Today. This is the day, bill, people will look back on and remember. Disney seized a little bit in the earnings. As you can see there, disney shares down about 9 . Putting the cable bundle front and center after talking about espn. Not just disney. Other big media stocks falling today as netflix is hitting an alltime high. 21st century fox down 7. 5 . Time warner, not the cable piece, twx down 8. 7 . Comcast down 4. 7. And well debate whether its time for investors to get out of disney and into the unbundled media plays. Comcast is our parent company. Approving a new rule from dodd frank that requires Public Companies to essentially reveal the gap between the ceos pay and the rest of the companys employees, corporate americas not happy about it. But the director Heather Corzo says this rule doesnt go far enough. Shell be with us to explain her side of the story coming up in a bit here. Weve got great earnings on tap. Fitbits first report, cbs and fox which will be interesting against what we talked about. All slated for after the bell. What to expect, well bring you the numbers as soon as they hit the tape. So many moving parts and pieces to this story today. This morning on squawk box. Jay powell, he said a september rate hike is not necessarily set in stone. Nothing has been decided. And i havent made any decisions about what i would support and certainly the committee hasnt. Were still working with the same framework. Were looking for some further improvement in the labor market and reasonable confidence on inflation going back to 2 in the medium term. And im going to be very, very focused on the data between now and the meeting. Particularly the labor market data. Of which we got some today, as a matter of fact. Im sure todays Closing Bell Exchange panel has an opinion on all of those. Joining us with the thoughts, weve got jonathan corpino at post 9 00 with us today and our own Rick Santelli joining us from chicago as is jack. So, jonathan, how closely are you guys watching the data with the thought that the feds going to be watching it at the same time deciding fed policy . Were clearly watching this data. Everyone has this september date on the calendar. Weve been waiting for it, and every trading day getting closer and closer. Clearly the Economic Data will be the driving force of what the feds going to do. And theyve waited long enough. Theyve pushed this down the road and kept it on the sideline long enough. And theyre going to have to make a move now. Everything they said they wanted and needed to support this, i believe in some fashion they have gotten it. And the longer we wait, i think investors are going to continue to get a little bit restless. Were stuck in this range and market here. This market is being dictated by headline news. And every time we move higher and lower, we kind of find ourselves back in the middle here. I think the fed is going to have to make a move come september. Youve been all bullish on this market all year. But all year, weve been trying to break to new highs. And while we do that a little bit here and there for the most part, were unchanged since january. You think that changes significantly in the five or six months we have left . I do, kelly. I think the first 7 months of this year has been a precursor to what were going to see happen over the next few months. What we have seen is the market digesting everything that we have been throwing at it. Not only the geopolitical concerns, but think about the fact that weve seen oil go down, and youve had the Energy Sector leading the way for the last couple of years. On top of that, this looming rate hike. I mean, the most widely anticipated rate hike, i think, in my career. And heres the real secret behind that rate hike. It doesnt matter. The fed moving will not stop this bull. Bull markets are not stopped by fed raising rates. Theyre stopped when the fed stops raising rates. And thats one of the things we need to keep in mind. Aside from all of that, what we have been seeing and ive been saying this time and time again, a spring that is winding up. That capital sitting on the sidelines. And if you notice whats been happening to treasuries and my good friend rick has been talking about it for months, weve seen capital coming out of fixed income. That needs to be redeployed. We will see stocks go higher. Rick, lets talk about that rise in treasury yields again today. The jobs number was soft, but the ism Services Sector number was the best in a decade. Well, listen i think it was a weak number, but yes, it was powerful on nonmanufacturing for the july read. Led line, the best in ten years. My issue is this. I dont know how thats going to change tax policy, lack of capital investment. There are head winds we normally look at the signals of such a strong nonmanufacturing ism and think that theres relationships there. It was a good number. Michael jackson had his walk. Monte python had the silly walk. Now a walkback by the fed. This doesnt jive with what i saw with lockhart or bullard and goes to the exact issue that jonathan brought up. If it was all about data dependent, im sorry, i still contend the 6month stretch of data has a lot of question marks. The issue is, are they going to tighten for some insurance against future flat lines . Were long in the tooth on the business cycle. No matter what they do, i can simplify in that regard. The markets are paying more attention. If i look at november and december, fed fund futures, forget all the percentages, they are at the lowest level if they close here since mid june. In terms of direction, the percentages of investors that are at least buying into may tighten in september is moving up. Hey, rick, whats the fed got to do with taxes. Whats the fed got to do with regulation and overregulation . Nothing nothing the fed what does their policy have to do their policy isnt accomplishing what the lack of congress hasnt done. So the unintended consequences what do you expect them to do . They have to stay accommodative because they dont have to do anything. We have steady prices and we have an employment picture that has improved. If you forget the people that stopped looking for work. Theyre job was done, shouldve raised a while ago. Theyre missing the boat and the piers looking far away. One issue for a lot of investors, theyre kind of lost figuring out if they should pile into the markets and do better when the economys improving and they are. Do you see that tension beneath this market . I do. That tension and that questioning talking to clients. The real issue is, rick said, theres money sitting on the sideline waiting to come into this market. Where do we go with the uncertainty with the fed, unfortunately, the answer is you really cant move it just yet because we dont know exactly how this market is going to fully react to this major headline that we know is coming in september that weve been waiting for for 18 months. In the meantime, weve had these weve been within unchanged slicing through it in both directions, historic amount of times. On the one year, everybodys convinced were going to tighten. I think thats pretty clear correlation. Youve left them speechless, rick. Johnen that, you want to respond to that real quick . I do agree, the market has been very tight. Weve traded in this range. Its the market doesnt know what to do and how its going to react. I think when we do get something in september, were going to get some shorts on volatility in this market. Well get shorts on volatility in this market and then as the end of the year comes, we will continue to trade higher. Last word, jack. Go ahead. You know, the last time this market traded as tight as it has, you have to go back to 1904. And you know what was followed by that . A second half of the year where the market went up 41. . I do expect a similar type of action where that sideways move over the course of the first year has set the tone and the foundation for what is going to be a very surprising bull with a lot of that pessimism out there, which we just talked about. Yeah, i did see that research by thomas lee, as well. Jack, thank you. Lets get to the shares of disney sinking today and taking a bite out of the dow on deep concerns about crown jewel espn. And viewers changing tv habits. An increase in profit, but not enough to take the stock, which is down 9 today higher. That has been a lead dog for this market for a couple of years now. And to see that 9 pullback is just unbelievable. Meanwhile, netflix is hitting an alltime high. It has some thinking that investors may be moving out of disney and into netflix. The ceo addressed the competition earlier today on squawk on the street. We view netflix as friend not faux. Theres no reason for us to beat netflix. We actually are taking advantage of netflix great growth and maybe you could argue weve helped netflix great growth. Were selling product that is off network, abc and other networks. Were fortunate that we have product like how to get away with murder, for instance, that netflix really covets. Were also selling our movies to netflix, the output deal for our movie studio. Kicks in at netflix starting with our 2016 slate. And netflix has come guard as an aggressive buyer of original programming. All right, lets talk about this. Bring in tim nolin, brett harris, as well. What do you make of todays developments . Is this a market fleeing some of the content providers fearing whats going to happen when they unbundle . It is something of a knee jerk reaction. But its justified. Disney ran strongly into numbers. Its only traded back down to about may or april levels currently. Clearly, this was the First Public Company comment i have heard of a Company Actually reducing guidance on the basis of cord cutting. Its been a concern in the markets for a long, long time. This is the first actual tangible evidence weve seen from a company of it. Certainly investors are concerned about the prospect. Youd think if unbundling was the concern that Cable Companies themselves would be hit the hardest. Theyre down, but charter time warner cable, theyre not down as much as disney as the other time warner, as a cbs, as fox, as comcast. Why is it that the content providers are under far more pressure here than the Cable Companies themselves . Well, the content providers have a lot more operating leverage. And a lot more leverage to the cable bundle. With 50 margins, very little capex, any decline in subscribers is going to hit those Companies Bottom lines a lot harder than the cable providers. Remember, the cable providers also provide broadband services, theyre not going to be as hard hit by a shift in consumers from the traditional cable bundle to over the top alternatives like netflix or hbo now. So, brett, is this selloff overdone . Would you buy some of these companies at these levels . Or is this a justified concern . Look, i think its a justified concern. I think both discovery and fox are pretty good buys here and we can walk through the case on that. Disney remains fully valued compared to its peer. It trades something on the order, 14 times ebitda versus take, discovery and fox. And disneys a special company, but is it worth a 40 premium to fox and discovery . No. Tough to make that argument, i think. Tim, before we go here. So why do you think it is that at a time when netflix, for example, is offering another platform as bob said for disneys content that its seen like this will crush margins for the content providers . Is netflix undercutting what they used to get from their traditional bundling partners . No, i think as bob said. Netflix, amazon, hulu, absolutely depend on the studio content from disney and Warner Brothers and the traditional providers. I think in disneys case, cord cutting. Even if it declines gradually, some of that can be offset with alternative skinny bundles. And in disneys case, they have the option, potentially to offer espn as a direct to consumer over the top service the way hbo now did. And there are very few companies that can do that. Disney is one. Those two points, i think, the option to go over the top if they choose to and the fact they produce so much studio content in the disney studios, the films and the tv studios that get sold on to i think that actually is supportive to disney shares here. Okay. Guys, thank you, well leave it there for now. Thanks for having me. Yep, see you later. We have breaking news. This is news here for me, as well. Another Movie Theater shooting. Whats going on, sue . Well, whats going on, Nashville Police at 1 13 this afternoon central time received a call of a shooter inside the Carmike Hickory 8 theater. Those are live pictures from our nbc affiliate there in antioch, which is where that theater is. The global mall put on lockdown and the Carmike Hickory 8 theater on lockdown at that time. Nashville police saying that the shooter is dead, we do not have any information as to whether there were casualties. So far, the only casualty is the shooter who is dead. Thats from Nashville Police. It was the Carmike Hickory 8 Movie Theater in antioch, tennessee. When we get more details, kelly and bill, we will give them to you. Back to you. Soon, do you know which movie . Are you saying which movie it was . We have no information on that. Its all still developing. We only know what Nashville Police told nbc and cnbc. The report came in as an active shooter situation at 1 13 central time. Its no longer, obviously, an active shooter situation because the shooter is dead. Thats all we know. We just know the name of the Movie Theater. Got it. Thank you, sue. Again yeah. 45 minutes to go in the session. Dow still up about 14 points at this moment. Broad index, which were looking nice this morning, but struggling to hold these gains, although disney taking a big piece out of the dow. Decent day, up. 5 . The nasdaqs doing well. Its up 80. 6 . You know, the argument could be made for a rotational correction going on in this market right now. Various sectors are being hit individually here. And brace yourselves, another flood of earnings after the bell tonight. Tesla, fitbit, 20th century fox, cbs, reporting within the hour. Well preview the numbers and deliver them to you right when they hit the tape. And up next, apples recent downturn reverberating through the supply chain. A top wall street veteran tells us which suppliers could be worth buying on the dip. Stay with us. 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When i do get a chance, an opportunity to work with him, its always a pleasure. I love my job and i care about the work i do. I know how hard our crews work for our customers. I want them to know that they do have a safe and reliable system. Together, were building a better california. Welcome back. Lets look at some of the stocks moving the markets today. First solar posting its best gain in about a year and a half. The largest solar manufacturer in the u. S. Reporting better than expected earnings, giving an upbeat outlook for the future, as well. Cowan upgraded from outperform to neutral citing efficiency gains. And Motorola Solutions is gaining ground today. The maker of Public Safety communication equipment announcing a 1 billion investmentrom private equity firm silver lake. Motorola Solutions Posted better than expected earnings and unveiled a stock buyback of up to 2 billion. Kelly . Apple on pace to snap the losing streak, up about 1 today and causing a Chain Reaction across the supplier network, which typically move in tandem with apple. That includes Companies Joining us now to talk about it. Theres the question. Is it . I think so. Theres been a lot of negativity since apple reported its iphone units. And the downdraft to the suppliers actually worse. A lot of them down 25 . You think its overdone . It does feel like its overdone. This weakness is shortterm. You know, you look at the fact that, you know, iphone the iphone install base, only a third is converted over iphone 6. Thats supportive of the view, come the fall, a lot of suppliers will see a strong channel built. Why is it that apples gone through the recent correction . Well, this is a transitional quarter for them. Youre going from iphone 6 to iphone success. The channel has to prepare for this transition. When you get into the fall and winter months, thats when units start to accelerate and the suppliers start to see a pickup. Heres the question i have. If the suppliers are that sensitive to movements in apple, that suggests they are theyve hitched their wagon too much to at and arent diversified enough for the marketplace. You know what i mean . Yeah, it mean, listen, apples an important customer. Yes, it is. If theyre doing well. These guys are going to do well. When they stumble, if in fact, thats whats going on here, these guys are going to suffer, as well. You know, some less than others, bill. And what id point out is that some companies are gaining content in the iphone. A great example of a company that makes rf components. Their content in the iphone has increased with every successive generation. We they will be the case with to the best of my recollectionphone iphone success. This is a stock down about 15 in the last few weeks. We think