Good morning and welcome to World Wide Exchange on cnbc. Im sara eisen. And im wilfred frost. Plenty to cover this morning and well do that in just a minute. Da day three of the republican convention, make America First again. Donald trump is now the official gop nominee. Among those scheduled to speak tonight in prime time are former rival ted cruz and marco rubio. Well have a live report from cleveland a bit later this hour. Welcome back from the land of brexit. Its good to have you back. Its moved on. Its not the land of brexit. Its the land of changing of the guard in uk policy. Lets get a global check on markets this morning. Looks like the gains are set to continue. Its been a bullish session. You left wilfred and the stock market shot right up. Dow futures up 62. Up six. Nasdaq up 23. The s p actually did pause for the rally yesterday, but the dow did manage to close higher for an eighth session in a row making a new alltime high following in the footsteps of europe this morning
Morning. Where oil prices could be headed next, in a moment. Shares of hewlettpackard enterprises rallying on a report this afternoon that private equity firms may be targeting it for a buyout. Well hear from the reporter that broke that story in a few minutes. Lets start with earnings trouble in the oil patch. Bob pisani, big misses for chevron, as well. Yeah. Enormous write down. The stock prices right to the actual numbers here. Exxon and chevron both reported much bigger missing than anticipated. In the case of chevron, reported an enormous write down. 2. 8 billion for projects just not economically viable at the current price of oil an apparently they dont think viable for a listening time to come if ever here. You see price reactions fairly modest. Let me explain the pickle a lot of Big Oil Companies are. And use exxon as an example. Cash flow 4. 5 billion. Care enough. The Capital Spending 5. 2 billion and the Capital Spending is more than the cash flow theyre getting. They have
President and ceo walter isaacson. Great to have you on the program. Great to talk to you again. Our top story will be this. New privacy concerns surrounding pokemon go and its creators. Some are calling out the company for collecting massive amounts of player data. In a letter he writes im concerned to the extent which niantic may be unnecessarily collecting using and sharing a wide range of users personal information without their consent. The games creator released an update adjusting how much data it actually has access to but clearly were in the opening innings here of trying to understand the social regulatory, political consequences of augmented reality. Exactly. I mean, here in aspen yesterday all sorts of people wandering around there and of course youre using it and its collecting your data and also collecting all of your google data. Thats a little bit much. One of the wonderful things about it is it will inform us and make us think more about what data we want to block and
Mike i cant take this. [ sniffles ] lemonis southbridge, massachusetts, seems like a quiet town until you get inside of sjc custom drums. Mike sjc. This is mike. Lemonis mike and his brother, scott, started making drums in 2000. But after a serious falling out, a deafening silence has divided them for years. Mike not being able to have a brother i mean, you only get one life. Lemonis since then, mike and his righthand man, chris, have tried to keep the company going. Chris were about 30,000 behind right now on bills. Lemonis sjc drums are among the very best, and performers like imagine dragons, green day, and lady gaga swear by their sound, but sjcs lack of inventory and working capital. Mike where are we even gonna get the money from . Lemonis . Has them in a terrible financial snare. Man im calling about the order i placed about six months ago and still havent seen. Lemonis its time for sjc to march to a new beat. Mike its like i can only take so much, you know. Lemonis or this cust
Welcome to squawk alley for a wednesday morning. Im carl kwinquintanilla. After a rocky start, donald trump named the republican nominee for the 2016 president ial race along with running mate indiana governor mike pence. Governor pence, the headline speaker tonight along with harold hamm of continental resources. Eric trump, speaker gingrich and others. A lot of unity coming together. The republicans argue as we had some members of trumps family speak last night. One thing to watch out for tonight, senator ted cruz and whether he has a fullthroated endorsement of trump. Primetime coverage on cnbc at 10 00 p. M. Eastern time on whats already a busy market day, too. Yes, indeed. Thank you, carl. Taking a look at the market. The dow is up about 44 points. S p up nearly 10 and microsoft certainly leading the dow, kayla, up 6. 3 . Cisco right behind it. Worth noting, the fact were currently set for nine Straight Days of gains on the dow. The nasdaq hit its record high one year ago. Its sti