WHEN: Today, Wednesday, December 3rd
WHERE: CNBC's "Squawk Box"
Following are excerpts from the unofficial transcript of CNBC interviews on CNBC's "Squawk Box" this morning live from Business Roundtable in Washington, DC. Following is a link to a roundup of all the interviews from CNBC's "Squawk Box" today: http://www.cnbc.com/id/102235660
All references must be sourced to CNBC.
Doug McMillon, President and Chief Executive Officer, Walmart
McMILLON ON MOBILE
MOBILE IS A DRIVING FORCE IN THE COUNTRY'S THAT WE OPERATE IN. TODAY, WE'RE IN 27 COUNTRIES, AND IT'S JUST A GLOBAL PHENOMENON THAT MOBILE IS TAKING OVER, AND, FOR US, FINDING A WAY TO BRING THESE TWO THINGS TOGETHER IS A TREMENDOUS OPPORTUNITY.
McMILLON ON IN-STORE MOBILE
10 % OF THE MOBILE ORDERS THAT WE'RE RECEIVING IN THE COUNTRY ARE COMING WHILE SOMEONE IS IN OUR STORE. SO THEY ARE IN THE STORE, EITHER WE'RE OUT OF STOCK UNFORTUNATELY, OR THERE'S SOMETHING THAT THEY WANT THAT WE DON'T HAVE IN OUR STORE, AND THEN THEY JUST BUY IT THEN AND GET IT DELIVERED TO THE STORE LATER OR HAVE IT DELIEVERED TO THEIR HOUSE. SO IT'S STILL SMALL, BUT IT'S REALLY GROWING.
McMILLON ON CUSTOMERS
THE REAL WINNER IN THIS WHOLE SCENARIO IS THE CUSTOMER. YOU THINK ABOUT WHAT'S CHANGED IN RETAIL JUST OVER THE LAST FEW YEARS. THEY NOW HAVE ACCESS TO AN INCREDIBLE ASSORTMENT OF GOODS BETWEEN ONLINE AND STORES. THEY'VE GOT MORE TRANSPARENCY RELATIVE TO PRICE. THEY'VE GOT MORE WAYS TO TAKE DELIVERY. SO, FOR US, WE'RE ACTUALLY EXCITED ABOUT THE OPPORTUNITY TO FIGURE OUT HOW TO SERVE THE CUSTOMER IN ALL THOSE WAYS, AND THEN THEY WILL CHOOSE HOW THEY WANT TO INTERACT WITH OUR BRAND.
McMILLON ON FUEL PRICES
CUSTOMERS ARE STILL UNDER PRESSURE. YOU KNOW, THEY'VE GOT A HEALTHCARE BILL TO PAY. THEY NEED TO PAY DOWN SOME DEBT, WHICH IS HAPPENING A LITTLE BIT. SO THERE ARE PRESSURES. THEY SHIFT AROUND A LITTLE BIT, BUT NO DOUBT, FUEL PRICES ARE HELPING.
McMILLON ON SALES GROWTH
THIS TWO TO THREE PERCENT GROWTH RANGE NUMBER JUST FEELS LIKE IT'S KIND OF PERPETUAL. AND THERE ARE CUSTOMERS THAT ARE UNDER PRESSURE, TRYING TO STRETCH IT TO THE NEXT PAYCHECK. AND WE STILL SEE THE PAY CYCLE PLAY OUT WHERE THE FIRST OF THE MONTH, THE DEMAND GOES UP AND OUR SALES ARE BETTER. SO I WOULD SAY WE ARE KIND OF LIKE WE WERE LAST YEAR. AND AS I LOOK AHEAD TO NEXT YEAR, IT FEELS LIKE MORE OF THE SAME.
Randall Stephenson, Chairman and Chief Executive Officer of AT&T Inc. and Business Roundtable Chairman
STEPHENSON ON U.S. UNCERTAINTY
THE UNITED STATES HAS A VERY UNCOMPETITIVE TAX STRUCTURE. AND IF WE WANT THAT CAPITAL BEING INVESTED IN THE U.S., WE NEED TO FIX THE TAX CODE. THE SECOND IS REGULATION. WELL WE ASKED THE CEOs. THE COST OF REGULATION IS A BIG CONCERN WITH PEOPLE. WE'RE SEEING A LOT OF REDUNDANT REGULATION, WE ARE SEEING A LOT OF UNPREDICTABLE REGULATION, AND THOSE ARE THE KINDS OF THINGS THAT JUST CREATE UNCERTAINTY. WHEN YOU HAVE UNCERTAINTY IN AN ENVIRONMENT WHERE YOU'RE INVESTING BILLIONS OF DOLLARS OF CAPITAL, THAT CAN DO NOTHING BUT HAVE A SUPPRESSING EFFECT.
STEPHENSON ON NET NEUTRALITY
THESE REGULATIONS WERE WRITTEN FOR THE BLACK ROTARY DIAL TELEPHONE. AT&T, MONOPOLY. THAT IS WHAT THESE REGULATIONS WERE WRITTEN FOR. WE'RE GOING TO TAKE THIS DYNAMIC ECOSYSTEM AND SHOVE IT INTO THIS REGIME. AND BY THE WAY, THIS REGIME SAYS WE'RE GOING TO REGULATE PRICES, AND THE FCC SAYS, "BUT WE WILL FORBEAR, WE'LL AGREE NOT TO DO THAT." THESE SERVICES WOULD NOW BE SUBJECT TO TAXES THAT THEY'RE NOT SUBJECT TO TODAY.
Rex Tillerson, Chairman and Chief Executive Officer, Exxon Mobil Corporation, Chair of BRT's Education and Workforce Committee
TILLERSON ON CORRECTION
IT REALLY MEANS JUST A RETURN TO FUNDAMENTALS FOR US. YOU KNOW, IT'S IMPORTANT ABOUT WATCHING YOUR CASH, WATCHING YOUR INVESTMENT DECISIONS, BEING VERY DISCIPLINED ABOUT EVERYTHING AND THEN LOOKING FOR OPPORTUNITIES THAT MAY PRESENT THEMSELVES IN AN ENVIRONMENT LIKE THIS.
TILLERSON ON SUPPLY
THIS YEAR, WE WILL ADD ABOUT 1.6 MILLION BARRELS A DAY OF NEW SUPPLY. FROM NONOPEC AREAS, THAT'S LARGELY THE U.S. AND CANADA. SO YOU TAKE A 1.6 MILLION BARREL A DAY SUPPLY GROWTH AND YOU PUT IT ON TOP OF 1 MILLION BARREL A DAY DEMAND GROWTH YOU'VE GOT A SURPLUS OF CAPACITY. AT A TIME WHEN OPEC MEMBERS ARE BY AND LARGE HOLDING THEIR PRODUCTION FLAT. SO YOU FILL STORAGE UP, YOU FILL INVENTORIES UP, AND AT SOME POINT, IT HAS TO SHOW UP IN THE PRICE.
TILLERSON ON SHALE INVEST
WE NOW HAVE SIGNIFICANT TITLE HOLDINGS IN THE BAKKEN, THE PERMIAN, AND SOME VERY LIQUID RICH PLAYS IN OKLAHOMA. AND WE ARE QUITE HAPPY WITH THE PERFORMANCE OF THOSE. IT IS A HUGE RESOURCE BASE. SO IF YOU'RE IN OUR BUSINESS, YOU HAVE TO BE IN THE BIG RESOURCE BASES AROUND THE WORLD. AND THIS IS ONE OF THE LARGEST NEW RESOURCE PLAYS IN THE WORLD.
TILLERSON ON INVESTMENTS
FOR A LOT OF THE BIG INVESTMENTS THAT WE MAKE AROUND THE WORLD, WHETHER IT IS IN LARGE LIQUIFIED NATURAL GAS PROJECTS OR VERY LARGE DEEP WATER DEVELOPMENTS, THESE ARE DECADE LONG INVESTMENT DECISIONS THAT YOU TAKE WITH A VIEW THAT THEY HAVE TO BE ABLE TO PERFORM ACROSS A VERY BROAD RANGE OF PRICING. SO ALL OF THE INVESTMENT DECISIONS WE TAKE HAVE BEEN TESTED ACROSS A RANGE OF PRICING THAT ACCOMMODATES THESE TYPES OF PRICE SWINGS. AND WHAT YOU DO IS ENSURE THAT YOU CAN INVEST AND BE SUCCESSFUL AT THE BOTTOM OF THE CYCLE.
TILLERSON ON KEYSTONE
THE KEYSTONE IS AN IMPORTANT PIECE OF INFRASTRUCTURE FOR NORTH AMERICA. IT IS IMPORTANT FOR U.S. CANADA. THE INTERCONNECTEDNESS. YOU KNOW, THE CANADIANS ARE OUR BEST TRADING PARTNERS IN THE WORLD. WE WANT TO REMAIN CONNECTED TO CANADA. CANADA WANTS TO REMAIN CONNECTED TO US. AND PART OF HOW U.S. CONSUMERS AND THE U.S. ECONOMY WILL BENEFIT FROM THIS ENORMOUS ENERGY BOOM THAT WE HAVE EXPERIENCED IS TO CONNECT NORTH AMERICA ALL THE WAY FROM CANADA TO MEXICO.
Douglas Oberhelman, Chairman and Chief Executive Officer, Caterpillar, Chair of BRT's International Engagement Committee
OBERHELMAN ON ENERGY
YOU THINK ABOUT CANADA, THE U.S., AND MEXICO, THINK WHAT WE CAN DO IN TERMS OF SUPPLYING THE WORLD ITS ENERGY. THIS RISK PREMIUM THAT I'VE HAD ON MY SHOULDERS SINCE COLLEGE, SINCE THE 70s, OIL EMBARGO IS GONE. IT'S A WONDERFUL THING FOR US IF WE APPLY THIS RIGHT. AND THE OTHER THING, YOU KNOW, NO FEDERAL RESERVE BANK HERE, JAPAN, CHINA, COULD DROP A STIMULUS PACKAGE IN OUR LAPS LIKE THE OIL PRICE DROP.
OBERHELMAN ON GDP GROWTH
OBERHELMAN: FOR US, WE HAVE A HIGH CORRELATION OF THREE PERCENT GROWTH AND JOB CREATION. VERY SIMPLE. ALMOST IN ANY ECONOMY IN THE WORLD, WHERE WE SEE THREE PERCENT GDP GROWTH, WE ARE ADDING JOBS.
KERNEN: AND IF YOU DON'T?
OBERHELMAN: IF WE DON'T, WE'RE FLAT. AND WE'VE BEEN FLAT THE LAST TWO YEARS IN A ROW.
OBERHELMAN ON INFRASTRUCTURE
IF YOU TAKE A ROAD, A PIPELINE, A BRIDGE, WHATEVER IT IS, WE EMPLOY PEOPLE IN OUR FACTORIES TO MAKE THAT EQUIPMENT. THAT'S WHAT MAKES US GO. WE ADD JOBS AND WE GROW THAT WAY. AND THAT'S A BIG PIECE OF HOW WE GET OUT OF THIS AND RAISE OUR ECONOMIC GROWTH, I THINK.
Stephen A. Schwarzman, Chairman, Chief Executive Officer and Co-Founder, Blackstone
SCHWARZMAN ON SYNERGIES
THE ECONOMY IS STARTING TO DO MUCH BETTER. THERE'S A LOT OF LIQUIDITY IN COMPANIES. YOU HAVE $2 TRILLION OF CASH, AND SO IN THE NORMAL M&A CYCLE, YOU SEE COMPANIES BUYING SIMILAR KINDS OF BUSINESSES THAT MAKE SENSE WHERE THEY CAN TAKE COST OUT AND GET POSITIVE SYNERGIES. SO THAT PART OF THE CYCLE IS WHAT IS GOING ON NOW.
SCHWARZMAN ON THE FEDERAL RESERVE
THE FED'S APPROACH TO RAISING INTEREST RATES, I THINK, IS A LITTLE OVERRATED IN TERMS OF ITS IMPACT, AND I THINK THEY ARE GOING TO BE QUITE CAUTIOUS. THEY'VE WORKED SINCE THE CRISIS TO MAKE SURE THE U.S. HAS GOT POSITIVE MOMENTUM ECONOMICALLY, AND THEY ARE NOT GOING TO STOP THAT VOLUNTARILY, I DON'T THINK, FOR SOME PERIOD OF TIME. SO EVEN IF WE GET SOME GRADUAL RATE INCREASE, WHETHER IT'S 50 BASIS POINTS OR A HUNDRED, I DON'T THINK IS GOING TO MAKE A MATERIAL DIFFERENCE TO THE U.S. ECONOMY.
SCHWARZMAN ON LONGER HOLDS
EVERYONE LIKES VERY HIGH RETURNS, WHICH IS WHAT WE DELIVER. BUT LONG TERM, SOME INSTITUTIONS WOULD PREFER A LOWER RATE OF RETURN. STILL QUITE HIGH, BUT HOLD IT FOR 10 TO 20 YEARS, SO THAT THEY HAVE NO MONEY NOT AT WORK AT THAT HIGHER RATE. SO IT'S A DIFFERENT APPROACH, IT DOESN'T REPLACE THE NORMAL PRIVATE EQUITY BUSINESS.
SCHWARZMAN ON HEDGE FUND INTEREST
CALPERS ASIDE, INSTITUTIONS ARE CONTINUING TO USE HEDGE FUNDS AS DOWNSIDE PROTECTION IN MARKETS. IT'S NOT A HUGE PART OF THEIR ALLOCATION AT ALL, BUT, YOU KNOW, WE'RE ACTUALLY THE LARGEST MANAGER OF HEDGE FUND MONEY THAT COMES FROM INSTITUTIONS. AND THERE'S STILL A VERY ACTIVE INTEREST IN THAT AREA.
Ken Moelis, Chairman & Chief Executive Officer, Moelis & Company
MOELIS ON M&A
ALL CAPITAL ALLOCATIONS BECOME A REAL ISSUE FOR PEOPLE THAT THEY REALLY HAVEN'T THOUGH ABOUT HOW DO YOU DEAL IN AN ENVIRONMENT WHERE INTEREST RATES STAY LOW A LONG PERIOD OF TIME. SO I THINK YOU HAVE THE ACTIVISTS TRIGGERING PEOPLE TO THINK ABOUT THAT. BUT THIS IS REALLY AN M&A BOOM, I THINK DRIVEN BY TRYING TO TAKE COSTS OUT – FROM THE COST TO GOOD SOLD LINE, DOWN TO THE TAX LINE, WHICH ARE JUST DIFFERENT WAYS OF TAKING COSTS OUT OF YOUR INCOME STATEMENT.
MOELIS ON SYNERGY
I THINK YOU ARE SEEING QUALITY BUSINESSES WILLING TO ACCEPT THE PRICES AVAILABLE TO THEM AND I DO THINK YOU'RE SEEING PEOPLE ALSO, YOU'RE SEEING BOARDS AND CEOs RECOGNIZE THAT NO MATTER HOW MANY TIMES THE GOVERNMENT COMES OUT AND SAYS, "WE'RE GOING TO GROW AT FOUR PERCENT," WHICH HAS BEEN EVERY YEAR, WE END UP GROWING AT TWO AND TWO AND A HALF. SO YOU HAVE PEOPLE IN THE BOARDROOM SAYING "I DON'T THINK WE'RE GOING TO MAKE THOSE NUMBERS WITHOUT COST SYNERGIES." IF WE WANT TO MAKE THE BOTTOM LINE, WE NEED TO GET SYNERGY.
Larry Fink, Chairman and Chief Executive Officer, BlackRock, Inc.
FINK ON ENERGY PRICES
THIS IS SPECTACULAR FOR INDIA, FOR CHINA, FOR JAPAN, FOR THE AMERICAN CONSUMER, AND FOR EUROPE. THIS IS GOING TO HELP MARIO DRAGHI AND THE EUROPEANS IN TERMS OF RESTABILIZING THE EUROPEAN ECONOMY. I JUST FIND IT SHOCKING THAT THE NARRATIVE IS SO NEGATIVE. AND THIS IS AN INCREDIBLE TAX CUT FOR AMERICANS AND EVERYWHERE ELSE AROUND THE WORLD.
FINK ON THE NEW OIL PARADIGM
SAUDIS WANT TO KEEP THEIR MARKET SHARE AND THEY ARE WILLING TO WATCH THE PRICES TO FALL, IT WILL RESELL, IT WILL SHUT DOWN IN THE SHORT RUN SOME OF THE NEW OIL DRILLING RIGS, SO IT IS GOING TO SLOW DOWN SOME ACTIVITY, BUT I ACTUALLY BELIEVE IT'S GOING TO SET THE PARADIGM OF OIL PRICING WHERE WE USED TO ALWAYS SAY 100 TO 110. I THINK THE NEW PARADIGM IS CLOSER TO 80 TO 90.
FINK ON THE MARKETS
I THOUGHT THE FED MAY BE LATE IN EASING – IN TIGHTENING – AND NOW, OBVIOUSLY, THE LOWER DEFLATIONARY PRESSURES OF OIL PRICES, THEY COULD KEEP RATES LOWER LONGER, WHICH MEANS EQUITY MARKETS ARE GOING HIGHER WORLDWIDE. THEY WILL CONTINUE TO GO HIGHER.
FINK ON BONDS
BONDS ARE GOING STAY IN A VERY NARROW RANGE FOR SOME TIME UNTIL WE START SEEING SOME REAL GROWTH THAT WILL FORCE THE BEHAVIORS OF DIFFERENT CENTRAL BANKERS. SO WE ARE GOING TO BE IN A VERY LOW RANGE AND MAYBE THE NEW RANGE IN U.S. TREASURIES IS TWO TO TWO AND A HALF. IT'S NOT TWO AND A QUARTER, AND TWO AND THREE QUARTERS, IT'S NOT THREE PERCENT. YOU MAY SEE BETWEEN NOW AND YEAR END, IF I'M RIGHT, A BUNCH OF INSURANCE COMPANIES NEEDING TO COVER THEIR GAP. YOU MAY SEE BONDS TICK UNDER TWO PERCENT AGAIN.
FINK ON TAX REFORM
LARRY FINK: I THINK THERE IS ACTUALLY A REALISTIC PROBABILITY OF SOME FORM OF TAX REFORM.
JOE KERNEN: IT TAKES A WHILE.
FINK: IT'S GOING TO TAKE AWHILE. YOU KNOW, I THINK THE CONCEPT WOULD BE, IT HAS TO BE REVENUE NEUTRAL. AND IF YOU HAVE THAT CONCEPT THAT IT IS GOING TO HAVE TO BE REVENUE NEUTRAL, SOME COMPANIES ARE GOING TO HAVE TO ACCEPT THEY ARE NOT GOING TO GET SOME OF THE TAX DEDUCTIONS THAT THEY PREVIOUSLY GET. SO IT WOULD BE SOME FORM OF, YOU KNOW, A 26 PERCENT FLAT TAX RATE.
FINK ON R&D
ONE OF THE GREAT REASONS FOR OUR COUNTRY'S SUCCESS HAS BEEN THE R&D IN SO MANY DIFFERENT INDUSTRIES. YOU THINK ABOUT THIS ENERGY REVOLUTION. THIS IS ALL R&D THAT IS HAPPENING IN THE UNITED STATES. THE QUESTION IS, CAN YOU CONTINUE TO DO THE R&D WITHOUT SOME FORM OF TAX CREDITS RELATED TO R&D? YOU KNOW, I'M NOT AN EXPERT ON NAVIGATING THAT. SO I THINK IT IS GOING TO BE DIFFICULT IN THE DETAILS.
Dave Cote, Chairman and Chief Executive Officer, Honeywell, Chair of BRT's Energy and Environment Committee
COTE ON LAWSUIT
I WAS MORE THAN A LITTLE SURPRISED BY THIS SUIT, AS YOU WOULD IMAGINE. IN FACT, INFURIATED MIGHT BE A GOOD WAY TO PUT IT. BECAUSE FROM THE BEGINNING, SINCE I GOT TO HONEYWELL 13 YEARS AGO, WE HAVE BEEN WORKING ON HOW DO WE IMPROVE QUALITY OUTCOMES FOR EMPLOYEES. AND ANYTHING HAVING TO DUE WITH – ON THE MEDICAL SIDE. BECAUSE I'M A BIG BELIEVER IN THE BETTER OUTCOMES FOR EMPLOYEES WILL RESULT IN LOWER COSTS. THE TWO GO TOGETHER.
COTE ON EMPLOYEE COVERAGE
WE DON'T REFUSE ANYBODY ANY COVERAGE. AND THE WHOLE POINT IS, WHY SHOULD PEOPLE WHO DON'T CARE ABOUT HOW THEY'RE LIVING, WHY SHOULD THEY BE ABLE TO TAKE ADVANTAGE OF ALL THE PEOPLE WHO DO CARE AND ARE DOING SOMETHING ABOUT IT? SO YOU'VE GOT ALL THE PEOPLE WHO SAY, "I HAVE TO TAKE CARE OF MYSELF" SUBSIDIZING THE PEOPLE WHO SAY, " I DON'T CARE." AND IT JUST DIDNT SEEM RIGHT.
COTE ON U.S. MOMENTUM
THERE NEEDS TO BE THIS FEELING THAT THE COUNTRY HAS A REAL MOMENTUM, AND THAT THINGS ARE CHANGING, AND THAT WE'RE REALLY SUPPORTIVE OF BUSINESS AGAIN. AND TO THE EXTENT THAT WE CAN START DOING SOME OF THESE THINGS AND GET THAT FEELING GOING AGAIN, YEAH, I THINK THERE'S A CHANCE TO GET ABOVE THREE. EUROPE DOING AS POORLY AS IT IS, IT WILL BE A DRAG ON US. JUST BECAUSE THEY ARE OUR BIGGEST TRADING PARTNER. AND TO THE EXTENT THAT THEY ARE AT ZERO, THAT'S ALWAYS GOING TO BE A DRAG AND WILL HURT US SOME. OIL PRICES, OF COURSE, THE GAS PRICES ARE GOING TO HELP ALSO.
COTE ON POLITICS
YOU HAVE REPUBLICANS WHO HAVE BOTH HOUSES, AND WANT TO SHOW THAT THEY CAN GET SOMETHING DONE OVER THE NEXT TWO YEARS BECAUSE OF THE BIG PRESIDENTIAL ELECTION COMING UP. YOU HAVE THE PRESIDENT WITH TWO YEARS LEFT TO DRIVE HIS LEGACY. THAT, TO ME, IS AN INTERESTING COMBINATION TO TRY TO GET SOME THINGS DONE HERE THAT WOULD HAVE NOT EXISTED WITHOUT THAT CHANGE.
Maggie Wilderotter, Chief Executive Officer, Frontier Communications
WILDEROTTER ON GAS PRICES
WITH GAS PRICES DROPPING, IT WILL PROVIDE CONSUMERS WITH A LOT MORE DISPOSABLE INCOME, WHICH I THINK WILL BE GOOD TO SPUR THE ECONOMY. IF YOU THINK ABOUT IT, THE AVERAGE CONSUMER, YOU KNOW, SPENDS – WELL, ACTUALLY DRIVES ABOUT 12,000 MILES A YEAR IN RURAL AMERICA. AND IT WILL BE ABOUT $400 IN THEIR POCKETS. THAT'S A BIG PAY INCREASE FOR THEM.
WILDEROTTER ON NET NEUTRALITY
WE ABSOLUTELY AGREE WITH THE PRINCIPLES OF NET NEUTRALITY, WHICH MEANS AN OPEN INTERNET. I MEAN, I'VE BEEN CEO OF FRONTIER FOR OVER TEN YEARS. WE HAVE LIVED BY THOSE PRINCIPLES. WE DON'T THROTTLE CUSTOMERS BACK. WE DON'T PRIORITIZE CONTENT TODAY. WE'RE NOT EVEN IN THE CONTENT BUSINESS. BUT WE HAVE TO PUT IN PLACE A MECHANISM WHERE WE CAN HAVE COMMERCE ON THAT NETWORK THAT'S GOOD FOR THE CONSUMER, IT'S GOOD FOR THE CONTENT PROVIDER, AND IT'S GOOD FOR THE ISP.
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