tv Squawk on the Street CNBC November 9, 2021 9:00am-11:00am EST
i may be able to not have to do everything before i go into the lincoln tunnel in the morning. >> yea, 24/7 gambling. >> did you know college hoops was starting today >> i didn't realize that, no >> it's unbelievable i saw it and i go, really? right after the world series it's perfect make sure you join us tomorrow, "squawk on the street" is next ♪ good tuesday morning, welcome to "squawk on the street." we're at the new york stock exchange record s&p closes for the last day sessions futures are taking a pause this morning. tons of news as ge announces it's split with three ppis, but a fresh 2010 high. ten year at 1.4. and larry culp will be on the program later this hour, david.
>> in some ways, not a surprise because many of us have follow this company closely for many years anticipated at some point it would be split into its component parts. but at the same time when you see it in print and you think about the long history of ge and the fact it will sort of come to an end as a conglomerate that was known and loved for many years by investors, but not for a long time, it still is somewhat surprising. if you haven't heard the news itself, three separate companies will be created from the current ge, health care, renewables, power, digital, health care one company, renewables, power, digital another company, and, of course, aviation being the third. they don't have the names yet at this point it's going to take years 2023 for health care, 2024 for power, renewables, digital, but you will get there, jim. and, of course, speaking of larry culp briefly this morning,
we're going to have him join us, he's talking about the things that we talk a lot about, which is focus, you know, the ability to track the investor base that you deserve and that can be far easier to actually deal with because right now you're a conglomerate, if you like health care, you're going to invest here because you're dealing with power and aviation as well if you like power, same thing. and capital allocation and even strategic deals down the road for all of these companies, they could use their own currency something that makes sense i'm told the board has been focused and engaged on this only for the last few months. although, it's been something that we've talked about for years. >> you needed to see certain things happen. larry has to reduce the debt they did, $75 billion. that's quite an amazing amount i hope people who are watching recognize what it takes to pay down that much debt. all three investment -- i think that's important like you said, they'll be able
to do things aviation is doing incredibly well they do a lot of maintenance look, i think larry did a great job. carl, when you see somebody like larry really had to deal with a terrible situation remember when the stock was at 5 and there were people using a price target of 4. no he did it. and have he did it being humble, having to sell some divisions. i know he didn't necessarily want to sell the high growth health care. that was a fantastic business. >> he's done what you've always talked about, underpromised and overdelivered to his -- >> oh, has he ever. >> the long-term care liability -- >> but he said it's taken care of. >> they don't appear to have any -- no pension obligations certainly for quite a few years to come as well. >> right that will stay at ge
by the way, you're going to have new leaders of, obviously, these two other businesses, 19.9% of health care will still be owned by ge. >> right. >> he will still be the chairman and ceo of ge. when you get to the point where this is all split up, likelihood is, he becomes executive chair is what i'm hearing -- >> not executive of health care. >> but executive chair of ge which will be the aviation company run by -- by that other gentleman. what's his name? >> we're going to get to the renewable and power business is so not ready. >> what do you mean it's not ready? >> i think it could be an interesting company. >> that's what they want to position it to be is an esg play >> i think it's one of the reasons that larry said it will take a couple of years in that time they can probably pull something together. they were decimated this year. remember the wind project that was overrun by covid
i think, carl, one of the things that people are desperate for, pure play, windmill, solar. >> sure. i think that's one question this morning, why was this absolutely necessary or could you get by on a reverse split and a newceo and devest temperatures and deleveraging >> one of the problems is that it was just -- they couldn't create the value no matter what they did. i think too many people were saying, wait a second, health care, renewables, aviation, maybe they should buy schmuckers. >> but you smooth it out >> honeywell has been able to do it but they constantly reshuffle the portfolio. oil, bought a little high there and sold low comcast -- >> for a period of time where they didn't seem to sell low and buy high. >> right that wasn't their intent.
>> no. we've had long discussions -- or i have, certainly, with mr. m.l. during his 15 years or so running the business, 16 years, in terms of that and, you know, he defends, you can read his book and talk about that take a look at the 20 years, we're looking at it right now. there's -- that gives you a sense as to the pain investors have suffered. this was a 500, $600 billion market value at the end of the last century, sort of nearing 2000, trading at 45 times earnings was that multiple ever deserved? probably not was ge capital an important component of the ability of this company to deliver results in a way that was not necessarily reflective of really strong underlying fundamentals? perhaps. but here we are today and ge is basically going to be gone as a company in three years >> well, i think that -- i remember the period where they
came on "mad money" and promising certain numbers and couldn't deliver i have since thought long and hard about his impact on my career, which is very positive, and to recognize that there was many that he had a series of bad breaks and i'm willing to say that i think that it's time -- supposed to bury the hatchet i'm just -- bygones be bygones it's time to move on. >> and for culp, it's been about moving on for the entire time. deleveraging the air cap deal. >> yeah. >> ge capital. obviously, you had the biopharma deals. >> funded 9.4 billion for the health care insurance. my father bought that health care insurance for $20,000 and gave you $150,000 in benefits. >> they've been mispriced.
>> the amount of mispriced they didn't count on longevity >> those were the greatest policies ever -- >> i'm going to give that john hancock a beating they would never believe. >> you've got time to decide, jim, but of the three units, if you could only have one, i'm going to guess you take aviation. >> aviation is so good we saw how good aviation is with greg hayes when you look at how well otis is doing and hvac, carrier is doing fabulous -- >> the breakup of utx is certainly -- what they would love to see in terms of value creation i asked the question and i'm told for people who are working on this, that this was not necessarily something that was foremost in their thoughts >> it's called a template.
>> you look at that break up and what they accomplish there with the otis and carrier performance -- >> aviation's fortunes are largely tied to boeing. >> i like planes that fly. first of all, i think that matters. second, i like planes being sold and not just being parked. david, i may be harping on small things >> still in your investment club >> i'm up a lot on it -- >> on boeing >> we're going to savage me on paypal. >> you're up a lot on boeing >> yeah. i bought it right. but paypal, i bought it wrong. paypal is down 15. this is a humbling day for me. last night i won in fantasy, but i lost in paypal >> a bunch of price target cuts this morning on paypal we'll get to some of that. along with news from amc, roblox, horton, peloton, we'll take a break here. take a look at futures
hack robinhood says the breach has since been contained no social security numbers, bank account numbers or debit card numbers were exposed in the hack in additionally, this report this morning that the eu is on pace to ban payment for order flow has things interesting. >> wow look, robinhood, the travails continue when you go over the hack, it's odd. they brought in mandy. but i find that robinhood is not ready. it's not ready that's not their fault no one ever anticipated how well it would do. i do think that they think safety is paramount. but payment for order floor which is something we stopped talking about with chairman gensler is something you're going to have to explain to your customers why you're not getting
commission-free. that's the wrong term is commission-free. >> when you say not ready. not ready for what not ready to be a public company? what do you mean not ready >> the compliance, the security. all the things that you need like that morgan stanley would just have. it seems like -- a hack of, boom >> yeah. there are any number of institutions -- it's every day there's a hack. >> i'm thinking about what happened at the end of january. >> they didn't have the controls and then they tried i got hacked at apple. i bought in the town where the great white struck, i bought everybody a phone there. >> i'm not following you when you go -- >> can you speak english >> there's a town where the
great white came up. i'm just saying that there was a town, i don't feel to reveal the name of the town but they got my number and they bought a number of phones. >> are you conflating jaws, somehow? >> there was a terrible great white incident go watch the special. >> the special we got to end this usually there's something i can figure out -- >> i'm looking for segues. we're going to talk about sea world, i guess. >> i can translate to our viewers, but this time, i'm in the dark. >> key port. if you get hacked, may i suggest when you get hacked, you change your -- take a look at what your password is. does it have your kids' names? simple numbers, explanation point? i'm going to tell you, i'm going to crack you, i'm going to crack it myself. >> by the way, there's a look at
amc and some of the -- actually, roblox, a bunch of -- >> roblox, the greatest short squeeze ever told. >> 28% this morning. >> roblox was -- this is such a great example. when you looked at what was supposed to happen with peloton, that was supposed to be a company that we thought had something after pandemic, right? >> right >> well, i didn't. then we looked at zoom we thought they had something. very good numbers. we started thinking, okay, who else is there that might screw up and let's put a short on? roblox roblox's businesses accelerated. the shorts are taking it once again -- >> not to mention it is seen as a one of the ways to play the coming metaverse >> some argue it is the precursor -- >> it's an alternative metaverse. i think it's the children's metaverse. you have concerts in metaverse.
>> safer. >> safer concerts. >> and you can hear in the metaverse. >> you can't feel in the metaverse. >> can you smell in the metaverse? >> i'm going to take you to the metaverse. >> there's a ralph lauren store in the metaverse. >> can i smell perfume in the metaverse? >> i'm working on that. >> the leather smell of a ralph lauren store, will i smell that in the metaverse >> i have a lot of questions about the metaverse. i take it very seriously it's coming. >> do you know the man who invented the omni verse is not even talking about that in his keynote. it's all about -- he finally cracked the autonomous. >> let me end with one final question on the metaverse, guys. this is my big question. when i die, will i still be alive in the metaverse and will my family be able to come and talk to me? >> are you okay? >> i'm fine. >> is there something --
>> at some point, won't our digital representation live on in the metaverse, powered by ai and my kids and my grandkids can come see me. >> no. i'm going to own you and i might let your kids visit, periodically. >> you're not answering the question it's a serious question. >> it's not ted williams it's not cryogenics. >> why won't you have your digital representation live on in the metaverse >> they could download your brain function and -- >> ai will run it. >> you took them out eternal -- >> i'm asking the question >> let's ask jensen. he's probably thought about it >> still trying to figure out great whites. >> that's where the town where i was hacked it has a key port. everybody got a phone because of me i'm just saying, you have to look at your passwords i'm begging people look at their passwords and make them so you
can't remember them yourself that's when you have a good one. >> we're going to talk more nvidia as the conference gets efforts and larry culp of ge on the company's plan to split itself in three as we're going for nine straight gains. who knows, maybe nine straight records on the s&p futures are mixed. back ia men mont how? they have a better finance system than we do. i feel like they might have a better finance system than we do. workday. how do they make better decisions faster? workday. it's got to be something workday. i think i got something. work... hey, rob, you're on mute. hello! hey, rob, there he is. workday. the finance, hr and planning system for a changing world.
reducing our carbon emissions to net zero may be our biggest challenge yet. there's no single action that will lead us to carbon neutrality. but there is a single source of essential sustainability intelligence. s&p global sustainable1. welcome back, everybody. opening bell about 8 1/2 minutes or so from now jim, you mentioned paypal briefly. >> i'm happy to say, the investment club, yes, we own amd. i can't believe we own the metaverse. and, wow, we own nvidia.
well, we own this, and this is -- i'm going to explain this on our conference call this is the definition of -- we felt that ebay, the separation was going to happen and it would be -- the worst part would be this quarter it turned out to be they're not done but, david, the pinterest interest, i think, was because businesses slowed down they would be adamant to say that the last few weeks have been better. they start, but, david, they started the call with, wow, the big news and the venmo/amazon deal. >> where is the slowdown where is it coming from? >> they said that the back-to-school season was slower in -- >> okay. >> back to school was red hot for everybody. >> so what -- do you have a sense what may be going on here?
>> i found it a head scratcher i raised eyebrows and i felt very disappointed and i was sad. even though i was playing someone -- all that had to happen was allen robinson. my daughter is with me watching -- >> you weren't morose, were you? >> my daughter said, what's the matter i said, i got this wrong, it's an investment club, i carry very much it's public. and i have to eat grub and she brought out the honey mustard. >> she did you are in the investment club -- >> don't make jokes about -- my daughter -- >> what do we do here? do we hold on to this? >> we hold on. >> why >> because this is where we should have sold now we find out, oh, it's bad. that's when you are just a sucker
this is when you should have sold my faith was misplaced here. you know what, a guy who does that, it's called a -- and not motley >> that's really great. >> hey, mr. emoji. i don't need to denigrate myself i just want to beat myself up. >> you're a fool ge's plan to split into three public companies, we're going to be joined by larry culp later 'rba wh e en wee ckitthoping bell
>> announcer: the opening bell is brought to you by nuveen, a leader in responsible investing. >> keep your eye on nvidia today. a lot of business getting done this week in the space as we have a lot of corporate events yesterday it was about amd and meta today it's nvidia and luminar. >> jensen, who is unlike most ceos, he showed me a video of --
he was running millions of times the impact of autonomous driving and the possibility of a crash and the thing that had just comp completely stymied him was black ice. obviously, this issue has been resolved they were running a million times an hour to find out what the key was. if jensen says that this car is safe, then it's safer than a human. and i'm just thrilled. he's probably figured out what to do. he was concerned about omni versus safety. maybe he's figured that out. that's important amd has some of the omni verse platform it's quite a day for those two companies. >> and then we have the partnership with gm, uber. you would still rather take ford >> i think riveon is going to
open up so high. >> ford did a green bomb,nd it brings down their cost of borrowing. it's backedup by lincoln and ford, the last bond was five years ago, and it was plus 195 the benefit was 40, $50 million year savings this was a deal, by the way. there was interest in 10 billion. >> it's interesting because there's a lot of capital that wants to flow towards esg -- >> why did you put -- >> and that will bring your cost of capital down. >> right >> you have to differentiate about what truly matters and having the proper metrics to measure. i'm not sure we're there yet -- >> you're absolutely right. >> i hate to call it gimmicks, but there are a lot of gimmicks. >> i was -- i press them -- okay, what's green you're just refinancing.
well, the answer is, it's backed up by the lincoln and ford evs so that, to me, remember, jim is revitalizing that whole line obviously, tesla is -- [ bell ringing ] >> there's hertz at the nasdaq celebrating its ipo. that's the ceo mark fields, formerly of ford, doing the honors there. >> these two stocks have been on because the repository of cars it's hard to find cars when carvana comes on "mad money" and says, we're having trouble finding cars tomorrow we get cpi. used cars are in cpi one of things that mazes me, you're going to hear sharply above expectations let's change expectations, so it
won't be. >> it won't explain what the ten year is doing today. yields are down. we got the discussion going on >> they talked about the meme stocks >> who talked about the meme stocks >> remember when janet yellen did that no one understands it. there will be people who come on and they'll say they understand it it's much worse, it's wrong and this is that and you can tell a trillion right here when you go to the administration and say, why don't you -- >> you've been talking about this for a decade. they don't listen. mnuchin didn't listen. they're not listening. they're not listening. >> what do you want -- >> he wants the 50-year bond. >> how did you know -- maybe i was going to say something about triple "jeopardy!" >> i know you. >> i have certain causes
you broke my heart >> i'm sorry >> why did you crush me like that >> there's still time for you to become treasury secretary and you can make this happen. >> i'll take the job in a nanosecond. >> there was a period of time where i thought you might become fed chair. >> that last president -- >> get away from this topic right now. >> let's do amc really quick. >> thank you narrower than expected loss. they're going to start selling their own popcorn in stores. admissions on a two-year stack 90%. >> i think there's more to the story, i don't know what it is there's more to the story. cenemark was recommended this morning. i think adam aaron has more up his sleeve i don't think this story is over not just crypto. crypto >> okay. >> and i'll keep coming back to the fundamentals and just making the argument that there's
nothing that makes sense in terms of trying to value the company on fundamentals -- >> you've been saying that over and over and over again. >> i have. and -- i'm not right or wrong. but the market has certainly defied fundamentals. >> well, okay, let's look at this way how about he plays offense and uses that market cap and changes the company entirely >> what's he going to do what do you do >> i don't have to do it i'm not adam >> a new constituency of shareholders embrace crypto. >> show movies in the metaverse. >> 20% of his shares were held by retail and 80% institution. he turned that around entirely and i think it's worth noting. >> when is he selling? that's when i keep wondering. >> you're focused -- if you're him, you made a fortunate and you're sitting there thinking when can i monetize -- >> he's thinking about how to
please his shareholders. >> i don't doubt it. he's doing a good job. >> thank you i got that -- i beat that admission out of you and i'm glad you had to say it look what he's done. 1,000% >> i will go on from there and -- >> what has kellogg done for you? >> nvidia, now, has an $800 billion market value. >> now you're talking. >> and added a hundred billion in market value a handful of days it's been powered, of course, what we've been talking about here, hopes for the metaverse. >> self-driving vehicles, to avatars, planet earth, itself. >> jim, at some point does your sponsorship wane in any way? the stock is up 144% this year much of that taking place in the last few weeks or months this has gone parabolic.
>> i have to figure out what to do as a portfolio manager, i want to demonstrate to people at home that you just don't roll the dice here. we mention it every day, am i proud that i've isolated this one at 20? >> it's one of the great calls >> i don't know. this man is amazing. >> you've been positive for years. >> he's a visionary and he has a lot of good things he's talking about today, supply chain. some answers to how to trust the supply chain ai to learn physics, speech ai, electrifying ai. large -- there's a lot of ai. >> brookings has a report out today looking at ai corporate investment they estimate it was 60 billion last year. they think 2x by 2025. >> that might be conservative. >> ai is everything. ai could be the solution to a
lot of problems we have. >> now -- >> and it won't cause any problems, i'm sure. >> we can look at the run that the markets have had b of a says technical up said, 4815 is any of this making you want to lighten up on your positions of stocks, period? >> sold stock just to get up to a more reasonable level of 10% cash i think things have gotten a little too buoyant. >> i think you have to take some profits. but not big. how are we going to get back in? >> you got a ten year at 144 what are you supposed to do? >> we were having this discussion off camera earlier, is goldilocks is the least embraced trade right now and is that why you're seeing some of these moves? >> i had good year tire on last night. we don't think about goodyear
much at all. we have tariffs. this is an amazing story growing incredible 24%. 16% natural, organic, sells at 13 times earnings. nucor downgraded by someone today. it sells at five times earnings. they're the finest steel company in the world you will get snowflake, people talk about snowflake >> but your point is, there are plenty of names out there that are training at reasonable, if not discounted multiples. >> right. >> and given they're growth rates. but we have tesla trading at 150 times next year's earnings paypal is down 22. they destroyed paypal. >> paypal is not going well. if you own it. unless you short it -- there was an expectation it might rebound once they abandon this idea to buy pinterest. >> we're going to have to spend a lot of time on this.
>> rbc, 298. >> you got to slow down and you blame back to school when back to school was the strongest it's ever been. it's not zillow. >> it's funny how the moves that we've had in some of these stocks, up or down, have been incredible it feels -- >> when you get dropped off the list of what was bought institutionally, like peloton, day after day where it goes down. >> peloton has news today. >> i think they're up today. >> yeah, rolling out this new set top box for 495 called the peloton guide. new heart rate band. a new voice assist as they try to come back from what's been a very painful week. >> much to do about nothing. kind of like the venmo deal. i want good earnings
i want acceleration in growth, not a decline in growth. >> i want to get you on horton 370 beats 339. revenue up 27. they're restricting sales orders less than they were in the prior quarter which some are reading as a directionally good sign on supply, supply chain issues. >> when you speak to zelman, it's one of the many things that is wrong when you speak to whirlpool, they can't meet demand yesterday there was a piece, they're doing incredibly well. when you speak to doug yearly, he is abject in saying it's a great time unlike dave, doug yearly says, look at that stock much lower david, not everybody is thinking about it's a great time, when is
it going to end? some people are saying, it's a great time and let's prolong a great time. >> let's keep pushing it i get it. >> what's the matter with that we're not used to this long a period. >> we've seen periods like this. we have. >> 1998. >> the late '90s it went on and on and on. >> but then we started -- >> i just mentioned nucor. not sales, not -- i'm saying -- >> let's go back to one of your favorites, amd, which has an incredible day yesterday with meta, formerly known as facebook you're getting close to a market cap moment here where amd is going to be as large as intel. >> she told me that eight years ago. i said, you're barely alive. well, how do you like it she did. >> you have the dow down a little bit, down 75. the s&p is up, 4704.
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you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire ge announcing plans this morning to split into three separate companies that will be focused on aviation, health care, and energy and renewables. joining us now in a first on cnbc interview is larry culp the chairman and ceo of general electric good to see you this morning obviously, a big day for the company in its long history. why is now the right time and why is this the right structure for ge
>> david, good morning you're right, it's a very big day for us at ge we're incredibly excited about the news we were able to share with everyone today. it's not every day that you get to wake up and announce the creation of three independent investment-grade industry leaders in important sectors like aviation, health care and energy but that's exactly what we did today. i think the logic is pretty straightforward. we know looking at spends elsewhere that the focus and the accountability in a structure like this always increase. we think we have an opportunity here as well to have sharper capital allegation and more strategic flexibility, and clearly, this is a good thing for the teams in each of the businesses both the teams we have today and the teams we need to recruit going forward, given the discreet missions that each of the businesses will have we'll also stand up two new boards on par with the ge board that we reset the last couple of
years, chock-full of do main exercise i also think we end up with investor bases geared toward each of these businesses as opposed to why now? again, straight forward. we made a lot of progress the last three years, over $75 billion of debt, very, very important steps on the deleveraging we talked on our call earlier today about $5 billion of adjusted free cash flow this year i think that's a proof point relative to the operational improvements that we have made we're clearly getting past covid in many parts of the world that's a good sign but i also think we're listening to our customers who want and need ge at its best, relative to the future of flight and precision health care. each of these businesses positions us to do just that that's why we're here today. big news >> it is big news. there's no doubt those of us who once worked for
the company and certainly have followed it for many years know that larry, this is going to take time it's not until 2023 that health care doesn't get spun. it's not until 2024 that renewables, power, digital get spun why not do them together why not sort of compress the timeline here a bit instead of sort of staging this over a two to three-year period >> david, what we've announced here this morning is really a two step process to yield those three industry leaders if you look at the timetable for health care, there's no question that this is the businesses most ready to go. not only in terms of its performance, but some of the preparations still on the shelf from the ipo we considered a few years ago. but we're going to need 2022 to get ready. if we can move more quick, we will but our new ceo starts at the first of the year. we've made other changes with that team. we'll do this as quickly as we can. but most importantly, we'll do
it well. quality before delivery. we've got work to do with the renewables and power team and that's work that we will do through the course of 2022 we'll be focused with scott who will take on expanded responsibilities here on those improvements during the course of the next year but we'll be ready to go some early '23 with those businesses as well. and all the while, aviation continues to perform well. we think we're still very much in the early innings of the aviation recovery, a recovery that ge is well positioned to support and benefit from. >> it's great that you came on the show really appreciate it how were you able to pay down 75 billion in debt? if you hadn't paid down the debt, this would not -- they wouldn't be able to borrow rather monumental. i'm not saying take a bow because there's still a lot of
heavy work to do you raised a lot of capital very quickly and you saved the company. i want to talk about how you're able to do that. >> jim, good morning and, unfortunately, we couldn't be together today. it's good to be with you virtually. 75 billion is a lot of money, no question i'm not sure that we fully appreciated the magnitude of the task three years ago but as you know, we went through a number of portfolio moves, most importantly, the sale of our biopharma business and the merger of our g-cast business, with air cap, a business we still own a good bit of. but we take down another $25 billion of debt there. so two strategic transactions coupled with better operating performance and bit by bit, we've been able to whittle down that debt load we still have work to do this is not a declaration of victory by any stretch but we're really pleased with
the progress and we think in turn, that's much of the reason why we can not only take this decision, but have the confidence that each of the businesses when they're independent will be investment grade as well. >> i was watching th right now, esg wise, as dachk udwas saying that may be the business that could get the most capital i mean, maybe you're being too cautious with that division. >> well, jim, i appreciate that and good to see the steelers win last night for sure. but with respect to the business, we know -- my wife,
wendy,'s a big steelers fan. so, shout out to her we know there's tremendous capitol flowing to the energy space. no business is better positioned to help our customers and help governments around the world meet the challenge of climate. be it on shore and off shore be it gas. and as well as grid. this is a business that will not only attract capital, but as we perform better, i think, demonstrate we have an important role to play and a darn good business in its own right. >> that leaves me to a question of the moment, the infrastructure bill to be
signed is there a benefit you can point to for any and all of your businesses >> i think as we invest broadly in infrastructure, i think that's good for american industry what we're particularly interested in are the investments in the grid. there's a lot to do to modernize the grid, in terms of traditional hardware technologies, as well as software we're ready to play our role that will be helpful to us what with respect to the energy transition is a longer play but an important step for sure >> it would seem, at looegs least, there might be the possibility one of those companies could be better with another company. have you considered the possibility of a reverse morris trust and chosen to go the spin route, as opposed to the merge
route? >> well, david, i think you should assume, given the board we have, an outstanding board that i'm proud to be part of, we had a number of options but concluded, unanimously, this is the best path forward. each of these businesses, with its own listing, wholely focussed on its markets, will create a lot of value going forward. if something were to change over tiemt, we'll be open minded in that regard. we would nn't shut that out. >> can't blame long-term investors to -- you're saying you stabilized insurance you mitigatedfunding risk, i think 9.4 billion since 2018 you managed pension obligations
with discipline. larry, you're giving your assurance that nothing is going to pop up to conceivably concern investors in the coming months or years and derail some of your plans? >> david, i don't think we and the board would announce this plan if we thought there was a potential for derailment a lot happens in the world you can never say never. but over the last three years, i think we've done a highly credible job i thing we have smartly managed the pension, to the point we don't see a cash requirement this decade. we know there will be surprises along the way. i think we've done a strong job managing them and been as transparent as we possibly could, with respect to what we know and have done and what we don't.
let's talk about boeing. obviously a very important partner of yours and so is airbus and you do a lot of after market, which is great what is going on at boeing this is a great american company, larry you and i both know it's not performing the way we know boeing can >> i'll let you pick that up with our friend, dave calhoun, when he's on we're thrilled to be partners with both boeing and airbus. these are important, long-term relationships in both instances. and today our commitment to both partners does not change and there's nothing we've announced that will do anything but strengthen those ties over time. >> what do you do when it's fourth and 15? >> depends where you are on the field, jim >> i thing you have to punt.
>> it's first and 20 for ge. >> fair enough let's bring it back. i thought you might have insights and i'm sure you do but maybe this is not the right time >> i would assume over the next year and two years n vesters are going to start demanding more information, more transparency as they try to understand what they're going to look like on a stand-alone basis. is there an expectation that you'll provide more grannial airty on most of the businesses? >> and customers, the broader ge team there are far more questions than we have answers for and what i've shared with the team internally, as we work through these questions and have more definitive plans about capital structures and the like, we'll share those with the market
but we shared everything we know to be true today and as we move forward, we'll update everyone. rest assured >> larry, listen, i know you've been with the company a number of years at this point, but there are 10s of thousands of employees and many for a long time and many owned stock that was an important part of their savings plan what do you tell employees today on this momentous day where you basically announced that ge, as we've known it, is no longer going to be the ge of the past >> we can study the past, but we can shape the future and that's what today's about rest assured, the ge team, around the world is forward facing this news will come as a surprise to some and maybe shock to others.
that said, this is team committed to winning, serving. and as everyone gets more acquainted with the details, i think they'll understand the decision sets us up to play more, and grow this company. that's what ge has been about all the way to edison. >> let me just come to the current moment in terms of our economy. what are -- we didn't get a chance to talk to you last earnings and now we know why. what are you seeing in terms of supply chine bottle necks and so many of the issues employment, labor issues what are you seeing right now, larry, from your perspective are things getting better or things continuing to, frankly, get worse?
>> david, we've seen robust demand we're seeing green shoes in the aviation recovery as the travel mandate restrictions lift and we've seen good, steady improvement in our power business demand and renewables has been bumpy, particularly in onshore wind, given concerns about the production tax credit. but all in all, we cannot complain about this demand environment. the supply chain challenges, the world over, material, logistics, labor are very real. i can't tell you things are getting better but they're challenging and we have every expectation they will be challenging, at least through the next several quarters. >> what is the basis of health care because it's very low, maybe the tax will be bad. i think abbott's such a terrific company and they could crush it
if they had the partnership like that is that something you thought about or doesn't work because of the tax situation? >> jim, i don't think today is the day to talk about hypotheticals. again, we spin health care early in 2023, have that business positioned to realize it's full potential. we we literally sit at the center of health care there's a lot we do today, more we can do tomorrow, particularly as health care digitizes and that's what we're going to be wholly focussed on >> and you're going to continue to be ceo for a full years to come the roles for you and inname of all the companies is that settled when all is said and
done >> let's take those in reverse order. no firm fixed decisions. we know that we are beneficiaries of over a century of good work and investment. that's why ge was recently valued at over $20 billion we'll figure out a way to tap into the brand strength with each of the businesses going forward. as it pertains to me, as long as the board will have me, i'm quite happy and obviously, this is a new chapter that begins today i'm excited to be part of. i will serve as the nonexecutive chair at health care when we spin it and then as we move forward, i'll continue in my current role and after the second step with power and renewables, i'll continue to lead ge and at that point, clearly an aviation focussed company. >> we appreciate your time and
look forward to speaking to you in person. that's a promise from us next time, larry. appreciate it. >> we have roblox, doordash. exciting and then avnet, because i have to get to the bottom of the chip shortage very exciting show and i was trying to get conjecture out of larry. but that's okay. we have to do our best >> "mad money" 6:30 eastern time and mark, it is definitely taking a breather after eight straight records on the s&p. tels luand in about eight mungts we'll watch that >> we're 30 minutes into the trading session. trip advisor falling after missing q3 and revenue
estimates. ceo steve copper will step down next year. he cofounded the company in 2000 shares are down almost 9%. but roblox is surging. bookings up 28% year on year losses did grow to 27 million for the quarter and now 47 million active, daily users. and robinhood, falling after they suffered a data breach and hackers, quote, obtained access to a limited amount of personal information for a portion of robinhood's customers. shares are down 3% we're going to get back to ge you just heard from the ceo, larry culp, announcing a plan to break into three separate companies. health care, aviation, and let's call it energy
>> i think the logic is pretty straight forward we know looking at spins else wear that the focus and accountability in a structure like this always increase. we think we have an opportunity here as well to have sharper capital allocation and more strategic flexibility and clearly this is a good thing for the teams in each of the bdss. both teams we have and the teams we need to recruit going forward, given the discrete missions each of the businesses will have. >> and it will take time as was indicated. we're talking years before they truly are separate 2023 for the health care spin. early in 2023, he indicated to be the case. and following that, the next year with the spin energy business they're putting digital in that
business as well and that will leave aviation behind, so to speak. unclear on branding. said the ge name will be part of it in some way not to forfeit the hundred-plus years of history but they still don't have names and there's a lot to come. capital allocation going to be an important thing cash flow, characteristics as they indicated they want them all to be investment-grade rated. >> you asked what he would tell employees who watched the legacy get eroded over the years. >> there's been a conglomerate the thing is you don't want
health care with power and saveiation >> we've seen this trend, not just with ge, but a number of the national comglomerates an eurge to demerge. and calculations and valuations on these companies ge, the one, i think has been anticipated in the midst for a little while but there's more value to be had when you do some of the spin offs ge is the latest example we can point to the company formerly united technologies and merged their own aerospace business to ratheon. company formerly known as dow dupont in terms of ge, it's going to be interesting. biced on their 2022 estimates, aviation is the largest at about
50%. and power and renewable energy at 15 to 20% digital being folded into power and renewable energy is an interesting point. maybe two ceos ago you saw the big push into an industrial internet of things concept it's about a $1.2 billion business for ge. sits under the corporate umbrella the fact it's getting folded into the power business, speaks to how much of the ge digital asset is in demand specifically around renewables and oil and gas and the grid and that's why it's going there >> the old shrink to grow. we've been hearing about that for some time and that's being put into effect here at ge not a surprise we've been speculating on the fucher of the company for many years. certainly, i think it's been a desire of some of the long-term
hair holders many believe would be pushing for something like this over a period of time but it is still interesting to see it actually put into effect. >> it is such a 180. i mean, i can think about doing a multiday, multicity tour with ge across a number of the different factories and different businesses under jeff emales a couple of years ago and at the time the conversation was they had so many synergies that it makes sense to keep them together. we think of what the takes to make a wind turbine, to a jet engine but you want customer base i know culp talked about this in the interview. is looking for stand-alone businesses more nimble and flexibility and can focus on customer's needs
and we're seeing the value creation around the spin offs as well meanwhile, apple's tim cook. leltz listen in. >> you made a number of big moves and changes, in fact, in terms of the operating system around the iphone in the last year, around privacy to give users the access to effectively say no, i don't want to be tracked. we're starting to learn the impact of that, not just users themselves but some of the companies and developers on your platform, collectively appeared that companies like goolal and others have lost about $10 billion in revel new, as function of not being able to track users. do you think that's a good thing? >> i don't know about the estimates. so, i can't testify to those kind of numbers. from our point of view, privacy
is a basic human right and the people that ought to be deciding whether the data share sthz person themselves what we've been about is putting the power with the user. we're not making the decision. we're simply prompting them to be asked if they want to be tracked across apps or not and many say no and never wanted to be. it's just that they didn't have a choice before. i'm getting great feedback from users about having the choice. >> so, what do you do personally i osilate. sometimes you can track me while the app is open. sometimes i say you can track me all the time very rare i say all the time and sometimes not at all >> i do a combination of those too. and to me, it depends on the trusts of the developer.
>> but how do you know >> i'm not sure you really know, definitively but you have a feel and i think the companies that are more trusted are likely getting very different results than those not trusted >> that's fascinating. in terms of the trust, one of the kucompanies that's come und a lot of fire for privacy is facebook when you see in terms of news around mental health and the way teenagers use phones but maybe more in plaarticular, apps. i'm curious your reaction? >> i think mental health is one of the most important topics of the time i think it's been tab oo for so long it hasn't been out where people felt okay to talk about it
and all of us should care about making products that are on the mental health. >> so, you worked on adding screen time and all sort of other features and we heard mark say facebook is the equivalent of a tobacco company. does it make you rethink what apps are allowed on the platform >> it makes me rethink about the tools we're providing to people. ultimately, i think it's the person's choice. i know when we implemented screen time, i found i was doing things i didn't know i was doing. i think having a truth point, where you can't deny that you're spending x-hours a week on
things you may not want to, or getting hundreds of notifications in a day these kind of things, it's powerful what the data will do to your behavior i know i changed my behavior based on screen time >> and that's tim cook talking about the app store. we're going to have lot more in the next hour. in the meantime, as we head to a quick break, here's a look at the road map for the next hour virgin galactic selling another hundred tickets to space and backing pinera, as they file to go public. we'll have him join us live later this hour. >> and more from tim cook. dow's down 150 and "squawk on the street" is just getting started.
and i help walk the dog from wherever. *door unlocks* ♪ ♪ well, i can bust curfew-breakers in an instant. well, you all have xfinity home, with cameras to home security monitored by the pros. *laughs* learn more about home security or get our self-monitored solution starting at just $10 per month. welcome back let's get back to tim cook with our own. >> one of the big debates has been about the app store itself and the role and power that the app store has. obviously, there's an ongoing lawsuit related to epic. but there's larger questions about platforms and the power and influence of those platforms. i'm curious how you think about that i wanted to mention.
just recently mark zuckerberg, who was talking about his new metta verse, said that this period has been humbling he said living under their rules, i think he was referring to apple, has profoundly changed my view on the tech industry started in 2007, we didn't have an app store because we couldn't figure out how to achieve the prievlacy our customers would want from that the following year, we opened the ach store and did so with a human review and rules if you now look at it, what that has done is we've gone from 500 apps to over 2 million there's been an explosion in
innovation in the area that have been great for consumers and it's been an incredible business opportunity for developers as well and so, sort of everyone has won from this. the only way it works is if you can have trust and confidence in that commerce solution as you know, the internet has become a dark place in too many spots. and you don't trust that you don't trust enough to put in your credit card data. you don't trust enough that things do what they report to do and so, having a place where that trust is built in has been really key for us. and key for developers and users. that's what the app store is all about. >> we got a couple of questions from readers ahead of this conversation and one of them relates to this issue of giving users the
optionality on the relative to y of what is likely described as side loading or the app store. the question is in one case you're effectively providing access to make your own choice and in the other, you aren't and why that is. >> i think people have that choice today, andrew if you want to side load, you can buy android phone. so, that choice exists when you gein the carrier shop. if that's important to you, then you should buy an android phone. from our point of view, it would be like if i were an automobile manufacturer, telling me not to put airbags and seatbelts in a car. you would never think about doing this in today's time it's just too risky to do that and so, it wouldn't be an iphone
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welcome back to "squawk on the street "and it's the space sectors. ticker ufo, which is about 20% higher, year to date, trading basically flat right now, despite a slump in one of the top holdings, which announced a $7 billion acquisition and down about 19% for the week already so far another component isn't focussed as well. and that's virgin galactic after they disclosed a roughly $1 billion cash position galactic, following bransen's
july space flight, saying it's sold 100 new tickets at the higher prices it now charges, which start add 450,000 a seat for a total of 700 seats now sold and you can see the shares jumping. and really jumping in the last couple minutes so, speaking of virgin, virgin orbit, which was spun out in 2017 and also now poised to go public via spac, making news of its own this morning and dan, great to you have back on the show. >> great to be here. >> so, just disclosed this morning some of the details around the preflight prep for your next mission, which is targeting launch before the end of this year do you have an actual launch window and how does it speak to the ramping up of the launch cadence? >> we'll be launching in d december as you see behind me, preflight
activities are ongoing we're at the end of a pad that, a few days ago, was an empty piece of cement at the end of a runway and now a space port. we're excited. the team is moving forward this will be our third flight this year after back-to-back successes putting up nasa dod and commercial satellites in orbit earlier this year, 17 total. and next year, we want to launch six times. we're going to double the launch rate next year and more than double the following year. we're on a major climb >> i'm assuming the launches scheduled for next year will be from the u.s.? i know you also inked a recent multilaunch agreement that would take your business to japan as well and of course, you're building out launch capabilities in the u.k. too. >> we are really poised to be the first truly global space flight in our company.
we do plan on flying out of cornwall next year so, we'll have a flight or two out of muhauvy first then head to cornwall around the middle of the year assuming all the regulatory work that needs to take place there is on track. we also just signed a deal, as you mentioned with a and, a airlines where we want to fly or plan to fly out of southern japan. the plan currently has the objective of trying to be flight ready by the end of 2022 with the first flight in 2023. we'll be moving forward and quite a few other counties, where we'll take cement and turn it into a space port in their backyard as well >> what does this mean for the ramping up of the fleet, and i
mean, right now you have a fleet of one a repurposed boeing 747, called cosmic girl but to do expansions and pull off an aggressive launch cadence, you're going to need more, i would imagine. >> abolutely cosmic girl used to fly to the u.s. with passengers and now picks a rocked up and takes it on the first leg to space. we'll have additional aircraft over the next couple of years and our customers, as well as the space force, are discussing how they can have aircraft as well 747s are incredible airplane with a huge, mighty capability, a great track record of service and they're very available right now. so, perfect timing for us. >> just an ncredible, i guess, growth of competition, within the small launch part of the rocket market right now, which
is where virgin orbit exists and certainly many of the names have already gone public. you are looking to go public with next gen acquisition. when will that deal close? >> relative to where we are, we're differentiated from the competition in that we take a different approach to getting to space a more environmentally friendly approach to getting to space. and we reuse an airport instead of launching from a wildlife preserve and interfering with the wildlife it's a more economic, affordable, as well as environmentally friendly approach we're moving forward with next gen. we're really excited to be doing that can't comment a lot about that but the -- all of the activities are on track
>> dan, thanks for joining us. >> and here he is. >> invarably, you have been criticized for not speaking out and this is something i think a lot of companies doing business in china have struggled with and a number of companies have abandoned china. what do you think about that >> i think we have a responsibility as a business to do business in as many places as we can because i think business is this huge cattlest. i believe in what tom watson said there's world peace through world trade. i have always believed that. and so, i think we should be about not -- you know, not pulling up the draw bridge we should be about building the bridges.
and so, i think that's key for business and in terms of what we speak up on, we speak up on some privetsly, some publicly we do it in different ways and you have to get your head around, in any country, that there are different laws that's pat of the complexity and the beauty of the world is everybody has their own laws and customs. >> are there red lines for you and i agree that getting a seat at the table matters and it's very hard to have a seat at the table if you're out there screaming from the sidelines at the same time. but trying to figure out the right balance, especially if you don't feel like your choice is being heard. inside the room. >> well, i think being on the sideline is never a great place. at least for a business, i don't think it is.
because, as you say, just becoming one of the people yelling into the air doesn't do anything and i feel that way about our country as well. we interface with every administration, both political parties. we have always done that and we will always do that because we think engagement is the right approach regardless and i feel that way internationally as well. is that engagement is the right approach >> that was tim cook, of course, at the deal book annual summit check out shares of next door. that wept public we spoke with ceo, sarah fryer, as they made their debut you can see has had a nice move. we're going to have a lot more from tim cook as we continue to dive into moves we've seen in tesla. that's after the break
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we'll keep you ready for what's next. comcast business powering possibilities. welcome back thousands are trying to force their way into poland. a barb wire fence was breached poland has deployed thousands of soldiers and police to keep migrants out the supreme court hearing arg y.s over the place of religion during executions an inmate wants a chaplain to say prayers and touch him while he's given lething injection they say it poses a risk to the
integrity of the execution and comkags is having what it called connection concerns with the xfinity cable service people are working hard towards a resolution and comcast is note net's parent company david, back to you >> we've been listening to sorkin interviewing tim cook a lot to digest. joining us is analyst. we can talk anything you want. pierre i don't know if you heard some of the interview so, let me start in fact with tesla, if you don't mind, given all the news and we haven't talked about it this morning i think you say, with tesla, they're in a league of their own. what does that mean? >> so, that means tesla started
seeing high volume cars in 2012. and we're still entering 2022 without anyone getting to a similar point. and 10 years ahead of the rest of the industry. and what that turns into is we've known about for the case they're still strong a million cars and they have gross margin, which is more or less double the other possibility of the industry. they are selling cars that you have to wait for between six weeks and actually six months. they are meeting demand that is way, way what they can manage in
terms of production. that's a phase very different from what we've known as car manufacturing in the last decade >> so, that leads you to believe, even at this level, and with the amazing run in the stock of late, that it is what cheap, based on the estimates you see from the company and out years? >> let me answer the question this way i just noticed this morning tegs luis exactly valued the addition of the market cap of all car manufacturers in the world you can think that's too high. but i think it's way too low tesla should be worth several times car manufacturers, giving they are creating this league of their own and they're totally disrupting the industry. remember when apple was worth mark cap for all manufacturer.
was it a cheap stock it was a cheap stock >> a league of their own it may be their own now, pierre. but i can hear the voices of people watching saying but what about all the other car manufacturers making great end roads in terms of developing their own fleets that will pose a significant competitive threat to tesla >> absolutely. i think you're completely right. they're not -- they're going to be in a competitive market additional car manufacturers it's very challenging, very difficult. you need to reinvent yourself. you have so many things you do the old way to be competitive. they're going to be competing with tesla but not -- they're not going to meet as much
demand so, they're going to compete and then you have new players getting to the market. they're coming at interesting positioning and they're all trying to get to the play in the markets. so, their are not going to be in the same league but they are going to play in the market. i am as you know, one of the most bullish on tesla. i expect to be in 20% market share. you have 80% of the market to grab for others. >> yeah. i want to shift gears to another name you cover, which is apple i know you have a price target of $90 want to toss to sound of apple ceo, tim cook, speaking to sorkin >> people have that choice today, andrew. because if you want to side
load, you can buy android phone. that choice exists when you know in the carrier shop, if that's important to you, then you should buy an android phone. from our point of view, it would be like if i were an automobile manufacturer, telling me not to put airbags and seatbelts in a car. you would never think about doing this in today's time riltzer just too risky to do that and so it wouldn't be an iphone if it didn't maximize security and priveyish. >> of course, we know the rip tide it's caused throughout really the app store ecosystem, the privacy changes to the ios system i want to get your reaction, not only to those comments from cook, but why you continue to stick with a sell rating in the midst of them?
>> let me analyze tim's comments first. tim's very articulate and very on top of the market, which goes way beyond the iphone and [ inaudible ] it's a great position to build on this idea trust and build a brand around the idea of trust. it's a difficult game. you can end up taking a lot away from your partners. so, they have to manage the situation carefully. but at the end of the day, i think this idea of telling consumers your data is your decision, we are safe, is extremely powerful and it's going to be where the success o apple is in the long run it's music to my ears. he's right and putting opsup a
strong argument. so, i find that interesting. why do i have accelerating on apple. it's not a sell rating on a multiyear horizon. i have the very simple conviction apple 's been on an incredible ride and my view is that there are so many people in the world who have already replaced the iphone, that demand is going to be disappointing and when it happens, takes a 30, 35-person plunge and that's what i'm wurn warning my clients against. it's one of the strongest ecosystems in the world. they have a great future ahead of them. it's a strong company. and quality of business. >> pierre, thank you appreciate it. >> thank you
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great to have you back good morning >> good morning to you >> all of us have had tough conversat conversations about the restaurant business in the last year and a half. what does this move say about where you think it's headed? fur of the restaurant industry it's actually coming back in an amazing way. i think if we've learned one thing besides the fact that this industry is incredibly resilient and the entrepreneurial spirit of our entire industry is an at all-time high is that people have been craving being together at restaurants for so long we're now experiencing a big pop everywhere and this is -- this is just a great opportunity to express our passion for an amazing american brand that now is actually three different brands, panera bread, caribou coffee and einstein brothers we're excited about this. >> right on the spectrum of choices that you've looked at, what do these
trio say about where you think the consumer is headed to the biggest degree is it a quick service move or is there something -- is it more complex than that >> let's go back in time just a little bit when we first launched the ticker of our spac, we had one approach that was to identify business irrespective of its business sector but one who champion what had we call enlightened hospitality. that's our investment strategy to look for a business that believes if you first take care of the people who work in your business, that sets off a cycle that leads to better outcome for the community, suppliers and investors. we're amazed the one we got to be a corner stone partner in is panera brands. we got incredibly prnt the metaphor i make is when you start a spac, it's obviously not
an operating business. your investors are giving you bait and saying go out, deep sea fishing and let's see what you come back with i don't think we could have come up with a better and bigger and tastier fish than the one that is panera brands >> yeah. this conversation is making me hungry, danny. hugs is up 7.5% on this news this morning it's an interesting deal that's been struck here because both you and your spac are going to invest in panera brands which is going to pursue a traditional ipo process. how did this actual deal come together >> well, we happen to have amazing new partners, which is j & p brands, the primary shareholder and long-term shareholder in panera brands and when we were looking to see what kind of a business we would partner with, we had the very, very good fortune of coming together we realize that we have a very, very similar approach to business
we knew that our mission of spreading hospitality wherever we could would find an amazing platform with panera brands. do you know that a quarter of all americans dine or drink at either panera, caribou or einstein brothers and bruegers to add another one in there, every single year. what an amazing opportunity. so, we've been talking about this for a while and this was a great way to democratize the ipo process so that our hugs shareholders are going to have an opportunity to exchange their shares, dollar for dollar, at the ipo price when panera has its ipo. so this is going to just be a win/win all around it's an innovative approach and one that we're really excited about. >> yeah. danny, it's david. it is innovative because we haven't really seen much like it i mean, why is it preferable for those who invested in your spac with the idea that you would actually accomplish a merger, as you say, go deep sea fishing and
find, you know, that big fish. why is this preferable to that and is it reflective, perhaps, of your inability to find a merger partner >> i think to the contrary we found the best possible merger partner we are cornerstone partners. i believe in this so much that i'm making a personal investment on top of this and i think what it basically says is if you're a typical spac shareholder, you may not have the opportunity that this presents to actually get the marketed price in a traditional kind of way. and so, nobody i think can say, hey, these guys came up willy nilly with their own price this is going to be the market speaking that feels great to me >> danny, we'll get to labor and input costs maybe another time, but it's great to see you again. and we look forward to watching this space try to heal itself after a tough couple of years. see you soon, danny meyer.
>> thank you, all. check out shares of lum nar, surging after saying it would be partnering with nvidia to put his self-driving tech into cars. shares are up 21%. nvidia is up 1%. we have "squawk on the street" back after this break. reducing our carbon emissions to net zero may be our biggest challenge yet. there's no single action that will lead us to carbon neutrality. but there is a single source of essential sustainability intelligence. s&p global sustainable1.
well, we've been talking about ge's plan to split into three companies all morning. the stock is up about 6% earlier this morning, we did have an opportunity to catch up with ge's chairman and ceo larry kulp listen, it has been a tough ride to say the least for those who have been long-term investors here, particularly many thousands of employees who may have relied on that stock at one point or another to potentially be a nest egg. they have been disappointed. i did ask mr. kulp, what do you tell those employees today on this momentous day where ge, as we've known it, is no longer going to be the ge of the past >> i would take issue with that characterization we can study the past, but we can shape the future and that's what today is about rest assured, the ge team all around the world is forward-facing today
now, this news i'm sure will come as surprise to some, maybe a shock to others. that said, this is a team that's committed to winning this is a team that's committed to serving and as everyone gets more acquainted with the details, i think they'll understand that the decision today sets us up to play more, to win more, to serve, to grow, to build this company and that's what ge has been about all the way back to edison >> and at least they are seeing a nice day for the stock price as well, morgan. of course, we did talk a lot about it it's going to be years in the making still from this date until we actually see these three separate companies, but they're going to move with all deliberate speed to sort of create even more transparentrany >> yeah. i mean, this is a company that's been in major transition and overhaul mode even before culp took the helm three years ago and the stock is the leader on the s&p today.
so perhaps not a surprise to see this break-up now in the works, but certainly speaks to in some ways the end of an era for the industrial conglomerates that we talked about in yesteryear. >> yes there is certainly a conglomerate discount, very hard to find any sort of premium that any investors would acourt to companies like ge. that will do it for us on "squawk on the street. "techcheck" starts you ♪ ♪ good tuesday morning welcome to "techcheck. i'm carl quintanilla in new york deirdre bosa in san francisco, jon fortt is in washington today. chapter and metaverse, a break down of by roblox stock is up. hood gets hacked millions o