a bold step by chief executive officer jeff immelt. now, donald trump is taken office. already introducing a slew of executive orders from immigration to trade, and raising fresh challenges for immelt and ceos everywhere. i sat down with jeffrey immelt about the prospects of a new era of global protectionism. jeff: the two biggest economies are in a trade war. john: considering ge does business in every country on the planet. jeff: people see globalization from 30,000 feet don't know how globalization works. john: and immelt even talked about his own future. have you thought about life after ge? john: all that and all that and more coming up in my conversation with jeff immelt. trump's ban on people from some muslim countries being able to visit your head office. what is your reaction to it? jeff: i sent something out to all of our employees because we have a lot of people who live outside of the united states and they are afraid of what is going on. we speak out to say, gosh, we understand that safety is really important. but we also want to be able to be -- but we als

a bold step by chief executive officer jeff immelt. tempest the area's tech hub good -- to embrace the area's tech hub. now, donald trump is taken office. already introducing a slew of executive orders from immigration to trade, and raising fresh challenges for immelt and ceos everywhere. i sat down with jeffrey immelt about the prospects of a new era of global protectionism. >> there is no case to be made for the two biggest economies to be in a trade war. john: considering ge does business in every country on the planet. jeff: people see globalization from 30,000 feet don't know how globalization works. john: and immelt even talked about his own future. would you think about life after ge? all that and more coming up in conversation with jeff immelt. this week's news, trump's ban on people from some muslim countries being able to visit your head office. you must have people affected. what is your reaction to it? jeff: i sent something out to all of our employees because we have a lot of people who live outside of the united states an

jeff immelt has a message for president trump. those details coming up. >>> and bracing for a blast. thousands of flights canceled and schools closed as a major winter storm gets ready to hit the northeast. it's thursday, february 9, 2017. you're watching "worldwide exchange" on cnbc. ♪ >> good morning. welcome to "worldwide exchange" on cnbc. i'm sara eisen. >> i'm wilfred frost. if you had not noticed, it's throwback thursday, throwing it back with love songs ahead of valentine's day. some very old ones. >> some of the best love songs are oldies. we'll play elton john for you later. let's check in on global markets. u.s. equity futures are mixed to flattish. maybe a higher start here on wall street. dow futures are up 8 points. s&p is up less than a full point. nasdaq is up 1.5. this after the dow slid yesterday. s&p and nasdaq closed higher. nasdaq good for a record close. it is in record territory. as for the early action in europe. let's show you what's happening now. early positive action with the german dax up almost thre

we clearly saw he's comfortable in this kind of room, making jokes with jeff immelt. he has to work with congress to try to make some of this reality, tax legislation and other incentives to get america jobs back here. will he have this kind of rapport with congress, which he's got, quite nicely and sort of a love-fest. >> it's a bit more rocky, particularly in the senate. i think he can set the timetable with congress, finish your work on obamacare and replace it, and then get to these tax cuts. they're super incredibly important po generating growth in the economy. that's how he'll affect congress. >> congressman, appreciate your time, inside, and an important thing to watch. sarah, ayman, henry, we appreciate it. the dow has gone into the red. the nasdaq is not far as having one of the worst days of the year. >>> when we come back, former treasury secretary under george w. bush and of course steven mnuchin's comments to becky quick earlier. a lot more continues after the break. >>> we're committed in this administration and can see this in the market, you can see t

jeff immelt had complained about connecticut raising its taxes "five times since 2011." immelt told employees the company had formed "an exploratory team to look into the company's options to relocate corporate h.q. to another state with a more pro- business environment." massachusetts offered g.e. $145 million in incentives to move, including purchasing these two warehouses as g.e. workspace, ganting up to $25 million in property tax relief from the city of boston, and possibly improving local road and parking infrastructure. >> it was a pretty good deal for g.e., but it was also a pretty good deal for the state and for the city. >> reporter: massachusetts governor charlie baker helped negotiate the deal. >> when we heard they were looking for possibly relocating their headquarters, i think we simply felt that with the ecosystem we had here and with the colleges and universities we had here, it would be a mistake for us not to at least give it a try and see what happened. >> reporter: how closely does massachusetts monitor the fiscal playing fields of other states and p

jeff immelt will be on jim tonight, a big-time interview 6:00 pm on "mad money." they'll talk about this whole restructuring that morgan just told you about. cannot miss that. 6:00 pm tonight. >>> jackie deangelis joins us from arkansas where about half of the keystone pipeline sits and much of the steel sitting came from overseas. apparently somebody also forgot to bring a weed wacker and lawn mower. jackie deangelis. >> good afternoon to you, brian. the big question, of course, is when will these pipes go into the ground? we're not 100% sure yet. 300 miles of pipeline here. each piece of it weighs over 23,000 pounds or just about roughly. let me correct myself. when this will move north all depends on how you read president trump's executive order. even people in the industry are confused about it. the president said he wanted the pipes made here. these pipes were made here in little rock, arkansas. but the steel, as you mentioned, is sourced internationally. it comes from all different kinds of places like china, korea, japan, italy, turkey, india, just to name

caroline: that was the ge chairman and ceo jeff immelt. france has issued an ultimatum more or pay drivers risk new legislation that would set a minimum wage equivalent for drivers. the country once an agreement in place as early as next week between the ridesharing company and drivers union, staging protests for better pay. a mediator has been appointed to coordinate discussions. if talks fail, france will recommend legal enema pay for the drivers based on time and distance traveled. looking to apple, shares rose more than 6% in wednesday trading, the biggest gain since july, after posting record sales for the fiscal first quarter. that one day gain to the stocks is equal to $39 billion. to put that in perspective, that value is bigger than the entire market capitalization of companies, including ebay. just shy of yahoo!'s market cap of $42 billion. wow. turninging with apple, to a bloomberg school. the company designing a new chip for laptops, stepping into intel's turf. more details ahead. this is bloomberg. ♪ the chip went into devel

caroline: that was the ge chairman and ceo jeff immelt. france has issued an ultimatum to uber, pay drivers more or risk new legislation that would set a minimum wage equivalent for drivers. the country once an agreement -- wants an agreement in place as early as next week between the ridesharing company and drivers union, staging protests for better pay. a mediator has been appointed to coordinate discussions. if talks fail, france will recommend a legal minimum pay for the drivers based on time and distance traveled. looking to apple, shares rose more than 6% in wednesday trading, the biggest gain since july, after posting record sales for the fiscal first quarter. that one day gain to the stocks is equal to $39 billion. to put that in perspective, that value is bigger than the entire market capitalization of companies, including ebay. hpe. just shy of yahoo!'s market cap of $42 billion. wow. and staying with apple, turning to a bloomberg school. -- a bloomberg scoop. the company designing a new chip for laptops, stepping into intel's tu

on how from jeff immelt he views globalization. that is an exclusive interview next. from new york city, the data drops, a significant upside surprise. next, we are going to see market u.s. manufacturing pmi and little bit later. this is bloomberg. ♪ isathan: from new york, this "bloomberg daybreak." let's get a check of the markets. if blowout number from the adp jobs report. 246,000 is how we come in. 168,000 was the median. longestay skid, the since the election, on the s&p 500. we are set for an open that could bring us some gains. switch up the board. the treasury market. treasury yields up for basis points on the u.s. 10-year. the dollar stronger against free much everything except the pound over in the u.k. that is the action cross-asset. here are your headlines. emma: good morning. president trump's choice of a supreme court begins what is likely to be a tense confirmation fight. the president announced the nomination of neil gorsuch, the federal appeals court judge, less night. >> i consider the united states senate the greatest delivered a body in the worl

joe: that was general electric ceo jeff immelt in an exclusive interview from boston. hunterwe speak with rawlings, cornell university interim president. how trump's executive order on immigration is impacting the university? that is at 4:40 p.m. eastern. scarlet: russia reducing oil output by 117,000 barrels a day, putting it way ahead of schedule with his agreement with opec. the minister says it was double the amount originally planned. moscow is the largest of the 11 non-opec producers that pledged forces with the cartel to produce -- reduce output. ratings company s&p cut under armour's credit rating to junk status, citing heavy competition and pressure on prices as the apparel company struggles through a salesman on. they lower the corporate credit -- corporate credit grade to double plea -- double b plus two triple b minus. naslund moving its u.s. headquarters from california to virginia. 750 jobs are associated with the move. the move brings its headquarters closer to customers. of chocolate maker says 85% its top customers and 75% of its factories are in the e

last week we got the opportunity to speak with jeff immelt, the chairman and longtime ceo of general electric in order to get more clarity on the situation and find out more about its remarkable embrace of technology throughout the enterprise. so take a look. >> jeff, you have ambitious goals. you've reinvented the company. you're talking about becoming a top ten software company by 2020. you're poaching talent from apple, amazon, facebook. is this goal really realistic for an old line industrial? >> jim, i would start with, you know, we didn't start with this a notion that we had to be a software company per se. you know, today the industrial assets that we sell, they' produce a massive amount of data. sever today, we're probably $7 billion in orders, so we're kind of half the way to our goal to be $15 billion by 2020. so i think the proof in the pudding is reality. our orders are growing 25% a year. we're kind of first among equals. we can do this. >> you have staked your help sigs on this. you say your success or failure depends on the digital transformation. that's a tough claim

a bold step by chief executive officer jeff and milt -- jeff immelt. donald trump has now taken office. already a slew of executive orders, raising a fresh challenge for him milt -- for t.mel i discuss the prospects of the world's quintessential in -- quintessential multinational. jeff:

. >>> "mad money"'s jim cramer scoring an interview with general electric's jeff immelt tonight at 8:00 eastern. when we come back, we're going debate ge. down 6% since donald trump was sworn in last month but up 20% in two years. we'll talk about that. plus, a potential strike tomorrow may be about to impact the heavily traded commoditcomm. talk about that as well when we come back. microsoft and its partners are using smart traps to capture mosquitoes and sequence their dna to fight disease. there are over 100 million pieces of dna in every sample. with the microsoft cloud, we can analyze the data faster than ever before. if we can detect new viruses before they spread, we may someday prevent outbreaks before they begin. what?pony neighing] hey gary. oh. what's with the dog-sized horse? i'm crazy stressed trying to figure out this complex trade so i brought in my comfort pony, warren, to help me deal. isn't that right warren? well, you could get support from thinkorswim's in-app chat. it lets you chat and share your screen directly with a live person right from the app, so you don't

that's why i'm thrilled we have a chance to speak to jeff immelt to find out how his company is doing. mr. immelt, welcome back to "mad money." great to see you, sir. >> good to see you. >> you've never dodged, so here we go. >> great to be with you. >> thank you. this is a strange time. what's the role of a global ceo like yourself when the president loudly proclaims america first? >> look, i think we have to keep running our company. there's never going to be exactly everything that the president says that we agree or disagree with. this is my third administration. >> right. >> so there's a lot that i like in what president trump's doing, right? infrastructure, tax reform, regulatory reform. i think outside the u.s., jim, we're on our own outside the united states. ge is a highly global company. we don't really need trade deals to be effective. you know, we can kind of navigate the world on our own, and i'm perfectly comfortable doing that. i think it's up to me from an investor's standpoint to be able to be a good american company but still be able to do business in saudi arabia, c

jeff immelt, ge, "mad money" 6:00 p.m. with jim cramer. we'll be right back. what's critical thinking like? a basketball costs $14. what's team spirit worth? (cheers) what's it worth to talk to your mom? what's the value of a walk in the woods? the value of capital is to create, not just wealth, but things that matter. morgan stanley companies across the state are york sgrowing the economy,otion. with the help of the lowest taxes in decades, a talented workforce, and world-class innovations. like in plattsburgh, where the most advanced transportation is already en route. and in corning, where the future is materializing. let us help grow your company's tomorrow - today at esd.ny.gov >>> welcome back to "squawk on the street." i'm jackie deangelis reporting in little rock, arkansas, where over 300 miles of pipeline for the keystone xl is sitting here. it's waiting to be shipped, and it's ready to go in the ground. now remember, president trump's america first energy plan included fast-tracking pipeline projects, but president trump said in the executive order t

it's a who's who of manufacturing ceos ge's jeff immelt and greg hayes of united technology among the group. they're just wrapping up discussions with their groups and about to meet with president trump. we'll be back on "squawk on the street" live from the white house. t i use? yes, sir, your password. there's been another breach! sir! right. okay. i-h-a... ...t-e-m-y-j-o-b-1. ihatemyjob1? wanna get away? now you can with southwest fares as low as 59 dollars one-way. yes to low fares with nothing to hide. that's transfarency. sfx: clap, clap, ding >>> i'm con tessa brewer. here's your cnbc news update this hour. an explosion at an upscale restaurant in eastern pakistan killed six people and injured 15 more. it's not clear yet what caused the blast. a string of suicide bombings and other attacks across the country over the past two weeks have killed more than 125 people. carlos ghosn is stepping down at nissan. ghosn turned the automaker around after joining as chief operating officer in 1999. he will remain as the company's chairman of the board. a spacex cargo ship has docked with t

the general electric chairman and ceo, jeff immelt, sat down for an exclusive interview in boston. take a listen. jeff: it was not our initiative to be in the software business per se, it was more the recognition that our new jet engines have a couple hundred sensors on them and provide a continuous stream of data. we made the decision that we wanted to model that data on behalf of our customers. not relegate it to someone else. that led us back into the chain of adding talent and building software platforms. our theory is every company will have to be a digital and software company. we want to lead that path and that is how we have invested. >> do you feel at home with that? jeff: i have had to relearn. in other words, i think one of the things when you are running ge is you always have to say, why not us? it's kind of like, what is next, let's try, so we brought in a lot of people from the industry to help us. but myself, i have had to learn new ideas. >> loosen your tie. jeff: exactly. >> how do you do that? the company has a famously strong culture, which is not exactly the sam

the general electric chairman and ceo, jeff immelt, sat down for an exclusive interview in boston. take a listen. jeff: it was not our initiative to be in the software business per se, it was more the recognition that our new jet engines have a couple hundred sensors and provide a continuous stream of data. we made the decision that we wanted to model that data on behalf of our customers. not relegate it to someone else. that led us back into the chain of adding the -- of adding talent and building software platforms. our theory is every company will have to be a digital and software company. we want to lead that path and that is how we have invested. >> do you feel at home with that? jeff: i have had to relearn. one of the things when you are running ge is you always have to say, why not us? it's kind of like, what is next, let's try, so we brought in a lot of people from the industry to help us. myself, i have had to learn new ideas. >> loosen your tie. jeff: exactly. >> how do you do that? the company has a famously strong culture, which is not exactly the same as it has been. j

a bold step by chief executive officer jeff immelt. now, donald trump is taken office. already introducing a slew of executive orders from immigration to trade, and raising fresh challenges for immelt and ceos everywhere. i sat down with jeffrey immelt about the prospects of a new era of global protectionism. jeff: the two biggest economies are in a trade war.

. >>> general electric's ceo jeff immelt commenting on trump's travel ban on "mad money" last night with jim cramerment. >> i think we need a good immigration policy. i understand the president's desire to keep the country safe. but we need to be open to talent, things like that. if we don't do it here, we're also in bangalore, we're in munich, budapest, all these other countries around the world. the amazing thing about software, you can do it any place you need to if that's where the talent is and that's what you need to do. >> immelt said there are a lot of things that the president is doing that he likes, including tax reform, regulatory reform and investing in infrastructure that we don't quite know what the tax reform will look like yet. he's just told us it will be coming. >>> to the top corp praorate st snap is valuing itself between $19 billion to $22 billion. that would be at the low end of the 20 to $25 billion range that snap previously targeted. at that valuation it would make it the largest tech offering since alibaba in 2015. >>> samsung looking into whether its chief to b

>> chris, talk to any business leader -- i had lunch with jeff immelt, the ceo of general electric. he said if you do this tax cut, allow companies to bring that capital back home, that's another part, repatriating capital stored overseas at a 10% tax rate. he said they'll bring billions back to the united states and create more jobs here. i do think this is going to be a big job creator. there's universal agreement. one other quick thing, chris, you have to do this tax cut for the 267 million small businesses as well, not just the big corporations. that's actually in the trump plan. >> actually a discussion about why don't small businesses have their own tax treatment, why do they have to file as individuals? that's something else that goes to the political realities. mr. chan, another place we're seeing economic realities and what the viability for this economy play out is with immigration. if you get rid of all these people doing lower end parts of the economy. jobs like in our agriculture business and in our hospitality business, what does that do to the chance of hitting a 3% g

immelt. he was at the white house this week, when the president of the united states called on him to tell the story about the time i did the thing. go ahead, tell it. >> mr. treads, good to see you again. >> hi, jeff. >> great to be here. look forward to really working with you on creating more manufacturing. >> jeff watched me make a hole in one. should you tell that story? >> we're trying to talk president trump into doing the apprentice. that was mine assignment when we owned nb krrb. he goes up to a par 3 on his course. he looks at the three of us and says, you realize i'm the richest golfer in the world. that's a comment. then gets a hole in one. >> i love, should you tell the story? meaning tell the story. >> our next high goes to longtime jeopardy host, alex trebek. after his performance reading clues this week in the category, let's rap, kids. let's all enjoy now trebek reading clear lyrics from drake, designer, and lil wayne. >> started from the bottom, now we're here. now the whole

a bold step by chief executive officer jeff immelt. tempest the area's tech hub good -- to embrace the area's tech hub. now, donald trump is taken office. already introducing a slew of executive orders from immigration to trade, and raising fresh challenges for immelt and ceos everywhere. i sat down with jeffrey immelt about the prospects of a new era of global protectionism. >> there is no case to be made for the two biggest economies to

juliette: general electric chairman and ceo jeff immelt warns the tide of global unbridled trade is over. newsoke exclusively to our editor in chief and weighed in on president trump's travel ban. >> we understand the context, safety, but we think there are may be better ways to do it. we are not opposed to speaking out on that, but yesterday the president sent out an executive order that said to regulations have to be canceled for everyone that gets added. to frequently we stick to all the negatives without standing back and saying there are directions were going in that are going to be very good for business. anna: renewable energy projects and digital services led to better than expected first-quarter profits. profit from industrial operations rose 26% in the quarter. billion are george soros is a chiefof cap investment officer, according to people familiar with the matter. fitzpatrick did not immediately respond to a request for comment. traderose in extended after record quarter with revenues helping analyst projections. sales rose 3.3% to $78.4 billion. sales in china dropped 12%,

i see jeff immelt coming over. i'm trying to get a sense of who else is coming over here behind these trees here. it looks like we are going to get some words from some of these ceos here momentarily, scott. one of the questions that i know a number of other reporters are going to want to ask, what specifics came out of today. they allowed some reporters to sit in and listen to the ceos and talk about infrastructure, trade, tax. all of that. what specific ideas are they going to take from this and include as policy here in the white house? here we see some of the ceos coming out. let's see if we can get a word in here while we are live on the air. >> reporter: mr. emmelt, give us a sense of what happened? >> it was a great meeting. >> reporter: any specific takeaway? >> we'll let the president talk about that. a lot to talk about, trade, education, reform, it was really great. good discussion. >> reporter: there you hear, tax, trade, regulation, from mr. immelt, a great discussion. >> reporter: a couple of the othe

jeff immelt had complained about connecticut raising its taxes "five times since 2011." immelt told employees, the company had formed "an exploratory team to look into the company's options to relocate corporate h.q. to another state, with a more pro-business environment." massachusetts offered g.e. $145 million in incentives to move. >> we're in a competition, and we know that, with lots of other folks. i mean, we've had governors come up to massachusetts to make a pitch to companies here about why they should be in their states. >> woodruff: that's tomorrow night, on pbs newshour weekend. and that's the newshour for tonight. i'm judy woodruff. have a great weekend. thank you, and good night. >> major funding for the pbs newshour has been provided by: >> bnsf railway. >> xq institute. >> supporting social entrepreneurs and their solutions to the world's most pressing problems-- skollfoundation.org. >> and the william and flora hewlett foundation, helping people build immeasurably better lives. >> and with the ongoing support of these institutions >> this program was mad

jeff immelt said, you know, we make our own deals. well, we'd rather have the u.s. doing that. i'd much rather see tpp go through. but i think the ambassador's right, china will move into that vacuum. and abe is going to have to have a deal with china now and with south korea. and so, this is very worrisome that we see -- if we really go america first, we give the world leadership to the chinese. i don't want to see that happen. so, i think trump is realizing some of the reality. he's going to have to back off from this and go back to the -- yes, i think ceos should go directly and have the relationship -- >> i'm wondering if they can actually fill the void. >> they'll try. >> mr. ambassador, your thoughts on that? >> they can't do anything environmental or on labor relations. they can just cut deals. that's all they can do. >> no government is really expert on what should be negotiated without consulting closely with the private sector. ceos from major american companies, ceos in japan, from major japanese companies, have to inform their government of where they can make some

general electric chairman and ceo jeff immelt warns the time of unbridled global trade is over. johnoke exclusively to mikel three. he weighed in on president trump's travel ban. context,erstand the safety but we think there is better ways to do it. we are not opposed to speaking out on that. yesterday, the president sent out an executive order that said to regulations have to be canceled for everyone that is added. i am all for that. we are sticking all of the negatives. there is some directions he is going and that will be good for business. juliette: global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. guy, matt. guy: president donald trump met with the bosses of the drug at the white house yesterday. he said he would not set drug prices backing off the worst-case scenario for the former companies. that was some medicine to go with the spoonful of sugar. the shiftd manufacturing to the u.s. despite higher costs. roche seesrugmaker higher sales with its new drug on the market. 50.6 billion at swiss francs

coast jeff immelt -- ge ceo jeff immelt weighs in on's views onon trump's immigration. julie: a stock wise, there is not much going on. turned the dow, which slightly lower after the statement. now slightly higher. stocks overall, not much change. where we saw activity was in the bond market, in particular, the shorter end of the curve. yields remitting higher on the two-yeard, but the note, as you can see, saw a drop in yield. now an unchanged level, following a statement from the fed that showed they are staying the course, sticking with two to three interest rate increases this year. we have been watching the u.s. dollar in the wake of that statement and commentary. there, too, we saw a decline with the bloomberg u.s. dollar index now little changed. i want to look at w rip -- which uses fed front futures to price and future rate increases. you want to pay attention to june. most of the analysis i have seen surrounding the meeting says this confirms or points to june as the next likeliest time we will see a rate increase. 49% in may. we do not get over 50% until june

you have the golf game with jeff immelt, front and center when he said i was the best golfer of all the rich people when he hit a hole in one. that will be the headline in light of what maxine waters on scrupulously and judicious to her to say calling the cabinet the billionaire scumbags, i hate the word i have to say. it will be reported in light of that. stuart: the market believes there will be a tax-cut deal this year. otherwise the market would be down. it is up and close to 20,000800, never been there before, 9 consecutive record highs for the dow and up another 22. this market must believe attacks deal is coming and we will be back. lou: adams appear on the floor of the stock exchange, another record close if we closing record territory. and a record of 12 in 1987. stocks doing well today, look at verizon, up 1/2 person. exxon mobil up because us oil is a little smaller than people expected and opec production cuts are paying off. boeing hit another all-time high, $176.75 up 1/2 present, they took orders in the last week. there has been concern about whether boeing will refute it

but you're talking about a level of growth that jeff immelt talked about that. that we've had anemic growth for a decade, when i interviewed him. and i just think there's a lot of people say, look, it's going to happen. it's going to happen now. i know you're septicle. >> we'll talk more about things that haven't confirmed, right? some inflation expectations are not entirely going your way. >> the president if he were to tweet about that stuff, you know, let up a little bit about nordstrom, i don't know, why couldn't he call a failing nordstrom? they're not having that good a time. nordstrom's having a tough quarter. that's what i'm surprised about. why doesn't he come back and say i hear you having a tough quarter, nordstrom. sears, maybe you're making a comeback. tweet a little more relevant. >> when we come back we will look at sears which is soaring 40% in the premarket. take another look at the premarket. none of the major averages have moved 1% in 43 sessions since december 7th on a closing basis. we're back after a break. i love how usaa gives me the peac

on this note ge's jeff immelt last night with jim talking about whether he's on board with the president's idea on exports. >> i think we're running his play. i think we're running the export play. i think these things like wage arbitrage, that's 1980s. that's what ge did in the 1980s. now when we globalize, it's to sell more. and i would say to the president, look, level the playing field. we can take on any company in the world. help us do that. >> all right. your thoughts from that interview, jim? >> well, i mean, there were two parts of the interview. there was a notion about what the president can do for the country, not for ge. and the idea that perhaps this notion of just pure manufacturing jobs, ge builds a lot of stuff here not necessarily the way to go about it. maybe you just want to have more trade done and more trade is good for everybody. so jeff's more of a free trader but at the same time he identifies that the corporate tax reform which they pay very low tax in this last quarter, corporate tax reform and repatriation all good. deregulation the best that could happen. every

taylor: jeff immelt warns that the time of unbridled trade is over. he says there is a confluence of withs -- in an interview john micklethwait. jeff: people can see globalization from 30,000 feet townhouse --t, a do not know how globalization really works. it is country by country, deal by deal. i wish it was free trade and all that other stuff. that is just not where we are. taylor: he says there is a particular influence -- a particular focus on a strong tie with china. apple's quarterly sales and profits beat estimates. the company sold 3.5 million more phones in the quarter than it year before -- than the year before, driven by new customers. gene munster will join us this york,t 6:40 a.m. in new 11:40 a.m. in london. that is your "bloomberg business flash." tom: it is real simple. they have the new portrait mode. come on, it is about taylor, it is about toys. 7, or have an iphone whatever? a 4.r: know, i have like tom: has enough on apple. apple. is enough on gene munster will be here. also, kevin cirilli in washington, corresponded to the supre

we'll talk about predix with jeff immelt talk about what the company is doing to write a lot of code. >> jim, we will see you tonight and tomorrow as your week out west at one market continues. thanks so much, jim. when we come back, the president getting ready for his meeting with retail ceos. we're going to cover all the bases for you. dow in a pretty moderate range up 35. s&p pretty flat. back in a minute. whetheit's coecting one of the world's most innovative campes. or bnging wifi to 65,000 fans. businesses count on communication, and communication counts on centylink. when you have $7.95 online.s. equityrades, yorealize the artest investing idea n't just whainvest in, but who you invest wh. ♪ n't just whainvest in, but who you invest wh. if onlthe signs were as obvious when you trade. fidelity's activtrader pro can help you find arter entry and exit points and can help ptect your penti profits. fility -- where smarter investwill always be. >>> busy day in washington. the president meeting with retail ceos at the white house. later on israeli prime minister benjamin netanyahu.

last night jeff immelt told cramer that he likes some of the moves the president made so far. >> there's a lot i like in what president trump is doing. infrastructure, tax reform, regulatory reform. outside the u.s. we're on our own. you have a highly global economy, we don't need trade deals to be effective. we can navigate the world on our own. i'm perfectly comfortable doing that. i think it's up to me from an investor standpoint to be a good american company but still be able to do business in saudi arabia, china, brazil and we plan to keep doing that. >> we don't need trade deals to be effective. that's interesting to hear from a ceo. immelt also said if he were to get called out by the president like other ceos have over job creation in the u.s., he would ask trump to help level the playing field. what that means these days. gets thrown around a lot. cnbc caught up with fedex ceo fred smith after he was leaving the white house yesterday after a meeting with the vice president. >> i've been very vocal on behalf of the 496,000 people that make their living at fedex. we need to lean i

end of the day, just before jeff immelt and jamie dimon. i was the warm-up act. so the first thing i said is thank you very much, all you hedge fund guys, because in the 1970s when i started my career, you kept me alive with brokerage commissions. now you're selling short all my stocks so i can buy them at better prices. thanks for that, too. the macro that a lot of people are interested and focused on in trying to figure out what the stock market is going to do next is what everyone talks about. my feeling is how many people in the audience thought that donald trump would be chosen as president. a few people raised their hands. i said, and how many people thought that if he were elected president the stock market would right away go up 3% or 4%? nobody raised their hand. i said with brexit, it's the same thing. how many people predicted it, not very many. as well as oil prices, brexit, trump elected as president, commodity prices, interest rates. it's the same thing. you're trying to focus on what's not predictable and make investment decisions on that. instead,

that just shows you how much -- and i use -- i'm not disparaging jeff immelt. i think he's a great ceo. if you were to time his tenure at ge from the bottom of the financial crisis, ge went from 6 back to 30. if you time it from when he came in 2001, it went from 48 to 30. it depends on the timing. so the market hasn't done much since 1999. 72 divided by, what is it, the rule of -- i mean, it's a crappy return that we've got. >> my point is that a stock market is -- in the cycles of the stock market, we're at what you could consider to be a reasonably high level. >> maybe. >> people like robert shiller are saying we're extended, cap rates for real estate. we've talked about this. so yes, there are some important sectors of the markets, and there's some buoying of the economy that could come. but do we have a run like that ahead of us like the sort we had over the last eight years? i'm skeptical about that. >> we went from 800 to, you know, 20,000 in my lifetime. we're both very young men. >> you're trying to convince becky of that. i'm not buying it. >> you're

hey, if jeff immelt had come into general electric at the same time, his stock would have went from 6 to 31. all i'm saying is it's timing. >> then just think logically, joe. >> it was down 40%. >> if we're looking at the market to evaluate the president -- >> this is like saying bill clinton was responsible for the internet bubble. him and al gore single handled by precipitated the bubble. nothing to do with it. right place at the right time. >> anyway, we will -- i don't know if we'll continue this. but we'll talk about other things. these guys are going to be sticking around, hopefully. austin didn't get so massacred there that he leaves, but anyway -- just kidding, austin. love you. be careful. you're in chicago. i worry about you driving to work. anyway -- >> university of chicago, where all the economists there are a little more conservative than austin. >> they are. he's like a token there. >> he's a brilliant economist. >> he is. we used to get him mixed up with zandy. >> by we you mean the royal we. >> no, when we'd have him on because on a box they sort of look similar. >> m