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Squawk on the StreetApple Shines, Pres. Trump-Nvidia CEO Meeting, Vertex CEO on Non-Opioid Painkiller Approval 1/31/25
Squawk on the StreetApple Shines, Pres. Trump-Nvidia CEO Meeting, Vertex CEO on Non-Opioid Painkiller Approval 1/31/25
Apple Shines, Pres. Trump-Nvidia CEO Meeting, Vertex CEO on Non-Opioid Painkiller Approval 1/31/25
Update: 2025-01-31
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Carl Quintanilla, Jim Cramer and David Faber led off the show with shares of Apple rising on better-than-expected quarterly results and revenue guidance --
despite an iPhone sales miss, hurt by a slump in China. President Trump and Nvidia CEO Jensen Huang expected to hold a Friday meeting at the White House.
Vertex Pharmaceuticals CEO Reshma Kewalramani joined the program to discuss FDA approval of her company's non-opioid painkiller -- marking the first time in decades
that the U.S. has approved a new type of pain medication. Also in focus: The Fed and PCE, Trump tariffs deadline watch, Chevron and Exxon Mobil earnings, D.C. plane crash investigation.
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00:00:00
As a business owner, you wear a lot of hats.
00:00:03
One minute you're ordering today's inventory and the next you're planning tomorrow's expansion.
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00:00:53
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00:00:57
Learn more at Capella.edu.
00:01:02
Market moving insight and analysis.
00:01:04
Join Jim Kramer, David Faber and me, Carl Cainsonia on the opening bell hour of CNBC Squawk on the street.
00:01:10
Good Friday morning.
00:01:11
Welcome to Squawk on the street.
00:01:12
I'm Carl Cainsonia with Jim Kramer, David Faber at Post 9 of the New York Stock Exchange.
00:01:16
Stocks look to close out the month of January with a gain, maybe to all time highs, while also bracing for the possibility of tariffs this weekend.
00:01:24
PCE was broadly in line, but that 12-month headline does rise to 2/8.
00:01:28
Our roadmap begins with Apple's bounce today, shares are rallying after a positive sales outlook, signaling an iPhone recovery.
00:01:35
Plus, Trump's tariff deadline, the president has confirmed he will impose 25 percent tariffs on imports from Mexico and Canada that could start tomorrow.
00:01:45
And the FDA greenlights a non-opioid pain killer.
00:01:48
In fact, Jim's been talking about this for a long time.
00:01:51
It's the first of a new kind of pain medicine.
00:01:53
In decades, we will be joined by the CEO of the company we're talking about, Verktex Pharma.
00:01:58
That'll be this hour.
00:02:00
Let's begin with Apple rising on this quarterly beat and revenue guide.
00:02:03
That despite an iPhone sales, that number that wasn't miss, hurt by a slump in China.
00:02:07
Services revenue was a bright spot.
00:02:09
Hitting a record high.
00:02:10
Jim Webb Bush today says, "Try, it's like trying to tackle say-quan.
00:02:15
The bears miss again."
00:02:16
You can put eight up front, it doesn't seem to matter.
00:02:19
I do think that the best news I felt was that where they have their Apple intelligence, their AI, sales are off.
00:02:27
They don't have to get in China.
00:02:28
Look, they need a partner in China.
00:02:30
We know that Xiaomi, well, Huawei, they could have partners.
00:02:34
They can use the deep sea for what we know.
00:02:36
But it does matter that when they have AI, things go better because then you don't have to guide down the next quarter or two.
00:02:44
People felt that the big issue would be the forecast cut.
00:02:47
There was no forecast cut.
00:02:49
David, this install base, 1.38 billion users, you know, just phone users, 2.35 active devices.
00:02:58
This is what everyone knows is their ace in the hole and everybody keeps, the hedge funds keep thinking, "What's the next iteration of the phone doing?"
00:03:08
And Tim Cook is thinking, "We have a lot of people who will buy more of our things, whether it be service or whether it be the different parts that we all know that went Mac, whether they eat your budget."
00:03:21
By the way, the watch is crushing it.
00:03:26
The watch is crushing it.
00:03:27
Yeah.
00:03:28
Doing watching it.
00:03:29
Yeah, and I think this goes, listen, by the way, you know, you've been talking about the fact that when the stock, when we kept getting downgrade, after downgrade, you were right in.
00:03:39
Thank you.
00:03:40
Thank you.
00:03:41
Now, and we'll see how it forms that those were of no great value in terms of determining the future of where the stock was going.
00:03:50
Ben, right?
00:03:51
Doing the minus 1.7 on the watch, I'm regarding the watch.
00:03:55
Watch is high, of course, more, but it's health.
00:03:58
Anything health is doing well.
00:03:59
But you're saying it's doing well, but the numbers, they're saying it's bad, but when I talked to Tim Cook, it was not at all clear that it was bad.
00:04:07
The down number was not bad.
00:04:08
Yeah, I'm saying that's the one everyone's worried about.
00:04:10
Right.
00:04:11
That's it.
00:04:12
Yeah.
00:04:13
Kind of figure it out.
00:04:14
That's it.
00:04:15
And he has to worry.
00:04:16
Tough question, Ben.
00:04:17
Yeah.
00:04:18
You know, and Tim Cook has got,
00:04:31
as he teflon, as he say, one, I think what he is, he's got the best product,
00:04:41
and I still think it's a best product win situation, and it's an expensive product, though, Jim.
00:04:47
Yeah.
00:04:48
People may be holding on to it longer as a result.
00:04:50
Well, he did say that.
00:04:51
He did say that, well, I was trying to get Tim Cook to say in our interview that I do with Steve Covex, that isn't a true that we're no longer just going new line, new line,
00:05:02
new line and judging it, and that we're actually blurring it by having these constant updates that you get overnight.
00:05:08
And he said, no, no, there's still going to be that still matters tremendously, the 16 matters, the family of 16 matters.
00:05:16
So there was nothing revelatory other than the fact that it was fine, and everyone expected it to be not fine.
00:05:21
And that, I think, is because AI is a spur to buy more, to buy more phones, and that no one thought that.
00:05:29
I think people just felt their AI is so, so.
00:05:32
But it's not.
00:05:33
AI, of course, they're not paying for.
00:05:36
So it's really a free ride.
00:05:38
It's fabulous.
00:05:39
Gross margins were up.
00:05:40
Nice.
00:05:41
As of yesterday, I think we had 22 downward EPS revisions over the past three months.
00:05:46
Like, you should expect that to reverse.
00:05:49
I think that there's too many people who they have to do it quietly, though too stupid.
00:05:53
Right.
00:05:54
It's not like the multiples come in here, Jim.
00:05:57
Oh, no.
00:05:58
I mean, talking about the stock being expensive.
00:06:00
You're talking about minimal over, you know, your growth of any kind.
00:06:05
Right.
00:06:06
Okay.
00:06:07
And you are still banking on an AI upgrade cycle.
00:06:09
You're talking that, all right, people, maybe it's doing better, I don't know.
00:06:12
But it hasn't brought a wave of upgrades yet.
00:06:16
No, but when I look at Microsoft, I say, do I want to be a Microsoft where I don't get upside?
00:06:22
Or do I want to be an Apple where I sense I can make a curve, which just says this service stream could really explode, and India is going to be, I can't.
00:06:31
And the seventh team is coming, I guess, which is going to be potentially a new iteration.
00:06:35
But I think, well, he's talking about it in terms of about India.
00:06:38
I mean, India is a real factor.
00:06:41
I'm not saying that China is not.
00:06:43
He's never going to say that.
00:06:44
But I think that, let's say right now, it came out that by do, let's just, we spend I don't know anything, but by do has teamed up with Apple for the best AI, then the people who are still shorted or betting against are going to say,
00:06:57
all right, I've had enough.
00:06:58
And then, then I think that the negative guys will have to come out.
00:07:01
Right now, they can say, you know what, it's still got a very high multiple, and it's 30 multiple.
00:07:07
And that's really not what you get when you have this little growth.
00:07:10
They say pretty much what this man to the left says.
00:07:13
>> Yeah, well, I mean, it has helped people back.
00:07:17
>> But how long does it have to be high before we just say, you know what, maybe it's better than Clorox.
00:07:23
Maybe it's better than Colgate.
00:07:25
Maybe it's better than Hershey.
00:07:26
>> Right now, it's got a higher multiple than Nvidia.
00:07:28
>> Well, Nvidia?
00:07:29
>> I would think Nvidia has a bit of a higher growth rate.
00:07:32
>> Well, let's see what happens when Jason Wong meets with President Trump today.
00:07:36
>> Yeah.
00:07:37
>> I don't know that that's going to change the growth rate of Nvidia, but maybe they're going to get rid of the friend, not friend rules that Biden put into the last hour, where there was no consultation whatsoever with Jason Wong.
00:07:50
>> By the way, one of America's greatest companies, but you don't just, you don't like going to Saturday night.
00:07:55
Do that.
00:07:56
>> No, although the response to DeepSeek has been interesting.
00:07:58
Some say actually it's a sign that we should be even tighter on the chip supply as opposed to.
00:08:04
>> Well, in fact, there's some wire stories this morning about some pressing the White House to be tougher, at least from Nvidia.
00:08:09
>> There are.
00:08:10
I think that the White House is actually a little less hard line than people think.
00:08:15
I think that the White House wants to hear, but White House is trying to figure out, did DeepSeek get 100,000 high-end chip support or whatever?
00:08:26
>> I put, I posted yesterday on X, absolutely not, that there's just no evidence whatsoever according to Nvidia that they've diverted from Singapore.
00:08:35
I think they're in the jam.
00:08:37
If they say, look, the reason why DeepSeek really, they had access to 100,000, it's not like they made, okay, I've got an analogy for you.
00:08:46
All right, so you have a juicer that can make 10 glasses of orange juice out of an apple, of an orange.
00:08:53
That's what Jensen's doing, 10 glasses, let me build, that's a mistake.
00:08:58
They can make 10 glasses of orange juice out of one, or you can make 10 juicers and you just get one glass.
00:09:08
So do you really need to pay for 10 juicers?
00:09:09
You can just buy DeepSeek's.
00:09:11
>> Understood.
00:09:12
And that's the worry.
00:09:13
>> That is the worry.
00:09:14
>> Listen, I think there are, any number of people now have weighed in saying the efficiencies they were able to come up with, the techniques they used, whether it's reinforcement learning or this mixture of experts,
00:09:25
things are certainly our software engineers are well aware of and have used, but that they did a good job and that they did plow new ground.
00:09:32
That said, they also kind of, a lot of people have weighed in now on the cost differential and saying it really is not large between models here and the model,
00:09:42
what they were able to do, and ultimately I think many believe that chip demand will be unchained.
00:09:50
>> Okay, so here's over any meaningful period of time, but we'll see, now on the chip front, I mean again, Daris Amode, the guy who runs and Throp,
00:10:00
that came out with a piece, I think was earlier this week, I read it saying, we got to be even tougher on China, we cannot let them be our equal.
00:10:08
And that's another thing that we do understand from DeepSeek.
00:10:10
So, Jazzy's post last night, I see Gar1 now available on AWS.
00:10:15
>> Unbelievable, I'm most closely concerned that if an Amazon reports they say, you know what, we are going to slow in video, or we're going to go to AMD, which they're not using for this kind of thing.
00:10:25
I think they're going to stay with their friendly relationship with Jensen, but that's what the bears are telling me.
00:10:32
Okay, so here's uses that DeepSeek can't do, okay, that you can do on Blackwell, all right.
00:10:38
Multi-modal memory, spatial intelligence, physical actuation, vision and touch.
00:10:46
So those are the things that you need, Blackwell for, that DeepSeek get robotics, right?
00:10:52
>> Yeah, yes, but that matters tremendously.
00:10:55
>> Yeah, they're not going to be able to do it for that.
00:10:56
>> Right, so unless they get the highest chance.
00:10:58
>> Right, so I mean, look, you wanted to play Jeopardy, I don't want it to play, I don't want it to be, it plays a great game of checkers, but Nvidia is a grand master.
00:11:08
>> Yes, Bariff.
00:11:09
>> In chess?
00:11:10
>> Not chess.
00:11:11
>> Yes.
00:11:12
>> Yes, grand master.
00:11:13
>> Yes.
00:11:14
>> That's what Nvidia is.
00:11:15
Grand master, and the president is going to like him, and I think they're going to come out, and he's going to say whatever is good for Nvidia's, go for Merck.
00:11:23
>> Meantime, Jim, this DeepSeek selloff got filled, largely thanks to retail traders this week.
00:11:30
Some argue that's a sign of resilience in the overall market.
00:11:33
>> Well, I do know, I've been trying to pay attention to the myriad ETFs, and zero, zero a day.
00:11:42
They're in control of the stuff.
00:11:44
>> Yeah.
00:11:45
>> And now that's just, I mean, I think those are the people, I urge those people to take the two points and the Eagles, because that's much more rigorous than whatever the hell they're doing.
00:11:57
I think Jason Robbins and Trev King, he runs a better operation, these clowns who are doing this stuff.
00:12:02
>> What do you know?
00:12:03
You're sounding like the Elliott letter, but we got sports bettors.
00:12:06
>> And I love it.
00:12:07
>> I thought the Elliott letter was brilliant, a good decent FT about it today.
00:12:12
>> Yeah.
00:12:13
>> I thought the Elliott letter was, I am 100% and we're singer on this, yeah.
00:12:16
We got to, I mean, look, they let this happen, because everybody wants to make a lot of money.
00:12:20
That's, it is a bad thing, it is just, it is bad gambling.
00:12:25
It's like gambling on the line itself.
00:12:28
I bet the line's going to go from two to one.
00:12:31
I bet that if I create a new line, I'm going to do even better.
00:12:36
That's what these people are doing, and they should just go to Trev Kings and have more fun and lose less money, because they don't know whether Nvidia is a hand cream or a chip.
00:12:46
>> Believe you, I believe you.
00:12:47
I'm looking at probably some young people right behind us here who probably do, or are actually exactly the same.
00:12:52
>> I was at a bar last week, person to the right, said I bought Nvidia because you, person to the left side, I bought Nvidia because you, I said I'm going to know what Nvidia does.
00:13:00
And they said, yeah, it's, it's something that you recommend.
00:13:05
>> That's, you know what guys, I mean, the fervor is not just in the public markets, you know, open AI, whether it ends up being 30 billion or 40 billion or more,
00:13:15
and soft bank, obviously, which is going to commit to this primary offering of some kind, between 15 to 25 billion, the numbers are extraordinary.
00:13:23
>> They are.
00:13:24
>> They are.
00:13:25
>> They are extraordinary.
00:13:26
We've never seen anything like it.
00:13:27
>> No.
00:13:28
>> There's never been a public company that raised 40 billion dollars if they get there at one time.
00:13:34
Alibaba and public here, I think it was 25 billion.
00:13:37
Biggest IPO, one of the biggest IPO's of all time.
00:13:40
>> Well, what, what, and your point is that it went, open AI earlier this week on Deepseek was like worthless.
00:13:47
And now it's worth 300 million.
00:13:48
>> No, I was just being like you.
00:13:50
>> It is, without a doubt, a time, not of inflation, but of a recognition.
00:13:55
This is why I like Nvidia.
00:13:57
It's a recognition that it is a new industrial revolution, and anybody who is in it is worth a lot more than the people that aren't.
00:14:03
Look, I'm sure that when they discovered the cotton gin and you're a weaver, you're saying, you know what, that's ridiculous.
00:14:11
>> What?
00:14:12
>> What?
00:14:13
>> No, I'm not making face.
00:14:14
>> I'm Jim.
00:14:15
>> I'm making face on our executive producer.
00:14:16
>> Let's, let's, let's, I don't limit my face just to you.
00:14:19
>> I don't limit my face just to you.
00:14:20
>> I don't limit my face just to you.
00:14:21
>> The steam engine.
00:14:22
Remember the steam engine.
00:14:23
Are you still like in the wheel on the point?
00:14:24
You're in the wedge?
00:14:25
You're in the wedge.
00:14:26
>> You're in the wedge.
00:14:27
>> All of his Eli Whitney in the cotton gin.
00:14:28
>> Eli Whitney is cotton gin.
00:14:29
Robert Fulton was a steam engine.
00:14:30
>> Yeah, good.
00:14:31
>> He's buried right here.
00:14:33
I walk by him all the time.
00:14:34
Who's buried in Grinch-Tum?
00:14:35
>> Right.
00:14:36
>> There you go.
00:14:37
Jim mentions this meeting with the White House and Nvidia today for more on that.
00:14:41
Let's get to our Sima modem.
00:14:42
Hey, Sima.
00:14:43
>> Hey, Carl.
00:14:44
We can confirm for a source as familiar that Nvidia's CEO, Jensen Wong, will be meeting with President Trump today at the White House sometime this afternoon.
00:14:52
The meeting was set up a couple of weeks ago, the goal really being for these two leaders to get to know one another.
00:14:58
Topics we are told are going to be including AI policy generally, not related specifically to DeepSeek, but I was told no doubt DeepSeek will come up in the discussion around US restrictions on chip sales to China,
00:15:11
which of course is one of the big open questions following the DeepSeek revelations and this Chinese app being able to run on older, cheaper Nvidia GPUs.
00:15:20
Another topic up for discussion is the on showing of chip production in the US at a time where US chipmakers as we know are heavily reliant on Taiwan guys.
00:15:29
So we are watching shares of Nvidia here in pre-market trade.
00:15:32
>> Sima, we'll be monitoring that with your help today, Sima modem.
00:15:36
So many more earnings movers to get to this morning, including Chevron and Exxon, both CEOs on Squalk earlier today.
00:15:42
Plus the FDA approving this non-opioid painkiller for the first time in decades.
00:15:46
Made by Vertex, stocks moving higher, we'll talk to the CEO, we'll get to Colgate and Walgreens Intel team, KLA and Deck in a minute.
00:15:57
>> What's at stake when administration's change from the first 100 days and beyond, EY brings insights on the issues that matter.
00:16:06
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00:16:25
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00:16:27
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00:16:55
>> Is it time to reimagine your future?
00:16:58
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00:17:01
At Capelli University, we offer a relevant education that's designed to focus on what you need to know in the business world.
00:17:08
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00:17:17
A different future is closer than you think, with Capelli University.
00:17:22
Learn more at capella.edu.
00:17:24
>> The investigation continues into that deadly collision between an American Airlines jet and a Black Hawk helicopter near Reagan National Airport.
00:17:34
Our fill about this morning has the latest morning film.
00:17:38
Good morning, Carl.
00:17:39
They now have the Black Boxes.
00:17:40
The NTSP recovered those from the American Airlines Regional Jet.
00:17:44
Remember that after the collision mid-air was broken into three pieces that then ended up in the Potomac River.
00:17:51
Those Black Boxes have been recovered.
00:17:52
NTSP offices are only like a mile away.
00:17:55
So I wouldn't be surprised if we get -- maybe perhaps an initial readout later today or in the next day or two won't take long.
00:18:02
Air traffic control tower staffing deemed not normally yesterday.
00:18:06
I've gotten some questions about this.
00:18:07
That simply means that instead of two separate controllers communicating one with helicopters, one with airplanes, as is usually the case, they can be combined under one person.
00:18:18
That's what was happening when the incident took place.
00:18:20
But it's not deemed unsafe under FAA guidelines.
00:18:24
And finally, there are questions about airport congestion.
00:18:27
Specifically, at Reagan National, as you take a look at the runway maps, we talked about this over the last 24 hours.
00:18:33
There is so much helicopter traffic along the Potomac.
00:18:37
That is the designated route.
00:18:38
Well, that's also where some aircraft come in when they land on runway 33, which is the short runway on the upper part there.
00:18:46
That's also the runway where the American Airlines Regional Jet was coming in when the collision occurred.
00:18:52
The congestion is not going away, guys.
00:18:54
Not just at Reagan National, but at airports around this country.
00:18:58
Look at the number of people who were screened by the TSA last year.
00:19:01
It was an all-time high.
00:19:03
And guess what?
00:19:04
We're on pace for another all-time high in 2025.
00:19:09
And this is the situation that the airlines, the airports and regulators are going to have to figure out at some point.
00:19:17
As you add more flights, which is there because of the demand, how do you do it and do it safely?
00:19:23
So you take a look at the airline stocks.
00:19:25
We saw a little bit of pressure, just a little bit of pressure on American Airlines yesterday.
00:19:29
It's typically the case after an incident like this.
00:19:33
But by the end of the day, you really couldn't see anything.
00:19:35
These stocks have had a heck of a year, really a heck of a last six months in terms of how investors look at them.
00:19:42
And again, guys, we think we think we might get some information from the NTSB as they analyze the black box, either later today or in the next day or two.
00:19:51
Phil Axios today points out, and you hinted at this yesterday, that the airport was designed to accommodate about 15 million passengers a year, it gets 25 million a year.
00:20:03
Yep.
00:20:05
And look, they're landlocked.
00:20:07
It's not like you can say, well, build another runway.
00:20:09
You can't.
00:20:10
This is the issue with so many of these airports, these older airports, especially the ones that are close to the downtown area in cities around the country, they are landlocked.
00:20:21
So you've got to deal with what you have in terms of those runways.
00:20:25
That's why runway 1 at Reagan National, busiest runway in this country, bar none.
00:20:31
That's how many planes are taking off or landing on, you know, every day.
00:20:36
Phil, I look forward to more updates.
00:20:38
Thanks for the help all week long.
00:20:39
Of course, Phil Leboe.
00:20:40
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00:21:42
Futures indicate we might take a run at some fresh all time highs on the S&P and the DAW.
00:21:47
We'll talk about the month of February as well, where the S&P's been up in that month about half of the time over the last decade.
00:21:53
We'll get Jim's playbook.
00:21:54
Don't forget, you can catch us anytime anywhere.
00:21:56
Just listen to and follow the Squawk on the street, opening bell podcast.
00:22:02
All right.
00:22:03
Last opening bell of the week coming up, but I got enough time for a mad dash.
00:22:07
Last thank you, Joe.
00:22:08
Yeah, simple team.
00:22:09
I think that people look to enterprise software.
00:22:12
I'm going to think about that.
00:22:13
You think about Salesforce work day service now, which stock was down yesterday because the federal business is going to be more back in.
00:22:21
Well, this is collaboration software.
00:22:22
It makes it so that you can collaborate with your customers, cover up their teammates.
00:22:26
It really does work.
00:22:27
I had them on a bunch of times, but I will tell you this, David.
00:22:30
It's the beacon, the growth hounds in the market.
00:22:35
Always want to have the high multiple rule of 40 kind of stocks, volunteer, which is, I told you it's going to 100 no matter what, my hook or crook.
00:22:45
But at last, this is a really good company and everybody I know who's the one at Young People tend to be on it and they're putting the older people at the office to shame because they work much faster with it.
00:22:55
But it works.
00:22:56
It's terrific and it's going to allow people to buy enterprise software again, which had been down the dumps at your service now.
00:23:01
It's interesting.
00:23:02
It was a COVID favorite as well.
00:23:04
Yes, it was.
00:23:05
It ran up to 450 bucks or so if you go back five years.
00:23:09
You can see it.
00:23:10
Right.
00:23:11
But unlike so many others, it's sort of at least regains a good amount of that decline.
00:23:16
It's loved.
00:23:17
It's loved since then.
00:23:18
And great guys, by the way, I had more than a bunch of times and I will say this, David, there.
00:23:24
The enterprise software is the lifeblood of so many different people versus say Apple.
00:23:28
They want to pay, they'll pay 30 times cash flow for these 50 times sales.
00:23:33
You know, all that stuff, instead of what you're saying about Apple, there's no disappointment that comes to these companies because people want high growth.
00:23:40
And those managers now have been given a green light to go back and buy all that stuff because of that last thing.
00:23:46
Interesting.
00:23:47
So they had the green light from service now they didn't get it.
00:23:50
No, no, those shows were punished just because they were punished.
00:23:54
They were punished.
00:23:55
They were punished.
00:23:56
Hi, Carl.
00:23:57
Hey guys, how's it going?
00:23:58
How you doing over there?
00:23:59
They're just got punishment.
00:24:00
He's meeting out punishment.
00:24:01
I got to tell you, I want to be in that sense of why I'm meeting so bad with the president.
00:24:08
Still time, Jim.
00:24:10
Still time.
00:24:11
You know, the Biden administration seemed to have a real attempt for the companies that have done the move, and I have to believe that President Trump would be the opposite.
00:24:23
Let's get the opening bell here in the CNBC real-time exchange of the big board, it's Brazilian Water and Waste Management Company, the best thing at the NASDAQ is for leukemia and lymphoma society.
00:24:34
It's the sort of point out here, Jim, with a higher range of close to 6,100.
00:24:41
Yeah.
00:24:42
Look, I think that there's a lot of stuff.
00:24:43
I'm surprised a lot of areas yesterday, they were very, very good.
00:24:46
By my service now, they were off of that last night, they were really interesting.
00:24:50
And people were very focused obviously on deep seed, but then there was a whole lot of the group people who were saying, you know what, healthcare, really back, industrials.
00:25:00
I'm going to get the industrials, there's some of them, Parker Hanna, she was really fabulous.
00:25:05
I thought Caterpillar shouldn't have been down as much.
00:25:07
I think Caterpillar had a good quarter.
00:25:09
But retail has been very strong.
00:25:11
William Sonoma, R-H, where Gary Friedman bought a ton of stock himself.
00:25:16
Quite a double, told you to buy it.
00:25:19
Really, really terrific to see a cold shot, like a battleground stock R-H.
00:25:22
Oh my God.
00:25:23
We're going through a hole.
00:25:24
We're going through a hole.
00:25:25
We're going through a hole.
00:25:26
We're going through a hole.
00:25:27
We're going through a hole.
00:25:28
Yeah.
00:25:29
Wow.
00:25:30
Yeah.
00:25:31
They capitulated.
00:25:32
Very exciting time.
00:25:33
If you just, we walk away from the semis for five seconds.
00:25:34
Disney, interesting piece.
00:25:35
JP Morgan says nothing good, but keeps it as a buy.
00:25:38
But at least quantifies what the fires have done.
00:25:41
You know, I'm a big believer in Disney going into the quarter.
00:25:43
Yeah.
00:25:44
X on versus Chevron.
00:25:47
Let's put up X on versus Chevron.
00:25:48
I was surprised to see the differential in performance of the two stocks.
00:25:53
If we can do that back in the control room while we talk about earnings from both.
00:25:56
Both CEOs were on Squawk Box this morning.
00:25:59
We, of course, talked to Mike Worth only a few days ago as well about their partnership with GE Vernova to basically create natural gas-fired power plants for data centers,
00:26:14
essentially.
00:26:17
But kind of a mixed bag, too.
00:26:19
I mean, I know.
00:26:20
Well, I return to capital.
00:26:21
We keep talking about it.
00:26:22
Chevron shares with Dan.
00:26:23
X on's up.
00:26:24
And there it is.
00:26:25
Chevron was in OK quarter.
00:26:26
X on has outperformed Chevron.
00:26:28
I know.
00:26:29
Basically, over the last five years.
00:26:30
Chevron's returned so much cash flow.
00:26:31
They had a really good dividend, and they have got a good field in the old Soviet Union, so to speak, that's where it can.
00:26:37
I was out visiting their stuff in the Gulf of America, and it was doing quite well.
00:26:41
Well, what accounts for that differential in performance, then?
00:26:46
I think that people feel that X on is, it's kind of like they've got the rosy you ever since engine run.
00:26:54
It's almost as like they're considered to be the fast-moving darling that understands carbon capture, because I spent a lot of time with Mike talking about this, put Mike where I see him.
00:27:05
Because I think Chevron's worth one next time.
00:27:07
But-- I know you've been very positive.
00:27:09
I like it.
00:27:10
I like the cash flow.
00:27:11
I like the growth.
00:27:12
Yeah.
00:27:13
The analysts just seem to put numbers up that are too high for them to meet quarter after quarter.
00:27:19
Maybe so.
00:27:20
You know, it's almost like to have it in for Chevron by making a documentary on X on back a couple of years back, and who, no, look at the stock sense.
00:27:26
No, I'm just surprised.
00:27:28
I thought it would reverse.
00:27:29
I said that.
00:27:30
I'm wrong.
00:27:32
But I know that you're not going to get hurt in it, but that's no reason to buy a stock.
00:27:36
I understand.
00:27:37
Cash flow from operating activities at X on 12.2 billion free cash flow is 8 billion.
00:27:42
And again, you know, we are talking on both these about a return of capital, and then that continues to be that question in terms of production.
00:27:49
Right.
00:27:50
We asked Mike Worth about it earlier in the week, because, of course, he was praising the Trump administration significantly, and they're press release announcing that deal I just mentioned.
00:28:00
But what about the 3 million additional barrels they want?
00:28:03
He said, listen, we can do more with less is what Worth said to us.
00:28:07
Oh, deep seek.
00:28:08
Yeah.
00:28:09
So that's the new thing.
00:28:10
There's an echo right there.
00:28:11
Deep seek can cogate do more with less than that's what I wouldn't know.
00:28:15
Yeah, cogate forecast.
00:28:16
Fly it.
00:28:17
I was surprised.
00:28:18
Cogate used to be able to set your clock on those guys.
00:28:20
Well, the essentially guide in line, they see organic for the year up three to five streets at four and a half.
00:28:25
Yeah.
00:28:26
Right.
00:28:27
Disappointed.
00:28:28
I actually they're there.
00:28:29
I can't miss.
00:28:30
Proctor's done the best.
00:28:31
I like the fact that Kimberley, but initially people didn't like the Kimberley clock call.
00:28:35
But if you want the boring stock that can do well in that group, it's shifting over to Kimberley.
00:28:40
It had been Mondelies, but the price of coke goes up too much.
00:28:43
People like Mondelies as much.
00:28:45
Yeah, downgraded today over at Piper, along with Hershey.
00:28:48
I thought that was Hershey's just struggling.
00:28:50
Oh my God.
00:28:51
The running theme through a lot of those names, Jim, is the dollar.
00:28:54
Moeller talked about it in the proctor call last week.
00:28:57
It's actually a factor in the Apple guidance too for the least for the market.
00:29:00
Yes, it was.
00:29:01
One of the reasons why you back out the dollar, then you suddenly see some growth.
00:29:04
You know, I'll become.
00:29:07
I'm surprised that with the Mondelies, with some of these, we stopped talking about GOP-1 and yet Lily's doing quite well.
00:29:15
The stock has been going up.
00:29:16
I think there's a bunch of new use cases coming up.
00:29:19
And there's more, well, it's down today, but there's more, Monjaro in the system.
00:29:25
So you don't just get directed to a GOV by the doctors.
00:29:28
Yeah, also some headlines this week on ozempic and kidney disease.
00:29:32
It's like every other week, right?
00:29:33
Well, there's so many.
00:29:34
I mean, when I spoke with David Rex as the CEO, the number of trials going on is shocking.
00:29:41
Because it just seems to do so many different things that are good.
00:29:44
I think that the pre diabetes and pre Alzheimer's are going to need to do that.
00:29:50
I'm focused on now.
00:29:51
I was focused on the heavy drinking one.
00:29:54
People don't talk about that, but after we saw what the previous president's surgeon general was saying, which is the skull on crossbones on liquor.
00:30:02
Yeah.
00:30:03
Well, I mean, heavy drinking is going to be something that you better get under control.
00:30:07
I think that I'm waiting for the humanities in the world to say, you know what?
00:30:11
If you drink heavily, we're not going to.
00:30:13
We don't want to cover it.
00:30:14
It's interesting.
00:30:16
Hard to detect.
00:30:17
It's self-porting.
00:30:18
Yeah, self-porting.
00:30:19
Yeah.
00:30:20
I was living my car drinking a lot of checked in.
00:30:24
Were you?
00:30:25
Yeah.
00:30:26
I used it for many purposes.
00:30:27
I don't think it's just for drinking.
00:30:28
No, of course not.
00:30:29
It's a scary time for you.
00:30:31
Scary?
00:30:32
I had a gun.
00:30:33
You were a young man.
00:30:34
I had my gun.
00:30:35
That's a good combination.
00:30:36
I had a gun.
00:30:37
No, no.
00:30:38
You used a gun so that when you're like living in your car, nobody does anything to.
00:30:43
You know what?
00:30:45
I had a gun.
00:30:47
I'm just glad you got through that.
00:30:49
You're here to tell us about it.
00:30:50
I never found a guy who took a rush.
00:30:52
That was a scary time.
00:30:53
Took all my stuff.
00:30:54
You know what else?
00:30:55
This was a scary time.
00:30:56
Looking at Comcast share price.
00:30:58
Not today though.
00:30:59
At least it's ever so slightly a rebound.
00:31:01
Yesterday was an ugly day.
00:31:02
I took it off my screen for our parent company.
00:31:05
I took it off your screen.
00:31:07
Yes, I did.
00:31:08
But no real rebound after that.
00:31:10
I was in 12 percent decline.
00:31:12
I had a lot of free cash flow.
00:31:14
Although frankly flat, but still a multiple to free cash flow.
00:31:18
It's very low.
00:31:19
The market's focused on broadband subs and they went down.
00:31:23
Even more than had been anticipated.
00:31:25
You may wonder though why shares of charter which reported earnings this morning and also had a significant decline in what they call total internet customers.
00:31:36
What they call total internet customers down 177,000 is not similarly getting penalized.
00:31:43
That would seem to be in part because they are really adding a lot of mobile wireless customers.
00:31:50
529,000.
00:31:52
They're basically 10 million mobile lines.
00:31:55
They've added 2.1 million just in the last year.
00:31:59
That's more than Comcast has in its mobile business.
00:32:02
Total domestic wireless lines for Comcast.
00:32:05
I've got at 7.8 million and as I just said, it seems to be about 9.9 million for charter.
00:32:10
That may be one reason why that stock is actually performing better.
00:32:14
It was down yesterday in sympathy with our parent company stock, although not as much.
00:32:19
And again, broadband is not a growth business.
00:32:22
It's just not.
00:32:23
I know everybody talks about when the ACP this finally sort of plays out.
00:32:27
This affordability connectivity plan that helped give money to people who couldn't necessarily afford broadband and then has been rolled back over time.
00:32:37
But it's not a growth business.
00:32:39
We talked about it over and over again.
00:32:41
Can you continue to raise price?
00:32:43
How much can you raise price?
00:32:44
And then there's a video business.
00:32:45
One reason we're getting spun out, of course.
00:32:48
At our parent company, there was a loss of 311,000 video subscribers in the quarter.
00:32:53
At charter, it was 123,000.
00:32:56
So no real lead up in people cutting the cord car.
00:33:00
And obviously coming upon networks like our own to figure out different ways to grow revenue.
00:33:07
It's the 491st or another way to look at it.
00:33:11
It's the 9th lowest PE in the SB fund.
00:33:14
Is Comcast?
00:33:15
Yes.
00:33:15
9th lowest.
00:33:17
And the other 8 are so terrible that I really struggle to be denied.
00:33:25
I don't like to be in for her in 51st place.
00:33:29
That's not good.
00:33:30
You don't make the playoffs.
00:33:31
You don't want to be that cheap.
00:33:32
You're not in the playoffs.
00:33:33
Meanwhile, today B of A, which had been a pretty stalwart defender of the stock, finally gives in, goes to neutral.
00:33:40
They were at 50 as a target gym down to 38.
00:33:43
But that's been a long time they've been with the five handle as a target.
00:33:46
I took it off my screen.
00:33:47
You took it off your screen.
00:33:49
I have to worry about it for that much longer anyway, because we are new codes.
00:33:54
You see, I have a lot of stock company without name.
00:33:57
I have a lot of stock.
00:33:59
I have a lot of GE stock and a lot of Comcast stock.
00:34:02
Well, I'm glad you held GE through the period of horrible Larry Kulp.
00:34:07
When you get Larry Kulp, you do not turn into the 491st lowest peak.
00:34:14
So, are you hoping Larry Kulp takes over Comcast?
00:34:17
Is that what I'm just talking about a man?
00:34:18
I think I'm talking about a person who is one of the greatest CEO ever created.
00:34:24
Larry Kulp's created an enormous amount of wealth.
00:34:26
I've related many times to conversations I would have with people at 30 Rock, for example, asking me when GE was really on its knees saying, "What do I do with the stock?"
00:34:36
They hold on a lot of thankful people.
00:34:39
Given the spin-off, what's help?
00:34:44
You put a health care together with Vernova and with GE and you get a number that is not quite the all-time highs, but it's certainly respectable.
00:34:49
The humility of the man is shocking.
00:34:51
I said, "Listen, this GE Vernova, what are you kidding me?"
00:34:54
No, I want you to stick with me.
00:34:56
It'll be fine.
00:34:57
But if you're worried, I understand.
00:35:00
I mean, he carries himself like Andy Reid.
00:35:04
Having metal coach read a lot, he is not a single bone of...
00:35:10
He's not a boo-yunt about himself.
00:35:14
He is not arrogant about himself.
00:35:16
He is just simply a real good guy.
00:35:20
You like him, too.
00:35:22
I know him.
00:35:22
Of course I do.
00:35:23
Yeah.
00:35:23
I want people to open that up.
00:35:24
I respect what he's able to accomplish.
00:35:26
Is he an arrogant guy?
00:35:28
Guys, real quick, just to mention the stock I've been covering of late, which is Walgreens.
00:35:31
I've been covering it in part because, of course, the continued conversation, which I sort of ended earlier, I think it was early this week, about a potential takeover.
00:35:39
They cut the dividend to zero road.
00:35:43
I fight in a situation.
00:35:46
By the way, Tim went worth it.
00:35:48
It's quite, it's quite...
00:35:49
I know, you keep saying that, but it's not just keeps going down.
00:35:51
No, I told him about the stock.
00:35:53
I'm talking about the man.
00:35:54
I know you like him, but it's a tough environment.
00:35:57
I like him.
00:35:58
Yeah, great.
00:35:59
You did have high hopes for him.
00:36:01
Yes, I did.
00:36:02
Have they been extinguished?
00:36:03
No.
00:36:04
Yes, I did.
00:36:05
Yes, I did.
00:36:07
That was...
00:36:07
Have you taken it off your list of things you're watching?
00:36:09
Your screen's about to get a lot shorter.
00:36:11
My screen says Triple Ventic Abuccino is skim wax.
00:36:15
Exactly.
00:36:16
That's the only thing my screen says.
00:36:17
You know we've gotten no money, does this?
00:36:19
Well, that's because you got me.
00:36:21
You got me.
00:36:21
When he does that or when he gets really quiet, you know it's not good.
00:36:25
Thanks.
00:36:29
Do you know the 491st, the other eight?
00:36:29
The other nine companies?
00:36:31
I don't want to know.
00:36:32
The other nine companies have no earnings whatsoever.
00:36:35
Oh, that's not good company.
00:36:37
By contrast, shares of Vertex are rallying today on the FDA approval of this painkiller.
00:36:41
Our Angelica Peoples is here with the company CEO first on CNBC Morning Angelica.
00:36:47
Morning, Carl.
00:36:49
Yeah, I'm really excited to introduce Dr.
00:36:50
Raishmuck.
00:36:51
She is the CEO of Vertex.
00:36:55
Like you said, and Raishmuck, thanks for joining us this morning.
00:36:55
We've been talking about this for a long time.
00:36:57
And I know that you're really excited about this drug, this drug, Jernavax, and Jernavix, excuse me.
00:37:03
And you know, there's this debate though about how much impact this drug can really have, because it's more expensive than some of the other painkillers that are on the market.
00:37:11
And it didn't show to be more expensive or more effective, excuse me, than an opioid.
00:37:15
So where do you see this drug fitting in and how are you going to get people to actually use it?
00:37:19
Good morning, Angela.
00:37:21
It's really great to see you.
00:37:22
It is a big day for patients for society and for Vertex.
00:37:26
This drug, Jernavix, is the first new class of pain medicines in more than 20 years.
00:37:33
And what a class of pain medicines it is.
00:37:36
It only works on the peripheral system, the peripheral nervous system.
00:37:41
That's to say it doesn't work in the brain.
00:37:44
It doesn't work on those reward centers that lead to addiction.
00:37:50
It is a non-opioid.
00:37:52
It has been shown to be effective.
00:37:55
It's shown to be well tolerated.
00:37:57
And this feature of it working in the peripheral nervous system allows it to not have addictive potential.
00:38:05
This is the kind of medicine we have been seeking to develop.
00:38:09
And I think it's the kind of medicine society wants to be able to use.
00:38:13
Or moderate to severe acute pain.
00:38:16
So it is a very important medicine.
00:38:20
Right, but how do you anticipate overcoming some of those concerns about how effective it is and also the cost?
00:38:27
Let's go to how effective it is and then let's get to cost.
00:38:31
The issue with the opioid pain medicines is not lack of efficacy.
00:38:36
They're actually very efficacious.
00:38:42
The problem is safety concerns, tolerability concerns and the addictive potential.
00:38:45
And then let's get to cost.
00:38:47
When we talk about the cost of opioids, it's not the cost of the prescription per se.
00:38:52
Those are cheap.
00:38:54
Unfortunately, the cost of opioids is to the patient, to their families and to society.
00:39:01
There is this raging opioid epidemic that I know you and your colleagues have covered.
00:39:07
80 million Americans, 80 million Americans seek a prescription or acute pain.
00:39:14
40 million of those Americans get a prescription or an opioid when they come in with acute pain.
00:39:21
That's because we don't have many alternatives when a patient comes in with moderate to severe acute pain.
00:39:28
Whether it's after a surgery or it's after a fall or a sprain or a sports injury.
00:39:34
Now we have this medicine that is safe, it's effective and it doesn't have this addictive potential because of the mechanism of action.
00:39:45
Premar, when we had it going last, I had such great hopes and I thought that maybe it wouldn't happen.
00:39:51
So congratulations.
00:39:52
I know this took a lot of perseverance.
00:39:54
When you speak with Chris Berner at Bristol Myers with Cobainfield and Schizophrenia, we talked to you about this.
00:40:00
Are we talking about the possibility of a major public policy shift where the mayors of the country, the state, the governors of the country, realize this is the way that we deal with the transient problem,
00:40:12
the homeless's problem.
00:40:13
Because these are the two ways of addiction that have turned our country upside down.
00:40:18
Do you think that the people in Washington understand how you could change the game for millions of Americans who live on streets or marginal because of opioid?
00:40:28
I really do, Jim, so there's two things to think about when you think about the problem with opioids in America.
00:40:36
Part of it is people who are unfortunately addicted by way of drugs that they are using in other formats.
00:40:46
However, some of the opioid epidemic comes from the start with a prescription for a pain medicine.
00:40:53
In fact, 85,000 people that we talked about from the 40 million who use opioids for acute pain, 85,000 people end up having what's called OUD or opioid use disorder.
00:41:07
In that group of people who are getting prescriptions for opioids, now we have an alternative.
00:41:13
That alternative is journalists.
00:41:16
It's a medicine that doesn't have this addictive potential.
00:41:19
And I do think the administrations at the city level, at the state level, and at the federal level understand this deeply because they are feeling the ravages of the opioid epidemic in their communities.
00:41:31
I'll give you one example, something called the No Pain Act has already passed Congress December 2022.
00:41:38
There are other measures being considered by state and federal governments.
00:41:43
15 states have already passed some amount of legislation to limit the use of opioids.
00:41:49
And seven states have already put into place some important policies so that non-opioids have at least parity access.
00:42:00
These are important measures.
00:42:03
And the bigger problem though, of course, is chronic pain.
00:42:06
And that's something where we still really don't have good options.
00:42:09
I know you're working there, but it's been a little bit of a rocky road.
00:42:12
So do you think that we'll see this drug used in chronic pain and if so, when?
00:42:16
Yeah, it's an excellent question, Angela.
00:42:18
And you're right.
00:42:19
We're still working on chronic pain.
00:42:21
This approval today for genetics is for acute pain.
00:42:24
Our programs for peripheral neuropathic pain, particularly in diabetic peripheral neuropathy are underway.
00:42:32
It's in phase three development.
00:42:34
And you're also right.
00:42:35
We have more work to do there.
00:42:37
There's another significant number of patients that we want to help that we seek to help that we believe we can help, but we're not there just yet.
00:42:45
Today is about acute pain.
00:42:48
Great.
00:42:48
Well, thanks so much for joining us today, Dr.
00:42:51
Rashma Kebal Romani from Vertex.
00:42:54
Thank you.
00:42:55
Very big deal.
00:42:57
Very big deal for our country.
00:42:57
Angela, thanks.
00:42:58
Angela, good people.
00:42:59
Thank you.
00:43:00
Chicago PMI's out a couple of moments ago.
00:43:01
Let's get to Rick Santelli.
00:43:02
Hey, Rick.
00:43:04
Hi, Carl.
00:43:05
Indeed, this is once again a very weak number.
00:43:08
We're expecting 40 comes into 39.5.
00:43:11
So that might sound kind of close, but consider this.
00:43:14
This is now the 14th in a row under 50 and 28 out of the last 29 months have been under 50 back to back under 40.
00:43:23
So 39.5 follows 36.9.
00:43:26
It's actually the highest since November when it was 40.2.
00:43:30
Interest rates moving down a bit.
00:43:32
Now granted, Chicago might not be the perfect stencil for manufacturing across the country, but it's just another nail in a manufacturing coffin.
00:43:41
As we continue to see some of these numbers, especially on the Chicago MNI PMI's deteriorate.
00:43:47
And currently at 450 and a 10.
00:43:50
Well, we're down a dozen basis points on the week back to you.
00:43:54
Even with this week's selloff of some power related names here today, if the winners continue to be constellation energy in the top spot.
00:44:04
Vistras in there.
00:44:05
You see GE Aerospace and CVS in the list as well.
00:44:09
Not far behind you got names like 3M, best down name of the year and meta.
00:44:12
We'll talk some more with the Dow with some mild opening gains up 29.
00:44:15
Don't go anywhere.
00:44:16
Let's get a Friday edition to stop trading with Jim.
00:44:20
Until reported last night, I thought the cash flow was very good, better than I expected.
00:44:24
I the first quarter is historically not a great quarter for Intel.
00:44:28
It will not be a great quarter.
00:44:29
But I think that they're trying to stabilize the ship by talking about how they have enough cash to be able to go through.
00:44:35
There was no messionic message about Intel.
00:44:38
It was more of like, listen, we're going to get through this with the buck in tapping.
00:44:42
It was refreshing.
00:44:43
Don't expect this talk to go up, but perhaps the trajectory will not be just straight to it.
00:44:48
Meanwhile, chip equipment this week today, it's a KLA, but all week long, man.
00:44:53
Oh, well, you look Taiwan semi action, Taiwan semi, it's really diverged from from Nvidia big time.
00:44:58
And Taiwan semi is putting a lot of words of the winners there.
00:45:01
It's land.
00:45:02
That's the one you want.
00:45:03
And then after that KLA and then after that, it's interesting.
00:45:06
Yeah, made a move yesterday.
00:45:07
Jim, we'll see you tonight.
00:45:09
Let's hear Jensen.
00:45:10
Yes, I'm going to be there.
00:45:11
I'm going to go down.
00:45:12
You're going to go down?
00:45:13
Yeah, you know both of them.
00:45:15
You get just.
00:45:16
Yeah, I do know both of them.
00:45:17
I do know both of them.
00:45:18
Show up.
00:45:19
We'll see in the background.
00:45:20
I've got to say what Zuckerberg said.
00:45:22
I don't know if you quite Zuckerberg's comments about the administrations.
00:45:25
Very bullish.
00:45:26
Yes.
00:45:26
I do mad money.
00:45:27
6 p.m.
00:45:28
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