, always love on the ground or in the air reports wherever you may be in the world. eunice, thank you. the new model. hi, sir. please take me somewhere. back to the markets and your
money. with the concern of the delta variant growing all over the world and lockdowns in australia, vaccines are the key to growth and the stocks so says the next guest joining us again dan, you look around the world at the parts in china and australia and latin america and asia some concerns here as well when you dig into the numbers, do you have real concerns about the u.s. economy and the u.s. markets? >> not really, brian i don't see lockdowns coming back first of all, the public will not put up with it again i think people have been cooped up long enough you've talked a lot about millennials gaining a industry amount of weight you have to weigh the risks.
i think the current vaccination program, obviously, has been enormously effective it is the reason we are leading the global recovery right now. the variants will come up periodically i think they will be more regional in nature and should be able to be contained if anything, you know, big actually happens. my sense is this is going to be more of a regional issue versus anything else. >> morgan stanley had a list of hot spots. branson, missouri. let's hope that is the case. to your point, maybe not a lot of appetite for another lockdown now appetite for profit. dan, you come with ideas and they are unique. there is a company called santeen. it is a medicaid hmo what specifically about santeen
is so attractive to you? >> you know, centene was at adjusted price of $1.14 a share. i i was fortunate enough to meet the ceo over the entire strategy i like the hmo space since we are more mid cycle centene is an elite compounder of return. when i was on last, i put centene in the same category as danhur the strategy we focused to equity was started by my colleague. we worked together on the strategy centene has over 100% cash flow to net income. very high cash flow on return on invested capital
really, a culture. a winning culture. michael has done an extraordinary job over decades putting together a deep team of people here is the key thing with centene. they will close magellen health. i i really have concerns that many of our friends are really struggling with ongoing mental health issues with depression. we all have been through a lot some people handle it better than others. i think that's going to be a tailwind for centene going forward. they are well positioned going forward as they are a dominant player in the exchanges and medicare as well which is a growing part of their business >> okay. watch cnbc we had a program the other day with david price
he loved dhr that is also a name you like as well an under the radar i don't want to call them a mini ge that might be insulting. a company you owned for a long time sd time >> i have. it has a larger market share than ge. it is the best example of a company that's just had an extraordinary multi-decade record of allocating share and capital. we think there is a lot of runway ahead for danaher. >> dan veru, always a pleasure to have you on let's hope you are right about the trajectory centene and danaher. have a great day. >> thank you you're very welcome. when we come back, how sam's
club is raising the heat on costco plus, your morning rbi this is hitting what is no doubt the world's most expensive 150 feet of asphalt. then from new mexico to delaware elon musk back on the stand in the delaware court defending his company's buyout of solarcity. a very busy hour dow futures off just a touch we're back right after this. it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. get ready for it all with an advanced network and managed services from comcast business. and get cybersecurity solutions that let you see everything on your network. plus an expert team looking ahead 24/7
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welcome back time for the big money movers. three key stock stories of the morning. stock one, walmart sam's club warehouse chain testing a mobile app feature scan and go. it let's you buy big ticket items right from the phone and choose home delivery you never even have to checkout. even with something huge your move, costco. stock two. disney raising prices on espn plus. it goes up to $6.99. espn has been paying up with sports rights with the pga tour. stock three is boeing. the faa says the company will fix a manufacturing defect discovered on 787 dreamliners which have yet to be delivered to customers boeing halted the 787 in may.
the second time as the faa reviewed the situation boeing stock down .75%. coming up, let's talk jobs what mcdonald's and other small businesses are doing to bring in workers. some of the perks may surprise you. >> announcer: today's big number 42.7%. that's how much trading volumes in cryptocurrencies dropped in june compared to the prior month according to the report by crypto compare the bulk of slowdown was the crackdown of the bitcoin mining in china >> announcer: this cnbc program is sponsored by ibm. the world is going hybrid with ibm. so do banks. that's why they're going hybrid with ibm. a hybrid cloud approach helps them personalize experiences with watson ai while helping keep data secure.
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welcome back if you own a small business, maybe like a fast food franchise, have you tried to find workers lately? if so, you know it is not impossible, but not far off. labor shortage forcing owners to get creative with perks. let's talk about what mcdonald's franchisees are doing. rahel solomon is joining us with more on the story. rahel, good morning. >> reporter: good morning. brian, essentially if companies thought hiring workers in the first half of the year was hard, it will be tougher the survey out this morning from talents solutions firm shows of
3,000 senior managers, half plan to fill new positions or bring back furloughed workers. the number of americans quitting their jobs is an all-time high it is creating what the senior director calls a perfect storm >> employees are very confident in the ability to find a job when that is the case, they will be more picky and choosey with the jobs they take that is why you are seeing employers have to really showcase what the company has to offer. not only in salary and compensation, which is important, but professionali growth to attract that talent. >> reporter: so what's an employer looking to hire to do according to the same research, 48% of companies say they're providing sign-on bonuses and
paid time off. it is not all dollars and cents. workers are increasingly more focused on company culture and value values how the company takes care of employees with mental health and wellness also employee and network resource groups. we should say employers are becoming more flexible about where a candidate lives and broadening searches. they say there is wiggle room in terms of qualifications of advanced degrees and years of experience a perfect storm, brian according to the analyst, she has been doing this for 25 years. this is the most active labor market she has ever seen >> literally, you can go from company to company and say what are you offering for our business owner viewers out there, what are you hearing and saying is the biggest mistake they can make right now in trying to find anybody?
>> reporter: well, according to robert half, the biggest mistake they are seeing is this a buyers market or sellers market it is an employee market if you are hiring, find the right candidate. they meet the requirements do not sit on the candidate. make the offer try to lock it down as soon as you can. as you said, brian, there are lots of options. what a difference a year makes >> if you are, i don't know, if you worked as a teenager in the summer, i know i did, flipped burgers in my day. you can go from what will you give $15.99 an hour >> reporter: it is different when i was a teenager and i would go to the local pizza shops and convince them to hire me it is a different market yet, unemployment is still high.
there are lots of jobs out there and lots of people looking for work it is the question everyone is trying to figure out so many people at home looking for work and so many employers hiring it is a predicampredicament. >> you go in with the leather binder with the resume to get a job at captain d's seafood rahel solomon, thank you >> it builds character good morning >> you are darn right. dealing with the public flipping burgers. rahel, thank you >> i agree anyway, now let's step outside of money and business with the check on the key global headlines, including protests heating up again in cuba as the west coast heats up literally. frances rivera has more from new york brian, we start with the hot and dry conditions that continue to fan the flames of wildfires
out west at least 58 fires burning right now. the biggest so far this year is the beckwourth complex it crossed the highway and sent people running for their lives 20 homes and other structures have been destroyed. that fire say quarter contained, but officials say still explosive. the anti-government protests in cuba sent a jolt to the white house. biden administration expressed support for the protesters cuba's president blamed the u.s. sanctions. and it was a home run did your -- home run derby for the ages >> alonso walks it off what a finish. alonso defends his title the 2021 derby champion.
>> and mets first baseman pete alonso with the second straight derby victory. he defeated perez and juan soto in the final round he hit a total of 74 home runs 35 in the first round beating josh hamilton's previous record in 28 in 2008. alonso's win earned him $1 million. that is more than his salary of $667,000 he got it done this year let's see if he gets it done next year, too, brian. >> at least the mets are winning something. we'll see. frances rivera, they are atop the n.l. east. thanks when trees fall, apparently, they do make a sound ppinwi thaeng thhe insane lumber year
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it is tuesday, july 13th this is "worldwide exchange. welcome or welcome back and good tuesday morning or tuesday evening. it is 5:31 on the east coast here is the check on the morning money. we are coming off the s&p 500th 39 weekly record futures are not indicating mixed. dow futures down .10%. like what we had yesterday the buyers came in and now we have our collective eye on dow 35,000 all this as perhaps the most important quarterly earnings in years, if not ever, begin to hit the tape we say that a lot. we mean it this time here are three reasons why this
quarter is so big. number one, the markets are at record highs not a lot of margin for error. number two, expectations are for 66% growth from last year. that is massive. in other words, very high expectations three, not just about the earnings, but guidance what ceos say about guidance and earnings and inflation, et cetera all of those numbers and season kicks off this morning with jpmorgan chase and goldman sachs hitting the tape a lot of banks all week. why don't we stay there with bank earnings. let's bring in chairman of whalen advisers. you have mostlyrgan stanley tody chris, you think bank earnings are going to be big. we know that you also note there may be a big
catch in the numbers because of the accounting move with regards to reserves. what exactly may happen that is, let's call it, bbi, boring, but important. >> good morning, brian last year, the banking industry put aside $60 billion in anticipation of the credit he ch crisis due to covid. there was very little impact on the didn't need the money. we are taking the reserves back in income. as a result, income dividends will snap back to where they were back in the first quarter of last year the year over year comparison of the second quarter is not useful look at first quarter 2019 when you are trying to set your run rate going forward for u.s.
banks. that is what is going on it is part accounting and part that they didn't need to keep reserves aside for a crisis that did not happen >> okay. if i have $1,000 in a savings account at a local bank and i have $1,000 hidden away in a cookie jar in my house i take the $1,000 out of the cookie jar and put it in the bank and said, honey, i doubled our savings. i didn't i moved the money that was hidden to the bank where it, quote, is official is that a rough way, chris, what is happening >> correct the money never left the bank. it was put aside for a rainy day. it didn't rain now we have the opportunity to realize last year's profits now. that's the way you should look at it. if you back that out, that will tell you what the industry is doing in terms of actual run rate revenue earnings this year.
>> yeah, the cookie jar, i guess, is a proverbial one instead of on the bank's balance sheet. goldman sachs today. archegos always seems to win do you think their fixed income commodities trading will be huge what will you look at with goldman sachs which has doubled in a year on >> all of the banks, brian, have run up 40% or 50%. we wells, i think was the best. based on the expectation of income and dividends would go back to normal goldman should have a great report they are in the same business in terms of the transactional side. the bank side, it is not much for any of the names
rates are falling and spreads are falling. it is about spreads, not rates for banks, lending is flat there really aren't a lot of opportunities to build or retain assets right now i think goldman should have a great quarter. this is their environment. they like this environment change, dynamic, volatility. that's what they do. >> we showed jefferys. they are a unique model. is jefferys one of the bank or broker dealer we must watch closely? it doesn't get a lot of press sdppress. >> if you want to know how investment banking is doing on the street and they are a broker dealer you look at jefferys i learned that from dick, by the way. >> shoutout to dick. chris whalen, i know you will be busy we appreciate you kicking it off with us, chris have a great day >> have a good day
all right. watching those balance sheet moves. honey, we're rich. i had the money, i just moved it over here. ahead, new concerns around one key vaccine as regulators downplay a potential third jab coming from another vaccine maker. that's ahead. before that, other key headlines. elon musk set to return to the delaware courtroom part of the tesla buyout of solarcity. he defended the deal saying he did not act improperly, but doesn't enjoy running tesla. from one billionaire to another. the faa approving the license for blue origin to carry people into space the green light coming from bezos' flight next week. and dubai. already home to the world's tallest building now you can add the world's deepest diving pool to the
attraction list. 200-deep foot pool also holds a sunken city that divers can explore. that is wild as a diver, i'm down with that i have to get to dubai that is pretty cool stuff. we're back after this. icy hot. ice works fast. heat makes it last. feel the power of contrast therapy, so you can rise from pain.
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j&j covid vaccine over concerns of the guillen-barre syndrome. there have only about about 100 cases so far and adding it is not clear the shot caused the is issue. all this comes as regulators are apparently not in a rush to approve a booster shot for pfizer and biontech's vaccine. goldman sachs says this led to a surge in productivity the bank says companies are forced to rapidly digitize operations since the crisis began. that resulted in the growth and output per hour climbing 3%. that is nearly double the 1.4% jump recorded in the previous business cycle. the white house set to tap a former obama official to lead
the delegation with the china issues alan este vvez. allowing which technology is allowed to export to china and which are blocked and companies black listed by the u.s. estevez needs congress approval. and china's cyber space regulators ordered app stores to remove didi from the app stores and other crackdowns beijing vowing to increase oversight of data security china also proposing rules to require nearly all companies seeking to list shares overseas to undergo a cybersecurity review let's talk about all of this with cyrus, head of the research
at global data cyrus, welcome back. if you look at what china is doing, go under the hood, we are trying to protect user data. this stuff is not happening in the uk where you are or not happening in europe or the u.s is this really just a security review or is this about control? >> i think that's a great question i think, you know, china operates different from the democracies in the west. the main difference is it is a blurred line where the state ends and private enterprise begins that line is pretty big in recent times as internet companies in china got bigger and bigger now the state had decided to rein them in >> it is not just companies, it's people. look at jack ma of alibaba the world's greatest company and
relinquishes the role and then all control and then vanishes from the public eye. this is a multi-year crackdown by the chinese government around hong kong and guenzhen and shenzhen what is the ultimate goal? >> i think it is for china to protect its sovereignty. the u.s. said any foreign listing on stock exchange must submit to audit. if they don't comply within three years, they can be delisted chinese government doesn't want to submit sovereignty. prior to the rule the s.e.c. tried to delist the u.s. company based in china, chinese laws took hold. there are bigger issues at play. everybody knows china is looking
to be a super power to replace the u.s. that requires tech yousupremacyn military supremacy and stock listings as well >> certainly didi goes public in the states and the chinese government comes out and said you should not have gone public. the stock fell 25% or 30% in one day. a huge crackdown on their data is there a situation, cyrus, where china is the leader? do you think other countries may follow what their doing? a lot of regulatory discussion over here as you know around anti-trust we are knocking china, but maybe they're the first to do it what do you think? >> i think any many ways there are anti-trust claims in europe for many years the u.s. started to look at that i don't think it would be wise for the u.s. or china to breakup
big tech you know, big tech has dual purpose. both countries need strong, big companies vying for power and super power status >> yeah, truly is. what do you think it means for u.s. companies or uk companies trying to do business in china it is already extremely difficult. they don't have twitter or google they have almost their own internet is this the final flag you know what? with the exception of a few things, you want to sell cars, fine technology probably not going to happen >> i think lots of differences first of all, the issue of the internet being regulated differently in china to other countries. in accord with the chinese
interests. china's own with the countries aligning to china stick together the u.s. zone sticking to the u.s. values stick together you have seen it with the military with the u.s. and japan doing maneuvers in taiwan. you see it in tech where chinese companies prevented from buying u.s. companies especially in the semiconductor space. you see it in world trade. china is going to start launching its over digital currency that may be to replace the u.s. dollar as the world currency >> and certainly replacing bitcoin which is, effectively, banned in china in many ways there's a lot going on it may be the number one flash point for a global economy and risk perspective cyrus, thank you we appreciate it >> thanks, brian. all right. on deck, despite those concerns,
your morning rbi will stay with china and the more than six figures. some folks in hong kong are paying just to park. just parking no valet included. first, two quick big money movers lithium stocks you want an electric car you need lithium led by lumber futures. now down 55% in two months wood, not cathie wood. down 10% from the may high the cut etf. off 7% a gentle nudge follow our podcast we're back after this.
i'm dad's greatest sandcastle - and greatest memory! but even i'm not as memorable as eating turkey hill chocolate peanut butter cup ice cream with real cocoa. well, that's the way the sandcastle crumbles. you can't beat turkey hill memories. it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. get ready for it all with an advanced network and managed services from comcast business. and get cybersecurity solutions that let you see everything on your network. plus an expert team looking ahead 24/7 to help prevent threats. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. today's rbi starts with a
really basic question. how much would you pay for a parking space? i don't mean how much would you spend for a couple of hours for a parking garages in time square buying a space in a condo com complex. most american buildings come with their own space included. not at high end in hong kong in fact, reports say that three parking spaces at the ultra exclusive condo complex, there it is, just sold for $1.53 million each that topped the previous record of $1.3 million also set at the complex two months ago that $1.5 million price tag means the space sold for $9,500 per square foot. not impressed? i know it is early consider that price per square foot, a 3,000 square foot home,
would be worth around $28 million. except this is for a piece of asphalt. then again, if you ever tried to park in hong kong, that may actually be a bargain. $1 million parking spaces. random, but interesting. let's get back to the markets. investors turning to earnings season joining us now is president mark avalos give us stock ideas if we do well, we can afford to buy a parking space in hong kong >> that is a tall order, brian valuations are high. investors tapped the management expectations not up for the next 10 of 12 days like it has been. once you establish that, there are opportunities to invest. a couple of areas we are looking at is what was the world like
before the pandemic and what got hurt and what is the market missing now we are reopened? one is zimmer. we think companies like zimme, whose stock dropped unnecessarily, simply because emergency rooms or hospitals were shutdown and people were not getting joint and knee replacements that's over. this stock is trading almost exactly where it was pre-pandemic that is not taking into account we are getting older with the reopening, we are doing more orthopedic rooms will be packed. we think zimmer is at the top of the list on the trade like that. those are the things we look for and jzimmer is one of them. >> you have been on the show before and made great calls like paypal you made good calls on auto
parts and advanced auto zone like the hip, you have people buying new cars and people driving their cars 11 or 12 or 15 years the used car companies sound like they will continue to benefit. >> it is the same concept. we knew people were moving out of the sub burbsuburbs once they move, they buy two cars they need service. auto zone and advanced auto. they are in the suburbs. i walked through bethesda yesterday. i saw signs for help wanted. there will be a huge demand for auto zone or advanced. more cars on the streets we see what happens with used car prices that is what we are looking for. stronger consumer trends play into this. >> what else got delayed is new shows.
the next season of "ozark. you think netflix will run higher >> in an odd way, this is a reopen trade we all think we will climb mt. rainier instead of staying home and watching television. that is not true no one is talking about what is new at netflix no one is asking what show has the buzz in six months that will change you mentioned the crowds coming out. "stranger things" and "br "brid "bridgerton. this thing winter is coming. people are in the movie theater and someone coughing behind them someone will say let's turn on netflix or rent a movie of the
season the trend has been flat lining and now we're optimistic >> new shows new hips old cars new parts. we see the themes there. mark avallone, always a pleasure great calls. thanks, buddy. have a great day with that, we wrap up with the "worldwide exchange" and leave you with dow futures down a tick today could be dow 35,000 day. we will know later on. see you tomorrow "squawk box" is next ce.ar sofi is a one-stop shop for your finances designed to work better together. save, spend, borrow, invest, and earn cash back rewards, all in one app. that's how you get your money right with sofi. cynthia suarez needed to buy new laptops for her growing team. so she used her american express business card, which lets her earn extra membership rewards points on purchases for her business. now she's the office mvp.
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and we get the june read on consumer prices. they expect to remain hot after the big jump in may. plus, is your state the best in in the country for business? scott cohn joins us from the undisclosed location tweet us your guesses. it is tuesday, july 13th, 2021 "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc i'm becky quick along with andrew ross sorkin and mike santoli. joe is off today you saw the dow up by 126 points to close within four points