the berkshire hathway giant is going to be investing in the form of preferred shares in that inversion trng. berkshire is expected to provide about 25% of the financing of that action. he should say that they teamed up before with hiez. in that particular case, he had gotten a $9% coupon. we will see what they are going to be paying for the berkshire name. sources telling me literally five minutes before we came on the show that the transaction, they were trying to sign that transaction up literally in the next couple of hours. so we will bring that news to you as it comes. we should tell you this morning, amazon buying live streaming gaming network twitch interactive for backside 970 million in cash. it is the largest in amazon's 20-year history. twitch allows users to message other players during live play. the e-commerce giant hoping the acquisition will help it better compete with apple and going t in the fast growing space of online gaming. more than 70% of online google sales coming in online gaming. google had been in talks to buy twitch that, of course, pushing that price up. we're going to talk to you. an early investor and the largest share hold ner twitch coming up. michelle. >> is he related to -- as well? we'll have to ask. >> i do not know. the s&p closing above the s&p for the first time. finishing the question at another all-time high. yesterday was the lightest full day volume of the year. if you like the s&p 2000? >> i don't know. >> it certainly doesn't feel like nasdaq 5,000. >> the dow is the number for where we have feelings, right? >> all right. on the agenda today, we have a number ow key economic releases. 8:30 a.m., durable goods. at night, we get the case-shiller home index. also worth watching, the richmond report and the fed survey. >> waun what the opposite on of a roll is? >> biggest acquisition today. market capital is -- less than $1 billion. >> so you're saying it's all home made growth. >> and it's organic? >> come from zero to 150 billion. less than a billion is the largest -- okay. that's one thing that occurred to me. number two is just how you talked to you in makeup how, i don't know, just sort of how sad i am that we can't talk the inversion angle with warren buffett because you told us yesterday it's not inversion. >> it is an inversion transaction -- >> now that it's a news story, you're going the take back everything -- >> no, no, no. >> you said it was 26% rate versus 27 here. >> this transaction, while it technically is an inversion by default, that's what it is. but it doesn't have the -- >> are already. >> so the whole story -- i like to calm the criticism. i'm not protecting my hand. >> what a great story it could have been. could jack lew call warren buffett unpatriotic? >> like you said, they didn't watch you yesterday? >> it is an inversion, but it's not done for tax reasons. >> this particular transaction is done in a different way. >> you ruined it. >> my question is how much do you think -- and we will find out later today, i would imagine, burger king is going to have to pay to use warren buffett's name in this transaction? that's effectively i what happens. this is fansing deal. he paid 9%. >> wind that. >> what did he get from ge? >> that was -- >> i know what it was. when a did you get for goldman sachs? >> 10%. >> but in this environment -- i would think you could get money from anybody and their brother -- >> for less. >> for a lot less. then the question comes what is the value of a buffett name, specifically in a trng like this. >> let me go on because -- >> this is so not -- they're paying out extra so jack lew doesn't call the b-- un-america. i'm just suggesting -- >> it was not as we know an inversion. >> that's it. >> no. i was trying to be -- i know, i know, i know. futures this morning, take a quick look, down 4 points yesterday. nice day. >> tough. >> s&p 2000. >> did you see findly many things in the world are topsy turvey, but timely the euro is starting to get an idea of what it's actually worth. you know what i mean? like a sdorl what you're worth. it's at $1.31. but it was at $1.40. get with the program here. i paid $3.20 today, sorkin. >> for gas? >> no. i paid $3.50 for premium been but $3.20 was regular. shocked that it was down. there's oil right now. >> you paid the preed yum or -- >> no. the regular was 3.20. >> there's regular, premium and -- >> i get the 93 octane. i probably don't have to and i just do. >> you know one of the reasons oil is so low? what's incredible is libya, which is a fuel state, they actually voted to approve foreign intervention, an invasion, they've invited it to try to bring stability, and yet they've managed to get oil production up to like 600,000 barrels per day. >> this is your story, hollande percentages cabinet falling -- >> he's socialist enough. >> better hope we never get rid of the socialists on this show. plus i would be more interesting to have these stories to talk about. >> you wanted to turn this into an inversion story even though it isn't. >> mr. buffett rule, i want him avoiding taxes for burger king, that's what i want. >> and i'm saying this transaction is a little different. i did not know warren buffett was involved when i made that statement yesterday. >> you like -- >> yes, i did. >> you like fuzzy news, right? >> love fuzzy news. >> i imagine there would be phone calls between the white house and buffett. >> that would be the first since the election, i think. >> i think so? >> compared to how much he did to help, i think he was a little hurt by the follow-up. >> in terms of gratitude? >> we're going to have a guy on talking about this, the total of "breaking bad" is what caused it. if they had done "true detective," if they had done this as something to -- >> year by year? >> right. you never -- you see, i don't know -- i can't really identify with you. you have not watched "true detective" yet. >> yes, i have. i have not watched it in entirety. >> that would have won. or malveaux -- >> had it not been in the same year as "breaking bad." >> they were giving it in total the five or six years of -- >> but it was a one-year thing, the best tv show in the history of tv. >> the golden age of television. there was a time where the greatest tv show would never be as good as the greatest movie. yet i think we're there. great television. >> did we look at the oil -- >> and the ten year? >> ten-year is 2.30 -- i saw yesterday spain's spanish ten-year, 2.2%. >> remember, the real interest rates there are higher because their inflation is so much less than ours, right? >> i know. you give them money for ten years, which you do. >> a lot of people are. that's the amazing part. >> japan is less than a half. >> it's amazing, which goes to show you low interest rates aren't necessarily good for an economy. >> and i saw 1.31 yesterday. >> because germany is finally weakening. >> they were going to have to ease months ago. >> i think it was. it's just that still you had germany stronger than we thought and they drive policy. >> you get a lot of money like sorros or something like that, 1.40, why couldn't you just buy all the puts on the euro that you could possibly -- >> soros knows how to do all that, too. >> i know. why wouldn't you have done that? because we all know. >> all right. >> go ahead. >> you can know so many things. we all know interest rates are going to go up. >> well, that i don't know. we're going to talk to mark grant. >> right now, vladimir putin and ukraine yab president poroshenko are going to meet. can we expect a break through? it's not likely. here to tell us why, from john hopkins university, i would think most people would agree with you. at least most americans would say putin has said one thing and consistently done anything. and so just because these two gentlemen are finally meeting for the first time in more than two months, not a lot of people believe there's going the be much of auto break through, right? >> i don't think there's going to be a break through at all. if they make progress on the cease-fire, i think you could say the meeting is going to be relatively successful. both sides are under tremendous domestic pressure to keep fighting. putin can't be seen to have lost ukraine and poroshenko essentially views the war as a fight for national sovereignty. and 90% of ukrainians support the war. >> you know, i was reading a piece that you wrote and i found one point you made super contrarian and hence very interesting. a time of people look at putin and think he has played the west so well. we're playing checkers and he's playing chess. you disagree, though. you've written what looks to many like putin's audacity are often nearly the byproducts of improvisation, knee jerk reactions unrestrained by the process of normal foreign policy decision making. why do you think that? >> i think going back to even a late poroshenko area, years and months, putin has really reacted to events. first by supporting yanukovych. second by taking crimea. in each case was a response to perceived opportunities. certainly they want to control ukraine and keep it out of naton. but a lot of the steps to doing that are really a response to the west. >> were they mistakes? >> i think they were mistakes because i do not think the kremlin expected the degree of resistance from ukraine, from the ukrainian military since april and may. if you consider ukraine like russians, which is not the case, you'll expect a far more mild guest than they actually have. >> what does vladimir putin want? you suggested this and ultimately he does not want nato at his doorstep. is it that simple? >> it's more complicated. he does not want nato at its doorstep and he does not want ukraine associated with the european union. he's embarked on a foreign policy and ukraine is one part of that broader objective. >> keeping enato away, that sees possible. but keeping ukraine out of the uk -- >> ukraine is going to sign the association great. a lot of members are wobbly on ukraine, potentially the french and the eye tall yaens and even merkel over the weekend clearly indicated the preference for a negotiated settlement. the ukrainians want a usualan marshall plan which i don't see in the cards. >> how does this end? >> by i think a prolonged period of im pension and struggle in ukraine's east. the problem is that ukraine is facing a wall, both economically and at home on the imf package, on the fight against corruption. two people have resigned this week from the poroshenko government saying he hasn't progressed quickly enough. >> will there be more sanctions, do you think? because ultimately the way the markets react, the way the german economy reacts, what kind of disruption will there be for trade between russia and ultimately germany, which is one of the biggest trading partners? are we going to see more of that? >> we are not going to see sanctions from the eu soon. merkel has said that in the last few days. again, they want a negotiated settlement. but there will be pressure to have sanctions, it will be putin and so far he's trying to get under the radar to make the came ambiguous. >> but he isn't invading. there are multiple convoys that have gone in beyond the humanitarian c humanitarian convoy. ukraine claims they have 12 russian fighters they caught in ukrainian territory. it looks like he has invaded yesterday he is supposedly having this summit in belarus. >> he has invaded, but it's a low level under the radar thing who people don't want to get involved can claim it's a separative movement alone. he's responding to the opportunity presented by the divisions in europe and in the west which i think have reacted much more mildly than the ukrainians have wanted. >> oh, yeah, i would agree. great to have you on, donald jensen. really appreciate it. >> thank you. >> let's think of it this way. maybe it's notice being done jurt for the inversion. that's why these guys are mad, right? >> not true. they will city pay taxes -- sorry, we're back to burger king. >> you're a woman and you're not that far -- >> wow. >> have you ever been talked down like that? yes. >> really? >> he might be tuning in for the fist time after this segment and i would remind you keep everybody -- >> just stay on top of it. >> it's inclusiveness, charming. >> you have to pay u.s. taxes on your u.s. sales. >> it's always like that. it's always like that. >> so in this particular instance, those sales have continued to -- >> with every inversion, that's true. not this again. >> come on, two of you guys are mercenaries, right? if they can get an improvement, of course they're going to do it. >> let me read this. every year, the tv industry gives out these awards. coming up, the emmys, "breaking bad," that was the show. >> down count network television out just yet. we have last night's winners and losers right here on nbc. seth meyers, yep. we'll be right back. this is a burrito made with chocolate, soybeans, and apricots. what kind of chef comes up with this? a chef working with ibm watson, on the cloud. ingredients are just data. watson turns big data into new ideas. and not just for food. watson is working with doctors and bankers to help transform their industries. today there's a new way to work. and it's made with ibm. poib. nbc has the wrap-up from l.a. >> breaking bad. >> the emmy sent breaking bad out of a high note monday night. >> thank you so much for this -- this wonderful farewell. >> that kindness extended the series costars aaron paul and anna gohn would won best supporting actor honors and breaking bad's star who won best actor for the second straight year and fourth time overall. >> i can only say that i have graty attitude for everything that had happened. >> the one major honor drama breaking bad didn't get went to juliana marguleise. >> when what a wonderful time for women on television. >> jim parsons. >> the star of the big bank theory won best actor in a comedy for the fourth time while a third straight best actress went was sealed with an extended chris from brian cranston, her former comedy costar. >> yeah, yeah, he was on seinfeld, yeah. >> meanwhile, the reigning champ as best comedy tied a record for its fifth straight win. >> "modern family" has been a big, beautiful dream and we thank you for not waking us up. >> the sense of deja vu extended to amazing rates. and the kol bcolbert report. even as wins were celebrated -- >> others were remembered with billy crystal's tribute to robin williams. >> it's very hard to talk about him in the past because he was so present in all of our lives. >> it was a poignant farewell on a memorable night. the academy paid tribute to other artists who passed away this year, including phillip see more hoffman, james garner and sid cesar. i'm stephanie statton, nbc news. >> when they do the in memoriam stuff -- >> it brings tears. >> the robin williams thing, that was -- >> when was that on? >> it was late, around 10:00. it was a great tape of robin williams. there's a last piece, if you get a chance to find it online, that was terrific. >> i knew i couldn't watch, so i was -- i actually had a little bit -- a little bit of u.s. open on. so i probably shouldn't admit that, but i didn't -- >> why can't you admit it? because you should be watching nbc? oh [ >> but what do you make of the fact that netflix, the much heralded orange and blue -- >> house of cards was supposed to. they did not. hbo got some, but didn't -- and this was the year of broadcast tv. even though amc is, of course, cable. >> i never watched malcolm in the middle. but i remember the seinfeld episode where i think he converts to judaism. and he was an anti- -- >> yeah. >> but i never would have imagined the character actor that plays the anti-dentite, the range that he showed in breaking bad, he was -- were those all first takes that you did? he was absolutely incredible, when he would be sad, when he would be acting one way, when you could see what he was supposedly feeling, in terms of -- >> but you still believe that true detectives was robbed? >> no. matthew mcconaughey was -- >> you think he was robbed? >> oh, in the show on hbo? >> i just think that -- why, did he not win anything? >> he did not. >> our guest is going to say that any other year maybe -- >> oh, any other year true detectives -- >> as you said earlier, this was an award for everything that breaking bad represented. and in particular those last seasons were very, very special. in terms of how they opened up, i don't think any tv show has done it, as well. >> and in terms of breaking bad, there was far more -- >> no. >> every woman i know, as well. >> they would get a chance to come back at it. >> so if you were to say i've got an idea, it was about a -- >> when i first -- >> it's going nowhere. so it was amazing what they do. >> it was such a high concept. the pilots was great, too. >> how about the other one, there was another. you know, i've never seen "the good wife." i can't believe a network tv -- >> you tried to buy it on itunes or apple tv, it's so expensive. >> disney apparently wanting to miss drones, could lead to projects such as floating aerial movie screens and larger than life puppets in the sky. >> you can look at that stock down now, 90.38. >> manhattan, putin. >> dove. thank you. >> 6:26. >> what's going on? >> the s&p 500 crossed to 2000 point level for the first time ever. well, the markets make even more history in the final days of august? so what the heck is twitch and why is amazon paying nearly $1 billion in cash for it? one of the biggest investors in the gaming industry talks to us on "squawk box." ddy for defending our country. thank you for your sacrifice and thank you for your bravery. thank you colonel. thank you daddy. military families are uniquely thankful for many things, the legacy of usaa auto insurance can be one of them. if you're a current or former military member or their family, get an auto insurance quote and see why 92% of our members plan to stay for life. good morning and welcome back to "squawk box" here on cnbc. i'm joe kernen along with andrew ross sorkin and michelle caruso cabrera. >> he's taking a phone call. he is -- you know, working the phones. he's reporting. >> okay. he's not mad? >> he's not mad. he might have reason to be mad, but that's not why he's not sitting here. >> becky is off this week. you know, when he's gone, i miss him. we know that. >> relationships are like that. >> mistaking headlines. >> more americans are paying their credit card bills on time. the rate of credit card payments at least 90 days overdue file d fell to 1.2% in the quarter. the lowest level in at least seven years. uh-oh. >> let's see how they did that. ready to make another bid for astrazeneca, the uk takeover law requires that pfizer stay away from its rival for three months. that period ends today. this was one of the first potential tie-ups to gain attention as a tax inversion deal. in medical news, do you ever wake up so confused that the answer the phone instead of turning off the alarm? if so, you may have a sleep disorder called sleep drinkingness. symptoms range from a simple state of confusion to even violent or inappropriate behavior upon waking. the study says 84% of cases occurred in people who have other sleep disorders or who are taking antidepressants. what if you are drunk when you fall asleep? >> i don't know if they tested for that or -- >> it seems like you would wake up drunk. >> just not sleep drunken, this is just drunkenness. >> counterbalances, counter -- i don't know. these are important questions. >> when you're reading it, i mean, hasn't it happened to everyone at some point? >> it's not sprieft. >> i'm not sure what the alarm is. >> my schedule -- sometimes we're just off during the day. >> within five minutes. i don't know where i am. sometimes when i'm waking up, which is amazing that you can be that deeply -- >> you travel a lot overseas? >> when that happens. >> you wake up and you can't remember which room they're in. >> when you wake up, you remember which side of the bed -- >> it's so much good material now for this that i can't do it. you're married and everything -- >> you used to be our international correspondent and you were single and hell, you would wake up -- no, it's a joke. it's a joke. not true. not true. but if i had said that, wouldn't that have been good? >> it could have. it could have. you know -- >> but it wasn't true. >> go, go, where is andrew? please come back. >> my favorite was when you suggested that me and berlusconi should get together and i said he was too short. >> carlos schwinn, right? >> yeah. the s&p failing to close above 2,000. joining us now, allison dean's chief investment officer and john kcanalley. i hate the term hold your nose and buy this market, but, i don't know, that kind of sums it up. people what maybe aren't that actively involved in it, they all ask me the same thing, how on earth is it this high and is it ready for a fall which is a good sign, i think. >> at the margin, there's more positive and negative news coming out from an economic standpoint, from a monetary policy standpoint, but then we have all this global and political risk. when you look at all of that, will it affect our economy that much? so it's not a cheap market, but the news and the trends in positive corporate america showing improved activity, employment improving, so it does feel that the marketing continue to participate in. i don't think i would be rushing into it to the same i would have 10% ago or nine months ago. >> john, i would feel better if it knew the underpinnings were based on corporate profit and not on qe and interest rates. >> i think we'll find out soon. we were up 10% year on year on corporate profits. the problem is we're about another six weeks away from getting any data from corporate america. it's going to end qe, but places like the eurozone and bank of japan might do more. so i think we're going to find out. but i think in general, the market is in line fundamentally with the long-term valuation. certainly not cheap any more. you're going to need to get more global growth to move higher from here. >> so you -- just looking at where we are, you don't think at this point that risk is mispriced because of -- around the world can move people around the world to get economic activity going? you don't think it's mispriced? >> i think that was certainly an unstated goal of what they wanted to do. they wanted to take all that cash that was sitting on the sideline necessary 2008 and 2009 and put it to -- >> i don't even think they denied it. >> i think he said it at one point. >> that worked. and the first time time they pulled it back, the economy wasn't ready. this time they said wait until the economy is ready. >> allison, some smart investors just told me that they've made a lot more of their money besting against the fed. is there a chance that the fed has orchestrated really this beautiful recovery with no adverse consequences? isn't murphy's law, erth they stay too long or don't go in early enough? is it possible they did everything right at this time? >> so far, it seems to have worked relatively well. although i think for all the up employed, they're not feeling it's been such a wonderful recovery. but i think right now we're at that inflexion point which is if they do back away from quantitative easing and interest rates begin to go up, maybe in th that. i think now the point where you have to watch carefully they could either let it stay too long or let rates go up too quickly and that could slow things down dramatically. >> qe stays. allison, thank you. >> coming up, one of the stars of cnbc's restaurant start-up. gets us ready for tonight's season finale where he will make a very big decision that's going to change someone's life forever. it can bring out the worst in people. but the m-class scans for danger, corrects for lane drifting, and if necessary, it will even brake all by itself. it is a luxury suv engineered to get you there and back safely. for tomorrow is another fight. the 2015 m-class. see your authorized dealer for exceptional offers through mercedes-benz financial services. welcome to squawk planner. electronicsmaker best buy will report results this morning. the july durable goods report is on the way at 8:30 a.m. eastern time. and the markets get a read on home prices with the case-shiller index for june. that is the squawk planner. now to andrew with breaking news. >> as we've been talking about all morning, we expect a transaction between burger king and tim horton's during this program, perhaps as early as in the next hour. but we want to bring you details that have not emerged just yet in part around the conversation we've been having around inversions and the tax implications of the burger king transaction. lots of people talking yesterday about whether this deal is being driven by taxes. i have now talked to several sources, including one who just explained why, in fact, not only is it not about taxes, the u.s. government may ultimately receive more in taxes in part because of the relationship that the company is going to have with berkshire hathaway and warren buffett. so what is happening in this particular transaction is warren buffett's berkshire hathaway will be lending money to tim horton's deal. now, as part of that, the dividends are going to come back to berkshire hathaway. because the company is going to be based in canada, not in the united states, instead of berkshire hathaway paying traditionally around 14% on those dividends, they're going to be paying the full 35% because it's a foreign company distributing dividends in the united states as opposed to aus auto company distributing dividends in the united states. as a result of that, the total amount of taxes paid are going to have to include what berkshire hathaway is paying as a result of dividends, but that total number may, in fact, be larger in terms of the tax base that the united states received as a result. >> do we know the coupon? >> we do not know the coupon. we hope to find out what the coupon is going to be. >> it's going to be high. >> of course it's going to be high. i am told repeatedly that the reason they believe they need to restructure the deal is to appease canadian regulators, what's called investment canada, because tim horton's is considered a national treasure, if you will, and national champions and there is anxiety that this deal would not have been approved otherwise. so while we talk a lot about inversion -- >> i know. but i'm just saying not -- >> but it does change the dynamic a little bit of how we've been having this conversation. >> the best of blackberry and wilson, what have you got there? >> finding. >> i'm kidding. love you. love you o canada. love you. best neighbors, best love you, love you, kidding. >> it will be interesting to see both of the shares went up so dramatically yesterday. when we finally see the ultimate deal. you know? >> i do not know. we will see. >> it's a huge move. >> i imagine we will get an announcement. i do know literally there is an army of bankers and lawyers and principals and -- >> and pr people working very hard to make sure this comes off politically -- >> who are trying to wrap this deal up and get an announcement out to get it across to tape. we will be watching and bring it to you. >> it's kind of funny, boeing and general electric, it's a doughnut -- >> tim horton's. >> that's like the crown jewel. >> burger king, too. molton is not there, right? >> all right. coming up, what it takes to make it in the restaurant business. jim has been very successful, now he's ready to give someone else a big break. the star of restaurant start-up gives us a review of tonight's season finale on cnbc next. oplee question: can you keep your lifestyle in retirement? i don't want to think about the alternative. i don't even know how to answer that. i mean, no one knows how long their money is going to last. i try not to worry, but you worry. what happens when your paychecks stop? because everyone has retirement questions. ameriprise created the exclusive confident retirement approach. to get the real answers you need. start building your confident retirement today. ♪ ♪ [ male announcer ] during the cadillac summer's best event, lease this all-new 2014 cts for around $459 a month or purchase with 0% apr. hurry in -- this exceptional offer ends soon. cnbc's "restaurant start-up." >> i think you guys have a fun and interesting idea. but you guys experience, the question is can a single ingredient really drive an entire restaurant? >> you guys don't have any real restaurant experience. you have kind of a crazy nonmarital situation that i all of a sudden will enter so it becomes like a three-way thing. >> the whole bistro is very near and dear to my heart. i grew up raising every animal you guys are talking about cooking. it's scalable, marketable. i see how it could grow. there's a real opportunity there. >> so difficult for me to think about putting money in to ideas. i want to invest in businesses that i can get my head around. that will make me a return. >> right. this guy's got business going. he's got 400 grand in sales last year. i mean it's a lot better than 60 grand we got over here. >> you wanted the opportunity to expand the ideal, go to the library and read a book. you want the opportunity to see an investment that you can make i think it's where we've got to go. >> it couldn't be any more polar opposite the way i see it. >> but there can only be one, right, joe? >> yep. >> joining us now is joe bastianich, restaurant tour founder and ceo of b&b hospitality as well as co-host of cnbc's "restaurant start upjths. >> who won, who won? tell us. >> i can't tell you. >> i want to thank you for the series because i have been addicted more than i thought i would be. i loved, by the way, the mac and cheese guys. the marshmallow bar guys. the woman who virtually had a breakdown on the air. it's been terrific. i want to talk about the show. but since we're in the midst of a little bit of a news flash in the restaurant retail business i just had a curious question for you around burger king. do you have any views on this burger king/tim hortons deal. does that make sense to you? >> really i don't follow this kind of thing. my only question is will the burger king food be any better because of this merger? like that's what i really want to know. does the whopper improve? >> you're suggesting it's not good right now? >> i'm just saying like a big merger like this, to talk about everything except for the quality of the experience, and the quality of the food, always seems a little bit strange. they're talking about who's going to pay more taxes or less taxes which is all good and fine but at the heart of the matter both tim hortons and burger king are companies that serve food. and i think that it's devoid of any kind of food speak all the time which is disconcerting to me. >> since we're in this world, what do you think about the speculation around shake shack going public. what do you make of that? >> i think that that is certainly, we've seen a big shake-up and downward pressure in sales and the quick casual segment. i think that there is a whole new surge of restaurants that are bringing a new way of talking about food and thinking about food to their customers. that are going to kind of be displacing the old guard and it's not surprising to me that the big fast food chains and the quick casual chains that have not updated or modified the way they think about food and what they offer to their customers are seeing in pressure in sales because it's a groundswell all around us and shake shack is a great example because it's come from restaurant people, and they've had a big diffusion but there are millions and thousands of concepts all over this country where young people are thinking -- they're taking a new way of thinking about food. people want to know where their food grows, where it comes from. they want to know it's not treated with pesticides, with hormones. and even not only in restaurants now, but even in quick casual, people are holding operators responsible for being communicative about food, telling the people where the food comes from, and having a whole new message. >> right. so, joe, everybody thinks that they should be investors in either restaurants or bars. everybody just sort of, it's like a dream for lots of people. should -- should amateurs play in this game or is it just too dangerous? >> it's a tough racket. you know, if you have -- i would say, you know, most people who want to invest whether you have 100,000, or half a million dollars to invest in a restaurant i'd say go burn it in the street because at least you'll have a fire. >> you've now done one season of the show. i know you'll be back. greatest lesson first time around? >> i think the lesson is that there's a lot of -- there's a lot of passion, there's a lot of good food out there. what's chronically missing in our industry that i can see in the broadest growth is people who really understand the concept of margin and making money, and that you can have all the passion, you can have all the good food, all the hospitality you want if you're missing that central ingredient which is profit and margin then nothing can really exist for very long. >> really excited about one of these concepts, the whole animal they're going to barbecue in your backyard, what is it? >> the concept there is that they, yeah, they process the whole animal, they bring, you know, it's called snout to tail cookie which is something we're hearing a lot about, their concept is to bring that to your home in more of a catering format and eventually a restaurant. but utilizing every part of the animal which is another one of these themes that goes along with more contemporary way people are thinking about what they eat and the kind of food they want to consume. >> is there a winner in here somewhere? one we're going to be talking about two, three, four years from now? >> i think some of the investments i've made this season, there's the baby bad ass burgers and tim also with cracking konji these are very exciting concepts that have a lot of potential. i mean, i'm very excited. bonza post to which is a chick pea pasta is already on the shelves at my stores here in new york and chicago, making a lot of headway. we're actively looking for locations for baby's bad ass burgers. there's a lot of excitement about the investments we've made. and we can't wait to have people try these restaurants. >> joe, we thank you. congratulations. >> thank you very much. >> we will all watch the finale. you've got to do something about the reservation line on bobo. that's a separate issue. >> you could get in any time you want. >> quick programming note you do not want to miss it tonight at 10:00 p.m. eastern time. >> thank you. >> one of the -- >> man of the people like can't get into the restaurant. >> right. >> it's cute. >> thanks, joe, appreciate it. >> thank you very much. >> i'm not going to try this. see for me, you know, i would think snout to tail would not be a selling point for -- that would -- would you serve the snout to someone? >> in seattle he orders a pig in advance, they grow it, slaughter it and he puts it all in the freezer. >> there's a lot of things that i don't want to eat, animal parts. coming up the s&p 500's quiet ride, and amazon making its biggest deal ever, but it's just barely a billion in cash for a company called twitch. how jeff bezos beat google to the punch, next.th can take you . tdd#: 1-800-345-2550 you read this. watch that. tdd#: 1-800-345-2550 you look for what's next. tdd#: 1-800-345-2550 at schwab, we can help turn inspiration into action tdd#: 1-800-345-2550 boost your trading iq with the help of tdd#: 1-800-345-2550 our live online workshops tdd#: 1-800-345-2550 like identifying market trends. tdd#: 1-800-345-2550 now, earn 300 commission-free online trades. call 1-888-628-2419 or go to schwab.com/trading to learn how. tdd#: 1-800-345-2550 sharpen your instincts with market insight from schwab tdd#: 1-800-345-2550 experts like liz ann sonders and randy frederick. tdd#: 1-800-345-2550 get support and talk through your ideas with our tdd#: 1-800-345-2550 trading specialists. tdd#: 1-800-345-2550 all with no trade minimum. and only $8.95 a trade. tdd#: 1-800-345-2550 open an account and earn 300 commission-free online trades. call 1-888-628-2419 to learn more. tdd#: 1-800-345-2550 so you can take charge of your trading. dovisit tripadvisor new york. with millions of reviews, tripadvisor makes any destination better. the king of all investors putting his money behind the home of the whopper. warren buffett could be ready to bankroll bk in the takeover of tim hortons. amazon's itch for gaming. the company paying nearly a billion dollar in cash for twitch apparently beating out google. we're going to talk to one of the largest financial players of switch. >> and from broke moms to millionaire. the founder and ceo of packet explains how the freezable cooler bagmaker has become one of the fastest growing businesses in america. the second hour of "squawk box" begins right now. >> good morning and welcome to "squawk box" on cnbc, i'm michelle caruso-cabrera with joe kernen and andrew ross sorkin. becky's off this week. our guest host today the you're yen timor. plenty of market action to talk to him about after the s&p 500 crossed over 2,000 for the first time ever also from my home state of new hampshire. we'll talk about that, too. tax discussion and coming up the debut from madden 15. it has its own viral video with over 6 million hits on youtube. lots of hype. we're going to check it out in just a few moments. >> why would best buy be able to beat on the bottom line handily, do you have any idea? >> is it a huge amount? >> 31 cents was the estimate, agisted per share was 44 cents. so 13 krenss and receive knew was in line. that's what i don't understand. revenue was 8.9 and expected was 8.9 the. same-store sales down 2.7%. >> stock is now dropping -- it's going back and forth -- >> no. >> it's doing some -- >> it's up in premarket. >> i'm waiting for the press release. >> 32 to -- 32 bid 32.90 ask. they're giving me my adjusted number, so that's normally what we do, even from continuing operations it was 42 cents. the number of -- >> commentary? >> they're saying like other retailers. it doesn't sound good like other retailers we continue to see a shift in consumer behavior. increasingly researching and buying online. as a result brick and mortar stores continue to decline. they do say in-store conversion and online traffic continue to increase due to the execution of their renewed strategy. >> they brought a guy back, right? remember we had a ceo that wasn't very well thought of by the founders. remember? he was in and then he's gone now. >> yep. >> but there was a time when i bought a tv at best buy and two days later they took like $800 off the price of it so i went back and they said no, no, you can't have the -- and i'm like, well can i take it back? yeah, you can take it back but we won't give you. so i took it back and bought it online. are you sure you guys have thought this through on how -- and then i told that new ceo that brad i think -- >> no hugh -- >> the new ceo. >> done a great job. >> right, exactly. this was the previous guy. and we had the former guy on who i told the story to and he is holding his head. but then -- >> i don't see anything good. we're also seeing ongoing softness in the mobile phone category. limited viability in the new product launch. everything looks not so good. >> well the comp numbers, you know, what was expected doesn't seem great. on the count -- >> now it's down $1.49. that results -- >> continued -- >> okay there you go. cost reduction efforts which means their margins were better because of cost reduction which at this point is not translating -- >> is a future game and that's why that stock now down as we were discussing earlier. look at that, down 5% in the bre market. let's tell you about burger king this morning. the home of the whopper rolling out the welcome mat for warren buffett this morning. the billionaire investor is going to be helping burger king finance its deal to take over canada based doughnut chain tim hortons. buffett expected to buy preferred shares and provide about 25% of the financing. but this deal is not about the so-called tax inversion. sources telling me that the u.s. will actually receive at least as much, if not more in taxes after the deal is completed, rather than less. and let me explain why. that's because the preferred dividends to berkshire are going to be taxed at a higher rate because they come from a foreign company, since they'll be canadian, as opposed to a u.s. company. those sources say that the structure of the deal was more about getting it approved by canadian regulators who consider tim hortons a national treasure, a national icon, national champion, if you will, and so, to the extent that there's money coming back through these dividends because of this -- because it is a foreign company. and by the way you could also argue that they will be expanding tim hortons you have to imagine in the united states, and they will be paying taxes on the expansion, whatever sales come from tim hortons in the u.s. so there is an argument to be made that the taxes will be flat, if not more. >> what if buffet exits the investment some day? >> and that so -- let's be clear. this is short-term, meaning five, ten years out -- >> so 11 -- and other people that are going to be mad will say long-term we're losing money. we're losing our tax base? >> i think you could make that argument. but i will also argue that potentially because of the investment that will be made in terms of expanding tim hortons in the united states and the additional sales that potentially -- >> we should point out, bombardier, i said we have boeing, they have doughnuts. bombardier is a great maker of jets. >> what's the difference? what he's going to pay in terms of taxes -- >> so if -- >> if it had come in the united states, meaning if it was a u.s. company dividend to an insurance company like berkshire they pay about 14%. >> right. >> they're going to pay 35%. >> out of canada. >> okay. >> based -- >> a foreign company paying for the united states. so berkshire hathaway will pay the taxes and that will be a 35% rate. and so that is an important distinction. >> the other big deal this morning, amazon is buying live streaming gaming network twitch. >> are you twitching? >> that's why he's doing that. >> for about 970 million cash. first thing i thought of it's the largest deal in amazon's 20-year history. $150 billion company. biggest deal ever, and it's still less than a billion dollars which shows you bezos s is, i mean, is he not the heir apparent to these jobs in terms of just having it going on. i mean, it just the rep that he -- the mystique and everything else. i mean, it's just single mindedly built this company. >> i like the point you made earlier this acquisition is so small relative to the size of the company and every time you can build it, or you can buy it. >> right. >> and he has built it. >> chambers is great, too. but look how many acquisitions cisco has done. >> dozens every year. >> oracle. barry ellison is a great -- >> buyer. >> founder. but i mean, billion dollar acquisitions left and right. twitch allows users to message other players during live play. the e-commerce giant hopes the acquisition will help it better compete with apple and google in the fast growing area of online gaming. more than 70% of all mobile app sales come from online gaming and google has earlier been in talks to buy twitch. we'll talk to an early investor and largest shareholder in twitch in just about 15 minutes. >> and he -- >> that is ray kurzwell's son apparently. >> cool. >> supercomputer guy. >> he may not be so young. >> he may be one of the people that lives forever. 2040 not that far off. 2035. you don't have to live forever. you live as long as you want. that's the key. the s&p 500 flirting with the 2,000 level. it controlsed above that milestone for the first time ever. yesterday failed to close above it on a total return basis. the s&p has more than triple from its 2009 low during the financial crisis. joining us now you're yen timor director of global macro at fidelity investments. and executive vice president and cio at demo private bank. both of you gentlemen at this point are sanguine or nervous would you say jurrien? >> i'm fairly sanguine. earnings are growing about 8.5% this year. you add 2% for dividends. you have a lot of scary headlines. none of them really have been systemic so far to the u.s. at least. maybe to other parts of the world. valuations are not great but they're not terrible either. you just go back to the fundamentals. the fed is on a slow course towards rate normalization. the bond market is behaving, and so you focus on the fundamentals. and the fundamentals are okay. >> you think the fed is doing a good job? >> the markets have given them a complete free pass which is probably not nobody would have expected a year ago. >> europe has helped. >> europe has helped. there's another inflationary pressures. the fed has laid out a script. if it follows it then i think we're okay. >> jack, sanguine or nervous? >> i think they're -- i'm somewhat tempous in that there are a lot of imbalances. i think interest rates are great but they're probably a good 1.5% below where they ought to be based on just the economics of where we are right now with nominal grpd over 4 having a 2.4 ten-year freshry rate makes me a little bit nervous. i'm going to enjoy it for now. valuation stretched but it's possible revenues and earnings can eventually catch up with current expectations. but the good news is we have favorable liquidity and some i think for now we're holding on. it's been a good place to be for the last 18 months where it's really been fuelled by liquidity. just as a said note i do work for a canadian bank. they seem to be a pretty good firm. i know john bothian itch doesn't have the creativity to create a bacon cheeseburger whopper with doughnuts as the bun. but, i think it could go well. >> doughnuts are fried and burger king has never really had french fries. if you put it in montreal where they have some french expertise, frying and -- >> french fries! >> someone wrote in what about burger king dairy queen connection. >> you could do it yum brands -- they're trying to create a yum brands like platform. >> and with warren buffett. oh, my gosh. >> there you go. >> the barry queen beast. >> they're going to have to serve wine in canada -- >> you know, about how -- >> what's the weirdest food you eat over in holland? >> to me it's not weird maybe to you it is. but we eat our french fries with mayonnaise. >> i know you do that. >> and sometimes we'll eat it with peanut sauce. >> do you admit you love everything american and wish you were american? >> well, i am american. >> okay, all right. >> you live in new hampshire. >> no i live in boston. >> you live in boston? >> yes. >> you pay all those taxes? why don't you live in new hampshire where your income would be tax free? >> because i can live in boston. >> we keep everything short now. but jack, having interest rates too low for too long could hurt how? i mean, what is -- what's, you know, great for everybody? why could it be bad? what would happen? >> sure. well, when credit is expanding at a much faster rate than the overall economy, which, you know, we had going in to 2007, we're starting to have that again -- >> okay. >> we could end up with a credit -- >> i remember what happened in '08 and '09. that could be bad if credit expanded. all right we got to go. we got to go. but, jack, jurrien, thank you. good-bye, good-bye. >> are you making fun -- >> no, i've been wrapped on everything. yes, go, go, go. >> jurrien's going to be with us for the rest of the show. breaking bad cleaning up at the emmys last night. netflix got snubbed. network tv probably not dead. julia boorstin has the wrap on the awards. >> the emmys kicked off with seth meyers joking about the rise of netflix and cable threatening broadcast tv but netflix was not threatening anyone last night. cable did rule. the show on top was breaking bad bringing home six awards including the highest honor for best drama. of all the networks hbo dominated yet again with 19 wins including five for true detective and four for game of thrones. it was public television, pbs, that brought home the second most awards 11 total thanks to sherlock taking up seven. the broadcast network did pretty well, modern family winning three including best comedy and cbs snagging eleven total including two for the big bang theory. netflix the very day the chairs of that company hit an all-time high got snubbed with 31 nomination and 7 create ef emmy wins earlier this month, shows including orange is the new black and house of cards still to bring home any of the awards handed out last night. many of the jokes about the tv business in the telecast last night were criticized as inside baseball and there were plenty of digs about the fact that the awards typically air on a sunday night about a month later than now. the, the rescheduling was to avoid clashing with sunday night football. so as for the telecast itself, there were funny moments that sparked conversation on twitter like billy crystal's touching tribute to robin williams as well as a kind of weird, weird al yanukovych musical revue of theme song satires. we're waiting to see if the show topped last year's ratings of 17.6 million. that was the most since 2005. we'll have to see how last night turned out. andrew? >> great. thank you for that. we're going to be talking much more about the emmys throughout the program. but in the mean time we've got a lot more to talk about, best buy and its prospects heading into the 120 days that we have until christmas and also jeff bezos he got the itch to spend some cash nearly a billion bucks for gaming company twitch. how did amazon manage to beat google to land this deal? we're going to talk to the biggest investor in twitch right after the break and the u.s. open is under way in new york. and there was an uninvited guest on the court yesterday. it delayed play. check out this video. seeing this video here? she was playing venus williams in the first round. a bee started buzzing around. she tried to play through the distraction but eventually had to stop when it got to be too much. >> i hope we have a lot of tennis names to talk about during the open. i can't wait. amazon buying video game streaming company twitch for $970 million. that announcement came yesterday as a surprise partly because google has reportedly been in talks with twitch for several months. joining us now ethan kurzweil a partner at venture investment partners the largest stakeholder in twitch. and we should note because joe is a fan of your father -- >> i'm the one who said it about three times. >> i'm going to give it to michelle, then. you were cutting your -- >> -- and -- >> joe thinks he's going to be part of the singularity. >> i'm -- >> not part of it. ethan, if you plot out since the big bang, your father is absolutely right you look at how quickly advances are made, quantum advances, and they're getting shorter and shorter, and there's no reason why 20 years from now total computer knowledge can't be a billion times all human knowledge, right? >> you're my kind of guy. i'm completely with you on that. >> i'm downloading my brain. you're young -- >> not there yet. but we're not too far off. >> you believe in the singularity? >> it's coming. >> at 2100 we've got a problem, ethan. >> that's the spread right now. >> you might just miss. would that not be the ultimate sort of in the entire universe the open irony if man's been around for 100,000 years and we missed it by that much? >> i think it will happen faster than you think. >> i know. most people are saying it's not going to. >> and you are a good sport to live in your father's shadow, right? because here we are -- >> he comes at the shadow with this transaction and many others. let's talk about this deal this morning. >> you aren't a computer are you ethan? >> i'm real. >> you're not even a cyborg, right? you are just a regular human? >> well i feel like a robot. it's 4:00 a.m. out here. so you tell me if you think i'm real after this interview. >> so ethan here's a question for you, you guys had a choice obviously to sell to google or to sell to amazon. i assume price played a huge role in it. but i wonder culturally when you think about amazon trying to get in to this space in a way that they have not. now google hasn't really been in the space either, but it seems to be a different type of deal in terms of the future of twitch in this business. no? >> i think it's a great fit for amazon. if you think about it, amazon committed allowing twitch to run independently and leaving the team that's in place there to run the company. and that's really important. i mean think about what this team has accomplished so far to build this community of engaged, passionate fans around sharing game content. that's something that not many people have built a live video site with such a big community around the internet. >> ethan, can i -- i think a lot of people in the audience may not realize because of their age but there are apparently many many people who want to watch other people elsewhere in the world, their video games, like on youtube and replayed. brand-new concept to me. i had no idea that there were so many people watching other people, how they played. >> i got the same quizzical looks when i told people i was making this investment as you're probably imagining your audience having. but if you think about it, it's actually more universal and fundamental than you think. you know, think about playing video games as a teenager and passing 9 controller around in the living room watching people play. it's something people do already so this just brings that experience online. not quite as out of the mainstream as you think. >> i can attest from experience i have a 14-year-old son and he does exactly that. >> would you think he was crazy at first to watch other people playing video games? >> it seemed odd. but it's a community. they know who the big players are. they have these like super bowls of these gaming events. and there's like china playing the u.s. it's like -- >> cool? >> yeah you might think it's odd that we sit around and watch people play soccer in the world cup. but people want to watch the best people in the world achieve things and do things. or watch their friends play. and that's what twitch enables. >> ethan speak more to the future of this company under amazon and what you think amazon becomes. because we all think of it as a shopping company in large part. they increasingly want to become a media company. people don't appreciate the back end piece, the web services piece oftentimes. but, what -- does this deal represent something bigger for them? this is the biggest deal they've ever done and we were all joking around that that means the rest of this company's basically been an organic creation which is remarkable. >> amazon is a pretty remarkable company. if you think about they've innovated on a number of spheres. you mention web services. they're the biggest developer platform out there in the world. a lot of people don't realize that. obviously the biggest e-commerce site. and so i think it's showing their aspirations to be in live entertainment, as well. it's hard for me to predict exactly what the future holds. i know the twitch team has some very big plans and i'd expect under amazon's care that's only going to speed up. they're only going to go faster. >> you accept cash or stock for that deal? >> this is a cash deal. >> all-cash deal. >> what does that say about the future of the stock of amazon? >> you know, i think i'd be bullish on the future of amazon. i think they're making all the right moves. they have a very long -- >> why do you pick the stock then? >> you know, i think that's what was offered to us, and you know, that's -- that was just as well for us, too. >> okay. we're going to leave it at that -- >> that's a much larger conversation to have. ethan we appreciate. we hope you come on back and we might be talking to you on a hard drive. >> we may be in the same neighborhood when we download our brains on the hard ware. >> look forward to it. >> we might hang out. i want to be like avatar man, fly around and stuff like that. up next from amazon's new video play to the granddaddy of old school gaming, are you ready for some football? ea's madden 15 hitting the street today. this viral video promoting the game getting lots of play. big splash next. how do you beat the number one seed? you just have to win 70% of your points at net. and keep unforced errors under 10%. on the ibm cloud, the us open analyzes 41 million data points from 8 years of competition to uncover key insights. data can help show you how to win, no matter what business you're in. today there's a new way to work. and it's made with ibm. ♪ ♪ [ male announcer ] during the cadillac summer's best event, lease this all-new 2014 cts for around $459 a month or purchase with 0% apr. hurry in -- this exceptional offer ends soon. touchdown! >> oh, boy, oh, boy. >> that was just bad tackling. that was awful. >> are we playing for real? >> dave your house is on fire. >> let it burn. >> your house is on fire. >> let it burn! >> all right. >> that's my boy! he don't care about his house. >> comedian kevin hart and actor dave franco along with several nfl players in a video that has more than 21 million hits to promote the arrival of madden 15. the widely popular video game features seattle seahawks corner back richard sherman on the cover. we'll see if the so-called madden curse will put a damper on his season after winning the super bowl. the expectations for gamemaker ea are very high since madden 15 is the first next gen game for ps 4 and xbox 1 and -- >> did he cut his hair? >> can you see the resemblance between matt franco and his brother? james franco of -- >> yeah. >> green goblin fame and other things. but in spider-man. >> ten seconds, got to go, michelle. >> come on. >> okay, rob. >> is best buy a good buy? results released just moments ago. we're going to take a deeper look at the numbers next. in a world that's changing faster than ever, 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." making headlines. chinese antitrust regulators are targeting microsoft's web browser media player. the tech giant says it has been cooperating with the investigation. the issue of how microsoft bundles its web browser and media player drew scrutiny with u.s. and european regulators as early as the 1990s. very rarely does microsoft get paid in china for a lot of their stuff. gust be galling i would think. a new twist in the kurdish oil tanker sitting off the coast of texas. a u.s. court has ordered seize 1 million barrels of order. the iraqi region of kurdistan has been fighting with the central government of iraq over the ownership of the crude so this is a big, big breakthrough for kurdistan. let's see if it gets sold. california cell phone losers who use their devices can breathe a little easier today. governor jerry brown signing a bill into law that will require smartphones to come with a so-called kill switch. this will allow the phone to be rendered useless if lost or stolen. cell phone theft accounts for more than half of crime in many of california's largest cities. >> press release is out for burger king. >> i'm told the press release is out for burger king. i do not see it. >> we know what's happening. we'll come back to that -- >> you want to come back? >> yeah, it's your thing. right? you already did it, right? best buy beat the street estimates with its latest earnings report, largely because of the positive impact expense control. sales continue to decline. then there was a lot of guidance and it was weird. i wish we had -- do we have an intraday chart? because it was up at 34 for a second. now it's back down below 31. it's been all over the place. with us on the "squawk" news line to break down the numbers is alan rifkin, senior research analyst at barclays. alan when it was trading higher i tried to find some comments that could account for it. then when it was lower i could find plenty to account for that. the company did say that the year over year gains it made in nongap earnings in the first and second quarter would continue in the third and fourth quarter and it did make big gains this quarter over last year, right? >> that's correct, yes. >> but the stock is still down. used expense controls to get a better bottom line number but the same-store sales number was below expectations. and revenue was just in line. anything else of note? >> yes. as far as the quarter is concerned the quarter was pretty strong. i mean it was 44 cents from a continuing operation standpoint, which even our aggressive estimate of 37 cents. and the street is 31. but importantly, you know, the street looks forward, and it appears that the cost cutting program, which has really been the thing that has driven earnings for the past quarters seems to be coming to an end. they realized only 40 million in expenses, which gives them 900 million cumulative. and you know, it's clear that together with the fact that the industry remains under pressure, it appears that the avenue of earnings growth in the past is going to be harder to obtain going forward. >> talk about making even more investments, in customer facing operations. what is that? that's the opposite of online? are they still resisting that that's going to be the future? they're not resisting. this company's done a very good job of pushing forward on the omni channel. and we saw that with online growth in this quarter of 22% on top of a double digit gain last year. but the company did say that in the second half of this year, it will be a 7 to 9 cent incremental charge from greater customer facing initiatives. that is putting more people on the sales floor in the store, so you take that together with the fact that traffic is down, and comps are down, and that certainly may be a point where the company will delever going forward. >> okay. >> all right we're going to keep it short, alan. i want to ask burger king is breaking right now. so, basically, they're -- but they're alleviating a lot of concerns with the canadians by saying we'll keep it there. then for us here they're saying you're going to get more taxes -- >> they're trying to satisfy a lot of people. let's tell you has going on here first of all. this is -- there will be about $23 billion in sales total 18,000 restaurants combined. in terms of the price, tim hortons shareholders are going to receive canadian $65.15 cash. and 0.8025 common shares of the new company. this represents total value per tim horton shares of $89.32. >> canadian. >> based on burger king's closing stock price of august 25th. this represents total value of canadian $94.05. >> that's -- >> this is canadian. >> okay. >> staying with the canadian piece. now we talked about financing component, we talked about warren buffett. lars or canadian dollars? does anybody know? these are u.s. dollars. >> these are u.s. dollars. >> that we're showing under tim hortons. >> on the screen right now. >> okay. >> 3g will retn of its investment in burger king by converting roughly 70% equity stake in burger king into equity in the new company. the financing issue we talked about earlier with warren buffett. burger king has obtained commitments of $12.5 billion in total to finance the cash portion of the transaction, including commitments of $9.5 billion debt financing packaged by jpmorgan wells fargo. berkshire hathaway has committed $3 billion of preferred equity financing. now, interestingly, at least in the release, they're not discussing the terms of what those preferred shares look like. at least as i've seen them so far. it says berkshire is simply a financing source and will not have any participation in the management and operation of the business -- you're talking about the dairy queen issue -- >> would you not know -- >> are the preferreds convertible, can you tell me? >> i'm a -- i do not know. i do not know. it is not -- they are not -- they are not -- >> then -- >> because literally two sentences in the entire release about the warren buffett berkshire hathaway component. >> when we show the tim hortons shares quoted in u.s. dollars right now translated to canadian that's $90.41. so, it's $89 -- they say it's roughly $89 canadian you're going to end up with if you're a shareholder of tim hortons. >> right. >> so it's about right there in terms of the combination. >> the point that joe was making is also worth noting. >> really? >> there's a -- yeah. >> thank you. >> the section of the release saying commitment to canada, this goes to what you were speaking about the whole idea that this transaction will allow tim hortons to remain and continue to be managed and operated in canada is considered a national icon, or champion, if you will, similarly, and you were talking about how can you have it both ways. they say burger king will continue to support and preserve its long standing commitments in the united states. local things including burger king stole ars program, so you're seeing all of these different pieces and then of course the tax inversion piece which i should say they don't get into in any great detail. >> huh. >> for obvious reasons. that's what we're looking at. >> do you remember our friend ackman was in really early in burger king, right? >> ackman was in early on burger king. by the way i don't know if you remember this ackman was in on tim hortons when tim hortons was part of wendy's and they were trying to spin it off. >> and nelson peltz -- >> the reason i remember, i used to needle ackman about the way those burger king burgers tasted. you know, with that smoky taste that they get. >> they're broiled -- >> they say they are. it was like a spray -- and he used to get so mad. if you would say anything about something he's long he's like you can tell he's got a horse in the race. >> those blue eyes just -- >> a sociopath in terms of don't say anything about anything he's trying to -- buttons with jcpenney, don't make fun of those, either. but, yeah, he was in. so here he is again, though. >> even before they went public, right? >> yes. >> i mean super early. >> if i remember it was -- >> he met a private deal with them. >> that acquired burger king and spaks had a -- >> special purpose acquisition. >> we will talk more about this transaction in a moment. from single mom to millionaire she's keeping things cool and doing it with style. check out cameron diaz in this photo sporting her pack it. we're going to meet the brains behind this breakout product right after the break. and later are you willing to pay a gym fee or a baggage fee at a hotel? the industry taking a page out of the airlines playbook and hitting you with upgrades and fees at the checkout. >> wi-fi. >> the wi-fi fee is the one. >> a look at the latest industry trend is just ahead. helps -- oh, jamie,name youl you got a little something on the back of your shoe there. a price tag! danger! price tag alert! oh. hey, guys. price tag alert! is this normal? well, progressive is a price tag free zone. we let you tell us what you want to pay, and we help you find options to fit your budget. where are they taking him? i don't know. this seems excessive! decontamination in progress. i don't want to tell you guys your job, but... policies without the price tags. now, that's progressive. frothere's no reasonn average 17 we can't manufacture in shuthe united states. here at timbuk2, we make more than 70,000 custom bags a year, right here in san francisco. we knew we needed to grow internationally, we also knew that it was much more complicated to deal with. i can't imagine having executed what we've executed without having citi side by side with us. their global expertise was critical to our international expansion into asia, into europe and into canada. so today, a customer can walk into our store in singapore, will design a custom bag and that customer will have that american made bag within a few days in singapore. citi has helped us expand our manufacturing facility; the company has doubled in size since 2007. if it can be done here in san francisco, it can be done anywhere in america. americans have a love affair with food. this is true. it's true for me. and arby's says its red dry to feed our growing appetite. the fast food chain came up with an idea from a marketing poster. it's to showqasrby's beyond beef. customers thought it was an actual sandwich. on the begun two chicken tenders, roast turkey, ham, swiss cheese, brisket, angus steak, cheddar cheese, roast beef, and bacon. the item unfortunately will not be featured on the menu. they asked for it, and you will receive about $10. and to this day, i mean arby's is a remnant of my childhood. when i see it like i'm driving and i see it where you get gas. >> salivate, pavlovian? >> i check the gas to see whether i can make an excuse for time. i love it. >> i love arby's. >> roast beef sandwich. >> the cheese sauce is -- >> we may not see another one for awhile. because -- my family, no we're not going to arby's. >> why? why don't they like it? >> i don't know. it's a former -- it's not something current really. >> but the new kids they love all that. >> you love it, too, though? >> love it. >> we have -- you know -- >> not a lot in common -- >> we do -- >> what do you mean not a lot? why did you say that? go ahead. >> fine, i was -- >> olive branch, and you throw it right back. >> okay. our next guest, now running a multimillion dollar business making new-age lunch boxes that keep your food cool a full day. but that's not the amazing part of the story. when she started the company she was a single mom with a total of $13 in her bank account. and she didn't have an ounce of business experience. five years later she's now on inc. magazine's list of fastest growing american companies. we should all applaud her. here to tell us how she went from broke mom to millionaire, melissa the founder and ceo of pack it. >> hi. >> this is awesome. tell us -- tell us the inspiration behind this, how this happened. what we're looking at. show them off. >> sure. so i guess after decades of packing lunches for my kids, my oldest almost 17 now, and just frustrated with not being able to put healthy food in a bag and have it stay fresh come lunch time, trying to find other solutions out there, there really wasn't anything out there. coolers have been called coolers for years. and they've never actually cooled anything. so our concept is completely different. the gel is actually integrated right into the liner of the bag. and you throw them in the freezer. >> at night? >> yeah, at night. just indefinitely. >> right. >> they can be stored in the freezer. and when you're ready to go you pull them out and shake them open and the walls of the bag are completely frozen. >> cold. >> it keeps food cold up to ten hours. you can pack yogurt and milk and fresh fruits and vegetables and things like that that would otherwise spoil. >> it sounds like you're broke effectively when this starts. >> that is correct. >> how -- i mean this is -- this is a manufacturing process. this is not nothing here. >> it is. >> it's not just the idea. it's how you actually designed it, structured it. >> how did you do that? >> it started something like this in the beginning. this is the liner from my shower curtain, which i stripped down from the hower, and laid across the dining room table and cut it open, researched some waterproof fabric online, laid it all out. the extent of my sewing stops at pinning it together. so took it to the dry cleaner and asked her to sew it together for me and she said we don't do bags. and i said please, just one. so she put the bag together for me. >> you made these yourself at first? >> i made it for myself. i was trying to come up with a prototype. >> how did you get the gel in there the first time around? >> this one here has little pockets cut into it because i was experimenting with different gel materials. >> got it. >> and i'd stick them in and throw it in the freezer and give them a test and i had gel packs hanging all over the house doing temperature testing. >> you weren't doing it for irself. you knew this could be -- >> i thought it was a good idea. i thought it was a good idea. >> can you -- have you signed any licensing or marketing agreements with -- >> no. >> spider-man can't be on it? when we buy something it's not based on the functionality of it. a lot of times it's based on whether it's, i don't know, what little thing. >> has spider-man? >> or whatever. the walking dead something like that. >> we're not getting any licensing. >> but you'd be open to it? >> i'd be open to it for sure. >> andrew has connections. >> breaking bad. >> billions. >> so then how did you get this in stores? >> our marketing campaign is a little bit interesting. it was risky. it was a risky move. we launched direct response campaign. so when i first started with something similar to this i hit the trade show circuit. and buyers loved the product and like you, you stuck your hand in it and any time you feel it frozen you kind of get that ah-ha moment and you understand. but if it's on the shelf, it may look like any other product. >> okay. >> so we started a national direct response commercial. >> what is that? >> an infomercial. and we ran that for almost three years with our lunch bag. and it was -- >> how did you raise the money initially to afford? >> well, direct response is an interesting beast. if you had a good relationship with your marketing company, it actually becomes this self-funding marketing campaign, because when you're selling online and it's a direct consumer people are actually calling or going to the internet and they're paying immediately for the campaign. >> right. >> so within three days you've got the sale in your account, and if you have net terms with your media agency you're spending millions of dollars in a summer and it's really only the same dollar revolving time after time. >> and how did you get cameron diaz? >> she just happened to be a big fan. >> oh, come on. >> is that how it happened? >> yes. >> awesome. >> 11 million in revenue last year. >> yes. >> from five years ago, nothing. >> yeah. >> congratulations. >> we're nationwide in all major retailers, target, bed bath. >> what's your vision? where you going? the big number is what? what's in your head? >> oh, my good, martha. >> we have a big number in our head. this year will be a big year for international growth. >> you want to sell the company? would you? if somebody is watching right now if warren buffett's watching. he just helped burger king out. >> i think we've got a long ways to go. i think we're just getting started. >> you could put something that's not quite as healthy in there, right? >> maybe. >> put a roast beef sandwich in there if i want? >> you could. we won't watch. >> melissa, thank you. congratulations. >> thank you. >> really appreciate you coming in this morning. >> get an arby's. coming up analyst reacts to the burger king/tim hortons deal. plus netflix shut out of the big party last night while broadcast and cable poured the champagne. we're going to break down last night's emmy action. tell you what it means for your money. welcome back. brger king confirming a deal to buy tim hortons with financial backing from warren buffett this morning. on the phone this morning nicole miller reagan from piper jaffray. any surprises for you as you look for the release this morning? >> i think the transaction in and of itself, you know, yesterday, the rumors about it, that in and of itself was probably the biggest surprise. >> obviously the deal itself. what about the element of warren buffett, and these preferred shares? we don't know the cost of them. at least i have not seen that, have you? >> i have not seen that. it looks like most of this would be fund with -- which makes sense as both countries are basically franchise more than 99%. and leverage is low, at least in burger king. so, i think that will be well received in terms of the ability to deliver -- >> we talked a lot about this transaction in the context of taxes and the tax inversion element. several sources who i talked to earlier this morning were suggesting that, in fact, from a tax base if you're the treasury department in the united states, you will be flat if not more than flat, meaning we will make more money because of the way the preferreds are structured. do you have a view as to whether this inversion is actually a net benefit to burger king economically or not? >> you know, at this time, we haven't been able to model and put these two businesses together. i would look first and foremost and imagine that they did as well that you're trying to really look for opportunity of cost reduction. use the franchise network to grow both brands, leverage -- >> any chance -- any chance the government either u.s. or canadian given the sort of national champion issues that seem to be involved in all of the efforts that go through in the release to suggest they're trying to appease everybody that somebody raises their hand and says, nope, we're not doing this? >> i think that we have to take all those risks under consideration and that's certainly one of them. you don't want to oversell, you know, the synergy side of it. albeit, again, the franchise businesses, as well as some of those risks -- >> what do you think of the price? >> well obviously the market is quite efficient. if you look at -- >> almost right on the nose. >> where it traded yesterday. yeah, exactly. you know, i would say there's a premium in the marketplace for these businesses that have brand equity, obviously, you know, burger king does and then they can basically leverage that in to having somebody else score these asset light bases for them. so i mean, there's a premium in the marketplace, and there should be. >> right. >> we thank you for calling in. appreciate your time. just want to make another quick note on the inversion thing. on the other side you wanted to battle with that. here's the other side of it. >> okay. >> the other side is as you said before, buffett's only going to be in this for so long. >> unless it's convert -- >> but it's unlikely forever. meaning that the tax to the extent there's an immediate tax benefit that isn't going to be for jev and i made the argument to you that tim hortons was going to be expanding more in the united states as a result of the action. >> yeah. >> someone who you know very well who i'm not going to name made the point guess what? they need to expand anyway. they were going to be expanding into the united states. either way. now maybe it's accelerated so i don't know. >> this is -- >> there is going to be a lot of revenue from canada it's far better to do it this way than -- >> correct. >> the one other thing point that i was going to ask maybe they -- or just ask you, was is this deal more economically favorable because of the differential tax rates between the u.s. and canada? is it -- are they able to do more because it's more favorable for them, and that's the argument -- >> i imagine the answer is yes. >> yes. yes. and ultimately burger king -- >> instead of someone in this country just buying burger king this it makes more sense this way and they can pay more. >> yes. >> and get a better return. >> i suspect that is correct. the release -- >> when we -- will you ever, ever come around to the conclusion that we should just make this a better place for capital to attract capital here? >> and i start and end the conversation there, as you know. >> i don't know that. >> and earlier -- >> we don't have anything in common so i'm already mad at you from that comment earlier. go ahead michelle. i mean not mad, hurt. hurt. >> hurt? >> hurt. when i threw the olive branch out and you went -- and started whipping me with it, basically. >> what a catch. alec baldwin, longtime supporter of tennis sitting in his customary front row seat at the u.s. open last night. maria sharapova was playing. maria kirilenko when the ball bounded his way. smoothly baldwin caught it and tossed it to the ball boy. he later said when he doesn't play tennis he has no problem catching a slow-moving tennis ball. >> coming up right after the break, how cable and broadcasters fared at last night's emmy awards and what it means for your portfolio. winners, losers and highlights all that ahead. and later football season is synonymous with wings. the ceo of buffalo wild wings going to have a business update and sales forecast for the upcoming season. we're going to have wings on the set, perhaps? thank ythank you for defendiyour sacrifice. and thank you for your bravery. thank you colonel. thank you daddy. military families are uniquely thankful for many things, the legacy of usaa auto insurance can be one of them. if you're a current or former military member or their family, get an auto insurance quote and see why 92% of our members plan to stay for life. this guy could take down your entire company.h? stay with me. on thursday a hamster video goes online. on friday it goes viral - a network choking phenomenon. why do you care? he's on the same cloud as your business. the more hits he gets, the slower your business may get. do you want to share your cloud with a hamster? today there's a new way to work. and it's made with ibm. broadcast and cable two areas of media that shined last night. while netflix got snubbed. we break down the winners and losers and tell you what it means for your media investments. >> are you willing to pay a baggage carrying fee or a gym fee? >> take it >> a special report on how hotels are taking a page right out of the airlines' playbook. >> plus it's football season. and while fast casual restaurants have been knocked around, buffalo wild wings is scoring with investors. >> touchdown! >> we're going to speak the company's ceo as the final hour of "squawk box" begins right now. >> what is? >> it's empowering -- >> welcome back to "squawk box" here on cnbc first in business worldwide. >> you don't want to know. >> i'm joe kernen along with andrew ross sorkin and michelle caruso-cabrera. while breaking bad was the big winner it was an emotional night at the emmys. billy crystal paying a simple and heartfelt tribute to the late comedian and actor. >> well as genius as he was onstage, he was the greatest friend you could ever imagine. supportive, protective, loving. it's very hard to talk about him in the past, because he was so present in all of our lives. >> and after crystal's comments, a short reel of television appearances by williams was played and jimmy kimmel showed support for williams by wearing rainbow suspenders as part of his tuxedo. we will have more on the emmys in just a few minutes. first, though, andrew has this morning's top corporate stories. >> we do have a number of corporate stories this morning, including the big one because it's now official burger king buying canadian coffee and doughnut chain tim hurtens. the cash and stock deal will create the third largest quick service restaurant chain and warren buffett's berkshire hathaway is helping finance the deal committing $3 million of equity financing. he will not have any participation in the management and operation of the business. you'll recall that berkshire hathaway was involved in another 3g transaction by helping finance the heinz deal. >> and we don't know what buffett's getting. a coupon, which you'd always love to see. >> we don't know. and we know in this case it's going to be even bigger because some of the sources we talked to before the statement came out were talking about the tax inversion angle and this idea that because of the way the deal is structured, that berkshire is going to actually pay 35% on those dividends, as opposed to 14%. and that number unto itself may flatten out whatever -- >> currency risk -- >> a lot of issues. >> he won't do it without being -- >> very well -- >> absolutely. >> and you get his name and you get, you know, everything it stands for. with regulators, with both countries. >> a lot more common. >> because they could get billions somewhere else. but the billions from buffett, and it's just like when goldman and ge got billions from buffett. mitsubishi, but the difference between mitsubishi and buffett is like, you know. you're paying twice as big a coupon. >> other deal news this morning, amazon is buying live streaming game network twitch interactive. the price tag $970 million in cash. not stock. we talked to the twitch's largest shareholder in the last hour. >> i think it's a great fit for amazon. if you think about it, amazon's committed to allowing twitch to run independently and leaving the team that's in place there to run the company. and that's really important. think about what this team has accomplished so far to build this community of engaged passionate fans around sharing game content. that's something that not many people have built a live video site with such a big community around the internet. >> ethan kurzweil, son of ray kurzweil. and that is the largest deal in amazon's 20-year history and it's only a billion dollars. >> he's young. and we -- does he own -- he's the largest shareholder. is it like 10% or 60%? >> no, i think it's less than that. >> less than the 50, probably closer to 10. >> but he's doing for his age he's doing pretty well. >> pretty well. >> and since he's going to live forever. >> his spot on where he lives when he downloads his brand is going to be much nicer than where i am living now. >> it's probably going to be an amazon server for sure now in the cloud. >> he will be downloaded on a much nicer server. much better neighborhood. than where i am. >> all right let's check on the markets so far this morning u.s. equity futures up, dow would open higher by 27 points. the s&p 500 which crossed above 2,000 open higher by 2.5 points. nasdaq over by 5. overseas in asia let's show you what the shares did overnight. nikki lower by 92 points, so was the hang seng, shand high lower by 22 points. europe got a huge boost yesterday because of what draghi said on friday, they continue to show gains across europe, the ftse and the italian mib is higher by 115 points the cac in paris is higher by two-thirds of a percent in the wake of the total debacling of the french government. >> let's talk about the emmys. it was a breaking bad kind of night. the emmys sent "breaking bad" out on a high note a very high note a second straight win as best drama that kindness extended to series co-stars aaron paul, and anna gunn who won best supporting acting honors. bryan cranston won best actor for the second straight year and fourth time overall. joining us is brent lang senior film and media reporter at variety. and a media analyst and managing partner at media tech capital partners. joe, is a fan of "true detective" brent, was "true detective" robbed? >> well, i don't know. i mean i think that a lot of people going in to this thought that "true detective" had a real chance to take some of the top hardware, in particular matthew mcconaughey might be able to beat out bryan cranston, hold him off, even bryan cranston saying he thought about voting for matthew mcconaughey. but, i think fundamentally, hbo made a mistake by not putting this in the mini series category where it probably would have swept most of the major categories this was just -- >> was that an option for them? >> it was. it was something that they had -- that they did weigh and considered doing. and i think they probably thought that the normal heart was going to do well there, and true detective was going to do well in the drama series category and it didn't work out that way. they really only got a directing emmy for their troubles, and it was a coronation for breaking bad for that phenomenal final season. >> what does it say about broadcast, versus cable, versus sort of the new-age stuff like netflix? because netflix virtually shut out in all of this and what was a surprise. >> netflix was shut out. but you have to go back to close the market yesterday they hit an all-time high with their stock. all on anticipation of winning a bundle of awards especially for orange is the new black which got basically shut out with just one emmy. >> what do you think happened? >> well, i think that it puts the real onus on so-called original content. that is not so easy to produce, as netflix is finding out. and there were a few other losers last night. nbc for one, did not score in the emmys. amazon was invisible, even though they are reportedly the netflix killer, with all the original content that they're supposed to be pumping out over the next 12 months. and you have to look at the broadcast networks, and the real winner was vince gilligan who produced not only breaking bad but breaking -- he's got better call saul a series -- >> hold on. the company is owned by a broadcaster, right? i mean broadcasters are no longer just broadcasters they're cable companies. why is that -- >> they're production houses. and you're going to see a lot of action among the other independent production houses. >> is amc going to trade -- should they sell amc now? is this the moment? >> you couldn't ask for a better moment. i'm not sure that amc is on the block right now. but they certainly look like somebody who can really turn out original content as often and as successfully as anybody in the business. >> so you definitely can't count vince gilligan out but previous spinoffs remember -- >> we're talking about better call saul. >> remember joey. >> oh yeah. >> and the actor is great because i've seen him in nebraska and i've seen him in fargo. that the series as well he's really good. >> somebody who shocked you -- >> can he -- what can they do it for -- can it -- there's no way it can be another breaking bad is what he's a great character. mary tyler moore produced some successful spinoffs, lou grant, things like that. it has happened. >> i wouldn't bet against vince gilligan. he can command the best writers, the best actors, and the best producers, and he's got an imagination and a track record -- >> can true detective be a franchise without woody and mcconaughey in the next year? >> well, that's -- since they're not on the second season, it's going to be an interesting episode to watch. >> that's their only chance. >> but hbo has better -- has to up its game, too. the game of thrones really was disappointing -- >> what happened there? hbo which usually wins everything, they usually take home everything. >> they were the big winner in terms of total awards. i think they had 19 awards -- the next -- >> -- about the broadcast. >> they still won the most awards. >> they did still win the most awards. what you're seeing is that other companies like amc have copied the hbo model of this prestige television that really pushes boundaries and provides people with an entertainment they're not getting on the big screen. >> is that why i said earlier in the show that we live in this golden age of television where you know, years ago it was when i was little a great tv show would never be as great as a great movie. but now we have great tv shows that i think are just as satisfying as great movies and is that because of this we directly pay for the content that we find the best? and so hbo can compete for our dollars very specifically as opposed to broadcast, it's free all the time? >> well the economics certainly favor that kind of bold innovation that you see on things like hbo and amc. you have various different revenue streams, subscription advertising, retransmission fees, what have you. but you're absolutely right. if you look at the past year, and you look at the shows that were up for major emmys like game of thrones, true detective, veep, these are shows that provided probably bigger water cooler moments than anything we saw in the big screen, i think. >> right. brent we got to run but one last question for you, which is, are we going to see amazon win an emmy in the next two or three years? >> it could happen. i don't think we thought that netflix would be a big contender a few years ago. >> sookay. >> do you two guys watch walking dead do you have any idea how they're going to get out of that rail car? you both watch that don't you? >> no comment. >> bet on vince gilligan. >> okay. >> thank you for joining us this morning. >> you know that apparently darrell who is a great start, who is the biggest star on walking dead. and apparently it's being talked about. >> but he isn't in the show. >> yeah, darrell. >> darrell is like the -- >> you guys watch so much more television than i do, you have no idea. >> you just said it's the golden age of television. >> it is. and i watch more television than i used to. but you win hands down in your volume. coming up the s&p flirting with 2,000 yesterday so are correction concerns squashed for now? we break down the recent market moves and find out why tech industrials and energy are areas to put your money to work in right now. as we head to break check out the "squawk box" market indicator. looking positive this morning. in today's market, a lot can happen in a second. with fidelity's guaranteed one-second trade execution, we route your order to up to 75 market centers to look for the best possible price, maybe even better than you expected. it's all part of our goal to execute your trade in one second. i'm derrick chan of fidelity investments. our one-second trade execution is one more innovative reason serious investors are choosing fidelity. call or click to open your fidelity account today. with a newt a volkswagen turbo.ed reward card so why are we so obsessed with turbo? because there's nothing more exhilarating than a powerful ride. and you can get that in places you might not expect. like the passat. and also in the fun-to-drive jetta. in fact, volkswagen has sold more turbos than any other brand over the last ten years. that is a lot of turbo. get a $1,000 reward card on new 2014 turbo models or lease a 2014 passat s for $189 a month after $1,000 bonus. ends soon! welcome back to "squawk box" this morning. take a look at futures see how the market is setting itself up this morning. green arrows again after a pretty good day yesterday. dow up 29 points it looks like at the moment. s&p 500 looks like it would open up higher as well. and the nasdaq would open up about 4.5 points higher, as well. a couple stocks to watch. shoe retailer dsw posting better than expected earnings and revenue. shares trading sharply higher on that news. and then there's earnings at sanderson farms falling 52 cents short of estimates. revenue far short of consensus. shares under pressure on that news. all right the s&p 500 crossing 2000 for the first time but it failed to close above the milestone. joining us now is liz ann saunders, charles schwab chief investment strategist and our guest host jurrien timmer from fidelity investments. jurrien is with us through the while show. liz ann what do you make of the nearness of s&p 2,000? is it meaningful? >> round numbers, i think, do get the retail public excited although what i find anecdotally is there's still more of a focus on the dow and less realization on a day to day basis of where the s&p is trading. it's been an interesting shift in the last month or so where until recently most of the longer-term sentiment measures still showed that while we're very much intact a lot of skepticism, those have become quite a bit more optimistic. so you lost a little bit of that support for longer-term sentiment measures whereas the 4% correction we got or pullback that we got recently took some of the shorter-term measurements back into pessimistic territory. >> you say the reduction of skepticism gets you nervous? >> i'm still very optimistic. i just think it's now the point where you don't want to get overly greedy here. i think we still could have a melt-up scenario but i would start to employ things like rebalancing, making sure you're paring back some of your outside gains in the context of an ongoing bull market. >> jurrien, 2000 is a good just milestone to say, okay let's do some very thinking make sure the portfolio is balanced. what's your sense? >> i talk to a lot of investors, and my sense is that this has been sort of this grind higher and people aren't even noticing. s&p is up 8% year to date after being up 32 last year. and rather than focusing on wow, round numbers, you know -- >> it's not front page of the paper. >> s&p at 2,000 i still mostly get questions about what can go wrong. people are still looking over their shoulder about, you know, downside risk. >> but that's a good sign, right? >> it's a very good sign because it's this grind. we're up 8%. we've had three kind of rolling corrections this year. but, you know, the fundamentals are still supportive. >> liz ann how worried are you about the end of qe? >> oh, i'm not worried about that at all. i think if for whatever reason the fed would opt to delay it, or start to talk about delaying rate hikes i think that would be a negative. i think the market and the economy have been more than ready for the fed to move towards normalizing policy. i think if anything that has been an impediment to confidence. i think expecting some volatility as you approach the first rate hike is not any different this time than what we experienced in the past. but i think it's generally a positive for both the market and the economy. >> volatility generally means going down. if we see that happen you're telling investors stick with it? >> oh, again i think ending qe is a positive. i think moving towards the rate hike remember in history the market tends to do quite well leading into the first rate hike, even thereafter. it's generally down the road where those rate hikes start to bite when inflation becomes a problem. and i don't think we're anywhere near within those sights. >> it's called three steps and a stumble. usually it's the third hike that the market starts to feel. >> okay. three steps and a stumble. good to see you liz ann. thanks for joining us. >> thank you. >> jurrien is sticking around for the rest of the show. coming up how much are you willing to pay for an extra large bed at a hotel? or what about early check-in or later checkout? hotels are joining the free charging game much like the airlines. nbc's kerry sanders has that report coming up next. and then before we head to break they say to keep both hands on the wheel and stay in your lane but if you're driving on interstate 66 in northern skra you are in for a real treat. a lane striping epic fail. look at your screen right now. it's wiggly, broken and curvy. causing confusion and slowdowns to say the least. the virginia department of transportation says it was a temporary tape mishap. it was put down over the weekend when joe was driving for some repairs -- >> couldn't believe it. look at this. >> but then started peeling up. >> i'm trying to follow them exactly and it kept -- >> yeah. >> the tape is peeling up. >> really good handling. welcome back to "squawk box." are hotels going the way of airlines? that's the question. extra fees showing up on your hotel bill all over the country much the way airlines charge baggage fees or extras for an aisle seat. nbc's kerry sanders joins us now with more. kerry. unbelievable story. >> well, good morning. i'm here on south beach on miami beach. we got a little bit of a thundershower here so the wind is blowing but really what is i guess getting people in the pocketbooks from here and across the country is just that. those extra fees. it used to be call nickel and diming but what we're really talking about is a whole lot of new revenue for hotels. last year, $2.5 billion. before you check in, check out the upcharges. $20, $30, even $80 resort fees. hotel service fees. one virginia hotel makes you pay for parking. whether you brought your car or not. and guests could feel robbed by a fee for the inroom safe that you maybe didn't even use. in family friendly orlando, $70 sounds cheap for hotel package, except when that's the charge to pick up a fedex or u.p.s. from the front desk. and when leaving las vegas, you may wake up with more than a hangover. a mandatory resort fee. on top of any other charges you, well, may have forgotten about. a industry spokesman says resort fees are often bundled to provide better value. and guests receive full disclosure of fees at the time of booking. so we're not going to see this go away? >> i don't think so, no. >> even if we hate it. >> absolutely. >> is there anything we can do? >> pretty much embrace it. >> it's cheating the consumer which doesn't make sense because that's your customers. >> why should i pay for something that i don't use? >> leaving miami this family from new jersey said their four-day beach vacation with kids came with a huge surprise. a $75 a day resort fee that ryan assumed was a mandatory tax. and did you just pay it willingly? >> yeah, what other choice do you have? >> you think your room is, you know, $39 a night. and then you get the bill and it's a completely different price. >> so what can you do? >> research. even call. and once you call a hotel and ask, will you charge me an extra fee, get the person's name down so that you have that information once you go. >> now last year the federal trade commission looked into this and they sent letters to 22 hotels saying what they're doing may be illegal. but there's been no action there. guys my wiggest complaint is when i'm on the road working, i check into a hotel at 11:00 at night, you're up at 6:00 out the door and they're you've got all these resort fees, gym fees, all these other fees and you didn't even have time to use it. they say you can go to the desk and complain about it and have it removed. but increasingly that is becoming more difficult. >> kerry, there's a great story, is it the hotels that are the pioneers of these extra fees? because i'm starting to think it might be the case. or is it really the airlines? the chicken or the egg? who came first? >> well, i've spoken to the people who are in the industry. they actually all draw a line to spirit airlines in the united states as the one who really has gotten this going. and there is a belief that millennials actually embrace this. because they like to see an itemization of what it is they're paying for. that's the theory. bottom line is, that -- >> but the difference is that at spirit you pay to use the bathroom. you pay to -- you know you pay for all those things but you pay to use them. where you're paying for things you don't use which i think could be irksome. >> well, i'm confused, actually, as a consumer. because sometimes you're at a hotel, it stopped raining. they probably charged me for the umbrella here if i got it from the hotel. they -- the thing that confuses me the most is that energy surcharge on the room, which is like, okay, you going to cut off the electricity in the room if i didn't pay it? it's all confusing. >> kerry, thank you for joining us. stay dry. >> kerry, andrew -- it's wi-fi. that's the -- and the comfort inn wi-fi is included. >> cheap hotels free wi-fi. expensive hotels they charge you. >> that doesn't make any sense. >> irks me any time. >> we understand why they do it that way. we figured it out. and we both asked for the wings, right? you say we have nothing in common. we did -- >> we have things in common. >> but you say we don't. right after the break, durable goods data. stay with us. in a world that's changing faster than ever, 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. for that moment, where right place meets right time. and when i find it- i go for it. (announcer) at scottrade, we share your passion for trading. that's why we give you the edge, with innovative charting and trading features, plus powerful mobile apps so you're always connected, wherever you are. because at scottrade, our passion is to power yours. what does it mean to have an unlimited mileage warranty on a certified pre-owned mercedes-benz? what does it mean to drive as far as you want... for up to three years... and be covered? it means your odometer... is there to record... the memories. during the mercedes-benz certified pre-owned sales event now through september 2nd, you'll get complimentary pre-paid maintenance and may qualify for a two-month payment credit. only at your authorized mercedes-benz dealer. welcome back to "squawk box." breaking news. durable good orders, well, they're only up 22.6%. yeah, 22.6%. most likely there's a few aircraft distorting this in some fashion. but let's go through the internals that really matter, okay? because when you take out transportation it's down 0.8. wow there's a dichotomy, it up 22.6, take out transportation down 0.8. capital goods shipments, not orders, nondefense aircraft up 1.5. if we look at the orders side that's down 0.5. i'll tell you what the more i'm looking at this number the less i like it, actually. if we look at last month's revisions, this is also rather aggressive. the original head line up 0.7 becomes up 2.7. the ex-transportation becomes 3% versus 0.8. and, if you look at the shipments, they were originally 1% lower. they're now 0.9 higher. so all of this is very, very interesting. i would suspect that what we need to continue to monitor some of the proxies for business investing, which is a big dynamic. let's let the market divine this. we're actually a bit lower in dow futures than we were a few moments ago. but that isn't going to tell you much. bad news, good news, draghi, yellen, 3.38. so 2.38 is roughly the same area we were in tens you know the jgbs are toying with 50 basis points. we're looking at overseas bund rates getting ever closer to 90 basis points. and where warren buffett stands on taxes at any given day is anybody's guess. back to you. >> i was waiting for that, rick. thank you so much, rick santelli. for more reaction on the numbers let's turn to our guest host jurrien timmer director of global macro at fidelity investment. first of all when you see these numbers it's extraordinary how they can be pushed around by airplane orders. durable goods up 22% except when you take out airplanes they're down. how do these play into your view of the economy? >> if there's ever a really volatile number it's durable goods. so that's probably not the first number i would look at. to really gauge where things are. but overall, the u.s. economy seems to be pretty firmly in midcycle expansion. a modest midcycle expansion. you look at claims at 300. the isms in high 50s, payrolls mid -- >> what is fidelity assuming about gdp for the second half of the year? >> q2 was a pretty good comeback from the q1 disaster. and we're pretty bullish on the u.s. economy. continued midcycle expansion of fed. that's somewhat friendly, still, even though we're looking at this path of great normalization. >> when you talk to investors at fidelity, obviously, huge. community investors. how skeptical are they of this rally? >> investors generally are still pretty skeptical. >> and you're talking about retail investors. >> i'm talking about retail investors. financial advisers. even when i talk in the media the questions generally are more about what can go wrong than what can go right. and i think this has to do with the fact that we had a secular bear market during the 2000s. we had two 50% haircuts in the span of under ten years. and you know that's a pretty traumatic thing to have to live through, and investors i think are skeptical. and a lot of them went for the yield play rather than for equities. and here we are, up 22% compound annual growth rates since '09. up 8% year-to-date after up 32 last year. not many people expected that. and you know -- >> they haven't done poorly in bonds either though. that's the amazing thing. >> if you look at investor grade bonds up 3.5% year-to-date. people wonder how can yields be so low? bunds are at 1% and even french are at 1.4 or whatever it is. 2.4% ten-year with very favorable bond math with the rolldown of a steep yield curve and a rising dollar -- >> what are they called? >> oaps. >> or they say ops. >> oap. but it's a french thing. >> so on a relative basis, you compare it to other major sovereign bond markets. you know. the u.s. market actually is -- it looks okay. especially in the backdrop -- >> but is it the best house in a bad neighborhood or good house? >> i think it's a relatively good house. when you look at 2.4% treasuries and 1.4% french bonds, you know, it's okay. i mean our inflation is higher. one of the things that's going on is our inflation break-evens have kind of stayed at around two and in germany they've plummeted to 0.3 so that's a big reason why bunds are so much lower. >> right because their real interest rates are actually still higher than yours. all right, terrific jurrien, thanks. >> let's head to jane wells, with prices so low, it's so weird with corn. we heardette nal it's too expensive, meat's going up. now there's so much corn that farmers have the storage and capital now to hold onto corn until prices get better. which eventually happens but it might be awhile. jane wells joins us now from the farm show in des moines, iowa. with that story. you must get all i mean that anticipation of the farm show coming up just gets you all -- >> ready. >> yeah. this is like your favorite time of the year the farm show. >> this is so awesome. how often -- >> is that a plow? >> do you even know what this is? >> this is called a corn header from case ih. this is the thing that gets this off the corn. this is how you get your food, people. you know 150,000 people are expected here, it's the largest outdoor farm show in the country. and the last time it was in boone, iowa, which is where i am now, two years ago the weather certainly wasn't like this. the corn didn't look like this. that's where we first met carol miller in the middle of the worst midwest drought in half a century. >> we probably are going to lose 20% or 40% on something like this. and if that is the size of the crop that's up there the whole field will have a reduction in yield. >> well, droughts sent prices skyrocketing, but you know what? it turns out yields were better than expected due to drought tolerance feeds, there was crop insurance, it was a good year 2012 for most farmers. fast forward to now. >> now you have too much corn? >> i can never say too much. >> it's looking like more supply than demand. corn prices have collapsed into the mid $3 range. many farmers are planning to hold onto some corn and not sell it waiting for better prices but miller said some are still holding onto last year's corn and now there's this story in "the new york times" that these people can't get their corn on the trains because it's filled with north dakota oil. she presold some corn in the $4.50 range. wishes she sold more. corn is now nearing break-even maybe lower. which affects equipment buying decisions of miller and her husband. >> i know he's priced some machinery but he told me he would like to wait too and we were talking to a dealer just the other day for a trade on a combine but it would be for a used combine, it wouldn't be fr a brand new one. >> okay. there is also crop insurance. in fact there's nor crop insurance now in the new farm bill because of the subsidies. bottom line no matter what happens the grain farmer usually makes out okay. but here's the bigger picture with their own profits falling psychologically they're reluctant to buy new equipment. goldman sachs reports quote with crop prices near cost of production in many areas and farm income down 25%, 2014-2015 by our estimates we expect significantly tighter farm spending over the next year. we are here talking to people trying to sell equipment in this environment we will tell you how what they have to say how they plan to weather the storm at fast money halftime report. back to you. >> that is a very cool-looking machine, jane. you know the hemeet complex as u reported things change quickly. remember how expensive the meat was because corn was so expensive that we were worried about it, and so, i mean, this is good if you want meat prices to come down, because all the -- when -- >> well, yeah, i don't know what's happening. sanderson farms today, which is more of a chicken play, they're down i think 6% at last check. >> yeah. >> because they missed expectations. even though their feed prices were lower. so we're still waiting, particularly with beef for what's happening here, to get to what's for dinner. >> yeah, well i think that you can't -- it's nice to get -- we like an abundant grain crop every year. i think it helps with everything. and the farmers, they have to, you know, like she said, there's never too much corn even though prices might come down a little it's nice to have a big, huge crop. >> jane i do get annoyed by the farm bill and all the subsidies. it makes me craze zis. it's win-win and you're subsidizing people who are very wealthy. >> i wouldn't say they're very wealthy. but they have a new truck every year. but they've got rid of the direct payments and they've gotten more varieties, and options in insurance. excuse me. in insurance. so that you're not exactly getting paid not to grow. but if you don't make what you should make and the government's opinion, they'll help you out subsidized by the taxpayer. >> is china buying any of the excess corn? because i remember in 2011 when commodity prices really shot up a lot of the corn was actually being bought by china. i don't know if that's the case right now. >> that's a good question. i don't know either. thank you, jane. >> very confused. because while this all has been going on, burger king, tim hortons might be an american company. not a canadian company. some of these reports suggest that it's returning to canada. i've got to read more about this. coming up next we're going to spice things up with the ceo of buffalo wild wings with more than 1,000 restaurants in the u.s., canada and mexico they are the perfect barometer on the state of the consumer during the nfl season. and speaking of wings the u.s. national buffalo wing eating contest is taking place august 31st. live at coca-cola field in buffalo. joe, of course, will be there eating all of these things. are you going to -- you're not going? >> i want -- >> it will be televised by espn3 last year more than 500,000 wings were consumed during the two-day festival. that's no joke. it's monday. a brand new start. your chance to rise and shine. with centurylink as your trusted technology partner, you can do just that. with our visionary cloud infrastructure, global broadband network and custom communications solutions, your business is more reliable - secure - agile. and with responsive, dedicated support, we help you shine every day of the week. centurylink your link to what's next. chocolate, soybeans, thisand apricots. made with what kind of chef comes up with this? 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>> that sorkin said denver wasn't a city. >> that's not true. denver is a wonderful city. >> joining us now, sally smith, president and ceo of buffalo wild wings. great to see you again. last time we enjoyed your company in studio but it's nice to see you. very few ceos, were you like glued to the nfl draft? there's not many companies that are so tied to the nfl. really. and this is the best time of year for you, right? >> oh, it absolutely is. the excitement is building in restaurant, we're very excited about how the restaurant looks, audio/visual package. our fantasy football draft which we have guests from around the country that go into their buffalo wild wings, make their picks with their teams, come back and watch the game and we really think it helps direct traffic. but there really is. we're all about the camaraderie and competitive spirit of college, and the nfl. >> oh, my gosh. you know, i was thinking nfl but you're right college is coming back, too. i can't wait for that again. what a great ending to last year. sally, what did i want to ask you about? the tacos. >> thank her for the -- >> we have some of the wings. >> thank you. >> we can't talk to you -- >> they're so spicy. spicy ones i can't even -- >> it's killing me. >> i can't even breathe. >> wings are great any time. >> but did -- sally, the deal with the taco maker. is this -- you've done some other diversification. but i usually think of wings. but i love mexican food. is this the beginning of a lot more spreading out in things that you'll do? or are you just thought this one made sense? >> you know, it's part of our longer-term strategy. we certainly have a lot of growth left for buffalo wild wings in the united states. we're just over 1,000 units. if we can get to 1700. about a year and a half ago we made an investment in pizza rep which is a quick casual, fast casual craft your own pizza. and then yesterday, of course, we announced that we had acquired a majority stake in rusty taco based out of dallas. and it is part of our strategy to invest in small emerging brands that our franchisees would be interested in franchising along with us. we've had a great relationship with our franchisees. and we said we'd like to acquire somewhere between three and five different concepts over the next three to five years. we've got two down. and just very excited about simple operations, great food, and the opportunity to help them grow. >> right. >> strategic partners -- >> sally, you have to scratch tim hortons off your list now given that burger king's buying them. >> yeah, they got there before us. >> do you have a view on that deal given that it was just announced earlier in the past hour? >> it's going to be really interesting. you know, certainly they'll have some economies of scale. i was listening to your story about it. interesting that warren buffett has taken a stake in it. i think that speaks to the opportunity that he sees. >> did you see any metrics in terms of pricing that struck you? >> i haven't looked at the deal yet. enough to know that it doesn't make sense or not. but you know, they've got a lot of great minds there. >> we just had a report from jane wells about corn prices going down. are input costs easing for you? and this would be a good time for that to happen for you, too. >> you know, we really enjoyed low wing prices this year as compared particularly to last year. so our cost of sales is some of the lowest that we've seen in a long time. certainly there's the pressure on beef and pork. it's not a huge amount of our menu. but we've seen some commodity declines as well. soy oil certainly the imput for chicken feed, and so we expect pretty moderate pricing over the next year. >> sally, you do a lot of advertising, and we all remember a lot of great -- you have a good agency, i don't know who it is. >> thank you. >> they're good. but what percentage involves football? >> you know, we have really two big times. we advertise on air about four times through the year. but football probably represents a good 30% of our advertising expense. >> but even the -- i'm trying to -- maybe there's basketball, as well. final four must be great, too. >> march madness. we love march madness is huge for us. >> but the content of the commercial, the plot, if you will, are what makes it entertaining to watch is almost always football, isn't it? >> it is. well, that's what you're seeing this fall. you will see basketball. we have basketball spots, as well. so you'll see basketball in the spring. >> okay. we're going to send it. i don't know how you feel about gmos, genetically modified stuff. five wing chicken to me seems, you know, from chernobyl. would that not be easier if you were chicken -- >> productivity increased. >> chernobyl farms, andrew, can you give a -- >> my mouth is on fire from the wings. i can't even shy. >> you're totally distracted. >> totally. >> they're red. his lips are red. >> to me, i don't know what you put in there. >> sally the stock is beautiful. the wings are great. thanks for sending them over. i can give you -- >> i want the tacos next time. >> you're probably happy about johnny -- anything for football. >> johnny manziel. >> it is. we're very excited. have a new location in times square. so -- >> really? >> during football season. >> yes, we do. >> we'd love to come down. thanks for the invite. >> thanks. >> all right. >> thank you. >> all right. >> thank you. >> coming up next, we're going to get jim cramer's take on best buy, berkshire hathaway, burger king and all the market movers in the morning. in the mean time check out futures at this hour. futures a before the break. dow is opening 23 points higher. we are back with mr. cramer in a moment. welcome back to "squawk box," check out the shares of kite, a small market cap company, but the stock got a big boost this morning. the experimental cancer immune therapy showing promise in early stage study. the company says the drug has the potential to treat parties with an aggressive form of blood cancer. let us get down to the new york stock exchange. jim cramer joining us now, and you know, my coanchor was distracted. you're looking now, and -- what -- it's now a canadian company. jim jimmy, there's a lot of interesting things for the canadians, parting with the crown jewel. >> we didn't used to have to do this, did we? like give them stuff if we buy one of the companies that happens to be based there? give them things, give the u.s. things because, apparently, the taxes won't go down because of the treatment of the preferred dividends that warren buffet's going to get. >> paying the same taxes in canadian earnings as u.s. earnings. that's been lost in the shuffle. what else is lost? tim horton is not that good of company, burger king is second rate. put them together, it's a 29 year multiple, same of starbucks. they had uneven comps, trying over and over again, the reason why wendy's didn't work because they tried to crack away from canada. named after a hock ki player, and, you know, we can make a big deal of it, and warren buffet's the bank, that's super, a good price, but enough already. you're beginning to pay, look at the stock. you're going to keep taking whoton up here, i mean, how about the fact it's not that good. >> wow. that's a new angle, jim. >> has to do with the funds. talk taxes, but there's an ailing, nonnatural company like burger king together with a company with a real challenge to expand itself with food offic offerings and discuss how great it is. in the end, maybe dogs won't eat it. >> we were hoping that the frying technology that goes in the donuts along with being near montreal, which is kind of french, would be -- the french fries are bad at burger king. >> this is a new era, sit here and say burger king, expand all over the place, nobodiments that nonsense who is over 21. they realize it's too fat. under 18, they are at chipolte. i don't know why we think this combination makes it so we're going to like the food chain. the food chain is hated. burger king is part of the food chain. look at the dunkin donuts number, atrocious. >> i'm going to watch you today. this is awesome. >> look at the numbers, you value it through starbucks? they have a thousand stores. >> we're going to yell -- >> taxes, interest rates, fed funds. >> we'll get that at the top of the show. see you in a minute. see you, jim. >> all right. >> thank you. >> coming up, guest host on the market's new highs and later "squawk on the street" tim minchman. wow, you guys are all set, huh? oh yeah, new amazon fire phone. it comes with amazon prime - tons of cool stuff for no extra charge. really? it comes with amazon prime? yeah, there's so much to watch. i've been on this earth nine years, i've never seen anything like it. the new amazon fire phone, with a full year of prime included. exclusively on at&t. having a perfectly nice day, when out of nowhere a pick-up truck slams into your brand new car. one second it wasn't there and the next second... boom! you've had your first accident. now you have to make your first claim. so you talk to your insurance company and... boom! you're blindsided for a second time. they won't give you enough money to replace your brand new car. don't those people know you're already shaken up? liberty mutual's new car replacement will pay for the entire value of your car plus depreciation. call and for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. switch to liberty mutual insurance and you could save up to $423 dollars. call liberty mutual for a free quote today at see car insurance in a whole new light. liberty mutual insurance. road warriors, a story for you, united air flight divert the this week after a heats argument between passengers about seat spaces and a gadget that i love called the knee defender. it attaches to the tray table, prevents the person in front of them from reclining. a man was using that to stop a woman in front of him from recli reclining, and then the woman threw a cup of water at him, and that is the story. thank you for being here. appreciate it. join us tomorrow. time for "squawk on the street." good morning, welcome to "squawk on the street," carl and david are off, and latest home price index released, and the results are at the bottom of the screen. hour to go before opening bell. how are the

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