last four sessions. at this pointed, the dow is now back in positive territory for the year. still, if you look at where we stood just a week ago with some of the concerns about what was happening, it looked like things were going to expire, but we're headed back there now. we'll see what happens as we get through to some of the news coming out today. we do have on our agenda this morning economic data and earnings from the world's largest retailer. at 8:30 eastern time, we have two reports. jobless claims and july import prices. walmart is set to post quarterly results. that's expected around 7:00 eastern time this morning with all that we've heard from the retailers including macy's with numbers not as strong as people had expected. that's going to have people watching very closely to see what walmart has to say about the consumer. we'll be hearing from kohl's before the opening bell and then this afternoon we have jcpenney. >> weird about europe, is it not? when they finally -- >> resession? >> well, they finally got -- with the money how long ago? they're way after us, right? we see them entering into this? >> there are structural problems that they haven't fixed. >> it was not oep obvious to them -- i mean, we're starting to exit, was it obvious to -- >> i believe raising rates at one point. >> it's the german mental. >> people say how behind the curve on dpetding in opinion it's affecting us again, right? crappy economies. >> yeah. >> that's why we're talking about we're not -- you know. >> we still have some issues here. you wonder why consumers feel like they still are not confidence spending. >> pretty definitively with the major retail sales. >> and walmart will be here later today. but they have told us their consumer res feeling the pinch. >> i was outside of that. >> mcdonald's made a big point of that saying, look, their consumers are still feeling the pinch. we've heard that from walmart recently, too. >> when we're on vacation, because we don't always -- we're not always in -- >> every minute? >> no. when wire on vacation, we eat at mcdonald's every other day. >> we do, too. when you're on the road, it's tough not to. >> and i'm like jim gaffey, the great comic. i don't order any fries for myself, but there's always some in the bag. where did that come from? in corporate news -- >> we were there tuesday, actually. >> you know, i can't believe that maybe this will be in the next one. anyway, cisco posted better-than-expected earnings and revenue, but it's offering a tepid quarter. the company announcing its 6,000 jobs. another 6,000 jobs -- i don't think -- its oh, it's 8%. and it's not all here, it must be a national company. and i don't know how many are domestic, but when the tech sector in a leading tech company is part of the problem, it's not a new tech company, it's not like a facebook or a twitter or something that you would hope that cylinder would fire. not going the other way. 6,000 jobs, that's a big number. the ceo says global demand is partly to blame. partly you would think because of china and partly because of europe, i guess. >> also partly because of what's happened with us trying to raise rates. that is affecting the markets in a big way, too. >> yeah, it has. we haven't tried to raise rates. qe is still -- you know, it's a net addition. >> the central bank has been pointed saying what we are doing is affecting the emerging markets at this point. >> knowing that eventually it could be -- you know, if you want to know when in 2015, to get that first increase. cisco cited sales. results beat the street driven by sales of its branded division. some analysts worried the company was losing business to newer flash based technology. and amgen sales hitting the street with a multiple myeloma drug. this was a take overof onyx. i'd like to talk to someone about how much of that is based on whether this is going to work. and cellgene, by the way, with a myeloma drug, as well. earnings missed the market for noodles & company. saying fewer diners are visiting its restaurant. noodles must be next to the places that sell those containers that i -- >> the container store? >> that i had never heard of. >> i haven't seen the noodles, either. >> it's a nickname for my daughter. >> oh, d.c. >> it's all over d.c.? >> apparently. >> the politicians like it. to democrats like noodles? liberals like -- >> washington. the bellway is all -- >> it's a very politic town. >> oh, please. you don't think of the middle of the country and the beltway as all -- >> it's not just democrats. it's republicans, too. >> republicans down eat -- it's the wealth area of the entire continue vent. it's fought just ukraine. i think the state government, but the total government is doing just fine in terms of employment and size. and size matters. >> let's talk about geopolitical news this morning. a russian convoy resuming its travel to eastern ukraine today. russia says the trucks contain humanitarian aid, but kiev is worried moscow is deliver ing d human tear yab aid. military advisers to extent registration. still looking at the markets this morning, as we mentioned, the futures look like they are relatively flat at this time. dow futures up by 14 points. we get jobless numbers and walmart numbers, as well. if you want to take a look at what's happening with oil, oil down by wti by 24 cents to 97.35. and also what's been happening with the ten-year here, that's what we've been watching for quite a while. 2.421%. the dollar index continues to rise yesterday, to the highest level since last september. this morning, the do dollar is up against the yen and the dow is down against the euro. dollar/yen is at 102.44. gold prices were up yesterday slightly, rising to the highest level in just over three weeks. up by another $2.10. $1,216.60 an ounce. it is a busy day on tap for retail. walmart, as we mentioned, is set to report in about an hour. courtney reagan is here with more on what to expect. >> watch out for retail. the best in class retail expectations and lower guidance, walmart, jcpenney and kohl's could be in trouble. looking for earnings of $1.21. same stores are expected to be slightly negative again. walmart's commentary will be paramount particularly as investors try to clear out what is exactly going on with the consumerer. walma walmart's ceo told me last month, spending is event dependent, making holidays and seasons like back to school now even more important. the loser, jcpenney will report second quarter results after the opening bells. analysts are looking for a loss of 93 cents per share on revenues of $2.875 billion. jcpenney has a habit of wildly surprising the street. a 893% loss is something to care about. koel kohl's and nordstrom reporting today. nordstrom, it struggles to connect with its middle market consumer. it's been struggling and has had a difficult time finding its way. it had some inventory problems, worked through that, but still sales are disappointing. >> what is really going on? why does the consumer feel like this? >> you know, i think it's sort of two parts. i think the financial crisis really changed the way that we think about what we buy. we all step back and think subconsciously, do you really need this? how many pairs of shoes do i need? and if i want that part of shoes, i'm going to make sure it's what i really want. i think that's part of it. and i think the other part of it, too, is just the economic perception and perception is reality. yes, we know the reception ended. a lot of people don't feel like that's the case. >> it's an asset based balance sheet recovery that has helped people that own assets. nobody at the low end. nobody has had any rate growth. >> walmart, mcdonald's, kohl's. >> that's why even family -- you know, ug even below that to try to find a haven. this is where i really do think it's the savers have been hurt and all of us that own houses. >> i do, too. >> that own houses and have some stock, 401(k), it's better. >> there's a level of fear now that i didn't see before. >> isn't you see the other day that -- what do average income inflation adjusted over if last ten years, isn't it down 20%? >> and it's a problem. wage growth is nonexistent. >> rather than an mcstate where everybody is investing for the future and getting 3%, 3.5%, 4% growth, and everybody -- it's been limping along with help from the fed. >> right. and it seems that is hurting everyone almost across the board. and you are seeing -- i guess you're seeing a bump in things like housing and autos, but for a long time you weren't. finally, it becomes a replacement cycle where you're going to have to buy a new vehicle. but i still think the average age of a car on the road is -- it may be hard for us as consumers to capture why we do what we do, but as it's discovering, it's good advice. >> janice wall and patrick kiefer. you are a rock star at mkm, right? >> yeah. a shooting star of immense proportions. i thought about that. anyway, what's wrong? five years later, the average guy on the street still doesn't feel confident enough in his house or confident enough in his -- if he owns a house and confident enough in keeping his job that he's actually a very lackluster consumer still? >> i mean, all of those things, i think, that you just talked about are key. you know, another thing that i would add 209 mix would be spending on things like smartphones, which has migrated down into walmart's customer base in a pretty big way. so on $100, $125 a month smartphone cell phone deal. >> that's your plate? that's taken away from other spending? >> yeah. >> really? that's interesting. and then you've got some increased competition, i think, as it relates to walmart. take a look at kroger which just reported close to a 5% krints from more. just in general, i think the grocery stores have sharpen dollars up with their ability to compete with walmart. we all know that the dollar stores are pretty effective force in that area, too. and food and consumer both have been adding fridge rated food, that sort of thing. and that's taken a little bit of sales, you know, that walmart might have gotten. >> patrick, whether we hear from companies like a mcdonald's b, a walmart, they say it's a tougher economic environment, you don't necessarily believe that? >> yeah. i mean, the consumer accidents seem to believe it. i believe it. i look at the employment numbers, unemployment, close to an eight-year low. you know, the stock market has done well. housing is on the mend. gas prices are pretty benign. they're down a little bit from where we were a year ago. there's more spending power out there. but on paper. but i agree with what you were saying in terms of the consumer just doesn't -- you know, what courtney was saying in terms of the consumer being pretty -- from the last recession and being very, she slow to spend. >> do you think they'll -- does that apply to the high end consumer, though, patrick? luxury is bad. you talk to some of the retailers that cater to them. but macy's isn't totally high end, is it? it's kind of middle america sometimes. but the high end has done well. has there been weakness there? and they're the ones really in a financial crisis that saw their assets go down, but they didn't lose their job necessarily as maybe the low end and middle end. >> yeah. i mean, the high end does seem to be. as you said, joe, i think it's more asset based, right? and so, you know, high end is doing pretty well. the big guys, coach, nordstrom, they're not doing quite as well as they were doing a few years back, but yeah, they're doing pretty well. restaurants are pretty busy, particularly the high end ones pup look at luxury car sales, those have been pretty strong. i've seen some good numbers out of some of the big european names, for example. but anyway, at the low end, lower middle end income consumers is what we hear from all the of the ceos. i discover the discount space, the dollar stores and that sort of thing. a lot of the ceos will tell you that their core customers don't feel like they've had come out net, despite what the numbers suggest. >> oh, okay. i need to say we appreciate it. if you see darda walking to his ivory tower, give him other best. we haven't seen him in a while. what is he doing with the hair now, have you seen him recently? >> i would call it a little more, you know, just conservative. no, it's not -- >> conservative chic? >> believe me, the velvet ropes at the club -- >> patrick is no slacker. >> no, yeah, i like that. you didn't just decide to grow that a week ago. that is maintained at that length, right? >> yeah, i think i'm going on about six months. i'm getting to the end of my -- end of the like, though, i think. >> no kidding. all right. thank you. >> make sure you shave it now before the end of the summer so you don't wind up with a tan line. >> tan lines on your face, no good. >> thanks, becky. speaking of salt -- speaking of salt? >> we were talking about french fries. >> ten minutes ago. >> mcdonald's french fries are really salty. i have never, ever worried about salt. large international study out today questions the conventional wisdom that salts are bad for you, suggesting the amount consumed is fine for your health and if you don't consume -- more than four mielz a day makes die -- >> what? you're talking to a man thoner here. >> above 30 of the week running, it increases your risk of heart -- >> why? >> it doesn't say why. >> the first marathoner died when he got to the understand of the line. >> 26.2. >> that is insane. i think you put your body and joins through -- >> it's awful. >> i'm very impressed. i will never do it. but i'm very impressed. >> sea salt doesn't have iodine in it. sea salt is the big problem. egd the taste, no guyo dine. more than 250,000 russians, tracks packed with tons and tons of food and water are headed for eastern ukraine on what it calls a humanitarian mission. but could it spark a war? right now, at this point, dow futures are up about 22 points. s&p off by just over 3.5. "squawk box" will be right back. having to fork out a lot of money up front was risky. you can launch a feature really quick, and if the feature doesn't work, we haven't lost anything and we can have something up and running in days. and this would not be possible without the cloud. we are now supporting over 25 million users each month. ideas can be tried and tried again on the ibm cloud. the ibm cloud is the cloud for business. joining us right now to talk about russia's next move is david yuzenik. david, what do you think is going to happen here? is this a legitimate humanitarian aid mission? what will happen next? >> well, it's hard to call it a legitimate mission when putin won't say exactly where the convoy is heading. one of the big questions right now is are they going to a border crossing covered by the government or are they going to try to push that aid through in an area controlled by the rebels. there's a lot of risk. >> will it do something just in terms of stirring up those people who are pro russian on that side? is this an effective pr ploy? >> i don't know how much it's to stir up the people. putin doesn't have a lot of popular support. it's being beaten back day after day by the ukrainian military. i think putin is looking for some way to hopefully force some kind of mistake on the ukrainians to have them engage in some kind of provocation that might give him a pretense to invade with regular russian forces. >> what do you make of putin at this point? >> well, i think it's important to realize that he doesn't really see threats from washington or the european capitals as having any credibility. there would be serious consequences he did it. he was warned not to start a conflict in eastern ukraine. he did it. he was warned not to interfere with the mh-17 investigation after his proxy shot down the airliner and he did it. he's willing to keep escalating because he's invested on this. >> on the front, he has people like this, right? >> yeah. he has amazing control of the media. there are fringe areas where you can expect publications and he controls television, feeds a steady diet of propaganda, reminiscent of soviet days. >> that would never happen here. it's not like that at all. nobody is feeding our media anything. anyway, but i digress. >> no, no, we have channels of every ideal logical stripe. >> when is the last reporter that challenged the president here? >> you know, i think if you look at the daily press conferences, they want to know why are you invading -- >> they challenge him from the left. >> you know, sometimes they'll call on a fox news reporter. the media shows one side of things, but when you talk about comparing it to the situation in putin's russia, we don't have journalists to fear for their lives. >> yeah. they just fear they get audited. >> you are having problems keeping up. >> yeah. and i'll handle my audit, which is happening. >> david, what can the west do if the sanctions aerchbt working? what's the next step? >> well, one thing we should be looking at is, of course, military aid to ukraine. what the obama administration has done is okayed nonlethal aid. it's defensive nonweapon components. body armor, spare parts, tires. and the ukrainians do need that. it's been very slow getting out the door. it should have moved much more quickly. they need to finish off the russian separatist movement so putin no longer has a pretext for interfering. that may include giving the russians more to fight with. >> those are all good moves. but when you put it in the broader context and see everything that's happening in syria, in the middle east, do we need russian help on those issues? >> i'm not sure how much help they were offering before, and if you look again at what putin feeds his own domestic audience, it's about an epic conflict with the west, with enemies, with fassists, and he's not willing to step in and do more in the middlist. but that situation hasn't changed and he's still backing assad. it's really about the european allies and others willing to come to the table and help. >> do you think putin is the biggest threat that we have facing us? not china or the middle east? >> they each prevent different kinds of threats. isis is a threat. if they can consolidate territory, they may well launch terrorist attacks on the homeland here in the united states. that's not something putin is going to do. but he could spark a dangerous conflict in europe. >> you have a lot of potential, david. i see you are visiting sell-off. so they're checking you out a little bit. so just know that. if he asks to stay for good, you have to move a little bit. he's a mccain guy. i'm mott sure what -- mccain went back and forth a few times. but i see great potential. didn't you write about reagan's attempts to improve things in terms of international trade and things? >> focus on his efforts to bring democratic governments to a number of places. he struggled. there were some anti-communist dictators and he helped move some of those country necessary a more democratic -- >> look to see what we're -- i need to be with friends. soy so i apologize for yanking your chain earlier. >> no problem. >> no journalists are -- you're right, are worried about their lives, necessarily. it is different. but like i say, degrees. i hope the aia says we want you for good instead of just visiting. >> thanks so much. >> what does that mean, actually, david? it just means you're there for the a -- it's a 12-month thing. i was aipth get some funding regulations. >> do you want me to talk to arthur? >> oh, wow, talking about going over the head of the bureaucracy. >> i told more of his books for him than his publisher, i think. >> david, thanks for joining us today. >> my pleasure. coming up, more signs of softness. from the eurozone, now france is cutting gdp forecasts. and super heros are hot. we know that. those guys. >> heck yes. >> you know this new guy? >> yeah. >> hot. >> he was in zero dark -- anyway, but these guys aren't hot that way. it's hot media wisewise. ken philips tells us about what he had a up his sleeve. before we go to break, let's take a look at yesterday's winners and losers. what if there was a credit card where the reward was that new car smell and the freedom of the open road? a card that gave you that "i'm 16 and just got my first car" feeling. presenting the buypower card from capital one. redeem earnings toward part or even all of a new chevrolet, buick, gmc or cadillac - with no limits. so every time you use it, you're not just shopping for goods. you're shopping for something great. learn more at buypowercard.com good morning and welcome back to "squawk box" here on cnbc. i'm joe kernen along with becky quick. andrew is off today, but mac is here, making -- he's our stage guy who -- >> there he is. >> there he is. >> you know, some of the biggest tv shows ever do that. they show -- they make -- they bring him in. and i think he's a guy we can do that. he's got the look, number one, because he's very quirky looking. and -- >> very distinct. >> he's been with us the entire time. he travels with us. so i'm going to start doing that a little moore. making headlines, foreclosure activity jumping in july for the first time in four months. up 2% from june. lenders schedule more properties for auction, but research firm realty track notes foreclosure activity is still 16% below the year ago level. and bill ackman wants to raise capital in a way that doesn't let investers demand money back at regular intervals. the ft reports ackman plans to raise about $4 billion by a closed end fund in london. other hedge fund managers including dan loeb has done the same. >> it is the reaction to what happened in the financial crisis when you suddenly had hedge funds dating and not letting people take back their money. as a manager, you have a lot more leeway. it gives you time to ride out a bet if it's not going to right direction. >> closing funds are weird. >> yes. as an investor, i think you would be skeptical. >> they don't trade on assets. they trade like a stock. so they come in and out of favorite, even. the investment vehicle itself comes in and out of favor. so it's weird. if the underlying stock does go up, eventually it is a -- >> i can see why somebody like ackman would do it, when you look at some of those betts that haven't gone his way for a long time, he doesn't want to have to be forced to sell a position before he thinks it is the right time. >> and it's kind of cool that -- $4 billion. you don't say it if you don't think people will still do it with bill ackman. nobody wins all the time. he's really smart and really good at what does. another ice bucket challenge has been accepted. mark zuckerberg dumping a bucket on himself yesterday. he got called by by scott wapner and governor christie. now he in turn is challenging bill gates, cheryl hastings and if you're wondering if the social media craze is working, donations are up by 1,000% to als. >> was there ice in there? >> i'll take his word that it was cold. >> that could have been like just -- knowing a guy that's worth $60 billion -- >> look at this. >> oh, there was ice in there. i heard it. >> are you sure? >> yeah. >> because i figured he had perfectly cooked -- >> i heard the ice. listen one more time. >> one of 24 hours to -- >> because if i know him, it would be perfect temperature. >> listen. >> i don't know. >> i heard it. >> no, it looks like he was just perfectly -- >> no, the poor guy, he dumps -- >> poor guy? >> cold water on -- >> don't ever call someone with even a billion dollars -- i mean, i'll go down to 10 million even. >> it was really icy water, i think. fears of european contagion are not weighing down european equities. joining us now, anthony chan. you're not worth $1 billion, are you? >> not yet. >> either one of you guys -- >> europe, italy, there is the -- at least the notion that things are worse than three months ago, right? >> europe is definitely an issue. tiger woods is back, but he's not playing his game. when you look at the in fact that the winter heating season is coming up, there's leverage there that may cause more distress in europe -- >> what are the three reasons that europe is not doing as well as it could? >> first of all, the first quarter was very strong for germany because of very warm weather. so in the second quarter, you basically got an offset to that. another reason is that even though the european central bank has talked a good game, they haven't done as much as necessary to stimulate that overall economy. on top of that, there are three reasons why -- >> any other -- like china at all, the fed here or emerging markets? what are the structural things? >> when things are not going well in one after the of the world, there are things going wrong in other parts. in all those countries, the central banks are poidzed to do a lot more. i have full faith when mario draghi meets these numbers, they're going to be a little bit more aggressive. they've already done the target operations. i think they're talking about asset backed securities and perhaps even going one extra mile. >> what's wrong with japan? >> japan, obviously, trying to recover from the -- >> credit assumptions. >> abe-nomics. >> you saw this morning with the core machinery orders, came in about almost half as strongly as people thought because of the downside. but, again, don't rule out abe's anxiousness to stimulate that overall economy and don't rule out they will be more aggressive. i remember when the central bank governor of japan was arguing for the% inflation. 2% target now is going to be a slam dunk for him now. between koroda and abe as prime minister, i have faith in the second half the economy does a lot better. >> yesterday, david ties, did you see people tweeting, he said japan is above looking for a windshield. >> yeah. >> i thought -- >> he took that in. >> he did? >> yeah. >> he said it low and is quietly. i had to think, what did he is? what did he is? >> i thought japan on the checkmarks, i thought we took that on the good side of thijs. >> but now we finally got -- i thought we were saying things are improving. >> he's trying some of those structure problems like getting women into the workforce. >> there are problems that japan has to face, but italy, we agree with anthony, they are going to figure out a way to make the economy grow. all right. so do either one of you think that putin just moves into ukraine? >> we've been concerned about it the entire year. there is no question hay has grander designs than what he's showing. he's shown that all along. the fact that you're coming into the heating season in europe is another card of leverage. >> but if you look at -- normally you give me all these facts and figures that economies use. is it weird for you to have to talk to defense strategists at your company? isn't this something you need to think about? >> i think about it all the time. every morning when i wake up, this is the first thing i think about. >> what is going on. >> what's going on with geopolitical risk. every time the geopolitical risks intense fights, the markets sell off. but quickly thereafter, the geopolitical risks turn up -- >> if he really went in and if -- and europe said -- >> what happened in crimea, joe? he went into crimea. and what happened to financial markets as they digested the information? >> there has to be a tipping point. what is it? >> the tipping point is nowhere near where we are right now. because at this stage, everything is still done at a very, very low level. so i don't think we're close to that tipping point right now. >> you know ari? >> we go back a long way. >> you don't know ari. do you know robin? >> you asked me that several months ago. >> you did, you kid about it. are you related? >> we're not related. >> all right. thank you, guys. appreciate it. >> thank you. >> i have to do that, you know, as long as i'm -- we've got to mention -- >> no discount for jackie chan? >> you know what? i'm glad you say that and not me. still to come this morning, waiting on walmart. the retail giant is about to roll out quarterly results. we'll go behind the numbers to see if walmart's management team has the company moving in the right direction, both at the store and online. try and get a little bit of a sense about what's happening to the consumer. tom hanks has been a cast away. a sheriff, a container ship happened. now the two-time oscar winner can add developer to his resume. we'll talk about that next. at managing my symptoms, except that managing my symptoms was all i was doing. when i finally told my doctor, he said my crohn's was not under control. he said humira is for adults like me who have tried other medications but still experience the symptoms of moderate to severe crohn's disease. and that in clinical studies, the majority of patients on humira saw significant symptom relief. and many achieved remission. humira can lower your ability to fight infections, including tuberculosis. serious, sometimes fatal infections and cancers, including lymphoma, have happened; as have blood, liver, and nervous system problems, serious allergic reactions, and new or worsening heart failure. before treatment, get tested for tb. tell your doctor if you've been to areas where certain fungal infections are common, and if you've had tb, hepatitis b, are prone to infections, or have flu-like symptoms or sores. don't start humira if you have an infection. if you're still just managing your symptoms, ask your gastroenterologist about humira. with humira, remission is possible. welcome back, everybody. do you get nostalgic sometimes? tom hanks may be your guy. he has a new app called the hanks writer. this app turns the ipad into a manual type writer. it replicates the sounds and moves from one line to the other. he once owned 200 type writers in a collection. >> i can't type for -- >> it's here. >> look at this. take your time. just keep showing tom hanks. this is not -- >> it's ugly. look at that. >> i know. it's the other way. that's what i asked you to do. >> look at this. >> that's wolverine. coming up, captain america or the hulk? do you know all your marvell versus d.c. guys? we're going to talk mostly marvell. but they're altogether and put on a great show. the ring master putting the marvell universe on tour. ken, it's the greatest show on earth. find out what his next show is going to be coming up on squawk. developers are all about speeds and feeds. it's all about latency. it's all about how fast does it run. i often sit with enterprises who ask me about how mission critical and how's the performance of the cloud. and i tell them, if you can make gamers happy, you can make anybody happy. speed is made with the ibm cloud. the ibm cloud is the cloud for business. ".. it's the greatest show on earth. remember that sign? how was the circus? well, it's the greatest show on earth. let's get to the circus and see whether some superheroes and villains have made the scene now, which they have. feld entertainment kicked off an 85 city tour of its latest live entertainment masterpiece. marvel universe live at the barclays center yesterday. it combines the stories of icons like ironman, thor, green goblin, to create a uniquely sensational extravaganza. joining us the man behind the magic ken feld. ceo of feld entertainment which produces the wring link brothers and barnum and bailey circus as well as disney on ice. marvel's disney, isn't it? >> it is. it's part of disney. >> so you guys go and say marvel is hot. and it's hotter than ever, now, and i work for -- i mean i like the finest media company nbc universal, obviously. but disney you got to admire iger and what he's done and this latest marvel thing. you saw guardians of the galaxy, too, huh? >> i thought it was spectacular. it really takes them to a new place because they're characters that are new to the mainstream public. >> they can be in your show in two or three years. >> and you know what? that's the goal. and that's what we're going for. so what we want to do with marvel universe live is really introduce everybody in the world to these marvel characters live. and then hopefully create, again, a live franchise similar to what disney on ice is, but with marvel characters, marvel story lines that can go, hopefully, into perpetuity. >> and your relationship with disney, i asked you about that, whether you actually talked to bob himself when you're doing the licensing, it goes back not only to eisner, pre-eisner you go back to 1981 with disney on ice. >> 1981 is when we started disney on ice. and that's grown to nine different shows. and we operate in 72 countries around the world. >> and then we talk about "frozen." what is it frozen on ice? >> disney on ice presents frozen. opens the first week of september in orlando, florida, we're in rehearsal now and this is the most unbelievable phenomenon that i have ever, ever seen. >> i can't believe you got to pay them for licensing since both of you, it's so symbiotic. i mean, give them a little bit but it certainly helps disney, too, doesn't it? >> i think it helps everybody. and you know, we act really as an ambassador to, in this case, it's marvel universe live or it's disney. where we take these characters to your city, to your backyard basically. so if you can't afford to go to travel all over the country, or all over the world, to go to one of disney parks, you can see these characters live in your hometown. and that's the beauty of it. it's an original story and it's more characters than you can see any place -- >> you get your kids away from the stupid electronics or the tv screen. it's a whole new concept when it's happening in 3-d that's not with glasses, right? i mean it's real. >> it is. and this show we're using technology that we have never used before. so, we have this 3-d projection mapping. so in addition to having a show that's about 100 minutes, we had to create a movie that goes along with that, and everything's a production surface. you've got things that you've never seen before live. so it's like doing a feature film but, live seven or eight times a week. >> ken, can you tell us just about the health of the american consumer? we have a lot of questions. we're waiting to hear from wal-mart today. mcdonald's has said they've seen some struggles with their c consume consumers. do you see the same thing? >> what we've seen is very interesting and consistent with what all the reports are on the top end and the higher priced tickets, they go, people want a vip experience, all of that. on the lower end, it's much more difficult. people are looking for offers. they're looking for promotions. and i think the thing that's in our favor is we offer such a unique product that comes around once a year. they don't know if it's ever going to be back again, necessarily, and they want to go, and the great thing is, people do want to entertain their kids, and they want to be heroes. >> can't believe we got to go. this just shows you that print can go into all different media. it used to be comic books. this toupee, by the way -- that toupee is worse than mine. >> put it on. let's see. >> we've got to go. >> thanks for coming. >> wal-mart. >> coming up. did you know a ten-second test could help your business avoid hours of delay caused by slow internet from the phone company? that's enough time to record a memo. idea for sales giveaway. return a call. sign a contract. pick a tie. take a break with mr. duck. practice up for the business trip. fly to florida. win an award. close a deal. hire an intern. and still have time to spare. go to comcastbusiness.com/ checkyourspeed if we can't offer faster speeds - or save you money - we'll give you $150. comcast business. built for business. waiting on wal-mart. the king of all retail about to roll out results. will the numbers show the american consumer is in a funk? >> cisco slashing jobs. the tech giant rolls out results and ceo john chambers has some cautious comments about emerging markets. and is golf dying? >> the crowd is just on its feet here. these he's the cinderella boy. >> rounds are down, equipment sales are tanking and courses are closing at an alarming rate. >> why don't you just go home? that's your home! are you too good for your home? answer me! >> but one big-time advocate is here to tell us that the game's best days are still ahead. >> well, we're waiting. >> the second hour of "squawk box" begins right now. >> fore! good morning, everybody. welcome back to "squawk box" here on cnbc. i'm becky quick along with joe kernen. andrew is off today. our guest host this morning is david darish, morgan stanley wealth management senior adviser. >> nice to be here. happy august, everybody. >> good to see you. joe's going to be looking for lists very soon. >> i was looking for him -- usually i see you, sometimes vacation the same place, and you wear a bathing cap when you swim. >> you'll love this -- >> and you look a lot different when you -- i say god that guy has got the mug of david darish but david does not look like the incredible hulk. >> we missed you very much. i did do the new york city triathlon. swam a mile in the hudson river. >> come on. >> two weeks ago. a mile in the hudson. 26 miles and the bike. and then six miles in the park. >> that's awesome. >> but i was thinking you while swimming in the hudson, joe. >> i'm not sure what that means exactly as i look -- as we're looking for wal-marts results. >> looks like wal-mart is a beat coming in with earnings of $1.26 a share. >> is a way of managing expectations. >> yes, they do talk a little bit about some of the sales in this. just looking through some of the headlines at this point. second quarter sales, $119 billion. actually $119.3 billion. what was the estimate for that? >> 119.002. >> so a slight beat in terms of the second quarter sales. >> i don't think it's a beat for the operating earnings was $1.21. continuing on. >> i don't have the press release yet. i'm still looking through headlines at this point plp >> so that would be in line. >> that would be in line. >> the company sees, courtney, u.s. comp store sales flat. or the >> that's the same as expectations basically. but better than negative and they've been negative for five straight quarters. >> now u.s., that's the ones -- third quarter u.s. comp store sales relatively flat. >> that's the forecast. what about the second quarter? >> u.s. same-store sales up 0.1%. >> okay, so slightly better than expected. and that's the first time we're out of negative territory in i believe five straight quarters. >> the press release is just hitting. let's go through some of the specifics on this. >> yeah. it is $1.21 number at more than -- added $3.2 billion in net sales. so overall, sales. >> also talk about the guidance. now looking at four-year guidance. 4.90 to 5.15. the previous range had been 5.10 to 5 fine 45 so that does lower the range for guidance. >> except that the street was already at 5.15. but now that's the high end. >> it had been 5.10 to 5.45 was the previous guidance. >> so looking for 4.90 to 5.15. joe says the street was already at 5.15. we'll see what that means for the stock. >> that's a current quote there, too. so that's what it's doing after all this. and if we went back further, what -- it was as high as 81 or so. that's the high for i think that's an all-time high actually. it's come back a little down 5 cents at 73.45. i don't think -- i mean we look forward to this but we knew that we knew, didn't we? >> yeah. >> macy's we didn't know. >> this is better news than -- >> that's the way you do it. >> at least they hit. they had warned in advance. >> that's the way you should manage your expectations. you shouldn't -- >> right. >> any company that comes out and misses the analysts by a mile. it's like where were your corporate communications people over the last two months when you knew this was starting to happen. you should prepare the street. this is the way that you should do it. unless there's a surprise in the last week of the quarter, a company knowles mid quarter whether it's going to hit analyst expectations. they should know how to do that. they should pay good people to manage expectations. no? >> it's a great emblem of the midstream america the results of a company like wal-mart. it's a big buffet position. but to me, this is average hourly earnings which have not grown joe, you pointed out week after week 2.0% year over year which doesn't even keep pace with inflation. this is the 80% of america that hollywood people call flyover people. this is the basic mainstream. this is the real -- this is the real america. >> some comments from doug mcmillan who is the president and ceo of wal-mart stores says as it relates to the positives from the quarter i'm encouraged by the performance of the international business, the neighborhood market sales in the united states, and by the e-commerce growth. he does point out the tougher prices, the challenges that he sees for the quarter. he said they want to see stronger comps in wal-mart u.s. and sam's club but both reported flat comp sales. stronger sales in u.s. business would have been helpful for profit performance. >> e-commerce international and neighborhood comps have been brighter. it's not a surprise those continue to perform. the u.s. footprint is really the biggest footprint when it comes to revenue and everything else we always look to u.s. yes walmart is a very big u.s. retailer. but u.s. is very, very key. >> does anyone do more revenue? >> no. >> exxon mobil sometimes. depending on the quarter. >> yeah, but not -- >> right. >> somewhere around there for walmart and 4.30 -- >> right. and that is important to remember -- >> that adds up after awhile, doesn't it? 120 billion a quarter. >> if you could grow a fraction of a percent -- >> a million employees. >> that's millions of dollars -- >> think if you could do manchins. think if you had you know, netflix margins. >> in the united states have more employees than anybody but the u.s. government. >> exactly. exactly. so any small movement is a very big movement and it pulls share from other places. >> have you heard that people are spending money on smartphones and not spending money on -- someone e-mailed that that was -- >> we talked about that a couple times. more than a couple. >> never mind. >> you're getting there. >> let's talk more about walmart and its strategy both at the store and online. joining us is the ceo of storch advisers, the former ceo of toys "r" us and courtney is with us, as well. as we kick off this conversation we do have a snap poll for you. where do you prefer to shop, walmart or amazon? you can go to cnbc.com/vote. we'll have the results at the bottom of the screen. joe, thanks for joining us today. it's great seeing you. >> great to see you. >> so, what do you think of these numbers, and more broadly what do you think about what's happening with the consumer? there've been an awful lot of questions from many companies, people wondering why the u.s. consumer isn't feeling a little bit better. >> well, there's no doubt that there's a malaise in the economy and among consumers. but i think even the bigger story is the channel shifts that are taking place. you see that among retailers as a whole, as well as within walmart's own numbers. the first shift is between store-based retailing and the internet. this is huge. this is massive. and i'm sure in walmart's numbers, when they say they were flat i'm sure that the stores were down and the internet was up. you know, secondly -- >> stores were flat, the iner is net they did cite as a bright spot. >> right. and generally speaking, all the retailers i talk to, they're seeing flat or declining store sales, and giant increases on the internet. and so it mixes out not too bad for some of these players and others are essentially flat. so that's the first major shift. the second shift is between the comfortable companies that we know like a walmart, jcpenney, et cetera, traditional retailers like that, and more value-based concepts, or faster retailers, people like the dollar stores, or t.j. maxx or costco who has been doing absolutely fantastically. or fast fashion like zara that are growing pretty darn rapidly. the third shift and you mentioned it a few minutes ago is between people buying physical products and virtual products. these cell phone bills now are like adding another mortgage. if you look at the magnitude of them for many of today's consumers. all those shifts are going on. and you see it in walmart's own numbers between stores and the internet and between their traditional retail, and the neighborhood markets, which are a local value-based concept. >> gerry, we also see it between the haves and have nots it seems. seems like consumers at the lower end are getting pinched more and more. we had another guest talking to us about what he's seen in terms of sales for the shows, the disney on ice and other things that come around, is that they can sell the vip packages. and have no problem with that. if you want to sell the cheap seats, you've got to offer discounts to get people in. >> well, there's no doubt people are squeezed very heavily at the bottom. you know, they're concerned about what's going on in the economy. you've seen the confidence numbers are low. concerns about what's going on in washington these days. concern about taxes. about health care. people are heavily burdened. and quite, quite worried. i'll tell you what, too. i don't care whether you're at the lowest end or the very highest, the shift towards value that started with the great recession in 2008, 2009, continues everybody wants a bargain, everybody wants a deal. >> a question about the online versus in-store. a lot of retailers will tell you we don't care if you buy in-store or online, as long as you're buying from us. is that really true? >> what's going on is an epic battle and we're still in the introduction or the roman numeral number pages of this battle for dominance in retail between the traditional bricks and mortar retailers and internet only retailers and they're merging. so the internet is no longer the exclusive domain of the internet only guys like amazon. the bricks and mortar guys didn't take it seriously enough in the beginning but they sure as heck are now. people like walmart or best buy or nordstrom are drawing a line in the sand and you're seeing their internet revenues grow faster than amazons. 20%, 30%, at least keeping pace with what's going on. on the one hand you have an amazon who has a fantastic customer experience. very quick checkouts. massive array of products. great reputation for value. so they have some advantages. but on the other hand you have the stores who have stores. and customers like to shop when they want and how they want, order where they want, get the product where they want. so this so-called omni channel advantage for the stores is growing and growing and so their total numbers are mixing out much better than the store-only numbers because they're seeing big gains on the internet. but there is often a negligent testify arbitrage in gross margin rates and profitability between sales on the store and sales on an internet. from a customer perspective you're going to say i don't care where they buy as long as they guy from us. but usually bricks and mortar you make more money than where you buy in the store. over time they're going to have to address this. they're going to have to run stores and consumers love stores and retailers who have stores are going to have an advantage versus internet only retailers but customer expectations for service have not declined. so the cost of providing that service in the stores, plus the cost of providing the internet so you have a duplicate cost structure stores and the internet and retailers are working rapidly to try to rationalize that model so they can make money and be true to the phrase you buy wherever you want and we're happy. right now they're not as happy as they say. >> gerry, thank you very much for joining us. >> it's a pleasure. >> courtney, thank you. >> courtney's leaving. okay. you ran a lot, she runs. i think it's bad for your joints. i do. when we return, david darish is ready to unleash -- are you -- did we alert you to this? let me lead with this again. david is ready to unleash his list of issues for the markets. were you? >> yes, i'm ready? >> because we don't want to say it if it's not true. >> take the brid l off. >> and the brazilian stock market takes a plunge after a presidential candidate dies in a plane crash. what this could mean for upcoming elections in the future of south america's largest economy. "squawk box" will return in just a moment. in india we have 400 million people who don't have electricity and i just figured that it's time i do something about it. what we're doing right now, along with ibm, is to actually transfer data through a satellite from our wind farms directly onto the cloud. i think we could create a far more efficient system across the whole network where we could actually draw down >> and the brazilian stock the ibm cloud is the cloud for business. female narrator: the mattress price wars are on the mattress price wars are on at sleep train. we challenged the manufacturers to offer even lower prices. now it's posturepedic versus beautyrest with big savings of up to $400 off. serta icomfort and tempur-pedic go head-to-head with three years' interest-free financing. plus, free same-day delivery, set-up, and removal of your old set. when brands compete, you save. mattress price wars are on now at sleep train. ♪ your ticket to a better night's sleep ♪ welcome back, everybody. the future of brazil's election in question after a candidate dies in a plane crash. our chief international correspondent michelle caruso-cabrera joins us right now with more on this story. michelle? >> happened midsession yesterday eduardo campos. we have a video of the crash, pretty horrific. campaign aides on the flight, as well. and when the brazilian market immediately started to tank, as did the brazilian adr trade here in the united states and also the etfs. edouardo campos was never expected to win. he was the third place candidate. he was the governor of an area, we'll show video of him in a second, what the reason this is such a big issue is despite the fact he was in third place it still throws the whole election into disarray. the market narrative thus far has been so simple with brazil. the market wants dilma rousseff the president there to lose. and they want a guy named nevez to win. much more pro-market friendly. if you look at the one year chart of the brazilian market you will see at one point the polls started to turn which suggested that maybe he could actually win. and that's when the brazilian market started to really climb. >> this guy that got killed going to siphon off votes from her or something? >> so that was -- it's initial way to look at it. it's a little more complicated than that. because here's what happens. it looks like his vice presidential candidate is now going to take the lead of the party. her name is marina silva. she's an arch environmentalist. she's actually more popular than the guy who was killed. and it's unclear what her politics are. marina silva was the environmental minister under lula, very popular socialist president. she left because she didn't think his policies were good enough when it came to the environment. so, here are the takeaways. due do edouardo campos death. rousseff is less likely to win the current president because this potential woman candidate is going to be a much stronger candidate. right? compared to what she's seen before. at the same time the pro-market candidate neves, far less likely to win now. so this woman has now turned into the wild card. >> so the third -- wait, who is the most likely to win in the -- >> it's still rousseff. but the election isn't until october 5th. right? and every single day that went by, her popularity eroded and we saw neves, the pro-market candidate, rising steadily but slowly, and it really looked like we could potentially see a runoff between her and him. that looks to be off the table. >> i -- was it a private jet or commercial? >> it was a cessna. so private. >> it not an embraer? i thought maybe it would have been a small -- no i thought it would have been a small brazilian jet. he was flying around in a cessna? >> i believe it was a cessna. >> weather, pilot error? >> it was raining. who knows. i didn't pay that much attention to that part of the story. >> -- was a cessna jet a citation or something? >> double check. i knew that at one point. i don't remember now. >> just wondering. because embraers are great planes. >> for sure. oh, yeah, yeah. >> so are cessnas. >> and there's no middle seats on some of those. that's the best part of them. >> the ones that united flies. >> right exactly. two seats -- >> i love those. getting off and on is ease krer. >> not enough space for the luggage sometimes even for the carry-ons. >> you can't check your luggage, caruso-cabrera. i hate people that bring that stuff -- >> i bring a little thing. it's little. >> check it. wait at the baggage claim. >> no! i don't like to. >> you're too good to wait. >> you never know how long it's going to take. >> i know that. the people that come in there. they take forever. they hit you in the head. they're trying to fit things in the overheads that aren't supposed to be there. check your luggage. and they don't want to do it at the door. i'm talking both of you. >> no, i check everything. >> you have a baby now. >> well it's just -- there's a lot that you can't bring on. >> you're bringing food and coffee cake and stuff. >> go on youtube and watch carol burnett, no frills airline. it's about five minutes. it's hilarious. if you ever had your coat up there and somebody puts a big heavy thing and wrecks it, she's hilarious. >> i saw her recently doing something with robin williams it was just, you know -- >> scream. >> she's the greatest. she is a great person. is a great person. let's get some -- oh. oh. let's get some market thoughts from our guest host this morning, who you were just looking at, david darst, morgan stanley wealth. david darst is morgan stanley wealth management senior adviser. >> i'm a senior adviser, independent investment consultant is the official thing so that i can represent other firms as well as morgan stanley. a little bit here and there. i'm on the investment committee but i'm a independent investment consultant. >> are you in a position right now to unleash your list of things -- >> what would you like, joe? six-point bear market checklist or the seven-point correction checklist? your pick. >> first of all, what do you mean? what to look for for a bear market? >> is it red light, green light? the correction checklist g geopolitics that's a yellow white right now. >> okay i'm listening. >> okay you've got the european economy, and the flirting with deflation. that's probably a yellow light, perhaps a red light. slowing down. china, green light. definitively a green light. in the united states, houses and cars, yellow light at best. it's slowed down in the last -- >> when did china get to be green? >> china's had this -- >> wasn't it orange -- >> these numbers, the pmi numbers that came in at 52. >> so things have gotten better in the last six weeks? >> you say correction list. this means -- >> the risk the market becky selling off 10%. so this is your little correction checklist. >> the china numbers that came out yesterday the numbers that gave people nightmares -- >> were not there that will mean they will stimulate more in my humble opinion. okay. >> how many have you got, three or four? >> that's three so far. >> and a green light -- >> green light means it's okay to keep, it's less likely to happen. >> in the united states, houses and cars, yellow light at best. >> okay. >> housing and cars slowed down. >> is that four and five or is that four? >> corporate earnings, green light. they came in at 10%, 10.7% up. for this quarter. >> what are we on now? >> okay. this is coming up to number six. average hourly earnings and jobs, jobs okay. average hourly earnings no. that's at best a yellow light. and lastly is portugal, puerto rico and argentina. combined. these little clouds that could upset the markets. so, basically, the correction checklist is right now yellow. it's not flashing red. so you basically have the market wanting to lift. you look at the performance of the small caps, you look at the performance of the banks. that's troubling. the small caps, pretty good. they've been rallying -- >> wait a minute. now you're at eight and nine -- >> that's -- >> slipping over into the bear market. >> we can't do that right now. we've got to take a break or else nbc's going to slip into a -- >> have usually been the fed. today the number one driver is geopolitics, number two drns >> did you hear what i just said? we've got to wait for these. are you really going to try to go through your bear market thing? >> no, i'm not. >> we'll come back and we'll do it. >> okay. >> when we come back, we will have more from david. plus, a little too much skin for consumers of land's end. how about a bonus gift that had some moms in outrage. we have that story for you on the way right after this.ar where the reward was that new car smell and the freedom of the open road? a card that gave you that "i'm 16 and just got my first car" feeling. presenting the buypower card from capital one. redeem earnings toward part or even 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mutual insurance. coming up the russian convoy of more than 250 trucks containing tons and tons of food and humanitarian aid is bound for ukraine. but kiev is very suspicious. could this lead to more violence or even an all-out war? we talked about this yesterday. this big horse that they're also gift that they're giving ukraine, purely a gift. just a big sculpture. there's nothing in it. anyway that's next on "squawk." when i'm working, things can get so hectic. so sometimes i need to find an easy way to express what's most important to me. like, with my crew, i use shorthand to talk to them and tell them what i need... and when i need to talk directly to my fans... but the most meaningful shorthand of all is the one i use when i'm about to drive: "#x." it's an easy way to tell everyone that i'm about to drive. and i do it every time before i get behind the wheel. use #x to pause the conversation before you drive. because no text is worth a life welcome back to "squawk box." we've been watching what's been coming in on the headlines this morning. walmart posting quarterly earnings in line with wall street's estimates. the retailer is cutting full year guidance citing higher employee health care cost and increased investment in its online business. that has taken a little bit out of the stock. it's only down by about 27 cents right now. decline of about one-third of a percent. burger king is coming up on the satisfries. they were introduced less than a year ago. bk said it gave the north american franchisees the option to continue selling them. only about a third of the locations opted to keep them as a permanent item. satisfries was supposed to be the lower fat, not as bad -- >> not as -- >> just feel for them. >> because they have to go up against mcdonald's fries? >> over the years, just trying to find just the right fry. wendy's has done okay. >> nobody does them like mcdonald's. >> no, they don't. >> some people like satisfries. >> healthy fries? i mean -- >> why bother? >> why try? you know what you're getting. just don't eat six larges. >> snack. snack. >> just you and me. >> this is me. >> a new study says that contrary to common belief low salt diets are shown to pose health risks. the findings were published in the "new england journal of medicine." that study found people who consumed fewer than 3,000 milligrams of sodium a day had a 27% higher risk of death or another serious event than those whose intake was estimated at somewhere between 3,000 to 6,000 milligrams. >> i have never, ever -- >> me neither. >> thought about salt. i use it, and, you know -- >> i don't pile it on. >> i pile it on. but i run. you know. and i -- and my blood pressure is always below -- >> pulse -- >> my pulse and the ldl, hdl. so it's just -- you know what you need to do? you need to exercise. and i think your diet is -- >> also in moderation. can you do whatever you want in moderation. >> i do, you know, i'm a big believer in fiber, too. not -- >> too much information. >> not through your food. you just take one little geezer pill -- you're a geezer. you take one, fiber con with the centrum silver. you don't get sick. sorry. you going to talk about the horse? >> i am going to talk about the trojan horse. the russian convoy of humanitarian aid is expected to arrive at the ukraine border within hours. the question is will ukraine accept it. and is this really aid or is this an incursion by president putin? joining us right now is a socioprofessor in the graduate program of the international affairs at the new school and what do you think, nina, what is this? >> thank you. what i think is putin is playing a peacekeeper. i think he -- his numbers actually not his own numbers are down in russia but the numbers for invasion. they actually went down from over 40% to just over 20%, so the russians showed him that he -- they do not want russian troops in east ukraine, so he chose another route which i think is the new peacekeeping, and so there's a race now between the ukrainian government that offers its own aid and the russian government who is going to outdo one another. >> so you think this really is a legitimate humanitarian aid package that's coming? >> a legitimate we don't know. because actually, logistics have not been agreed upon and it's so very russian to send aid and say, well, it's our business to send aid but we're not going to coordinate with anybody. i'm not sure about legitimate. but frankly i'm not sure that the military operation like that would be disguised. although it does seem very logical for what we think putin would act. but he's the man who acts in the 145d doughs. he's the man who is not going to do that. i may be wrong half an hour from now. he's not going to do just in the eyes of everybody. there are better ways for him, more secretive ways to actually assist the now really fledgling troops, rebels in east ukraine. >> if you don't think that this is actually something where they're planning an outright invasion do you think that this is a pr strategy to try and win the hearts of people who have been loyalist or at least sympathetic to the russian cause? >> oh, absolutely. i think it is a pr strategy for the russians. and, in fact, today putin spoke in sochi for this -- in front of his government, and he -- not that he was entirely conciliatory but he was very mild and he was saying we're not invading anybody. we are really not making war. we're making peace. and russia should care about the russians. because another thing we have to remember that it's pr act as part of another strategy that he chose is that he now imposed sanctions on vegetables and other products from european union, from norway, from the united states. so he actually needs the support of his population, and i wonder if he can have that support. but also making war at the same time. >> where do you think he really stands, though? do you think that these forays toward peace are real? do you think that this is just an act? this is a -- >> he's a kgb man. how we all think that. as i said i think he does operate from the shadows. so for now it seems to me that he is choosing that route. that he's going to be a great peacekeeper, and he actually seems like he forced president poroshenko, ukrainian president, to send his own aid because it would be very embarrassing for a country that you're technically fighting with actually accepting aid from them. so at this point, he stands as a counsil for of this kind of disagreement. but once again we don't know how long it will last. maybe with one hand he's sending the white trucks with help. but on with the other hand, somewhere across the road that nobody's looking at actually they would be tanks rolling in to ukraine. >> our guest host today is david darst. david i just wonder, with the situation right now, at bay, that's one thing. but, a week and a half ago we were looking at the situation with ukraine thinking that was one of the biggest drivers of the markets. >> it's been wonderful to get nina's perspective here. i wondered what she might see as the positive or negative surprise that we should be prepared for. because the market, as you know, was down over 20%. it rallied to being down only 10%. now it's down 15. >> the russian market. >> that's right. the russian stock market as measured in dollars. is there anything, nina, that we should be looking at that would be a positive or a negative surprise that we should be prepared for? >> well, in some ways, i mean, i'm not an economist, but in some ways it seems to be that all the downs are actually maybe positive indicators because we know german market is really slowing. with the russian sanctions, but also russians themselves are going to suffer from their own self-imposed sanctions. and so, it does seem that it's somehow slowed the rhetoric of vladimir putin. how much it's going to last and how long and how far he will go, we do not know. but for example, one of his lackeys and supposedly an independent politician is very outspoken, he always speaks about russian greatness and russia has to invade everybody, he actually did say that that we just should take donetsk and whole of ukraine and putin distanced himself from those opinions, and he said that this is personal opinions. so in some ways it seems that the worse the market is doing, actually the more possibility for this crisis somehow to get resolved or at least alleviated for some time. or in some time. >> and the russia/china axis now with the new gas deal, nina, the russia/china axis, where is that going in your opinion over the intermediate and longer term? >> that is actually fantastic question. we don't talk about this enough. because, one of the victors, i think, in all this mess is actually china, because china does need russia. it probably does use russia to stand to the united states or to other levers of power in the world that china really wants to be the world leader in many ways, including economic ways, so it does need russia to sort of play the bad guy. but at the same time, it doesn't want strong russia, because then russia becomes competition. and i think chinese playing a very, very skillful game here, because it doesn't really take sides. but at the same time, it doesn't give up its relations with russia. only strengthening it in some ways when nobody is looking because everybody is looking at ukraine and russia at the time. >> okay, nina, thank you very much for joining us today. >> thank you. >> it's weird looking at putin. i mean, he's -- >> looking at the pictures? >> yeah. he's 5'7". he's -- i mean he's always walking around shirtless. he's 5'7". he's overcompensating for something. anybody who shows themselves shirtless is overcompensating for -- >> torso torture. >> that's unnecessary there. you're overcompensating for something. i'm not sure what it is. in my case, i'm not 5'7" so it must be something else that perhaps. i'm not sure. i don't know. could ask that woman right there. let's get out of these. coming up, golf it says here, it's in the hole. the sport losing 5 million players in the last decade. you know, this whole thing is a little bit overdone. it's hard -- it is five hours. it's hard to play. golf is great. it's never going to go away. the pga had great ratings. let's talk about whether there's going to be some type of comeback. we're going to talk about someone who is betting on that and swinging for the greens through acquisitions. the company's ceo will join us to defend the sport next. great new players coming up, too, when you got guys like rickie and rory and jason at the top of the hour are you addicted to online shopping? a closer look at how players like amazon are making it harder and harder for brick and mortar retailers to keep their doors open. you do a lot of things great. but parallel parking isn't one of them. you're either too far from the curb. or too close to other cars... it's just a matter of time until you rip some guy's bumper off. so, here are your choices: take the bus. or get liberty mutual insurance. for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. see car insurance in a whole new light. call liberty mutual insurance. welcome back, everybody. a group of mothers outraged at lands' end. the retailer sending an unsolicited issue of the gq magazine to their customers calling it a lands' end bonus. it fear youred a racy cover of a topless model covered only with a white floor lei. recipients taking to social media, including the facebook page to complain it. the ceo issued an apology letter saying the magazine was sent to everyone who spent more than $100. >> lighten up. >> it's just not the lands' end customer -- >> then don't go to spain where they show a breast right on a billboard for a milk commercial. >> my guess is some of those people have not gone to spain. >> none of them breastfed the young? the kid doesn't remember -- we've all got 'em. we've all seen 'em. >> i'm not hung up about them but i will tell you -- >> there's a way -- >> all kinds of unsolicited junk mail that comes in. don't send me more junk mail. do you know how much stuff i get? >> i know. >> catalog shopping i get so much stupid stuff that comes in. >> really, is this our biggest problem? we've got people stuck on a mountaintop and we're worried about a kid, you know -- men's look the same except they're not quite as large. >> you show yours off -- >> in fact mine do look a little bit like a woman's. anyway. where do we draw the line? do i need a two-piece? >> no, you don't need a two-piece. you looked pretty good there. >> thank you. >> i'll give you that. >> when i let out -- stop showing. once a day is enough, all right! when i let out my breath people around the whole -- whoosh. >> you've been working out. >> i have. >> you deserve it. >> thanks. >> when we come back amgen under pressure. we're going to be speaking to an analyst about why after the break. and then are you addicted to online shopping? could amazon put walmart out of business? well probably not any time soon. but is there any need to go to a mall? we're going to take a closer look at how brick and mortar stores are taking on online retailers. and we want to hear from you. the "squawk" snap poll will open at the top of the hour. are you addicted to online shopping? we started zya with the thought that the kid on the back of the bus might have a song that he has in his head but he just can't get out. with the technology of cloud, we change all that. i can sing something into my device, up to the cloud it goes, back down it comes, sounding better. we break down the walls of creation and we give music creation for the masses. ♪ ♪ unlock the creativity in anyone. with the ibm cloud. the ibm cloud is the cloud for business. welcome back this morning. tiger woods is out of the ryder cup. woods has notified u.s. capitalen tom watson that he will not be able to play against europe in september. woods has been plagued with a bad back all season. he had surgery march 31st to relief pressure caused by a pinched nerve. woods is said to be on his website that he's eyeing a return to competition in december. in orlando at the world challenge tournament that benefits his foundation. now wait a second, that means dustin johnson and woods are both out? what does that mean for -- >> for the ryder cup? >> what does that peen for our chances in the ryder cup? >> who knows each year. you never know who's going to be the hero. the young guys sometimes are the guys that -- >> carry you? >> even in tiger's heyday he was never a great ryder cup. didn't have a great ryder -- >> does this mean phil is the next in line. >> for what? >> for ryder cup. >> he'll be on. all the young guys are great. but you saw what happened last time. i mean we had it won and on the final day those guys, you know, ratchet up the heat. >> the one guy, the one european guy who just was on fire. >> ian poulter. but justin rose, that's what set him up for his u.s. open win that putt he hit beating phil at the ryder cup. anyway, i don't know. golf's in great shape. many say golf is a dying sport but club corp holdings, the largest owner of private golf and country clubs in the u.s. is saying it's not so. it's doing deals to expand its portfolio of properties. it's acquiring sequoia golf for $265 million to add 50 properties to its portfolio. an expanded reach, joining us is president and ceo of club corp foldings. we had walmart on earlier and said geez, you know, things are, you know, poor walmart just not going to -- only $120 billion in sales. i think of golf almost the same way. there are people, i mean, it's never going to go away. it's a great way, and if your wife plays it's probably the greatest way, well there's other things, but probably the greatest way to spend some leisure time on vacation together. it's not going away. there's going to be these ebbs and flows as tiger either or someone like tiger is around or not. but, you agree with that? i mean, aren't we microanalyzing what's happening here? >> yeah, completely agree. obviously the game's been around for hundreds of years. it's evolved as all sports do and all businesses do. and our business in particular while we are the largest owner of golf and country clubs and dining clubs in fact in the world we really emphasize all the family elements of club life, that being dining, fitness, swim, tennis, et cetera. so it's not just golf. it's a great way for people to come together and spend time. >> i understand one thing, and that is, it might help when your kids grow up, it's a little easier to do that five hour thing because all of our time has gotten more precious, it seems like. and five hours, i mean, you know, not a five-hour round but getting there, getting back, you know, whatever. but, that is hard. and if you can't involve your kids, the latest is, we've involved our kids and then we play nine holes and that's something rickie fowler was on a couple weeks ago talking about, go ahead and play nine holes and don't, you know, don't act like it's not playing golf if you only play nine holes. >> yeah. it's interesting, joe, we've actually started a program that we call route 66. where you go out and play six holes of golf, come in and have a $6 glass of wine and $6 appetizers. and again it's all about the socialization, the fun. i know we've been adding a lot of emphasis to our practice areas. and you know, if you're a golfer what better way to go out and spend an hour just to work on hitting shots so that when you do have time to play, play a full round you're going to be that much better. >> i think there was a real shift last couple -- when was it, i don't know, time flies. but, tiger was out, and the pga's ratings were up 40%. from last year. it was the highest i think since tiger got beat by back in 2008 or 2009. can't remember who beat him, korean guy, i think, won a great -- great tournament. the pga -- came back and beat tiger was in the lead. >> yeah, actually one of our members i think the gentleman i want to say yang or something like that -- >> yeah, y.e. yang. >> lives here in dallas. to the point there was an article written in a publication a bit ago about millennials not getting into the game. if you watched the past weekend and appreciate these guys are professionals, you've got rory mcilroy who is 125 or something, rickie fowler, jordan spieth who grew up here in dallas. >> jason day. >> the next generation. >> i mean and rickie. my word. i mean come on. if kaymer hadn't been in a zone and if, you know, if there wasn't rory mcilroy, rickie fowler might have won three majors this year. >> absolutely. it's a game, as you point out that's a heck of a lot of fun for people of all ages. i remember when my dad taught me to play when i was 9 or 10, i thought it was the most boring thing in the world because it was football, basketball, baseball. when i turned 30, which is still relatively young i took up the game and said wow, this is great. i can go out either by myself and compete. i can go out with my wife. i can go out with my friends. it's beautiful. it's a great sport. >> and you know, i wonder if rory, if 25-year-old rory played 25-year-old tiger i'm not convinced that -- i'm not convinced tiger would be winning. and i don't know, you know, tiger i always thought he would be back and there's the back but there's the way the ten foot and under between 5 and 10 feet on those putts. rory's sinking them. he didn't in the final round but tiger doesn't necessarily sink those like he used to. that's what happens with age i think. >> there's a lot of people like johnny miller who would be the first to tell you that's true. >> that stroke he had when he finally went to pebble beach with that croppy little callaway pewter and he was yipping -- >> eric, speaking of millennials what is the most exciting thing demographically relating to the game of golf, and to clubcorp that you see as the millennials, and the baby boomers, and the greatest generation and the cohorts of america's great population. what are some of the exciting things you see demographically. >> well, first of all, our membership has been trending down over the last several years. secondly, as people like jack nicklaus, you know, have pointed out, we've got to make the game more fun. and finally the powers that be in the golf industry are doing that, whether it's the 15 inch cups that i know have been discussed, or whether it's snag golf. there's been a whole lot of permutations of ways just to make the game more fun. we give free lessons at every single one of our clubs every single weekend. we have pros walking up and down the line just going up and saying harrick i see you're doing this, why don't you try that. it's a great way for people to get out and relax and have a good time. our business clubs. we'll do sessions for ladies who come dressed up in their suits and dresses, everything else, will go into a ball room, take out wiffle balls have a golf pro there, give them a glass of wine and learn how to hit shots hitting wiffle balls in a ball room. >> you don't think these big cups are coming, do you? >> i think for some courses, right here in dallas, jordan spieth's home club brookhaven we've got 54 holes of golf. one of them is kind of an executive course and we'll set up that course every weekend with a big cup and a small cup. so those who want to play to the regulation size hole can do so. and those who want to play the larger ones can do so. >> all right. so if we were to look at one metric to say that everything is bottom, then we're headed back up, i mean it's almost like you're making hay or you're trying to buy into things when they're cheap. what would it be that would see average rounds played per year or something? >> no, not at our business. we're in the membership business. we own predominantly private clubs so it would be membership growth. last year we sold more memberships than any year in the last decade. and if you look at the late you know when the year closes out you'll find that this year saw more golf courses trade hands than any year in the last couple of decades. i think you're seeing investors look at the space and say it's an undervalued area, and people like us, who have the ability to grow via acquisitions are taking advantage of it. >> okay. >> all right, eric, appreciate it. thank you very much. >> thank you, joe. >> been greatly exaggerated the demise. i'm looking at our article here on this. there's a picture of the gq thing. woman's fully clothed. she's got a lei on and it said this lady says my 14-year-old son brought in the hail today. and i was quite disturbed -- or no in the mail today, and the 14-year-old son was disturbed by seeing that. if my mother ever checked my drawer when i was 14 years old, for the stack of penthouse or playboy. you haven't seen the internet, becky? a 14-year-old boy was disturbed by seeing a woman with a lei on -- >> why are you pinning me as being the woman who is writing in on this? you are -- >> because you sort of said you understand. >> i can understand that people get upset. i can understand if it's unwanted mail. >> it's the human body. >> not even the boobs that make me mad. stop sending me stuff i don't want. that drives me crazy. when we come back we're going to talk about more shopping. online shopping versus brick and mortar stores. is there any reason to go to the mall? plus a breakdown of retail earnings. and china is getting american football. a new league set to kick off this fall backed by former greats ron jaworski and dick vermeil. mardy judge will join us in just a little bit. your 16-year-old daughter studied day and night for her driver's test. secretly inside, you hoped she wouldn't pass. the thought of your baby girl driving around all by 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'cause she's your baby girl. and now you're proud. a bundle of nerves proud. but proud. get a discount when you add a newly-licensed teen to your liberty mutual insurance policy. call to learn about our whole range of life event discounts. newlywed discount. new college graduate and retiree discounts. you could even get a discount when you add a car. call liberty mutual for a free quote today at see car insurance in a whole new light. liberty mutual insurance. in a we believe outshining the competition tomorrow quires challenging your business inside and out today. at cognizant, we help forward-looking companies run better and run different - to give your customers every reason to keep looking for you. so if you're ready to see opportunities and see them through, we say: let's get to work. because the future belongs to those who challenge the present. welcome back to "squawk box" here on cnbc, first in business worldwide. i'm joe kernen along with becky quick. andrew is off today. in studio sharing his market thoughts, david darst of morgan stanley -- >> independent investment consultant. go ahead. >> did something change? >> i'm reaching a certain age in years that i've gone independent now. >> so you did change since last time you were on the show? >> sure. and i told claire, and all that. so -- >> okay. >> work all that out. get the straight -- >> we'll get that more clear. >> i don't want to mislead. >> right. but you -- if you're not at morgan stanley anymore you may not be on as much. >> i hope to. >> we love david. >> she always makes up for it. it's good to have you here. >> among today's top global market stories we're talking about some weak economic numbers that came out of europe. the latest signs of trouble on the continent. second quarter eurozone gdp flat quarter over quarter. that fell short of forecasts. germany's economy contracting for the first time in more than a year. and france's economy also stagnating once again. the major european equity markets were down a little earlier on some of this news but things have turned around since then. you can see that the tax at this point is up by half a percent. similar moves for the cac, the ftse and the mib in italy. about 30 minutes away from key numbers on the u.s. economy. we'll be getting weekly jobless claims. they're expected to increase to 295,000. the world's largest retailer posting quarterly results this morning. walmart's earnings and same-store sales were in line with wall street's estimates but the retailer is cutting its full year guidance. it's talking about higher employee health care costs, increased investment in its online businesses. as a result that stock was down earlier but you can see that's turned around, too. up by 0.6%. we'll have more on the retail and the consumer in just a moment. we're also watching shares of cisco this morning. that tech giant posting better than expected earnings and revenue but offering a tepid current quarter forecast. emerging markets have been seen as a trouble spot. the company also announcing another 6,000 job cuts. that's about 8% of its workforce. >> amgen and its unit onyx pharmaceuticals say their cancer drug failed to meet the primary end point of improving overall survival for patients and amgen stock got hit after hours late yesterday down more than 2% on the news. joining us on the "squawk" news line, dr. yarin warber. how important was this drug? how much did it have to do with why amgen acquired onyx? >> yeah, good morning, joe. so, this is the main -- one of the main reasons why amgen acquired onyx. to put it in perspective, they've had another study that was successful recently so the drug will get approved. but overall when you look at the profile of this drug, the overall profile is probably not quite what they originally expected and we think ultimately numbers are going to come down. >> so you remember, yaron, it was weird to watch that thing grow in the market cap where it is it started with thalidomide and these weird, you know, different forms of thalidomide that we had no idea could do positive things based on its history. but then it got into the multiple myeloma. is that its biggest drug? >> yes, they figured out what the issue was with thalidomide. remember it caused those birth defects in babies. they re-engineered it into another drug, a blockbuster, fantastically active. >> so this is going to compete against -- is there a reason why is the market so big that there's room for everyone? was amgen going to try and make that market away? >> yeah, that's a good question. the market is sizable and continues to grow. and as you know unfortunately patients with cancer die, and so they always progress from one drug to the next. this product is not going to compete directly against celgene. it's going to compete against sort of the baby next generation, also an oral drug from celgene's. their oral drug has a better profile than this comund from amgen. you have to inject it into the skin so we ultimately think it's going to get a much smaller sort of niche market at the end of the line. >> as i recall, thalidomide was like anti-angiogenesis. do they all work that way? i don't even know why that would work with multiple myeloma but are they different modes of action? or do they do the same thing? >> yeah, they're a little different you're right. thalidomide was an anti-angiogenic drug but we found it actually change the way the bone marrow works and how the cancer is able to grow or not grow in that environment. this drug is different. it's a different mechanism of action. this is going to compete agai t against -- so it's not quite the same. >> okay. all right. doesn't look like the drug is dead that's for sure. only down a couple of points. anyway, y aftaron. thanks. i appreciate it. >> right. any time, thank you. the american consumer is in focus today. walmart's earnings matching estimates. more retailers are going to be hitting the wires later today. the sector overall under some pressure. down about 3% for the year. while the s&p is up over 5%. courtney reagan joins us once more with has been happening with this morning's news and what to watch for later from jcpenney. >> now that we have some time to go through the details. we want to bring you full cir e circle. a pretty decent earnings report from the world's largest retailer today walmart reporting q2 evgs of $1.21 in line with wall street's expectations. revenue of $120.1 billion. same-store sales coming in flat for the quarter and walmart says e-commerce contributed 30 basis points to that flat u.s. same-store sales result. traffic though here in the u.s. fell 1.1%. average ticket increased by the same amount. the discounter lowering guidance range from $5.10 to $5.45, to $4.90 to $5.15. the street's consensus for the full year is at $5.15. the company says higher than expected health care costs. higher enrollment, and cost inflation now expected to come in 51% higher than originally planned for. and increase investment in its online business. those are the two items that really pulled down the earnings guidance for the full year. now walmart calls out e-commerce as a continued strong point but it is lowering its full-year e-commerce sales growth expectations to 25% from around 30%. small format neighborhood markets continue to outperform for walmart with comp growth of 5.6% for the quarter. the company opening 180 to 200 more locations this year. new walmart ceo says he is encouraged by a strong start to q3 adding retailer is in a challenging retail environment. we can move on quickly to department store holds retailer beating the street with earnings of $1.13 but analysts were expecting $107 but the beat actually a result of lower expenses. revenue fell short same-store sales disappointed actually twice as bad as analysts had anticipated and jcpenney after the bell we are looking for a loss of 93 cents. those numbers can wildly surprise. >> courtney stick around. walmart obviously making its website friendlier for online shoppers as it faces more competition from traditional online retailers like amazon. as more and more people shop online it's got us thinking about whether or not there's any reason to actually go to a mall anymore. joining us right now is jan nippon. andcom score's executive founder. we'd like to hear from you the "squawk" snap poll is open. you can go to cnbc.com/vote and let us know are you addicted to online shopping? jan let's start with you. we've been thinking about this a lot lately. i've been thinking about it as i realize i'm almost never in a mall or store anymore. just about everything i order comes through the house from clothes to groceries. is this something that's really broad behavior across the consumer span right now? >> we know only about 10% of sales are coming online. but, just as you said, boxes come to your house every day that you normally would have been buying in a store. same thing at my house. my groceries come to the door. my amazon box comes two or three times a week. that's becoming more and more common. are people buying everything on line? no, darn few people are doing that. but more people buy more online every quarter, every year, and it's definitely affecting brick and mortar retailers. think about it. if only two or three percent of your business moves online, it dramatically changes the way your cost structure works especially if it's 2% or 3% every year. walmart's growth online 25%. you're seeing that with all of these retailers, macy's, kohl's, penny's walmart all of the growth, more than 100% of the growth comes online. >> jan, what does that mean for retailers? because we're talking earlier with jerri stewart she said a dollar spent online isn't the same as a dollar spent in the store. a lot of times for these stores it costs you more money to get you the product you order online. >> first of all i'd say that we have to recognize that the channel isn't shifting at the same rate for every product category. consumer electronics is probably at the top end with about 30% of their sales done online. if you look at grocery products, only about 1.5% of all their sales are gone online. so there are some significant differences by product category. but you're right, as the channel shifts, if a retailer isn't able to hold onto a share that it has in the physical world, they're going to be in trouble as the channel shifts. there's also another factor that i think is really affecting the physical store retailers. and that's the price pressure that the internet is putting on their business. i like to say that pricing power is now in the hands of the consumer because they can easily find the lowest price for any product, whenever and wherever they want. and mobile is adding to that pressure. so i think it's kind of a double edged sword, if you will, for the physical store retailers. for channel shift on the one part, then on the other is i think they're facing a lot of pressure on the bottom line from the pricing advantage that the consumer has. >> jan and gian, it's david. wonder how this affects the package delivery companies. the money that's spent to get this to your door, from the store, who -- how would you play this from an investment standpoint? who's making money out of this? and who is basically having to eat this cost? >> it's hard to make money out of it. fedex and u.p.s. are doing fabulously well delivering products. that's where we're going to see things go in the future. somebody, and who -- who knows who it's going to be right now, fedex and u.p.s. will there be somebody that moves into that space? maybe. it's not going to be the united states postal service. so what we're seeing right now is an enormous demand for the ability to get things there same-day and next day. a lot of retailers are going to have to do that last mile themselves. but in the mean time, we're going to rely on fedex and u.p.s. maybe there will be another system come into place over the next few years. but right now, the only real game in town was fedex and u.p.s. >> jan, i have a question for you. it's courtney. you talk a lot about walmart's online sales and how they potentially could be a competitor to amazon one day more so than anyone else. are you worried that they've now brought down their forecast for online sales growth to 25% from 30%? >> not worried. i think it would be great if they grew it faster. but think about this, walmart has to be the player. they're the second largest seller online behind amazon. they have to continue that growth 25% a year is a pretty good growth rate. if they're going to be able to be a successful competitor across the board. right now, they're the biggest retailer in the world. but amazon is the biggest online retailer in the world. well alibaba is the biggest i guess. amazon is the biggest one here. walmart is going to have to play that game seriously so they're investing a lot of money in to it to grow it faster. you saw what they said the reason that roi is under pressure because they're investing heavily in internet selling. >> is that a good way of looking -- is that why the stock is trading higher people realize part of this is a good reason they do want to see more investment online, jan? >> i think they thought the numbers were okay. >> if you look at walmart's business, only about 2% of their total sales are done online so it's not a big component as yet. clooerly they're putting a lot of attention against it. i think that one of the concerns looking down the road, not just for -- not just for amazon but for all the grocery retailers is what amazon is likely to do. because if amazon starts to roll out from the west coast, amazon pantry and amazon fresh, given the infrastructure that they already have in place, i think that's going to be bad news for any of the physical store retailers that are selling grocery products. >> all right, gentlemen, want to thank you for joining us. courtney, thank you. by the way, folks, thank you for making me feel better about my online shopping addiction. our poll question was are you addicted to online shopping and the yea's have it. looks like that poll came in 57% after 6500 votes. thank you guys. >> i don't know. just seems to me that people are buying all these smartphones, aren't they? >> sure are. and spending on those data plans. >> did anyone look -- i would just look into that. >> $193 per person per month. >> yeah? >> yeah. >> so i'm right about this. >> you are right. >> all right. coming up stock picks at -- >> stock picks that can make you money -- we check a -- you remember that? >> no. >> we check in with the "squawk" -- it's not dirty. i got something there now? >> no. >> fly again? marty sass, he's had some great picks. we'll check in with him. what if there was a credit card where the reward was that new car smell and the freedom of the open road? a card that gave you that "i'm 16 and just got my first car" feeling. presenting the buypower card from capital one. redeem earnings toward part or even all of a new chevrolet, buick, gmc or cadillac - with no limits. so every time you use it, you're not just shopping for goods. you're shopping for something great. learn more at buypowercard.com tdd#: 1-800-345-2550 life inspires your trading. tdd#: 1-800-345-2550 where others see fads... tdd#: 1-800-345-2550 ...you see opportunities. tdd#: 1-800-345-2550 at schwab, we're here to help tdd#: 1-800-345-2550 turn inspiration into action. tdd#: 1-800-345-2550 we have intuitive platforms tdd#: 1-800-345-2550 to help you discover what's trending. tdd#: 1-800-345-2550 and seasoned market experts to help sharpen your instincts. tdd#: 1-800-345-2550 so you can take charge tdd#: 1-800-345-2550 of your trading. that's why i always choose the fastest intern.r slow. the fastest printer. the fastest lunch. turkey club. the fastest pencil sharpener. the fastest elevator. the fastest speed dial. the fastest office plant. so why wouldn't i choose the fastest wifi? i would. switch to comcast business internet and get the fastest wifi included. comcast business. built for business. welcome back, much. for anyone who ever wondered if crime pays check out this next video. a man has been arrested for breaking into a pharmacy in north carolina. he was caught off a police officer saw the store's safe dragging behind his vehicle. the alleged criminal was pulled over. and first arrested for dwi. probably no surprise there. that safe had been stolen from some business. but the same time as the arrest a call came in from the break-in at the pharmacy. >> who steals safes? and what do you do with a safe? >> once you have it -- >> i guess. >> what if you can't open it. you can't even use it. >> that's what he was trying to do, open it. >> there was something in the safe. let's peer into one of our platinum portfolio. martin sass is chairman and ceo of md sass. joined u.s. on april 10th with three of his top stock picks, mckesson, air cap and nextstar broadcasting. mckesson and air cap are up 10%. he sold out his stake in nexstar. local tv broadcasters are feeling the squeeze from reverse retransmission fees which are costs affiliates have to pay to carry content from the major networks and he's adding american airlines to his portfolio. and he sees 50% upside in the next coming months. let's get to marty for more. i always used to count on you for that -- that tv pick marty. so you're out, huh, something changed? >> yes. >> joe on monday, les moonves of cbs made a shot across the bow indicating that the networks are going to get much tougher in negotiating reverse retransmission fee agreements with their affiliates. they took a unusual step of moving their affiliation in indianapolis with a station with lin media over to tribune and they negotiated a deal a long-term agreement with tribune. this really signals a shift in the leverage of the networks, and these reverse retrans fee negotiations that are coming up. and it suggests that potential squeeze on profit margins for the broadcasters. and that's why i took profits in nexstar. up about 21% versus the market up 4 when i appeared on your program in april 10th and recommended its. so i thought it was a good time to take profits. i think there will be an opportunity back in this industry later. at lower prices. because people are now worried about these negotiations, but there will be much more m&a down the road. opportunities in these stocks again. but i thought this was a propitious -- >> is amr your first move in to the airlines? >> no. in fact, joe, last year you and i chatted about my favorite airline then, which was usair. >> i remember that. >> remember. just prior to the merger with american. >> so you're -- okay so sort of the same pick then. >> it is. but, you know, what's happening, joe, is american is really executing extremely well as we thought that they would under the management of doug parker and his team from usair. and earnings we think are going to far exceed analyst expectations. it's the cheapest airline stock on a valuation basis yet it has the least amount of leverage and its cost structure is now actually lower than that of delta and united. >> marty, i wish we had more time because there's something weird about airlines industries. a ceo can be important at a lot of different companies. but, in the airline business it's so hard to run one of those things, i think, that the ceo, one guy in charge of 50,000 people can be the whole enchilada for whether it's a good airline or not. it's bizarre. >> yeah. the management's much smarter these days. they're constraining capacity. they're improving prices. they're cutting costs. doug parker and his team did it before. when they merged usair and america west. so this is a seasoned team taking over a poorly managed american airlines. so there's a lot of room for improvement. >> and then you throw in richard anderson, and it makes a huge difference. what was the third one that for your portfolio that we can watch? >> well, the other two -- >> you still like mckesson right? >> right, mckesson and aircap. aircap by the way yesterday reported earnings as we expected they blew away the wall street estimates. they came in at 127 versus 80 cents for a quarter so that's performing in line with our expectations. mckesson is the other one. a leading u.s. drug distributor. i think they're low balling estimates there. they've beaten estimates for the four years that we've owned this stock and i think they will continue to with the acquisition that just closed in february of this year. >> great. all right, marty. those are platinum -- nothing's down that you've been talking about, either. i mean the market's up but they're not up that much. we'll check back with you soon. keep thinking. keep, you know, and tell us what's -- i might look into that moonves i'm fascinating watching what goes on with media and who gets the upper hand. right? i guess because we're in that business. all right, marty thanks. coming up the introduction of a new sport to an entire country about to take place. our type of football is making its way to china. the ceo of the arena football league china joins us to talk about the venture, and check this out. bird was the word in detroit last night. in fact pigeons were the particular problem. a pair of pesky pigeons invaded the infield as the tigers hosted the pirates and proceeded to hunt and peck their way towards home plate. players waved at them to no avail. then rolled a baseball at the birds and that didn't work. either. the birds were finally scattered by the grounds crew using flare guns. and a box. i mean for a couple of pigeons. though the tv cameras did not catch that moment, thankfully, poor little things. are though they are flying rats. we'll be -- we'll return in a moment. ♪ ♪ over 1.2 billion eyeballs are on us during the two weeks at wimbledon. true tennis fans want to know what's happening. they don't want to just see what's happening, they want to know and understand why it's happening. anybody can just put data up, but we want to get a reaction, make it far more interactive. we rely on the cloud to provide that immersive digital capability. give fans more then just the game with the ibm cloud. the ibm cloud is the cloud for business. but what if you could see more of what you wanted to know? with fidelity's new active trader pro investing platform, the information that's important to you is all in one place, so finding more insight is easier. it's your idea powered by active trader pro. another way fidelity gives you a more powerful investing experience. call our specialists today to get up and running. welcome back, everybody. another ice bucket challenge accepted. facebook's ceo mark zuckerberg dumping a bucket of ice. >> no ice. all i hear is water. there's no ice. >> there is. >> now he's challenging bill gates, cheryl sandberg and reed hastings to do the same. if you're wondering if the social media craze is working. reports say donations to the als. >> it was a -- >> they're up by 1,000 percent. "squawk box" will be right back. e starts at 6:30 a.m. - on the nose. but for me, it starts with the opening bell. and the rush i get, lasts way more than an hour. (announcer) at scottrade, we share your passion for trading. that's why we've built powerful technology to alert you to your next opportunity. because at scottrade, our passion is to power yours. welcome back to "squawk box." we have initial jobless claims popping. 22,000 from actually i take that back it's only 21,000 because it isn't 289 which was the number released last week. it's 290. now it's 311. continuing claims moved from just under 2.52 to slightly over 2.54 million. you know, benefit changes. hard to handicap. i say read up on north carolina if you want to know what's going on with claims. july import prices dropped 0.2% as expected. last month was revised to unchanged. that's month over month. you ask about year over year. year over year, they were up 0.8. a tale of two price increases. and of course, i guess the best way to put context on that is to think energy. think energy. hmm. energy. export prices were unchanged. versus a drop of 0.4. and i think that the big news, of course, is that france did not move into negative gdp territory. but the eurozone is as a whole really looking a little spongy. sponge bob economy. how do we know that? look at the yield. never before seen, first timive ever seen it under 1%. it was just a brief trade under 1%. and the euro's actually higher. i guess bad news is good news is not unique. just to the united states unfortunately. back to you. >> rick, we saw the european markets kind of turn around. i was trying to figure out why some of the wires have been saying it was -- >> blame it on geopolitics, right? >> they did. putin's calming words. what do you think of all that? >>ize probably passing out twinkies today, tomorrow he'll be taking them back. here's what i think. i don't think that geopolitics is dominating the markets in any form or fashion. i think it's a wonderful excuse like a week ago in the equities we saw. everybody's scratching their head. because they don't want to go to places that actually study fundamentals in this time of, you know, punch bowls and central banks. geopolitics weather. to actually rise to the occasion. i just think that the aggregate iq of people that like to discuss the markets has really been distorted in a negative way because we're all being led by central banks. you don't need to put in the effort. just monitor the level of the punch bowl. >> all right. you always give something to the careful viewer and i was trying to figure out what you were talking about with north carolina. i guess you're talking about the cut in the jobless benefits going to be the lowest in the nation in north carolina? >> yeah, yeah, i mean extended benefits throughout the country have mostly been altered to the downside. meaning less of them, less time. harder to get. you can't, you know, the amount of weeks that you're allowed in aggregate. and i think as that all funnels through states like north carolina that did it early can be kind of a litmus for the rest of the country to study how the effects are. and what we've seen in north carolina is dropping unemployment ranks. we see the participation rates going up, and less claims because they're not allowed to claim. we could argue about the quality of jobs, are they good jobs? are they part-time jobs? but in the end it seems as though there is something to be said for the motivation of, you know, less income coming from uncle sam means that you know you have to go out there and work. now i'm not saying that, you know, i'm being tough on people in general. it just seems to be the facts. we've had several politicians from north carolina, so i guess it's a good place to look. >> right. rick, thank you. >> thank you. for more on the numbers and the economy we're joined by jeffrey cleveland, chief economist at payton and regal. also david darst is with us this morning. jeff, what do you make -- >> good morning. >> good to see you. >> nice to see you. you know, i think rick said it all. focus on the fundamentals. what are the fundamentals that we're seeing in jobless claims? they tell us the u.s. economy is doing fine. it's doing great actually. there aren't any layoffs. layoffs are the lowest level they've been in eight years. so that's not a problem. we think u.s. economy is on pretty good footing. perhaps there are some other measures of the labor market that we would want to improve. rick mentioned labor force participation. but that creeps up, that would be better. certainly wage growth is disappointing. but at least on the claims data, to me that looks fine. >> what about the retail sales numbers that we've seen? they've been a little weak. >> yeah, so i would tie that again, you know, job growth looks good. layoffs are low. but wage growth is lack lurser. we're looking at 2% wage growth year on year. unless that improves, unless household income improves, it's hard to make a case that retail sales should be really firing on all cylinders and that the consumer is really healthy. but with that said, i don't want to appear to be too much of a pessimist. at least not on the u.s. i'm curious, you know, rick's take. to me, europe, the euro area looks a lot like japan. and you know, that's the situation that you're faced with there with five out of the eight countries in outright deflation, and i think that's what's reflected in yields on say a ten-year bund being below 1% for the first time. so the u.s. i think is -- the fundamentals look pretty good. maybe not as good as policymakers want to see in order to move to higher interest rates. but certainly not a euro situation. >> david? >> to take what jeff just said, and what the brilliant -- the brilliant remarks that have been delivered so far, the car is basically the automobile of the economy and the markets as being driven by the fed, and by monetary policy. and by earnings. those are the two drivers. that's the gasoline, and the forward movement of the car. geopolitics are the windshield wipers. okay. they occasionally reduce our vision. they occasionally increase our vision. okay? but they are not the real underlying driver. and to me, those unbelievably low interest rates, there's pressure to keep them even further low. one the treasury cannot afford higher interest rates. two, we're in a competition with germany, with france, with japan, and the rates pressures are to the downside competitionwise. three, there is the threat of deflation. as jeff just said. both in the eurozone, and in recurring in japan. and fourth you need that stimulus to the housing which has begun to slow down a little bit. you need that continued stimulus. so there are four big -- and the fifth one is the supply demand. china who is not crazy about our treasury securities, japan who is not crazy they continued to buy to get some yield. this is the quest for yield. i've said it before here once to you becky, john d. rockefeller said that more money has been lost by people improperly reaching for yield than in all the bank robberies in human recorded history. and so you want to be very careful in markets like 'tis. valuations are stretched on a long-term basis. priced to sales. the q ratio. market cap to gdp and the schiller p/e all four of those are ringing alarm bells but they are not the driver. they're in the trunk of this car. >> we'll talk more about that david. jeff, thank you for joining us. >> my pleasure. >> number of headlines coming out of russia in the last hour. putin visiting crimea and saying russia would do its utmost to stop the bloodshed in ukraine. mean time we have news on the russian convoy headed for that country. michelle caruso-cabrera joins us with more. >> so it appears that the u.s. futures may have turned on these comments from putin. he is in crimea. he got there yesterday. and not to put it snidely but a real kumbayah speech about making nice with the world, et cetera. and he's done this before. remember he ratcheted back the rhetoric back in may and we saw a big rally in the russian markets. we're seeing it again because remember last week we also claim that they were going to pull the military back from the border even though they didn't. so, that is one of the explanations for why we see the futures improving this morning. by the way, it also helped move the german bund back above 1%. before this german gdp comes out they're in contraction oh, my goodness the german ten-year yield falls below 1% for a nano second, 0.99. and as the russian comments come out and there's more expectation for stimulus in europe we start to see the bund come off of its highs and the yields start rising again. >> it's surprising to see knee jerk reactions to things that putin said. >> i can't believe it either. >> we've seen so many head fakes. >> right. i think based on the short history we have dealing with him on this you probably get three weeks of reprieve. right? basically. >> if that. >> exactly. but he pulled back in may and then clearly they continued to arm the rebels because they ended up shooting a plane out of the sky. right? so market continues to react on things that he says. i'm always very surprised by this. by the way, we still have an issue with this convoy. russia claims they're sending humanitarian aid convoy, 280 trucks, to the situation that where there's extreme fighting in eastern ukraine. ukraine doesn't want to let it in. the west is very concerned as well because they think it's a trojan horse full of stuff that may help the rebels or could be an incursion. they were originally going to send it to an area controlled by ukrainians. now it appears they would never say really where it's going, to an area that is now controlled at the border by the russian separatists which means that this convoy is -- >> not aiding anybody there -- >> i mean it depends on who you believe. the russians say it's under the auspices of the international red cross. the red cross says we have nothing to do with it. hmm. >> who should we believe? >> i don't know. so, that is the situation where it stands right now. i am also surprised, becky, when the market 3406s on positive comments that he makes. because we don't ultimately know -- >> only one. the first time. >> maybe the second time. >> but -- >> so that's the latest this morning. we're waiting to see what happens with this convoy when it gets to the border, and what putin's comments really mean. at the same time by the way we're starting to see the impact from sanctions. right? rosneft is saying they're going to need a big aid line from the federal government because not able to roll over the debt. they have a lot of it. so what are they going to do? does the russian government have enough to do that? >> you couldn't get there in time to like check out the convoy? >> to ukraine? we could do it. >> like actually stop and look in the back and see a bunch of guys hiding back there? you know? >> you're asking me to do this? >> aren't you our international person? >> yes. >> there's a convoy headed from russia to the ukraine. this was not big enough for you -- >> they don't let me go where there's fighting. >> there's not fighting. >> there could be fighting. >> okay. >> michelle, thank you. >> thank you. see you later. >> it is football night in china, folks. american football punting, passing and kicking its way through the country. a group of investors, including ron jaworski and dick vermeil ready to bring professional area -- professional arena football to major cities across the country. the cfo of alf china joins us right after this. check out the futures. you still see green arrows. collection is here. ummer ♪ ♪ during the cadillac summer's best event, lease this 2014 ats for around $299 a month and make this the summer of style. you know what i love america? fine barbecue, good times and zero heart burn. and that's why i take prilosec otc each morning for my frequent heart burn because it gives me zero heart burn. prilosec otc the number one dr. recomended frequent heart burn medicine for nine straight years. you can beat zero herat burn prilosec otc one pill each morning 24hrs, zero heart burn china's government is approving american football coming to china. legend ron jaworski and dick vermeil along with our next guest came together to form what is called the china american football league. joining us is marty judge, founder of american professional football in china. in the past there's been some talk about the nfl but it didn't work out. and jaworski brought regular football to india, right? >> yes, he did. >> the idea was there's not enough big stadiums in china but they got arenas all over the place. >> all over the place. and that's why it's so successful in china. >> china has to -- the government has to say, okay. they didn't say okay to other people. this is the first time the sporting authorities in china aid okay to this, you can start this league. >> this is historic. not only is it the first for football, american football, it's also the first, the cba is over there, which is china basketball association. that's owned by the government and partnered with business. i own the league. i own the league there, and i'm hosting sponsored by the government the crfa which is china rugby football association is a branch of the sporting division. >> everybody, we always hear that they never let anyone do it just totally on their own that it's always partnering. you're not partnering with them at all? >> they're changing. they're changing. i pay them. i have a fee -- they're changing. they're becoming more capitalistic every single day. china is just a, a country going through an economic capitalistic revolution. >> what do they know about football right now? do they know how it works? >> they know because the nfl's been over there for a long time. >> okay it has. >> only in flag football. that's what they have. the nfl is created 34 flag football teams. so they know a little bit. they only start watching the super bowl maybe five years ago. i've had training camps over there for the last two years at six of the universities. by the way this is six in chinese. we go over there and train the kids. the kids catch like this. you know, bring it in. they don't cradle it. they use their feet. there's no contact sport really over there to any degree. so this is exciting for them. >> if there's no contact sport, do they get into it when they see a contact sport? >> well, the chinese, chairman li who approved this, said football is going to make our boys into men. that's what he said as we were in wuhan, we started at the university level. we went to six sporting universities and we trained them. i gave them the equipment. i gave them helmets, everything. i gave them the indoor football arena. cost me like $10 million to have all this set up. but we started it. we got the sports universities to start playing against each other. in china they don't play against each other. there is no ncaa. i'm starting a ccaa as well. china college athletic association. in wuhan just in march we had six colleges play against each other, but it was a training type of seminar. i'd stop, not i would. but we had the referees coming over from the united states. we have some players and everything else, we would stop the game and say, now that's wrong. this is -- you would get a penalty for that. so it's training. and teaching them how to play football so they can play each other. >> how quickly does it become a commercial enterprise where people really want to watch it? >> well, we were over there in november with the first ever professional american football game ever played in china was last november. i had 10,000 people in the arena. 10,000. i even had one kid come out and steal the football like they do in the united states. >> but you don't have a league yet. >> i have the rights to a league. >> is it franchises? >> i'm franchising it. >> so who's going to come to you and how are they going to know about it? >> they're going to know about it because of today. >> right. unless we -- >> i got the release out there. we've been talking to people. >> unless we get -- tiananmen square. see now we're off. >> right. >> now we're off the air. so now they're not listening. >> that doesn't matter. you know what happens -- no they're very good in china. they're not as bad as what you hear. >> okay. you got a little bit of a vested interest there now. >> i do. >> are they going to come, so the places where there are arenas, so there will be a businessman where there's an arena -- >> every city in china. there's 20 cities bigger than new york city. and they -- >> they have arenas all over the place. >> so that's why the nfl has problems. they did not want to build arenas all over the city. it was too expensive. the government owns the arenas and the football fields. they don't want to spend the money for it. plus the people don't like to be outdoors. it's indoor sports. >> we hear about macau, there is some election and we all like to gamble to some extent. are they going to be able to gamble? >> this was my gamble. >> can you bet on sports? can you bet on this? >> china is against sports. macau is okay. but china is against -- >> sports betting? or betting in general? >> yeah. >> so it's just going to be entertainment then initially. >> no, no, it's going to be betting in macau. >> oh, betting in macau. >> they're still going to do it. it's just the government frowns on it. like our government frowns on stuff. there's a lot of frowning. >> i've heard you said 20 cities bigger than new york. but then i've heard how many cities with a million people and it's something like i don't know -- i'm thinking if you know you could get, if it caught on or something like these cities the pride that a city has in a soccer team in england or something. if you got that going, that could be -- >> what they just come out with three weeks ago is that there's the billionaires over there, which are tons of them. they have all our money over there. don't have enough soccer teams, and sports teams to buy. >> and to satisfy probably -- >> i'm going to solve that problem. >> as the leisure time of the middle class grows -- >> that's what they want. you know they increased their budget by 2.5% to 7.5% for culture. culture is sports. they want american sports over there. they want their middle class to start to -- >> so you're going to sell this to goodell in a couple of years for $2 billion? >> goodell knows what i'm godel and knows where i am. >> if you need to talk to him, i did. >> he knows me. >> i need it so i can talk to you. >> i'm the bert bell of china. not the roger goodell. he started football, the nfl. >> he's the judge -- >> i'm the philadelphia guy. >> yeah, okay. thank you. good luck. >> you're welcome, thank you very much for having me, i'm honored. >> because you watch and a huge fan, you said. >> every single morning i watch you guys. >> you seem smart. >> i am. >> i think this might work. >> i think so. >> thanks. coming up, jim cramer's take on earnings on walmart and more on what stocks this watch this morning. tomorrow, "squawk box" goes whale watching. no, not those whales, these whales, and more. plus, it's the woodstock for billionaire car collectors. robert is live from the pebble beach classic car show. c conquer the morning, conquer the day with "squawk box" on cnbc. but what if you could see more of what you wanted to know? with fidelity's new active trader pro investing platform, the information that's important to you is all in one place, so finding more insight is easier. it's your idea powered by active trader pro. another way fidelity gives you a more powerful investing experience. call our specialists today to get up and running. it can help your business save money. false. the truth is when you compare our fastest internet to the fastest dsl from the phone company, comcast business gives you more for your money. why pay more for less? call today for a low price on speeds up to 150mbps. and find out more about our two-year price guarantee. comcast business. built for business. welcome back to "squawk box," investors taking a bite out of red robin. earnings and revenue missing wall street's mark. the company's ceo says that marketing efforts did not produce red robin's desired results in what he calls an intensely competitive environment. >> let's get down to the new york stock exchange, jim cramer joins us now, and, jim, you've been the one that pointed out how important the situation with russia and ukraine have been. i was surprised this morning to see markets in europe and here turn on better comments, maybe softer comments, coming from putin. >> well, i think we have to distinguish the analogy that david gave us. i think the windshield -- here it's windshield, over there, it's engine. that's important. you have bsaf that i know david's familiar with, dependent on russian natural gas, but people think, wait a second, maybe we have to shift and buy companies, buy product from america. i don't want to lose the relationship with bsaf. these are companies totally dependent on russia. other companies depend on russia for 20 to 30% of the business, and i think over there it's difficult for me to say that that 1%, below 1% german bund is related. i think they have a good government that does not spend is a lot of money, but i think they let the -- the german government said listen, business interests, you're sacrificing the older of ukraine, a good piece in "the new york times," and every time you think there's something good, gdp growth coming back in the second half of this year at the end, so, yeah, russia is important, ukraine is important over there, not as much as there, and they don't have the energy renaissance like we do here. >> weir we're out of time, but we'll tune in at the top. >> we have stock ideas, but first -- >> it's a big day in becky's house, little kyle is turning 3 today. it's the cutest age. i could get her to cry right now. all i have to do is talk about it. he likes when i do that. >> he does. >> or does he like this? ♪ ♪ developers are all about speeds and feeds. it's all about latency. it's all about how fast does it run. i often sit with enterprises who ask me about how mission critical and how's the performance of the cloud. and i tell them, if you can make gamers happy, you can make anybody happy. speed is made with the ibm cloud. the ibm cloud is the cloud for business. where the reward was that what if tnew car smelledit card and the freedom of the open road? a card that gave you that "i'm 16 and just got my first car" feeling. presenting the buypower card from capital one. redeem earnings toward part or even all of a new chevrolet, buick, gmc or cadillac - with no limits. so every time you use it, you're not just shopping for goods. you're shopping for something great. learn more at buypowercard.com our guest host, did you do your things -- do them fast. >> quickly. >> for a bear market. >> apple, you want to own master limited partnerships, and you want to own gold mining shares. they have been working. stay with them. seven reformers in the world today, india, okay, indonesia, okay, and the guy in the -- mateo in florence, italy. pope francis, and the abi, own china. own japan. own mexico. go with structural reform. that's where you put money today. >> wow. great, thank you, david. >> nice to see you, always. >> you advise many people around the world as we know. including morgan stanley and others. >> thank you. that's all for us today, see you tomorrow, right now, it's time for "squawk on the street." good thursday morning, welcome to "squawk on the street, i'm carl quintanilla with david faber at the new york stock exchange. what a morning for the premarket. futures up, then down, then up again, and down again. cisco has layoffs, down to 24 has claims are back to 300,000, biggest miss in 30 weeks. bilgest is the boon falling below 1% for the first time in

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