carl >> that's fascinating, leslie. that buffet number of 97 is this a matter of your age, meaning the footprint that you've left? because buffett's not sociallily media active but he's certainly been around a while. >> it's his age and also where the population density is. one would that imagine that omaha, for example, has less population density in his specific zip code than say, seattle or san francisco suburbs, like where mark zuckerberg lives so i think it's a combination of all of those things. i tried it out on myself and i only have auniqueness, so well below average, but i live in manhattan where there's a greater population density than you might have in some other parts of the united states >> interesting i did give leslie my information. leslie, i'm not sure if you ran it, but i'm not even sure i want to know at this point. >> i didn't -- >> i wonder if it changes anything that i'm canadian >> i think being a san francisco native -- or a native now, at least, might skew the data to be a little bit more, you

joining us now first on cnbc, the company's president and ceo, leslie stretch, another leslie we were talking earlier today that this company is getting a very high multiple shares are surging today, but it's not immediately clear what you do and where you operate customer experience, artificial intelligence, gathering signals on the internet. can you enlighten us on exactly why investors are clambering for your stock >> we're a silicon valley tech company. a platform that helps some of the biggest brands in the world really understand their customer in live time and communicate with them while they're in an experience instead of a survey, they check in on the experience, improve it helps them retain their customer and it's this that helps >> so a signal >> somebody has a bad experience at the pool or on an airline and they don't quite like the service that they're getting, they can feed back that immediately. instead of waiting until the experience is finished so we're all about platform and signal and we're very different from the survey companies, the feedback companies, which are

leslie picker in st. louis one of my favorite towns >>> coming up, stop me if you have heard this one before trade talks happening in china today. the president meantime shifting from hopeful to hedging that a deal wilgedol t ne we have the latest on that next. breakthrough at snhu.edu. >>> welcome back to the exchange u.s./china trade talks resuming in china today, and the president has weighed in from the white house. eamon javers is live in d.c. >> what's going on in shanghai right now? we don't have a lot of detailed information from negotiators on the ground the treasury secretary and u.s. trade representative have traveled to shanghai to be part of these talks the white house tells me they're just optimistic at this point that these talks have begun. the first time since talks broke down back in may today, the president talked to reporters on the south lawn about his skepticism of the chinese side but he said two things at the same time. literally within the same minute, the president said first thi

our leslie picker is, straight ahead. >>> plus betting on a biopharma stock up 20% in a month. doc has the trade in unusual activities >>> a sector check today, led by real estate utilities. those are the defensive plays leading the way. s&p down we're back after this. mars. $4.95. delivery drones or the latest phones. $4.95. no matter what you trade, at fidelity it's just $4.95 per online u.s. equity trade. you might or joints.hing, for your heart... but do you take something for your brain. with an ingredient originally discovered in jellyfish, prevagen has been shown in clinical trials to improve short-term memory. prevagen. healthier brain. better life. i have one kid in each branch of the military, but i'm command central. it's so important to us that verizon is supporting military families. when i have a child deployed, having a reliable network means everything. so, when i get a video chat, and i get to see their face, it's the best thing in the world. and i've earned every one of these gray hairs. military moms, we serve too. (vo) the network more people rely on, gives

, thank you leslie picker. you think about competitor align technologies and remember recently they had worse-than-expected second half guidance they cited competition from competitors here and also a down tick in business in china. >> right i think going into that side of things, i don't know if this is the time you want to put an ipo out there frankly. >> unless they're the competitors gaining share. >> unless they're gaining share. that part will be difficult to figure out because there are multiple different players in this area. i am a player, i used invisalign. >> i was going to say something about you looked spectacular. >> i got a gold smile. i will say this, it was very, very expensive i say that as a guy who has a little bit of money. i am looking around and thinking, wow, i can barely afford this, how do other people afford this? it is an expensive process. >> cooperman who was talking about markets and valuations, you were on the show. >> yes, i happened to be there. >> the only froth he sees in the

. >> again, those shares down about 4% let's get to leslie picker with a market flash >> hey, kelly. anheuser-busch announcing it is postponing indefinitely it's not proceeding with its announced public offering of its asia pacific subsidiary that was planning an ipo for a stake. they say they're not proceeding because of several factors, but they say they will continue to closely monitor market conditions as they evaluate what they can do to best especially hans shareholder value if you recall, earlier today in u.s. time, we learned they were delaying the pricing of f the deal to next week. they were looking to raise about 9.8 billi$9.8 billion in this o, so you can see here, shares down 4.1% right now they were down just about 1% on the news of the delay, but declines further accelerating on the news they will not be proceed wg tining with the ipo >> thank you very much >> tropical storm barry picking up steam it will dump 20 inches of rain on new orleans so they say. it will, that's close to the limits of the levies down there. and massive disruption of commercial shipping all aro

means calling out the names of the monopolists and saying i have the courage to go after them >> so leslie picker traveled to st. louis, missouri where a number of large hometown companies that have been acquired i can think of a beermaker that rhymes with "ush." >> there was a beermaker we are in downtown st. louis which has seen a number of companies get acquired, monsanto, panera, and others more than 3.5 times more money was spent on outsiders acquiring st. louis based companies than st. louis based companies spent acquiring outside the metropolitan area. there's no information on showing what that has done for a local economy like this one, but it has not helped. population growth and per capita income growth are well below the national average we sat down with ronnie chambers who handed out severance packages to anheuser-busch she said she laid off hundreds of people until she heard she was receiving a pink slip. >> i wasn't surprised. i was ready. i was emotionally exhausted, physically exhausted i was 54, it was time. i was happy. i thought i was ready, but in fact once i got on th

, thanks very much leslie pick r er reporting fromh new york stock exchange. i'll be on "power lunch" that begins now. >>> i'm melissa lee. the latest comments from the fed have investors scratching thei head about rate cuts ahead the president giving his two cents on the subject, too. plus, we works ceo cashing out over $700 million ahead of the company's big public debut is this a bad sign for the ipo later, a top gun reboot taking the internet by storm as "the lion king" live action movie hits the silver screen but if hollywood is out of fresh ideas, is the box office in the danger zone "power lunch" starts right now ♪ ♪

picker is joins us for that story hey, leslie. >> hey, morgan overall ipos are providing one of the best sources of alpha that hedge funds have seen the renaissance ipo compromised of recent listings is up 36% this year. that's more than double the 17% gains of the russell 2000. for equity long short hedge funds 2019 could be a turning point at least for some of them. the trick is getting allocation. oftentimes, underwriters will prioritize long-only mutual fund managers in hot deals giving a smaller number of to hedge funds. the bank's concern that hedge funds will be more apt to flip the stock and earn a quick buck. one way around the allocation game in recent years for hedge funds has been crossover investing. that involves hedge funds taking private stakes in companies before they go public with the hope that they'll be able to ride the valuation higher without worrying about whether or notthey received shares in the ipos that may also help hedge funds as the trend towards direct listings appears to become more and more popular this technique democratizes the ipo process a bitly

guys, thanks. >> i learned so many things about leslie today and google. >> leslie picker and robert franks >>> stocks surging on hope the u.s. and china reach a trade deal as trump and xi agree to hold off on further tariffs. >>> welcome back there may be a truce in the trade war with china as talk continue but there's a lot of uncertainty about the actual deal joining me now with key takeaways from the g20 summit is didn't clifton, ahead of policy research dan, it's great to have you here especially because people are looking for any kind of clarity or certainty what do you think is first and foremost >> kelly, i would start off by saying that the dark period of drafd negotiatio trade negotiations that started may 4th, that period is over this is when both sides went back to the corner and tried to escalate as much damage as possible on the other side we don't have to worry about a future escalation at least in the short run. but by no means does that make anything that came out of this weekend better it just means that we're pausing to see if negotiations can come back together. a

it's all yours go ahead >> did leslie feel bullied should he have been censors? >> it's like one of those things your mom says. speak before you speak, right? my mom always said that growing up >> don't put something on instagram if you don't want to see it on instagram? i don't know or on the front page of "the new york times." >> remember bambi, if you don't have anything nice to say, don't say anything at all. >> teddy roosevelt's daughter said if you can't say anything nice about anybody, come sit next to me >> if you're not a nice person, are you really not going to post the comment if instagram tells you, probably not? you're probably still a you know what >> three of the nicest people i know they won't have to worry about this feature kate rogers, dom chu, and leslie picker >> cnbc's top state for business will be revealed tomorrow. ahead of that, we're tracking innovation around the country. a look at kansas's booming inland port, coming up >>> it is that time again. cnbc has tallied the scored and determined america's top states for business now, in the

i'm going to throw it over to leslie picker right now and she has the etf update leslie >> thank you, sue, dramatic pictures indeed. >>> i'm leslie picker at englewood cliffs stocks across the board rallying today on the back of g20 check out consumer discretionary hitting an all-time high, up more than 20%. joining me now to break this all down, mary ann bartells and navy naudic mary ann, what is this telling you about the rally? >> well, despite, you know, all the volatility and trade noise that we've had, consumer confidence has remained very high and based on the bank of america credit card data, we've seen consumer spending to remain really strong. so it's not a surprise consumer discretionary is hitting a record all-time high it's been a leader in the market and with it hitting a new all-time high, it's confirming the high that we're actually seeing in the market today as well >> now, dave, as we look toward the second half of the year, can this rally sustain itself? or do you see the sector being overvalued at these levels >> i don't think it's overvalued we've seen some incred

stocks leslie >> that's right. you may want to hold off on thanking the energy companies for getting us to dow 27,000 overall the sector has been struggling, down 16% in the time between dow 26,000 and dow 27,000 the biggest laggards in the sector, not just including the dow components, include exploration names like apache and sim ma racks and names like halliburton and slum sburger components used in oil and gas drilling each of the names slumdsed more than 40%. >> thank you very much for that. >>> oil has hit a six-week high today, as tropical storm barry barrels towards the gulf of mexico many oil refiners along the gulf have evacuated or shut down production, including chevron and royal dutch shell. >> today's move comes as tensions between britain and iran escalate along the strait of hormuz. bring in global head of commodity managing director at rbc capital markets. the $60 level, wti closing above that, psychologically is that significant? is it significant technically in terms of where we go from here >> i

. >> all right leslie, thanks very much leslie pick r er reporting fromh new york stock exchange. i'll be on "power lunch" that begins now. >>> i'm melissa lee. the latest comments from the fed have investors scratching thei head about rate cuts ahead the president giving his two cents on the subject, too. plus, we works ceo cashing out over $700 million ahead of the company's big public debut is this a bad sign for the ipo later, a top gun reboot taking the internet by storm as "the lion king" live action movie hits the silver screen but if hollywood is out of fresh ideas, is the box office in the danger zone "power lunch" starts right now ♪ ♪ >>> let's get a check on the market stocks higher to close the week. the s&p 500 and nasdaq are on track for the worst week and shares of boeing, the big dow winner is up 4%. we'll have much more on that story later on. >> melissa, we begin with confusion at the fed and the president throwing another haymaker, the new york fed president john williams with some market moving comments yesterday interpreted by some as signaling an aggressi

you leslie picker in st. louis >>> coming up this morning, a lot more of "morning movers for you" plus eli lilly ceo david ricks will be joining us in a little bit with the company's quarterly result we return right after this for starters, we provide you with financing options for your customers. that way, you can help them buy the things they love instantly and pay over time. and that turns them into serious fans. hang on, there's more. want customer insights? we've got those, too. we use data to show you what your shoppers have already bought so we can tell you what they might consider buying next. and you can offer them the perfect products. that ceo gets it. from adding unique capabilities to your company's apps to bringing you loyalty programs, our financial and tech solutions are changing what's possible in all sorts of ways. so, how can we change what's possible for you? is it to carry cargo...he or to carry on a legacy?? its show of strength... or its sign of intelligence? in crossing harsh terrain..

guys, thank you all and have a lovely weekend contessa brewer, bill griffeth and leslie picker. >>> from burgers to tacos, customers can order their food now without any human tectn. were going to take a look at how technology is changing the fast-food industry right after fast-food industry right after thisront. yes, absolutely. do you just say yes to everything? hm. well i say no to kale. mm. yeah, they say if you blanch it it's better, but that seems like a lot of work. no hidden fees. no platform fees. no trade minimums. and yes, it's all at one low price. td ameritrade. ♪ fast food restaurants are getting a lot more high-tech these days kate rogers is getting a look at how these are making changes for customers and companies. >> reporter: the restaurants around the globe almost always involve kiosks that allow customers to personalize orders and place them quickly the upgrades can be seen in restaurants from mcdonalds to panera and taco bell kiosk usage is up 6% with more than a third of customers saying they've used one in the past year 30% say they prefer them over cashiers >> i

i'm leslie picker. time for futures now the ten-year yield back above 10.2% after bottoming out earlier this month record highs after fed chairman jerome powell gave rate investors hope that the trade is high let's kick it off with you what is behind these moves to the markets? is it something about the economy or are they signaling somebody about the economy that the fed is missing >> i think what it is saying is that the market expects things to be better than the fed does and i think that if you look at the gdp number on the 26th, if that comes in hotter than expected, say it starts with a 2, then i don't know how the fed cuts rates just five days later without saying that the fed has gone from data dependent to data ind dependent to blinder the data, to winging it. and all they care about at that point is doing what they want even if it's wildly arrogant, and it says that they have some sort of omniscience that is usually observed for the pope. >> how do you think the markets respond to that if that

let's get to leslie picker at the commodity desk >> largely green on the screen today. you can see wti up about .8% ice present up more than 1.3% or so nat gas up 2.6% heading into the close. brent tends to move more on events in the middle east than texas intermediate crude tensions in the gulf have led to concerns about the potential for supply disruptions in the region the dispute between western nations and iran was elevated on friday after iran's revolutionary guard said they seized british flagged tanker. still those tensions have yet to lead to a sustained really in oil just yet, thanks to skepticism surrounding demand for crude worldwide. guys, back to you. >> leslie picker as she mentioned, moves in the oil market follow continued tensions with iran we'll have more on that in a moment we'll have more on that right now. let's bring in helima croft to talk about what's happening in the oil space. i thought it was interesting, the oil price is not higher. given all of this. how serious are these tensions really >> i mean, i do not think oil is in any way now a lea

seema mody, dom chu, leslie picker you win. >>> companies are leaving china in droves thanks to u.s. tariffs. what the supply chain scramble means for the global economy, and what china is doing to stop it, next we call it the mother standard of care. it's how we care for our patients- like job. his team at ctca treated his cancer and side effects. so job can stay strong for his family. cancer treatment centers of america. appointments available now. - my degree from snhu has helped me tremendously. (gentle music) the flexible class schedules allow me to go to work full-time, run my catering business and be a mom and parent. when i reached this accomplishment, it was like, it's here, it's happening, it's now. we, at southern new hampshire university, are the ones who succeed. we are the ones who break through. >>> welcome back to "the exchange." one year into the trade war and more than 50 companies have announced or are reportedly considering plans to move their production out of china. a new piece in "the economist" takes a deep dive into what it calls the slow unraveling of global

guys, back over to you >> leslie picker, thank you. let's get over to sue herrera now for a news update. hey, sue >> good morning, morgan. good morning, everybody. here's what's happening at this hour president trump announcing that labor secretary alex acosta will resign this following acosta's handling of a 2018 secret plea deal with jeffrey epstein, who was accused of sexually abusing dozens of underage girls president trump had nothing but praise for acosta. >> he was a great labor secretary, not a good labor secretary. he's done a fantastic job. he's a friend of everybody in the administration and i got a call this morning, early from alex. and i think he did a very good job yesterday, under a lot of pressure, he did a fantastic job. >> china says it will impose sanctions on u.s. businesses selling arms to taiwan this after the state department proposed the sale of $2.2 billion in arms to the self-governing island. beijing says that the sales constitute a serious violation of international law >>> and britain announcing that it is

. >> leslie picker has more at headquarters hi, leslie. >> beat on the top and bottom line helped to drive morgan stanley shares higher today. the results were driven by the wealth management division, now representing about half the net revenue at the firm. beating analyst estimates, showing gains year over year cfocruzen said that helped but could reverse if markets decline. also facing headwinds with that unit in declines year over year and missing analyst estimates. guys >> leslie, thank you so much marc, what's your take on banks earnings as a whole this week? >> you look at morgan stanley, our analyst glenn shore has it clear on this. watch word would be stable but lethargic, right that's the message that's not necessarily a bad thing. declines in key markets, m & a, underwriting other areas the core franchise is absolutely fine they've been controlling costs, doing -- loans are looking up. again there's some good signals in there quite frankly, i think there are franchises that even in -- jp morgan, wls look better. morgan stanley fits into the reasonable and, frankly, positiv

lesl leslie >> carlyle looking to change its structure to a cooperation they decided to convert to a c corp carlyle did not respond to our request seeking comment. in making this move, carlyle would follow kkr, blackstone, apollo ares, it may mean paying more in taxes but also means more in investors and etfs can own the stocks the conversions were largely triggered by the reduction of the corporate tax rate to 21% from 35% karl ly carlyle is up about 4.2%. >> kkl went first right? >> i think ares predated kkr, but they were neck in neck announcing the decisions so everyone was waiting on carlyle as the sole big hold out making that conversion they said they were seriously considering it now it appears they followed the pack into the c corp. world. >> the share price of blackstone gives them every reason to follow suit. >> they just finalized the conversion on july 1st so it's still new, received a big bump once they announced the move, a $55 billion company now. >> thank you >>> a federal judge has blocked a white house initiative on prescription drug costs. meg has the story. >> th

i'm carl quintanilla with leslie picker here at post nine great to have you. david faber at the new york stock exchange sara eisen has the morning off busy friday, especially for a summer friday. dow's up 75. we have gotten through some talk on microsoft and boeing and now we are going to get umish. >> our july read on university of michigan 98.4 we were looking for 98.9 and 99. a bit light. the rearview mirror is 98.2. 98.4 isn't bad when you consider in february we were 93.8 let's get to something more interesting. the five to ten-year inflation outlook moved from 2.3 this is very fascinating 2.3. if you look over this data for the last20 years, 2.3 is the low. we have been there several times. several times in this cycle. but it jumped up to 2.6, which is the highest level it's been at basically all year. that was january that was may now, of course, it's once again. let's look at the one-year inflation. moved from 2.7 to 2.6. we want to monitor this as we see constant comments from fed reserve officials that seem to be pulling in one direction lately, and

leslie, thank you. squawk on the street is going to be right back. dow is down about 57 points here four shocks will kill a man. yeah, i think we can take five. you had to open your big mouth. here's what i'm gonna do. i'm gonna smash him right in the face. kill all thirteen guys in three seconds. i'm gonna drop kick him. him, and him. no, no, no that's my guy. that's my guy. look at you the fate of the world is in your hands and you can't even get along. your momma. [ screaming ] >>> welcome back to "squawk on the street." i would like to talk with my guests today, mark summerlan, evenflo, macro let's get right into it. the question of the day on the first two-day policy meeting is the premise of going along to preserve other central banks, europe and japan in particular is it a good premise to begin with in your opinion >> i think it is one of the things that goes into making policy and i think the risk that the fed has right now is that dxy might break out to the upside with dragi reloading and i think that the fed has to be careful to not let the

here with their takes are leslie picker bill, you're supposed to be in that chair today >> that chair? >> youwant to switch >> no, i'm -- no, no, wait i'm hooked up to the chair can't do that. >> i was going to say. i know our director can handle it alan can handle anything in any case, if you missed the show, what are you doing with -- >> where have you been >> where have you been >> skipping right along to our first topic. >> that's contessa brewer. >> that's right. i'm sorry. ms. brewer does join us. >> thank you for the introduction i appreciate that. better late than never bed, bath & beyond is down and cautioned full year sales and guidance on the lower end of its guidance shares down about 6% in this session now. they are trading under 11 bucks today. they were at $80 five years ago. >> there's a lot of competition for bed bath & beyond. it has -- i think its claim to fame are these coupons, 20% off. they show up in every magazine people who shop bed bath & beyond never go in the store without these coupons. now they're saying they're going to try to roll them back or exclude m

. >>> leslie picker has details on bank of american, bob pisani has the retail banks leslie, let's star with you. >> bank of america shares get a boost today. the bank delivered record first-half profitss. >> and it may by dented by the yield curve, and if the fed funds rate is cut later this year, he cut lower guidance from 3% to 2% can you see when he made those comments, the stock ticked down slightly, but has since recovered, guys. >>> we have a slew of regional banks out with earnings this week bob pisani has more on that group. >> i love regional banks, because you get a read on loan growth i like what i'm seeing u.s. bang comp, we were talking 2%, 2.5% a couple years. >> comerica, pnc also in the 3% rage u.s. bank corps, credit cards, josh was talking about the consumer, up limb 8% these are terrific numbers overall. let's look at the prices of the stocks here, all doing all right. there's no tolerance on missing earnings and no tolerance for poor guidance. >> bob, thank you. for more on all of this, let's bring in scott rand. scott, what is your take on the banks? >> this earnin

. >>> another stock falling today, a bchl ab inbev leslie has the details >> anheuser-busch suspending plans to list its asian unit in hong kong set to raise as much as $9.8 billion. it had been planning to sell a minority stake in budweiser. but they said that they would not be producing due to several factors including prevailing far are ket conditi market conditions. reports surfaced that they were postponing pricing of its ipo the ipo though would have been the largest of the year surpassing even uber's $8 billion deal earlier this year >>> up next, shares of oracle also under pressure after a judge sided against the company in a massive government contract case we'll share the details. >>> and up next, facebook's reportedly facing a $5 billion fine over its cambridge analytica scandal. we'll speak with a "wall street journal" reporter who broke that figure coming up next. >>> welcome back record all-time close highs for the dow, s&p and nasdaq. highs of the session as well >> one of the winners today, facebook ran into the close. ftc reportedly approving a roughly $5 billion settl

even though it's a lands end shirt i know to get it through amazon. >> thank you very much leslie as well pets.com ceo is now the founder and ceo of the real real which just went public if we don't succeed, try, try again. it's great to have you both here. >>> coming up, the biggest stock movers of the morning and the biggest stories driving this week including fed chair jay powell the only thing everybody will be watching we'll get you up to speed when "squawk box" returns in just a moment but which ones target your goals? it's not about quantity. it's about quality. no trendy stuff. i want etfs backed by research. is it built for the long-term? my reputation depends on it. flexshares etfs are designed and managed around investor objectives. so you can advise with confidence. before investing, consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. going to the shawn mendes verizon up concert was like an out of body experience. we were right in front of him. dead center. front row.

leslie picker is at headquarters >> reporter: in the first half of the year 13 women have been ceos of companies making their debuts on u.s. exchanges that represents 15% of the total ipos that may still seem like a fraction of the total deals the proportion of women ceos in 2019 is far higher than any year going back to at least 2014. that's woaccording to new data. so if this trend continues it could have the potential to boost the percentage of women running publicly traded companies across america, guys >> that's interesting because the numbers are still pretty low relative to other developed markets, 3100 or euro stock 600. take quite a few to get the numbers up and big enough poiz to make it into the s&p 500. >> exactly take a lot more time and size to get into some of these indexes as well as few of them have due all class structures but, it is a way of progression for women ceo. historically been very difficult from an entrepreneurial standpoint to receive funding. only about 2.3% of all the venture capital funding that went towards start ups last year went to women run founded

. >> yeah, leslie, you mentioned that allocation is a little bit of a game of favorites now you have at least a couple of big direct listings here. >> right. >> obviously, hedge funds have mu as much access to the funds. perhaps not something that's a head start to a big pop. >> that's a key distinction here if direct listings become more popular, institutional investors, namely those that have relationships with the underwriters, don't necessarily get to see the pop because there is no ipo allocation it being sent out to anyone so what we saw with slack and spotify and others, there wasn't really that big day pop we see with the traditional ipo that people who are in the institution community would otherwise see. they are investing along with else >> leslie, thank you >>> when we come back investors feeling a bit of relief after that "g20 summit we are seeing that reflected in the markets moving up this morning. is that going to hold? we will break down the political risks for stocks in the second half of the year. >>> and let's give you another check on where those major averages s

. >>> 2019 has been the year of big ipos here's leslie picker >> reporter: strong performance for the ipo market it's on a tear more money has been raised in the first half of the year than any comparable period going back to the dotcom bubble days of 2000 investors can't seem to get enough 15 companies surged more than 50% it their debuts. that type of out performance should bring more investors to the ipo table. >>> no profit. the vast majority of companies have been listening without earnings investors don't seem to mind they're more focused on a pathway to profitability whether there's a clear and identifiable strategy that management would pursue that would make them profitable third, lockups typically managers, venture backers and employees must wait six months to sell their stock if they choose to do so, that could put shares on uber, pinterest and chewy in the second half of the year. >>> the ten-year treasury note breaking below 2% again. with rates low, investors might be overlooking a threat to municipal bonds. joining me is the head of municipal strategy and credit from hi

. >> so where is all this money going to come from to fuel the space race let's bring leslie pickner to the conversation >> hey, guys so i think you bring up a good point about the total addressable market here, although they say mt. everest is quite crowded so maybe people will add a new thing to their buckest list >> does it cost $250,000 to go up mt. everest >> to hire a sherpa, training. >> and everest is quite dangerous. but you bring up a good question in where the money is coming from looking at three of the most well known orbiters to space, blue origin, spacex, and virgin galactic are all funded by vastly different funding models which i think is interesting you have the virgin galactic trying this spac method, which has never been dry tried before. that was what was so revolutionary, this back door way of getting public and access to a new group of investors. spacex, much more traditional venture funding model. spacex valued at $33 billion with a whole host of investors they're on to seriesjerk in their funding round. they raised $3.2 billion among the most highly valued ve

two weeks ago, a huge spike on very heavy volume in dill yard's ard don't know, very odd check it out leslie picker, be thank you. >>> bank of america says game on, the stock being upgraded to a buy rating based on a 20% upside look ahead. it's our call of the day joe? >> take two interactive has been the place to be. on the back of grand theft auto and nba 2020 that continues to be the leader. the entire industry though, electric arts, activision, it's really right now facing the headwind of a lot of the free play, in particular what's coming from fortnite yes, can you make the case if that headwind is going to dissipate, then the best sensitivity to that dissipating headwind is going to be enjoyed in activision blizzard i am not sure. i'm not confident at all that that's the case, so that's where i think the content creation that take two is providing for you is where in a concentrated bet you want to be. >> quick trade in video games, pete >> yeah. this one makes a little bit of accepts to me because of the multiple being at the low end of multiple years you look back and it seems cheap.

griffith, leslie picker, happy belated birthday, and dominic chu. bigger yeast foreipo proceeds in nearly two decades and everybody's benefitting. companies have so far returned 20% on average >> not too shabby. what's interesting is the superlative here i think a lot of people are starting to notice that this is the highest amount of proceeds raised in the first half of the year since >> was it 90 -- >> 2000. and so i think people are saying everything's going up, everything is working. i mean, there are some exceptions here. we see some smaller biotech companies that are in the red for the year, for example. or uber and lyft, exactly, which represented about a third of the proceeds for the first half of the year, by the way so people have definitely lost money. but i think there is this question of are investors being discerning enough when they are looking at the ipos or are they just saying there's momentum behind these things, i am getting in while the going's hot. >> yes, it's a lot of money raised, but the number of deals out there significan

and our call of the day takes on a financial stock ahead of bank earnings, and leslie picker following the money for us of one hedge fund manager who's having a great year. she'll explain at noon on the half deirdre, we'll see you in about 15 >> looking forward to it >>> coming up on "squawk alley," why our next guest says the president's war on big tech is, quote, getting even dumber "squawk alley" returns in less than three minutes >>> president trump's war on big tech is getting even dumber. that's the thesis and title of our next guest's latest article, ai fellow and contributor james pethokoukis joins us now from washington what do you mean, jimmy? >> well, listen, the president is now aiding and abetting this sort of, you know, republican conspiracy theory that the big tech companies, particularly google and facebook, also twitter, are trying to suppress conservative thought by kicking people out, by sort of de-emphasizing their posts so he's been tweeting about it and now, next week, there's going to be a social media summit at the white house, where the president is going to br

and i think our ipo reporter, leslie picker, was chatting about this too and mentioned, make it more attractive in ipo, if they're going to have more debt on the books. but yo but, you know, what i've heard is they're just changing their capital structure. they're a hugely capital intensive business they have some of the most expensive property around the world. so it will be an interesting one. we'll see when they get there, to that actual ipo i'm hearing the end of this year, perhaps the beginning of next year, but i think there are still a lot of unknowns. >> i wonder if any debt offering or any raising of debt allows them to move that date up or not? >> right >> and remember, they did raise debt last year, $702 million obviously, that is a much smaller amount but we've seen their financials. and the big question, is this more of an uber or lyft? yes, probably, because it had $1.9 billion in losses last year or is it more of these -- the ipo market has done very well save for those two names i think wework wants to differentiate itselvf before it tops the public markets. >> we cer

. >> thanks, leslie. >> joining us to talk about the markets so far thisyear, yesterday was the first, so what we should do -- nelson briggs is president of the national stock exchange, let's talk about the first half do you have any numbers for that so 17.7 billion, 97 ipos, same period last year, under $15 billion. >> so this is reaching 2014 levels where we saw the high for us, about 190 i'pos for the year and so we're on that pace. >> can -- i guess was we've looked so closely, leslie has done such a great job, every one that come out i've been ipo-ed to death. >> yikes. >> i kind of feel -- i was a stockbroker and i never got a single ipos or even 100 shares for my best client. >> you were highly ranked -- >> after it opens. oh, great, thanks. anyway, so the second half can't possibly match up, at least with the name brands -- >> i think you'll be a bit surprised. >> really? >> we're going to slow down in july and august. we only have about 20 deals on nasdaq to go but september is a robust month with names we're excited about -- >> like. >> until they publicly file we can't actu

leslie has the numbers. >> reporter: hey, morgan beating on top and bottom's lines, earnings per share came in at $1.23 about 9 cents higher on a per share basis in the street expected on the revenue side, morgan stanley reported $10.2 billion versus the 9.99 billion, estimates were estimating. revenue declined on a year over year basis the investment banking and sales and training unit saw it decline, institutional securities came in above analyst's investment they saw higher revenue on a year over year basis thanks, to higher net flows the company said wealth management delivered a record pre-tax nikkincome of $12 billion. some expenses did decline and return on equity came in at 11.2% down from nearly 15% a year ago morgan stanley shares not doing too much in the pre market, guys, back over to you. >> leslie, thank you stick around, don't go anywhere. mike santoli joins us with reaction to those numbers. we look at the stock it barely moved. it stayed on the margin in the red there. >> stock is traded very much in line with gold man sax, if you want to look back, they have pulled ah

first day of trading, but not all that in common each led by a female ceo leslie picker joins us with the story of women taking more companies public. >> right a cnbc analysis found more and more companies are going public with women ceos this year. first half of the year, 13 women ceos led their company's ipo representing 15% of the total ipos in 2019 so far and mentioned, each a female ceo at the helm during their ipos in recent months. the proportion of women ceos far higher than any year going back to at least 2014 and triple the percentage of women ceos in russell 3000 and s&p 500 if the trend continues it could have potential to boost the percentage of women running publicly traded companies in america. historically, though, women faced large obstacles in the start-up world last year companies founded solely by women got only 2.3% of the total capital invested in start-ups according to pitchbook and a study by the university of utah found when comparing appleapples to apples, women-led companies receive let capital, and if this is the turning point for women ceos start-ups like

leslie picker, our reporter, covers that closely. better information but the question is what is the second half going to be as strong for initial public offerings as the first >> it depends upon the size. and the price. we have seen you put out a lot of stock, lyft, uber, not so good you put out a little bit, there is some great notes about revolve today. many buys. e-commerce company, i really like realreal last week, don't put out that much stock. if you did a sliver deal, and let the rest wait six months, they work. so let's hope that had they do these giant deals the people behind them do sliver deals in order to keep the market going of course it does hurt six months >> how is -- the slack ipo was -- the direct listing was very interesting. >> yeah. that's a great company a lot of the companies are great companies. these are not hedge.com, even as the ceo of realreal is doing -- >> right >> david, could you please tell me what you've been hiding >> we're going to wait we're going to do a faber report and update we will do that.

estate issues >> there is something surprising about that we know he had a broad relationship with leslie webster. who managed any array of affairs. i'm presuming, he sort of brandished that experience and drew on it there is a lot we don't know about how epstein and black first got connected as well as the extent of the work he did for black. >> here is the party don't get there is no real, serious office it sounds like it was him and the assistant. if you are running several billion under management or advising under tax strategy or something, you might have to send statements to people, just general infrastructure you have to send invoices, notes. if there is real advise being offered. if this is a one-man shop of a guy in his apartment offering people advise. that is different. including having people paying him for that how does that work and what is going on >> there is something a miss here >> there is a lot of strangeness to it. one of the tricky things there was a lot of bluster and outright lies coming from epstein and associates as to who he worked for. for example, there were

nature is unknown as is the fee structure you know, if he were charging 1% for example of somebody like leslie wexners assets, that can bring in sizable fees. we don't know if that was what he was doing. >> we commonly referred to him as a hedge fund manager, obviously, given him the billion fair title none of it seems to fit. not a lot of a foot print in terms of trading activities or pilings. >> it shows his real estate is 2 million zone he has an island in the caribbean and a fabulous townhouse. >> not one of the best islands, i don't think. on the lower end, not in the best neighborhood. >> right >> so anyway, he has a huge ranch in new mexico. he has a number of properties clearly worth real money in terms of his assets and cash, we don't know. he was a private banking client of deutsche bank we talk about that and the fact that he was actively currency trading until earlier this year when deutsche bank parted ways with him as a client >> for reputational bizarre. >> reputational issues >> as opposed to 12 years ago when the charges were first brought. >> that's the other odd thing, in 20

leslie baker has more. >> hedge funds once again trailing the s&p and a bond index for most of the first half of the year. based on the latest numbers from the hfr, hedge funds saw returns of 5.3% on the year through may. the s&p gained twice that amount 10.7% including dividends. the barclays government credit bond index rose 5.6% may was a tough market as global equities declined from trade tensions, the u.s. yield curve converted and 70% managed to outperform the s&p for that month even in the majority of strategies posted losses in may. and liquidations are exceeding new fund launches for the third quarter in a row and these new funds are charging less and less for the average management fee now down to 1.2% that's about 10 basis points lower than last year's launches. so for year to date not a single hedge fund strategy has been able to outperform the s&p, except one, you guys can you guess what it is cryptocurrency up 82% on average. >> what was the return last year >> it was down 70%. >> two factors. >> recouped the losses >> but we have to stipulate the funds are searching for lo

. >> want to get over to bank of america and get to bank of america earnings leslie picker has those numbers. >> andrew, it looks like a beat on the bottom line coming in at about 74 cents a share compare ed with 71 cents that analysts were estimating there. on revenue, they were in line with revenue estimates of $23 billion. now sales trading revenue was down about 6%. that was offset by gains in the consumer segment where revenue rose about 5%. revenue was higher in the wealth management segment which was boosted by asset apreepreciatian brian moynihan in comments in the relesion oase saying our vif the economy reflects the activity by one in two american households which we serve which points to a steady growing economy. we see solid consumer activity across the board with spending by bank of america customers up 5% this quarter over the second quarter last year. the firm took in 75 billion mother in deposits in the quarter. net interest income, that came in at 12$12.2 billion in the quarter, up about 3% from last year return on assets was over 120 basis points return on equity ab