tv Worldwide Exchange CNBC March 19, 2021 5:00am-6:00am EDT
pick an order, print everything you need, slap the label onto the box, and it's ready to go. our costs for shipping were cut in half. just like that. shipstation. the #1 choice of online sellers. go to shipstation.com/now and get 2 months free. it is 5:00 a.m. at cnbc global headquarters. here are the top five@5:00 stocks trying to rebound after the tech tumble. then we go to the soaring-year-old 10-year coming off a high. and earning central. nike and fedex show two sides of the same pandemic coin then tensions flare in alaska after the first face-to-face meeting with the u.s. and china
during the biden administration. a developing story this morning. and crude coming off the worst day in months as demand fears rear thine ugly head. it is friday, march 19th, 2021 you're watching cnbc good morning i'm frank holland in for brian sullivan we begin on friday morning with stock futures after a whopper of a trading session on thursday. let's take a look at this hour stock futures are up important to note, the nasdaq is leading the futures indicating it will with open half a percent higher the s&p and nasdaq and russell 2000 all saw the worst day since february 25th. nasdaq snapping a three-day win streak and set to end the week down 1.5%.
apple and amazon and netflix falling 3% zoom down 6% tesla down 7% on the day the move lower in tech it comes on the heels after a surge in treasury yields the 10-year hitting the highest level in 14 months and taking a step back. the 30-year yield not seeing the highest since august of 2019 below the 1.7% level we saw yesterday for the 10-year. watching oil after a rocky day for energy crude sliding 7% yesterday for the worst day since september. crude sitting right now. we are watching it at $60 a barrel up this morning after yesterday's big tumble two stocks we are watching as well shares of fedex popping after better results after the peak holiday shipping season.
ken is coming up with more on that quarter and nike under a lot of pressure after a very mixed quarter sales coming in below estimates and outlook is disappointing the company blaming backlog at u.s. ports. around the world, the global markets. red arrows in asia overnight after big news from japan. matt taylor is in singapore and joumanna bercetche is with us as well matt >> reporter: a sharp week for markets. investors spooked by the rising treasury yields as well. markets are down in the order of 1% across the board. a number of the markets heavily linked to tech down sharply given the sell down. the nikkei 225 is extending in
declines after the bank of japan. down 1.4%. the topix is ending on a high. it would only buy the atf. linked to the topix index. we saw a number of stocks in the nikkei falling we saw the annual targets for the etf at yen currently that was at zero, but it will fluctuate between 2.5% and positive 2.5%. across asia, tech is leading hong kong and shanghai the talks with the u.s. and chinese with the diplomats in alaska dipping sentiment for those buying into the china markets today. frank, back to you >> thank you, matt
now the trading in europe. joumanna is standing by in the london newsroom. >> reporter: frank, another negative session from the weak counter from asia. this is the picture today. all of the majors trading in negative territory f ftse is down a lot of oil is based in the uk. they are under performing at the bottom of the index. xetra down for the week, the dax is set to end up volkswagen alone is boosting the dax performance. cac and france down .70% let me tell you more about what is going on. yesterday, the prime minister announced the greater paris region will be entering into a
lockdown the government had been resisting this route they made the announcement yesterday. it will start midnight tonight it will effect 20 million people basically all non-essential stores will close. it is having an impact on the french blue chip let's turn to that you have the luxury stocks down .10%. the banks coming under pressure. that is the mood for europe today, frank. >> joumanna, thank you for that. sticking with the sell off in big tech. jim cramer with the choice words for investors deciding to lick wh liqu liquidate. >> they are freaking out again now he has decided to keep rates too low. i think will happen -- listen, wall street. he will go 2 for 2
the sellers who feel smug? they will go 0 for 2 and get steam rolled good riddence. >> we have chief investment officer with me. good morning, dan. >> good morning, frank >> i don't think that was jimmy chill. that was regular jim cramer. do you agree or disagree >> it is important to have balance in the portfolio we're at the beginning of the profit cycle recovery in the economy. that boosts well for earnings. the reason tech is under performing is it is the defensive growth play so far the times now not to abandon technology, but have a portfolio with stocks recovering we are starting to see that migration. look at the numbers from federal express. the economy is recovering. it is recovering at a rapid
rate the profits growth will be very, very strong. >> a lot of people see the russell 2000 as the recovery index. you also agree with that you say a 10% correction it could come at anytime it could be down the pike. tomorrow or next week. we don't know what it is with that in mind, with that correction down the road, what kind of stocks in the russell do you see able to weather that storm? >> i think as you and i discussed in the fall and discussed with brian many times, you know, the russell 2000 benchmark is the opening of the u.s. economy benchmark ultimate way to play that is through the financial banks. the collateral gets per and the federal reserve keeps the yield curve in a steepening position, the profit growth is good there. also is industrial and sterile
an it is important to note we are in the beginning of the profit cycle. along the way, a correction can happen anytime and any reason. i think they will be very short lived. you will learn a lot about where money is flowing into in those pull backs. >> dan, we appreciate the insight. thanks for being here. let's get to the other top stories ice. connecticut easing the covid restrictions today limiting capacity on restaurants and stores the face covering mandate is in effect across the state. this is as the p.1 variant has been found yesterday and tim cook praises the american dream act
tim cook tweeted that apple employees over 450 dreamers. if passed by the senate, the act would create a pathway to citizenship to millions of dreamers. facebook is building a version of instagram for kids under the ages of 13 policy says users have to be over the age of 13 in an internal post, facebook said in addition to the app for younger users, instagram is looking to increase privacy restrictions for teens this comes after the launch of messenger for teens. when we come back here on "worldwide exchange. anxious in anchorage the meeting with the u.s. and china. and the state looking to
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into a major event we have eunice yoon with more. eunice, a public display of tension yesterday. >> reporter: absolutely to be so public it indicates the extent of the rift between the two countries the talks, as we know, were meant to reframe the tense relationship the pleasant ries turned into tension. the opening remarks were too much from the chinese perspective, condescending. criticized the policies. from beijing's perspective, it forced the diplomat to fire back a quarter of an hour long script of the u.s. policies and saying that the u.s. has no right to
lecture and doesn't speak for international opinion. l later, the u.s. official said the chinese were grandstanding for the public back home back home here in china, the talks were the number one trending topic on social media with over 1 billion views. the chinese were joking on social media that the talks were must see tv. again, the way the state media has been framing it, if i pull up some of the posters that the state media has been circulating online essentially the main point is they feel the u.s. is not qualified to speak to china in this manner. they are saying this is about mutual respect china has grown. that china has to be spoken as an equal partner i think that was also reflected,
frank, in the foreign ministry response today the foreign ministry had said that there was a lot of confrontation at the talks in alaska, but that is not what beijing was aspiring for china trying to portray itself as a victim and as the more adult in the room when it comes to the relationship with the united states. >> that tension seems to be carrying over from the trump administration into the biden administration was there strategy here at play by the biden administration coming out so aggressively >> reporter: i was wondering if there was an attempt and strategy from the chinese perspective to come out so aggressively because it is quite unusual for the chinese to go unscripted the way that he did i think what is also interesting to watch is how the conversation proceeds today
today, they will in a couple of hours, kick starting the third session of the discussions they will be wrapped up today on friday in the united states. from what we understand, once the heat was let out, that behind closed doors, the conversations were civil and from what we heard from the u.s. side, they were saying that the two sides got down to business and then were very direct in their conversations. it might be premature to think this rocky start could mean that the rest of the relationship would be rocky >> sometimes first impressions don't carry on forever eunice yoon, thank you still on deck, as good as it gets for fedex maybe not. bank of america upping the price target after the stellar quarter. we get into it with the firm's analyst coming up next
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industry gyms expanding to 50% capacity go into effect today many gym owners are hoping this is the next step to get back to normal joining me now is the ceo andrew alfano >> thank you for having me >> i have been to one of your gyms on several occasions. i'm curious. you have a bigger gym. it is not a small urban gym. a lot of space a lot of equipment what changes are you making to make people feel comfortable >> great thank you very much for that retro fitness is a 100% franchise organization every one of our clubs is owned and operated by a small business owner. we have 120 clubs in 12 states we have some really great supportive data. you know better than anybody that in every state, restrictions have changed. in some cases, we have been open since last may in the state of
florida where they recognized health as essential. the last states to join the party were new york, new jersey. we were happy to hear about the 50% opening from governor murphy we have a good relationship with the state. we heard about that. we were not caught by surprise what we have done with the states and other fitness industry leaders, we cooperated extensively. many of the regulations that have been implemented have been regulations we helped provide. very different in the fitness industry compared to the other restaurants and bars, if you will, and we have been lumped in with those categories. i'm not sure you can compare a health club and bars we have. what we have done is all of the social distancing and sanitation if you have been to one of our health clubs and to the gym, you know sanitation stations have
been prevalent you get off equipment and wipe it down. you get on the equipment and you wipe it down many sanitation stations have been in place for a long time. what i will tell you, data going back to the beginning of the pandemic, and important to note, the federal government put gyms in phase 1 for reopening we have data that shows people want to get back to the gym and healthy and following a global pandemic where the average weight gain is 15 pounds, we need to get healthy. >> andrew, you buried the lead the covid-19 like the freshman 15 you see taping off equipment and doing outdoor classes and other innovation there i have to ask how are you combating the home fitness trends your gym is a back to basics gym. you compete with a planet
fitness. not a lot of amenities like pools and saunas what are you doing to bring people back who bought home fitness equipment? >> we compete on a broader scale. retro fit is different from the businesses you mentioned we take the fitness n nness jout you. we have a brand halo with healthy cooking and mental health we are far more than the brick and mortar as it relates to the at-home solution, we are announcing something similar. we recognize there is interest in that. if you follow the stock of peloton and the brick and mortar, brick and mortar stock is going up and peloton stock is going down at the end of the day, especially after people have been quarantined for a year, people need people that is not going to go away
people need community and at retro fitness, we built this being a hometown gym in every town we went into. we build a community within the walls of the club. we are a fabric of the community outside of the four walls of the club every one of the businesses is a small business owner with that, we have to get these small business owners financial relief >> i agree with you, andrew. one more question. what is your policy on vaccinations are you mandating employees get vaccinated or ask customers proof? >> obviously, we are supportive of the vaccine a lot of great documentation out there. i don't know if that is our position to advocate on public vaccination. i will tell you that being fit and healthy is the best vaccine you could ever have. exercise is medicine for those that are waiting for the vaccine and i'll say it this
way. if you are fit and healthy and you got the virus, chances are they will send you home. with 71.6% country is overweight or obese you can't go to 80 we know going back to the beginning of interview, the average weight gain is 15 pounds. >> andrew, we have to let you go yes or no. will you mandate employees get vaccinations will you ask customers proof of vaccination? >> we are supportive >> andrew alfano thank you. straight ahead getting cash for covid safe. what bars and universities and companies are doing to boost the vaccination effort. if you have not sub vscribe to our podcast, go ahead and do it on spotify or apple and march is women's history month. here is asset management ceo jenny harrington with advice >> the career advice i give to
women is take risks early. stretch and lead and see what it feels like to succeed and see what it feels like to fail do that at a time when your failures don't matter. when they are just learning experiences. get used to sitting in the front row and raising your hand. if your question doesn't get answered, keep your hand up.
after the tech nike and fedex mh two reports. what you need to know for the trading day. crude crush. demand fears they spooked the streets. it is friday, march 19th, 2021 you are watching "worldwide exchange." here on cnbc ♪ welcome back i'm frank holland in for brian sullivan here is how stock futures are looking halfway through the 5:00 a.m. stocks in the green this morning. you see the nasdaq appears it will open at .50% or higher at opening bell stocks are coming off a down day. dow coming off 400-point loss. bonds continue to be the story for tech let's look at the bond yields.
10-year at 1.686 below the 1.7 level from yesterday. we are watching oil after a rocky day for energy crude sliding 7% yesterday for the worst day since september. crude now right now at almost $61 a barrel up this morning. now to the other top stories. the u.s. will send millions of vaccine doses to mexico and canada tens of millions of the astrazeneca have been sitting in the american manufacturing sites as it is not approved for use in the u.s. this is as some european countries are resuming the astrazeneca vaccine after the regulator said it was safe. the amazon rights deal the league announcing it is renewing the rights with the existing broadcasters and amazon prime video is the exclusive provider for thursday night
financial. mark zuckerberg says facebook may be in a stronger position after apple's privacy exchange the two tech giants have been in a war of words to make it easier to block companies like facebook from tracking activity to target advertising. in a clubhouse room yesterday afternoon, zuckerberg argued his company may make out better if more businesses decide to sell through facebook and instagram. turning attention to earnings fedex reporting better than expected results in the quarter after what the cfo called an unprecedented holiday peak shipping season. ceo fred smith says the company expects demand for the solutions to remain high for the foreseeable future joining me now is bank of america research analyst ken huckster ken, good morning. thank you for joining us
ken, i have to ask you, we are seeing fedex shares up this more than after a really great quarter. it was a difficult quarter fedex faced a number of challenges including the holiday peak shipping the vaccines and severe weather winter weather can they top this going forward? >> this is the key things that fedex talked about not only as you mentioned demand continuing, but going forward. you know, after this huge spike up close covid with a huge increase in commerce demand, but you have the return as the vaccine is distributed and the return of b2b demand it won't go negative which was a comment. it won't flip negative as people return to work they will see the business to business growth return a huge increase for profitable
potential. >> fedex expanded margins on the ground business with the residential commerce and express business that was due to the holiday shipping surcharges on big retailers. as the economy normalizes and people don't buy much online, can they continue to see that expansion? >> they have been so focused going back two years with pricing. it was a weak point for the air freight carriers they were competing against each other. you have seen volume which has not been the issue with ecommerce and normal shift from business activity. the networks were pulled forward three years of demanded. now they are focused on pricing and peak crunch periods. they were able to add additional surcharges for covid some have continued
internationally. pricing came in on ground double what we were looking for over 11% seeing that strength and focus on pricing after years of focusing on volume that is doing a great job for the margins you mentioned which really led the quarter that was the upside surprise for the stock today. ground margins up over 8.8%. >> before i let you go, ken, price target is 33% increase over the closing price yesterday. what is the catalyst a lot of people will go back to brick and mortar stores and not buy online >> you might decelerate purchasing, but the shift to ecommerce has changed the way we order. that continues going forward and then as you mentioned, people will go back to work you will see the b2b activity. the strength international activity without the belly space, you
will see that continue for another 18 to 24 months until the belly space returns. that gives you a good runway we decreased multiple. that increased earnings because of the near term strengthon pricing and volumes. >> one last quick question, ken. fedex raised the guidance to increase the ground capacity in your mind, was that a good move will the streets receive that well >> i think that is an issue for fedex. investors want to see the cash flow come trhrough you can capping revenues below 7% a record low for fedex since we have followed it the last two decades. you have the top line growing fast and ground volume up over 20%. they have to accommodate that with facilities on the ground side they accelerated aircraft purchases and delayed some retirement that is the move to increase a
little bit to 5$5.7 billion >> ken hoexter, thank you. switching gears to a less than stellar report. nike under pressure. q 3 sales falling on u.s. congestion and global container shortages. it is creating a back up of three weeks. one bright spot? china. joining me with her take is senior research analyst is erin murphy >> thanks for having me. >> china recovered from the pandemic sooner than we have they experienced it sooner than we did that container shortage that nike referenced. that is not ending anytime soon. how optimistic are you that sales will increase? >> it is a fair question the ports struggles have been
ongoing and nike was not immune from them. i think the important thing for us is this is near term. as vaccines roll out and the social distancing post vaccines come a little closer together, we see port challenges improving. furthermore, talking to nike last night and it sounds the container challenges they have leaned into the relationships and leveraged some opportunities to see some of that improve. they are not seeing as much constraint with that container piece of the shortage. as we look forward into thie 4t quarter, revenue will come back. inventory is flowing the brand has never been as hot as it is this is temper in nature >> erinn, we are showing a graphic with retailers talking about the supply chain issues
with stimulus checks coming, is everybody buying dry fit and chucks or is that money going to other retailers? >> jordan is very hot right now and relevant we we don't see that going away it is well positioned for stimulus checks. other brands like elf, the cosmetics space and under armour as well and some of the handbag names. stimulus will look better than last year with $1,400 checks in the pockets of adults and children this is going to be a pretty robust opportunity for many of the names in our coverage to see a little bit of a tailwind >> a bit of a person question, erinn, i'm a big nike fan. i wear a lot of the clothes. i was on the web site a couple weeks ago. there were no discounts on the
web site i'm a big fan of direct to consumer business. does nike need to get promotional or innovate? i did not see a lot of color waves and variations for the workout clothes like i saw in years past. >> i love that you do your own research and your own shopping i think the lack of promotions is a really positive thing the industry right now is clearly clean from inventory that is how lean inconvventory s for the fall season. some is due to the shipping delays which is pulling inventory later into the season. that being said, that is an incredible position nike is in one of the interesting issues is asp, average selling price, up double digits in the quarter gross margins were up 130 basis points to me, that shows the power of
the brand and the power of the shift to digital their best margin. i think from the innovation perspective, to layer on the second comment or concern as we move forward toward the tokyo olympics, which as of now, is happening in some way or shape or form, there will be more innovation to come stay tuned on that they are doing a lot on the footwear and carbonn neutrality. you will see new things coming. >> erinn, murphy, thank you. coming up. could $75 convince a hesitant worker get a covid vaccine how about not going on spring break? the new ways institutions are offering people to be covid safe that sryto when "worldwide exchange" returns. were thriving, but then... oh. ah. okay. plan, pivot.
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covid safe good morning, ylan can't wait to hear this one. >> reporter: frank, one thing businesses are doing is make getting a vaccine a no-brainer for the workers and even for customers. here on cnbc, we know that one of the best ways to convince people to do something is to pay them for it. according to a recent poll by the society for research management, 24% of workers on the fence of getting the vaccine, said they would consider changing their mind if they got money in return and all 30,000 employees at loves can get a $75 bonus if they get a shot. the company is hosting a vaccination clinic today at the headquarters in oklahoma >> we didn't want any of our employees to have any disincentive to go and get the vaccine. in some cases, they may have to wait in line for a while we want to compensate them and provide incentive for them to do
that >> reporter: how kroger and petco and dollar general are a few of companies willing to pay up if you roll up. there is village tap a neighborhood bar in chicago. they are offering the customers a $10 gift certificate if they show they have been vaccinated owner jeff hoffman said business dropped 45% during the worst days during the pandemic there is not a lot of cash to go around he considers this offer an investment in the future >> that's where the impetus for my promo came up how do we promote this as an industry to get people to start having that conversation because the vaccine is really what will help us out of it. >> reporter: frank, he wanted to call the program shots for shots and give away free liquor. local laws prevented that. i don't know, frank.
i feel that would motivate me if i could get a free drink >> ylan, i'll buy your drink i won't go outside in chicago in march. it is still cold >> reporter: they have a heated tent >> still cold. seriously. we talked to the ceo of the fitness company. he would not answer if he would make it mandatory for employees to get vaccinated. is this legal to offer this incentive? >> reporter: it is still a gray area, frank. a lot of companies are worried if they offer an incentive that is too big, they could actually be seen as trying to coerce employees into taking an action that they may not be legally required to do a lot of companies as well as the society for human resource management written to the eeoc to get clarity on this that could be a disincentive for companies to offer an incentive. they are trying to get their workers to stay as healthy as
possible and put an end to the pandemic they don't want to run an foul the law. >> drinks on me next time you are in new york. >> reporter: thank you, frank. >> ylan, thank you. on deck on "worldwide exchange." tech stocks. we weigh in next if you missed "worldwide exchange." check us out on spotify or other apps we will be right back.
everyone wakes up every morning to a world that must keep turning. the world can't stop, so neither can we. because the things we make, help make the world go round. they make it cleaner, healthier, and more connected. it's what we build that keeps things moving forward. so with every turn, we'll keep building a world that works.
surged 7%. data from a small trial shows positive results for the gene therapy for a rare form of muscular dystrophy the patients demonstrated significant improvement in the functional outcomes after two years of treatment. and chubb confirmed it offered to buy hartford financial. chubb says the offer is valued at $65 a share and stock and cash that is 12% above where the stock opened yesterday. turning attention back to the broader markets. kerry firestone is here with us. >> thanks, frank >> let's talk about it you are saying the markets are all over the place the dow, nasdaq, s&p going in different directions on different days there seems to be one consensus,
the cyclical trade is where it's at does that cyclical trade have more room to run >> the cyclical trade has been running since september. the charts of the market september 2nd is the tech names peaked and we started to have enthusiasm about vaccines and reopening. that is when energy and financials and industrials and airlines and casinos started to move that move has accelerated. we moved into this year with big gains in the cyclicals flat or no gains in large tech and a collapse of many of the hot names of 2020 that were new issues, airbnb doordash, trade desk, zoom, teledoc. there were growth stock nos in e middle that moved up as the market has as you said, it is a tale of
three cities different markets. the question is whether the cyclicals keep going and the tech goes down we would say right now, the market multiple, the price-to-earnings ratio, all sectors are about the same industrials sell for about the same multiple as the tech names such as facebook, apple, microsoft. they are not as expensive as they were last year because they paused or have gone down for six months we think there is value in the large technology names the cyclicals and values have moved so much so fast, they may need to take a pause the whole market can go up this year that's what usually happens in recovery years and strong gdp years. there could be arrests to the cyclicals for the time being >> the facebook and amazon have been hit hard by the rising bond
yields can the markets continue to go up if tech is not along for the ride >> that is a good question tech with facebook and apple and amazon are over 40% of the s&p for the market to move higher, you really need participation. if the market goes down, they can all participate on the down side we think for the market to go higher, you would have inclusion in the larger tech names they are earning enough to justify that if you think about what people will use stimulus checks for they will pay rent, buy food, they will go on vacation they can take a trip they will buy an iphone and pay for it with venmo. apple and paypal will benefit just like american airlines and hilton hotels. yes, they will participate if the market moves higher. as we looked at 11 of the 12 times over the past 50 years,
gdp has been up 4% you have seen the market go higher outrecession. the only was the dot-com basketbubble and the recession was after that >> karen, oil prices are tumbling the worst day in months. rising covid cases in europe and brazil and italy oil has doubled since november this is a short correction >> oil prices have gone up, you know, sky rocketed over the last few months because of reopening. remember, you could not sell a barrel of oil nine months ago. they were giving oil away. futures were negative
effectively. to be over $60 a barrel is really much better than i suspect the producers had thought they would see for a few years. i think it is reasonable to expect after the sharp rise that we would have some decline and some air pockets i don't see for the industry that this is a problem covid cases rising, of course, that means less driving and less flying that is bad for energy this sector should be very happy with how they performed over the last few months. >> karen, can you give us a few stocks you are looking at or own that balance the recovery and the fact we are still working from home in most states >> exactly on the recovery reopening side, we bought american express they betwnefit from travel and interest rates going up. charles schwab they get the benefit of interest rates. people spending money. people trading accounts.
booking holdings booking is where people book their trips and hotel reservations we think that is a good play real estate play in manhattan. on the other side, we own facebook and paypal and visa how about buying apple we think that is an attractive stock. >> people are buying iphones karen firestone. thank you. that does it for us on "worldwide exchange. "squawk box" is coming up next oh, you think this is just a community center? no. it's way more than that. cause when you hook our community up with the internet...
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we have two big sports stories. we cover the surge in gambling for the ncaa tournament? that's today the new nfl tv contract. i thought i was reading it wrong. worth more than $100 billion it's long-term it's friday, march 19th, 2021. "squawk box" starts now. ♪ good morning welcome to "squawk box" here on cnbc i'm becky quick along with joe and andrew joe mentioned the yield on the 10-year picked up. that sent stocks in free fall. the dow was down
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