Carl Quintanilla, Jim Cramer and David Faber covered all of the bases on Friday's stock market rally.The two main catalysts: The April employment report shows the economy created fewer jobs than expected,fueling investor hopes for a Fed rate cut.
Apple shares surged as the company's Q2 earnings beat, guidance and record $110 billion share buyback program overshadowed a decline in revenue and iPhone sales. What does it all mean for big tech?
Also in focus: A "Faber Report" on the Paramount deal saga, Amgen soars, earnings winners and losers, Cramer reacts to the New York Knicks eliminating the Philadelphia 76ers from the NBA Playoffs.
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Jim Kramer David Faber at the New York Stock Exchange futures are soaring as the market welcomes this miss on April jobs 175,000 some negative revisions wages run cool 10 year is back below four and a half and that's where our roadmap begins stocks warring on the less than expected number unemployment rises a tick to 3 9. Double digit drop on iPhone sales but it did approve that one hundred and ten billion dollar buyback that's the most ever for a public company and it is giving the stock a boost in the pre-market and the price for Paramount Sony and Apollo submitting what is an all-cast $26 billion offer that includes debt by the way for the company but I will bring you up to date with the very latest reporting on this saga. Let's get the market reaction to this morning's jobs numbers we said 175 we were looking for 240 negative revisions of about 22 K bond market kind of sniff this one out Jim. Yeah I did this is one of those moments where I think you're sitting there saying well think about the narrative we had on Tuesday that tomorrow a pal's gonna lower the boom and talk about how yeah I mean the chances are we have a rate rate hike and he would have looked very foolish and said now people are saying that he had a number and now I don't think he had the numbers it's pretty tightly kept secret but David when I look at this I say to myself all right well probably will get a rate cut of things get a little bit lighter and that the market is very poised to have a run here which is really amazing because well yeah I mean the tenure right there tells the story doesn't it yeah falling dramatically in terms of yield as it has we were at 4 7 very recently yeah very positive it's very positive yeah it is because now we're there's not much ahead of us because we're kind of out of the bigger earnings period yeah so if you can kind of coast on a lot of stocks that said we're still going to continue to have this endless conversation as to how many and when in terms of rate cuts and it doesn't appear that one is on the horizon in the nearest term let's do this why don't we just ban it here and just do our viewers a favor and just say okay look there's we had unemployment and we had a fed meeting and those are the two things that really matter and now we're gonna have to be like the fed and be data dependent if there's data that's in line then we should just stop squawking about it and play we should not be playing the parlor game of well so-and-so from the state of Cleveland that's how I view it well then you've just wiped out about six hours of programming a day here on CNBC we're jumping back into fed speak tonight when you figure out what you want how you want to reprogram that you let me know well how about we try to make people money so novel idea radical idea like Jeff King's all that story is really good I would buy that I had Brinker I mean I can't believe he's turned the corner Senko tomorrow's a really big day for this large solar tequila no let me instead talk to you about how you know it could be you know it's possible they could do a 35 base point how we never thought of that would be and David let me tell you 36 and a half they could do that and David let me tell you about the two year huh huh tell me about that two year no look I look I'm sorry to be a dissident but I'm not souls and eastern here yep souls and easiest right you know like I've really just made playing a planet the flag no I'm just saying look let's just say that the two big numbers are unemployment and the fed and that let's not get confused we're in a moment where we've now had the two big bad events and let's just take a look at it we we should try to at least make sense of companies on the basis of earnings I know that it was impossible to do during the last three days and was very disarming because you want to try to make people money and then people here I keep looking at the people say it's a stock pickers market that's nonsense it's an S&P driven by fed market Europe and I think within that era there's it's very hard to pick stocks yep because you know your whole work could have been undone even in Apple if we got the wrong number look at Amazon they had reported great number okay but they got they were in the maelstrom of of a fed day and we didn't find out how good the reaction was until after now Amazon run another five this is not paramount global oh don't worry we'll get to know I'm just trying to say look am I trying to just coverage no I am saying that there are times when there is a game and there are times when there's chatter about a game and I'm saying the chat about the game is not that meaningful well if rates stay calm doesn't that lower the bar for earnings there's not gonna have to carry as much water exactly so what I can do is say you know what that alphabet quarter was so good I might add I think it might be worth 10% for the stock I won't say this that out the course really good but I don't know what the feds put us in and we have to can we cheat is it us doing the thumbs up you know I mean if Jay pal's gonna continue to have these moronic conferences where he just subjects himself to this lunacy of questions you're referring to the the questions when the questions were about I mean aren't you worried isn't the next thing gonna be a rain hike conferences where he subjects himself to the lunacy of these questions you've not been a fan of the fed press call and you know he continues to do it so can you just drop it you can do it four times a year you can phase it out he can do it every once fetching I just think he doesn't do himself any favors and they ought to have a blackout period that is more than just five David what about what about jobs anything in the job report catcher notice or not yeah that the economy is not three nine well actually it's it is the very interesting where the job growth was I mean we're back and seeing health care really strong everyone health care is really strong and we knew that health care is gonna cost us more money yes that's the number I mean what what did happen this week we saw CVS have to pay too much for for health care we saw Walmart right off the gigantic initiative we are back in the world where health insurance cost too much yes that is very meaningful that's what I'm focused on all state another one right on in the insurance front we talked about when we talked about our insurance as well I just think that's you know you want to worry now the other day I said look maybe we should have a commission looking into the things that that have just not come down so that we can say look this is the industries that were most concerned about I don't want a witch hunt I just think that there is an element that's intractable and I let you know which parts and try the American people like to know I'd like to know why my auto insurance went up I don't even know what percentage that guy did because they're not focused on that they're focused on handbags you mean the FTC yeah well hey listen I've spent some time on the handbag issue and you know what I went I people are going to Canal Street they got all sorts of Kate Spade there they're beautiful I know those those those handbags on Canal Street or even on on Broadway in the in the high 40s you can find them very nice now look the lovely assortment on the side what she sees at least trying to figure out how to make it so that consumers pay less at the same time you have everyday low prices at it at Amazon but they don't like Amazon I mean look I want to know what's causing this now you can call the heads of of toll brothers and you can't call KB homes and pulley say well like why don't you build more homes I mean it's up to that but homes you know shelter and insurance are what must come down yeah let's move to Apple this morning up sharply in the pre-market with the beat the year on year on your decline in revenue China down 8 gyms a lot better than down 13 yeah look and the big thing here was I don't you know I found I come really it I really am souls and eats in this morning but the big thing was that it's low single digit growth as opposed to 1% growth which is what people are looking for and then the second thing no one's talking about is that the vision pro not only not being a bust is something it's going to be very big business to business when I spoke to Tim Cook about it last night it is very clear that the orders that are going to come in from business to business in order to be able to build things or to be able to make things from a Siemens from a back deal from a auto company all this is going to be very very big and that they think that this may be one of the biggest things they've ever had but it's not talked about because people keep thinking all it is is something to be able to be on an airport with their employment there you go so he agreed with you right and this is the omniverse this is what Nvidia has been talking about behind the scenes it's a very important not mentioned by single-ass power not a single analyst talked about the thing that Tim Cook said was very important for me in terms of what's going to grow earnings which is the business of business aspects of what is going to happen with vision pro because it's so great to be able to build a factor using vision pro and then makes like a blip on the radar given really the focus on obviously handsets and what that's going to mean in the next iteration of the iPhone the inclusion of AI I mean I know you care about this vision pro thing but it's not going to move the needle for a while Jim you're wrong I'm wrong yeah all right you're wrong because it's the biggest thing that could happen in business that they've had yes absolutely AI is going to be very important and they're going to talk about AI could developers covers it's just that when you spoke speak to Nvidia they say this is the big op this is the big black well use which is omniverse to vision pro so what I'm saying is not that you know I hear everything you said about Apple but what I'm talking about is Jensen Wong and what he thinks can happen okay and what what Tim Cook didn't do last night was throw cold water on which is what I was really worried about right because I was I'm out there in this thing you are you are but I just think that everyone you know they've sold out of what they have they didn't build new ones but I and I think AI is incredibly important I'm not saying that I'm just trying to add to your right you're trying to add that this is something that may be overlooked I read every piece of research this morning and there's not mention revision pro and and yet when I spoke with Tim Cook he he's jazzed about vision pro what am I gonna do there are a few target raises JPM goes to 225 right Rosenblatt 198 the buyback Jim 110 is the biggest ever it's bigger than most S&P market caps and on the list of all time record buybacks Apple has the top six well look my street is running fantastic CFO it's trying to run it at cash neutral that just happens to be that they have so much cash so much they have a hundred and sixty two billion in cash marketable securities I would have a hundred five billion in debt so they've got fifty eight billion of net cash right well this is a surprise for them they have too much cash they'll be in there buying they're in their buying all the time yep I think that where people the two things people got wrong was one that the growth for this quarter but the second was like you know and Tim's kind of a I think a little shocked that there are all these surveys that talked about how China got worse worse worse when China actually got better better better so what I think what he's what Tim is saying is that the surveys are just don't do a good job and you should maybe maybe shouldn't rely on them as much as people do no but it is clear that Huawei has an entrant in the marketplace that has taken share and it's true that who knew that they were doing as well as they were Apple in China right remember the government which happens to be a totalitarian government would want you to buy Huawei and yet people are still risking well let's just say the a program of the government by buying Apple I look it was just a really good quarter versus expectations and the guidance obviously is up and you know when you talk to Tim I mean by the way like you talk to Tim Cook it's he is a very real person okay and I don't mean to sound don't be bad though what I'm saying is that he too gets surprised when things are good like well you know trying to turn up me better than we thought we we you know we started thinking that maybe China was getting weaker and it actually didn't in the big cities we're selling really really well right I mean they're trying to do a rest of world where you with the conference going to about how big Andy it can be I mean they're now talking about you know soon the conversation would be about ROW rest of world right and it's also going to be about the wallet that's going to be really important because we don't know where the wallet's going but they intend to be much more financial services oriented that matters to me so more for more financial services order more bit more business but then the AI that you know like I said listen do I have to go over like all the things that Samsung's doing or just forget about it I got the impression that you can forget about the need that the Android phone has that will be history three months from now there will be no lead by the other guy we do have an iPad event coming up in a few days it's been a year and a half since that refresh Jim yeah and iPads were down 17 no and they that that when you look at that that's important but I thought it was very interesting at this quarter if you added up Mac iPad and you add up ear and watch services bigger services services gigantic now so you really have something where if you wanted to extrapolate and be someone who's incredibly bullish about the service you can see service becoming kept the company right in a few years and as we pointed out of course that is deserving at least in the view of investors of a higher multiple given the occurring nature of that revenue as opposed to being in the market with a new iPhone and you never know right I mean that's you maybe you give that a cold game multiple and suddenly you realize that multiple's not what what yeah well just Colgate's having a good year thank you yeah yes Colgate yeah like Babe Ruth versus what Calvin Coolidge absolute Colgate's having a good year yeah Colgate's having a good year that's why I like Apple you I'm trying to analogy I you did a good job you did it for me all week you I did you know it's not the whole darn well that's not true I love you like always just this reason pro thing I just I don't know Ruby come back David we'll get us the latest on Paramount including a bunch of movers today Amgen up double digits in the pre-market we'll get to Expedia booking live nation XPO look ahead to Berkshire futures holding in there 10 years still below four and a half in the VIX under 14 you seek the key but first you must learn the ways of precision craft and performance with Acura's all electric ZDX with a premium bang and all of Sun Sound System up to a 313 mile range and a type S variant with an estimated 500 horsepower the ZDX is their most powerful SUV yet unlock the energy when you visit accurate.com to order yours today let's get straight to the point you want to grow your portfolio to fight rising costs of inflation or pay off your debt or any thing standing in the way of you and financial freedom right Yahoo Finance our sponsor today can help for more than 25 years Yahoo Finance has been helping great investors like you whether you're a seasoned investor or just looking for tips Yahoo Finance 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All right and then it just keeps getting more interesting and paramount let's let's give you the latest at this very moment with the idea being things can always change of course tonight you have the expiration of skydances exclusivity period of negotiation that it has been involved in over the last 30 days in which it is trying to get to the finish line on this complex deal to take control of paramount they didn't quite get there as I indicated earlier this week skydance the Ellison group along with its partners Redbird had been asked for a certain number and certain considerations they felt like they met that only to sort of still find that there was a gap which they haven't addressed and then yesterday we got news that of course I can confirm and give you more details on that Sony and Apollo have submitted a bid for paramount as well now it's it's not binding so to speak it's you know an indication of interest but it is very different according to people familiar with the situation than the previous letter that was received some time back from Apollo same number 26 billion remember we're talking about almost 15 billion in debt so don't get overly excited and take 26 billion and divided by the paramount shares outstanding it includes debt but it is what I am told is a very serious offer being taken quite seriously by the special committee that of course is running this entire process special committee of paramounts board and is going to be pursued as such so tonight at midnight in all likelihood fully expected the expiration of the of that period will look of the exclusivity period will come and the special committee will undertake negotiations still with Ellison if they want to keep going but with Sony and Apollo now that deal is not without its own serious considerations by the way price-wise we and I'm being told significant premium for the b-holders and a double premium so to speak for Sherry redstone and her a holdings for the a shareholders not quite certain as to where that comes because the word significant can mean different things I heard numbers as much as 40 percent but frankly not sure what the unaffected stock price would be there so don't jump to conclusions maybe you get to the high teens I don't know it does not include as I'm told at this point though it is considered quite serious this bid things like a reverse break fee that would perhaps account for some of the risk taken on in the 12 to 15 months that any Sony Apollo deal would likely take to get approval from the antitrust authorities from the Federal Communications Commission remember it's a foreign buyer in Japan there's stations at Apollo alone so even though they're they already have FCC clearances you know would they be able to continue to increase in the station front so any number of complexity around that as well but Jim that's kind of where we stand right now Sony Apollo now again and I want to stress this very different night and day is what I'm hearing from what was that previous indication of interest from Apollo alone in this case obviously Sony would be the larger investor in a purchase of all the Paramount and then integrating the studio with Sony Apollo owns legendary maybe that would get folded in there and then you're off to the races will it all happen of course that remains very much unclear will Ellison and Redbird come back yet again and try to mount something that is meets what whatever the hopes were for the special committee also unclear all right so what do they see because we have every single day stories about linear not doing well we know from when we talk about the NBA the rights for things are out of control and it's really only the Amazon's the world won't dent their balance sheet yep we don't have any sense about any change in court cutting yep so what do they see now that they want this it's a great question let me I'm looking through my endless notes here to find I think what is the right thing listen if you are Sony for example you're gonna have an enormous opportunity to save costs I mean you know you've got a very valuable TV library you've got some IP but not as much because frankly Skydance owns some of the more important IP and Mission Impossible and Maverick but you do have some you've got a library of great value and TV you've got an opportunity to save enormous cost because frankly you can lay off a lot of people now how that plays is yet another consideration so strategically this is a one of the one of the few where it actually Mike might beat a two plus two is fine yes big and so you know if you would hope to save as much as a billion and a half to two billion dollars straight now things on the streaming front whatever that may mean Jim very and then you're off to the races potentially but it's such a challenge to industry that those kinds of questions are certainly the key ones Jim yeah great reporting thank you well get Kramer's mad dash counts out of the opening bell one more look here at the pre-market as futures definitely willing to accept this miss in jobs 175 if you missed it below consensus of 240 stay with us what's on the horizon for financial markets at P Jim it's a question that over 1,400 investment professionals relentlessly research in pursuit of your long-term goals specialized across asset classes but united in collaboration our teams provide global and local expertise our investments shaped tomorrow today pursue your tomorrow with P Jim a leading global asset manager finishing out this week on a high note as the 10 year still remains below four and a half in the wake of the non-farm payrolls opening bells coming up in just about four minutes don't go anywhere all right let's get to a mad - want to talk a little m-gen and we may want to talk a bit more about it because the stock is going to be up sharply well they have this maritime when I'm done with Bob Brabway to be in the year he said look out we've got something that might be better than GOP - one different kind of formulation they just passed phase two now people have to understand phase three is a very difficult phase and because this is in a different medicine they're not going to prove it immediately because they say oh well we already have something on the market however if they if they do succeed it would be very big because it does last a little longer it does it does it's an injection now they've given up on a world you know I mean you do have novo and Eli Lilly in this market in a significant way very effective which is why I was gonna say it's more like cholesterol where it turns out you have a lot of companies in it and yet they still make money yes I think engine should enough but remember and Jim was up in January when they said this and then then we got the numbers and he'll have little trouble doing really well so ready you only come down and buy it money Jim let's get the opening bell here and see if you see a real-time exchange of the big board it is the Consulate General of Mexico he's been reminded that Sunday at the Nasdaq it is the committee to protect journalists as Brett is feeling in here you speak of Amgen that's gonna be a lion's share of you that is a great company and Bradway is a serious executive they have an anti-classroom drug they're still not getting in school they have a terrific migraine drug that is a big that is not getting into and all I can tell you is that there are drug or not that people don't think it's a drug or not and there are doubt stock that everyone's kind of was unexcited about but they and Pfizer the two drug stocks that are suddenly in the conversation again and I think it's important point out that Pfizer may have some momentum to yeah huge weight in the Dow even before the jobs number was gonna account for a couple hundred points a game sure and look the obviously the treasuries are signaling that there's got to be S&P buying and David there were when we look at it what happens with the with the mega caps I mean we know that that outfit was really good and we know that Amazon was really good and we know that Apple's good yeah that's just a Microsoft was great so you have money going back to those in a slowing economy which is apparently what we're getting you buy those apples gains are significant as you see their big string of losses for the year now to under four percent I would point out Jim Microsoft you know when you mention obviously meta alphabet Amazon and video Microsoft lags in terms of its performance this year which is basically in line with the S&P they can put it up because their conference called the Amy hoods portion was extraordinarily good they had nothing bad to say I do think that what's happened is is that their chat is being diluted now people think that that what Google has is very good so with Gemini you mean Gemini and playing this meta product is so great I'm wanted every day it's really fabulous what product are you referring to your what's app and you can just quickly call it up and it's so good I mean you know what here let me give an example what I do okay so I'll see the cloud flares down and I'll say is cloud clear losing share to at half mine and they'll point which ones are better and give you the pros and the pluses and negatives in its really coherent very fast fabulous so that's on what's that that's what the what's happening I just remember using it yeah remember a circular about 300,000 of the GPUs from Nvidia and you see what it's for and yet when I talk about it no one else is on it other than me and I was a quad three guy I happen to like quad three very much with Shannon I'm now using the big investor yeah I'm now using the meta product more than I'm using anybody else's and look I like these because if I I don't want to go to an interview and think that there's something I'm missing so you just put it I get interviewing blinkers put in is there anything to a breaker you know it comes back give you something I think it was a band cell yesterday on squawk or one interview that they gave at Moderna were 60% of workers there are using chat GPT or some variation of their I don't know I don't know how you don't use it I I don't know how you feel prepared enough to look at a company without going without putting it through the box I just don't and when you want to have a comparison of a company company it has every great trade publication comes down immediately and say okay well I'll read what this trade book which I never even knew I'll read the side-by-side and I it helps you make a conclusion that's what people do it helps you make a conclusion and meta is very I went to Zuckerberg when I said this we ought to talk about this thing but yeah I mean listen it's been a while since we talked AI and we're significant way given every the avalanche or earnings but right Blackwell is coming and the company the the increase in power of that mean how much it uses or what it's gonna do know what it's gonna do yeah but could not not sorry not how much I'm I'm saying the right the multiples of what that is versus now in terms of the compute right okay is shocking yes in the one of the reasons I keep mention I don't know I'm afraid to mention vision pro because I'm afraid that you'll all right that's okay you I'm done turn me into crusty or bozo or any of the variations but that you can you use the on the versus power by Blackwell and that goes into vision pro but it wouldn't work otherwise because Blackwell's so much faster and what you like I wanted to recommend Getty imaging I don't want it's too small but because they're feeding all these images and movies into into the database right because that's when vision you understand that video had eluded had really eluded them right they're really text not anymore so they can put in every kind of movie ever made every still ever made and this is how you get to have Lincoln give the Gettysburg address after you've watched I don't know a program about getting John for man right like I want to see Lincoln give an address okay I think I'll under with Blackwell I can have that right my room I can have anybody now Blackwell has yet to show it doesn't ship it doesn't invite him to the end of the year till the end of the year some people get some I'm sure Amazon will get it in September everyone's very excited about it but you remember everyone's a little tired of Nvidia being the state of the narrative right like they want it like if you go to Amazon's conference which was excellent by the way they're talking about their different ships but then of course they throw in that yet we have to we are on good we're on the good side of Nvidia well the narrative today Jim's largely about things that are financed the home builders yes putting together some gains Sherwin Williams a masko home depot you know something you mentioned that call because what's happened is is those stocks have just been horrendous because people were getting this the the notion that there's going to be you know higher for longer so the home builders have been bad and the companies that have been terrible our companies like flooring decor which is a very good company I love to mention companies that David has never heard of us interested in ever David it's it's has to do with floor flooring the court okay got it things that has but masko is is gonna be up one that is I look there's some don't think this home home people and loads what about home depot and well they've been terrible and they might be good because because if rates are so rich and then right there's so rich and more likely to the right to well people move or to undertake so moving yi move well they're the two but moving could be more prevalent that's what you really need to see more people go to home people yeah I mean floor was a double miss I know IR is down about five percent Jim yeah well you know you started getting some weakness in anything related to new roads that go into it people there's people were down who were downgrading the BMCs of the world which are very good I think the Sherm Williams did not have a good quarter period there's floor there's floor court well like that that's a different kind of totally different that's sort of water filtration if I remember but also Ingersoll Rand is what I think you just referred to yeah well I mean I are which is down almost five percent in dust real what you're moving too fast well get back to Ingersoll Rand that's up floor us to do with the building major projects so let's not go there okay but but Sherm Williams have been down Bailey and so how about how about XPO with the earnings of 45% ton of job three shipments per day at five well I mean they have had really good transport numbers and that they've been going down because of the fear again higher for longer has hurt transports I don't know if you heard Becky's great interview with the CEO of Burlington Northern Western world it's not doing well we got an upgrade of a UNP today yeah UNP is doing precision railroad it's really paying off I also think that this is a case where where you can look point-by-point about everything that goes into a home and it's pretty good today what is homes homes you like it you like homes yeah I do my homes my home show is like my own contract it was like homes it's hard not like my homes but I think the courterious Tony did not really farewell in that in the resigned department we didn't I didn't see that no coderias Tony he made some mental errors as I recall to the end of the season you know what he didn't do he didn't bet on games no well that's a good idea I know trafficking is turned in a chance they turned him in to the authorities which I thought was shows you players we're now we're talking about the NBA player you're betting on your own game yes or if you're betting on any game that they nail you for that but draft Kings is a stock this you go up we have more work on English so ran but the NBA has been very enjoyable particularly last evening was was quite quite fun it hurts yeah he has had it in for you all week you're right oh damn whole week I mean like what else Josh Hart I mean it's the villain of his own top five baby how does he do the three of them the three of them know the guys the three of them and right yeah they basically know they either scored or assisted on I think it was almost all of the hundred eighteen point I'm so I was like a hundred and did you narrate that game at your home did you like look in the mirror and you say oh and that's well look at that shot holy cow did you do that I usually I usually do my best Clyde Frazier hellacious and salacious I think I wish the Dorsburg would replace you right now here next to you yes I want Dorsburg right please today's the day where I said could you replace David for one game Dorsburg would have the same question single best in the world single best announcement Jim I don't understand the vision pro yes we got actually oh it wasn't down great a VL yeah that was like that was just a throw I could that that's a I cannot take it anymore downgrade please let please you know that guy's drowning in like Mac Jim all week long we've been talking about industries where one company is on the sunny side of the street the other side shady this Expedia booking splint today is okay speedy coms calls the disaster because what they're just saying is look our our verbo application didn't work so me you go Airbnb you go to Airbnb whatever and Expedia's conversation it is nothing like bookings which was very very good bookings book is actually talked about traffic and where things are if you came up the latest of the earliest you came out of COVID's now recycling and they're no longer traveling the way they were but the glitch that happened at Expedia was not related to to travel was related to their own internal bungling meantime booking holdings was a beat yeah they did not raise the guidance this is about a way to bet well because they're worried about the mitties it's very interesting because they they were more sensitive to the mitties than almost anybody because April it's turning into a month of people worried about bookings was fantastic work and they are a great company holy cow um obviously Berkshires Berkshires big meeting this weekend I'm sure you know Monday I'm sure we'll be a running act service from what I assume will be the the interview with with I would say so of course I will and Becky had some great interviews this morning but it's worth there it is of course always worth taking a look at Berkshire we don't talk about it that often it is one of the it's the top I don't know six or seven at this point it's got an eight hundred and seventy billion dollar market value by the way owns 160 billion dollars worth of Apple right it was a great buy a great buy back in the cold I come in back 2017 is absolutely terrific the portfolio is made in an enormous cash position that he is yet to actually I mean he's getting a return on thanks to interest rates but has not Bank of America has not bought something with well you're right I mean it's big enough that we should be spending more time it's not a bad chart it doesn't tell you not a bad chart no it doesn't they don't tell you a lot that's the greatest investor of all time right there absolutely right well you know what I mean there's nothing wrong with that you know I always say own the stock he's the go on the stock he is the go but is there a 30 for 30 about him no I don't know why that was funny and I don't even know why I just when I knew it was the way your brain works I'm like what well Bowie hasn't anything badness in the last well spirit this peace and barrens about the second whistleblower to die in recent weeks Jim we didn't touch on the FTC PXD story about whether or not they will recommend to justice the criminal probe of Scott Sheffield even with the you know I've been closing by the way I think it's you know I'm based out to some of my sources I very much want to defend him but you can't just defend it out knowing more I mean he's taught me more about about oil than almost anybody in the world and that doesn't mean I mean I need ammo I can't just say listen they're wrong they have so many emails obviously there's something going on you can talk to Darren Wood I guess I mean they say they claim that it's being misunderstood by the FTC but they said okay Sheffield said all right I won't be on the board of the combined company I'm going to be talking to Darren on Monday by the way and we'll certainly talk about that we'll continue to as well talk about as I brought up any number of times this sort of unique dispute that they're in about that joint operating agreement in Guyana in which they are saying they have a right-of-first refusal look at that line up that's my lineup yeah well Mnuchin's my guy it's all my guy so those are two I've got the two Kings you've got a seven nine and a three you've got yeah I trying to move it in different directions they want to be good though Mark Rowan is always great to talk to you are you gonna ask about colleges I mean I'm he's been so involved I think it'd be hard not to discuss sort of some of the campus protests with him but you know there's never enough time for Mark Rowan so I'm not to mention David Solomon obviously coming off a very strong earnings a Goldman Sachs and a new all-time high for the stock price so he's got to be feeling decent about things it yes definitely and by the way the magnificent seven is having a great day it won't be you know the Microsoft mentioned you know it's also well actually coin had some pre-market gains Jim but relatively flat now the one I was thinking of was block with Dorsey rolling out some new plans yeah you know there's two elements to block last night there's the Dorsey rollout of which it talks about so much about Bitcoin how they by the way they don't care for Ethereum but then there was just you know Enbina who should just talking about the plain old business of the of the app and it was truly terrific and I think the stock should go much higher I thought that was a really really good conference call and they're doing a lot of business live nation we haven't touched on with a nice beat they don't think justice will pursue a breakup our concerts were a little light I don't I got it not sure I know I think we're penis-driven I think the game justice guess Justice Department here's a real bad idea you don't want to game just just apartment because just apartment like the FTC David we have a kind of a activist justice department yes we do yes we do ticket master not sure they like well there are a lot of questions as to whether that should have been allowed in the first place but now they're coming after now many years they're trying to make up for a lot of the things that others have checked off one other administrations I just when you talk to justice I mean justice is the FTC and justice very much a lot a lot of things but Carl the one of the things they're really a lot on is is that the consumer and small business has been hurt by all the beings you know we haven't mentioned the closing arguments took place in the Google any trust trial yes it wasn't mean it's gonna be a while to the judge rules but it's not the big one no it's not but it's not unimportant no no it's not unimportant at all but I want to see the tenor the judiciary is not necessarily agree with the different organizations that you know and there's another DOJ headline on something we've covered closely there's the judge I'm talking about of course closing arguments there asked a lot of questions of both sides yes reporting I will obviously just relying on the reporting of others there in terms of what took place in the courtroom Jonathan Kenner was there apparently from DOJ yeah at that trial yeah he's very good yeah very smart yeah very smart yeah thanks Dan they like higher for longer and you've been more easy to tell that they just the banks have been adamant that look higher for longer is fine for us so if we get not higher for longer than people say okay well they didn't think that's that good I'm surprised that alphabetism up more given the fact that the cohort that is in is very well finally we didn't I some of the cops the organic numbers on Hershey were interesting just given what the commodities done see I think we can we gotta get a handle how much they walked in because man they're gonna have a good year good year next year I think that sucks to be bought Michelle box for a good CEO I thought by the way that model he's had a really good quarter nobody really seems to care to that this week meantime more data on the way services PMI let's get back to Rick Santelli Eric yeah and services PMI pop 10 year back about four and a half percent these are April final we take the mid-month read and toss it 50.9 now becomes 51.3 on the services that's still the weakest level actually since no of 23 but it is the 10th consecutive month above 50 what a difference between services and manufacturing and if we take the composite it was at 50.9 mid month it moves up to 51.3 same as the services that's the weakest since December but it still remains 15th consecutive month above 50 and as we sit here at 478 we're down 21 basis points on a two-year and on the tenure which just popped up briefly above four and a half at 449 it's down 1717 basis points on the week we still have more data top of the hour ISM services squawk on the street or return after a short break take a look at some week to date NASDAQ 100 gainers you'll see Tesla in their Mojuna and Jen is not just helping the NDX but that and Apple is adding about 350 points to this 500 point Dow gain take a short break here we back in a minute it's time for Jim and stop trading one second anyway is Airbnb I think a chest he's doing a terrific job Brian but on the expedient call last night the big problem is for a bump they just had some sort of glitch and the natural winner if you were looking at Verbo is to go to Airbnb they'd be competitors Verbo is very good competitor but they were all flying for enough for me to think that Airbnb is gonna have an upside surprise so I would continue to buy that stock which is which again I would not recommend if I'm doing well anyway right so many mixed signals and travel you see the warning out of six the European car rental company it's so confusing now but if you are a frugal traveler you will go with the booking so you'll go with an Airbnb which is just a lot cheaper than a hotel how are you gonna close out the week tonight okay I've got Genrac which is a very interesting company by the way you know we're seeing it endlessly that we're no longer getting the big money put into climate change just stop it and it's going to security and government but Genrac is away you know obviously if you think that your utility company doesn't do well when it becomes again when it gets hot because then the grins is so bad general yeah and also we get more storms that are more powerful yes through they knock out your electricity for any period you're not a denier I'm glad you and I can agree that that there is climate change going on like there's a fifth oat now because of the melting you go I'm not it no I'm not a denier you're not no okay because I thought that you know because I said that I'm I'm worried about climate change that those are not gonna matter when AI kills us all I think that's true or we'll be able to put our vision pros on and look and see what the world once was like I'm good bit you were actually in our little cradles all of the matrix living our lives I was gonna say I'll bet you it's what is that like contour GSA should be sneakers and jeans my friend yeah I hope do that Brooks whatever that's owned by Berkshire Brooks that's why I mentioned they were on tonight that's why I mentioned it we'll we'll see you tonight Jim hey hey have a great weekend Carl yes have a fantastic begin to you just a great second a mile you've been listening to the opening hour of CNBC squawk on the street all opinions expressed by the squawk on the street participants are solely their opinions and do not reflect the opinions of CNBC NBC Universal or their parent company or affiliates and may have been previously disseminated by them on television radio internet or another medium you should not treat any opinion expressed on this podcast as a specific inducement to make a particular investment or follow a particular strategy but only as an expression of an opinion such opinions are based upon information squawk on the street participants consider reliable but neither CNBC nor its affiliates and or subsidiaries warrant its completeness or accuracy and it should not be relied upon as such to view the full squawk on the street disclaimer please visit CNBC.com forward slash squawk on the street 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