Plus the dow and s p were set to rebound from what was the worst session since mid may. Despite an improving ipo pipeline blue apron ahead of the nysc debut tomorrow. Senate republicans hoping to get a vote on the Health Care Bill after the july 4th recess that fols the decision to postpone a vote amid gop senators passage of a trump care bill seems unlikely due to political obstacles. Goldman says quote estimates of the potential increase in the uninsured population seem unlikely to improve even after revisions to the bill. Public support is weak and divisions appear to pose too many obstacles people trying to make arguments what could bridge some of these divides. More help for opioid addiction but others argue its just too wide. Theyre pushing back on it, anything comprehensive that would represent an overhaul of the aca and its funny because its echos more reasons to talk about tax reform too were not going to get a big comprehensive reform package so its interesting. Obviously the process is going to play out and it seems like Mitch Mcconnell left a lot of room in there. A lot of play for whatever has to be done. It doesnt add confidence to investors. Especially those banking on tax reform as part of the optimism surrounding the trump agenda and what that might mean for the markets. The next steps are they can win over two different factions of their own party. The republicans that is. The moderates that say that the limits to medicaid are going to hurt their individual states and then they have a harsh take on the state of bipartisanship in this country. This will produce a blossoming of bipartisanship. Everyone can sit down in the middle and workout a compromise. Its a lovely thought. Health care stocks remain very well. You had new buy ratings today. Its almost whatever sorts out here theyre going to find a way. And there does seem to be an argument to be made that the prospects for tax reform are no longer figuring into investors view of the overall market we sat at this desk for months talking about health care and the fact that tax reform seems to be fading more and more as a real possibility when i say reform i mean the true multitude of different changes to the tax code that would really actually represent reform its still possible as we said many times and when i speak to people close to this and watching it we end up with some sort of a tax cut or repay triyags deal but that seems less and less likely given whats going on in health care but those expecting reform and the border adjustment tax and the nondeductibility of interest its hard to matter at this point but it doesnt figure into peoples prospects if they look at a market. Good morning, you know that piece on earth fantasy thats something that Mitch Mcconnell hinted about as a potential nightmare and not a fantasy and the idea that republicans would be with democrats. He brought all the republicans over to figure out how they can get on the same page and where they go from here after the sen tors pulled the bill from the floor at least temporarily after the july 4th recess. Heres the president striking a down beat note yesterday in the white house. We have to have health care and it cant be obamacare which is is melting down the other side is saying all sorts of things before they knew what the bill was. This will be great if we get it done and if we dont get it done its going to be something that were not going to like and thats okay and i understand that very well but i think we have a chance to do something very, very important for the public. And heres Mitch Mcconnel making that promise and or threat depending on how you look at it that republicans might be forced to deal with the other side if they cant get their act together as a unit the status quo is unsustainable. It will be dealt with in one or two ways either republicans will agree and champion the status quo or my suspicion is any negotiation with the democrats would include neither reforms that we would like to make. He does not have that much wiggle room legislatively. We already saw Susan Collins in maine come out and say she doesnt think any tweaking of this bill could get her a vote so that leaves an open question as to how Mitch Mcconnell will get this bill passed through the senate if he does could they ever reconcile it with the bill over on the house side and get something into Conference Committee and send that to the president . All of that unclear and also the time frame how long this will take and what it means for tax reform which republicans in the white house said they want to begin toward tend of september and have racked up this fall. All of these deadline versus been slipping throughout the year as the Health Care Battle drags on and on. Its much tougher than a lot of republicans thought at the beginning of the year. Thank you for setting it up for us this morning. Warren buffet meantime slammed the house gop bill saying it favors the wealthy heres an interview tape last week that aired last night on the news hour getting a lot of play fnchts the bill that passed the house had been in effect this year i would have said 679,999 or over 17 of my tax bill theres nothing ambiguous about that i will be given a 17 tax cut and the people thats corrected at are couple with 350,000 or more of income you can entitle this because i have friends where it would save them as much as it gets into the 10 million figure. Warren buffet on the house version of the bill how it helped the wealthy interesting the opposition is not related to that point at all. No, hes referring there to the house bill those are 10 million in tax savings. Thats big but hes only 600 and something thousand his taxable income is really small, right right. He doesnt sell any stock he just he doesnt even take a salary. Thats on the Investment Income the 3. 8 that would go away and also goes away into the senate bill. 679 that according to the interview would have cut his tax bill by 17 . Right. Which is a large number. Hes been no fan of arguably republican agendas or this particular bill for awhile. He doesnt believe this country and certainly wealthier people are overtaxed. Well talk more about buffet later on this morning. These results could alter the size of ownership he has on a percentage basis of bank of america. Well talk about that in a bit the dow and s p looking to rebound on the worst session since mid may. And General Mills benefitting from fewer promotions and expense con trols. Got a dig there as well. Expectations were low for this package food sector not experiencing growth so that negative 3 organic growth looked better than the estimates which were for negative 3. 7. The margins were lower but the top and the bottom line, a lot of people were interested to see if this was going to be a kitchen sink kind of quarter because it was the first under the new ceo. He said that theres some urgency to fix and turn around the Sales Problem that they have actually seen some improvement but the category that theyre in, yogurt in particular has been very painful abroad cereal is still not growing and continues to decline they had some success when it comes to snacks but for this company and a lot of Companies Like it its all about cost cutting and boosting the profitability and realigning the Business Structure to get more with the consumer. They made moves. They made cheerios glutenfree and bought annies but they still havent shifted the portfolio enough to get the top line growing again which is why they continue to be targets of activists. They continue to be targets of speculation and thats why some say their multiples are a little bit higher where are we on operating margin with them organic revenues will be down 1 to 2 is what theyre talking about but the focus whether its in mondelez originally or nestl now focus as much as anything on nestles margins being the key thing that can drive stock performance. Gis also i suppose thats where a lot of investors are focused. It sbut its also where a lot of the management has focused. Theyre all doing it here. It has. It doesnt take long to get to that fact and clearly this sit. Margins are all coming at a cost theyre basically playing hard ball with no pricing so the consumer tapels has been strong but the Food Companies have not been helping at all. Amazon is helping with that speaking of amazon the president tweeting a few seconds ago now about amazon the amazon Washington Post he calls it sometimes referred to as the guardian of amazon not paying internet tax which is they should is fake news this just hit a couple of moments ago. Some discussion online of what he means specifically by that. He has made references to that in the past. Every time they put up a Distribution Center in a particular state they begin to pay sales tax in those states. There are still perhaps a number of state where is amazon customers are not paying sales tax. That is possible i think maybe thats what he is referring to although that has changed overtime again as their Distribution Network has needed it if youre in new jersey youre paying and new york youre paying. He wrote the Washington Post is owned by jeff besos for purposes of keeping taxes down at his no Profit Company amazon. He once called it a big tax shelter. Theyre completely separate things. Hes the president now and whats interesting is everyone was wondering if hes going to keep targeting these dip Cap Tech Companies i dont know are they going to have a regulatory problem. The change from his couch it was about 250 million if i recall maybe something along those lines. Correct me if im wrong. It has virtually no impact whatsoever on a man thats what the third richest man on the planet or close to it at this point. He clearly wants to tie them together tarnish amazon with a fake news brush. The blue apron ipo. The nasdaq back in the red for the month of june which does put its 7 month win streak in some peril. More squawk on the street from post 9 in a minute hey gary, what are you doing . Oh hey john, im connecting our brains so we can share our amazing trading knowledge. Thats a great idea, but why dont you just go to thinkorswims chat rooms where you can share strategies, ideas, even actual trades with market professionals and thousands of other traders . I know. Your brain told my brain before you told my face. Mmm, blueberry . Tap into the knowledge of other traders on thinkorswim. Only at td ameritrade. Tthats why at comcast,t to be connected 24 7. Were always working to make our services more reliable. With technology that can update itself. And advanced Fiber Network infrastructure. New, more Reliable Equipment for your home. And a new culture built around customer service. It all adds up to our most Reliable Network ever. One that keeps you connected to what matters most. Here at the big board with more what are you hearing thats right. Blue apron this morning lowering its price range now at 10 a share to 11 thats a 35 discount from the original range filed last week which is between 15 and 17 a share. It also means blue apron is looking to raise about 200 million less than it initially sought it also slashes the evaluation to about 2 billion from 3 billion as one ipo investor put it to me this morning, this is the most dramatic cut he has seen in a very long time but i am also told that at this lower range, there should be enough demand to complete this deal i have also been speaking with a bunch of other sources on this those that are more familiar with the Book Building process and blue apron and its bankers were not able to get enough investor demand at the original range. They were sceptical about the Business Model that entails sending a box of ingredients to customers homes they then cook themselves theyre sceptical about the cost of acquiring new customers and nervous about the environment. Not just with other company buts the looming tie up between amazon and whole foods there were a lot of inquiries about whether investors could short this thing early at the original price range and no matter which way you slice it blue apron had a difficult and expensive time obtaining and keeping its customers so now the question is whether shareholders will be more enticed by the 10 per share ipo than consumers are. The fundamentals dont necessarily cry out ringing by here at least the price they have been thinking about. Average order values declined over the december quarter in march. Orders per customer was down and average revenue per customer was down thats not exactly moving in the right direction although to be fair the top line is growing quickly. Thats true a lot of investors questioned the timing they came out. They started their road show the next business day after the amazonwhole foods deal was announced. Peel were wondering is that a signal theyre trying to get out before things get worse here once they face more competition. Its a big question on their minds. Leslie, thank you very much what a story this morning. When we come back well get analyst reaction to General Mills earnings beat. Futures looking good after yesterdays 98 point tropical wave on the dow. More squawk on the street straight ahead hey, ive got the trend analysis. Hey. Hi. Hi. You guys going to the Company Picnic this weekend . Picnics are delightful. Oh, wish we could. But were stuck here catching up on claims. But we just compared historical claims to coverages. But we have those new audits. My natural language api can help us score those by noon. Great. See you guys there. We would not miss it. Watson, you gotta learn how to take a hint. I love to learn. Watson, you gotta learn how to take a hint. Our 18 year old wase army in an accident. 98. When i call usaa it was that voice asking me, is your daughter ok . Thats where i felt relief. Were the rivera family, and we will be with usaa for life. Lets bring in Senior Research analyst robert was there anything encouraging in here for investors . It was a top and bottom line beat but still negative sales trends in north america and in a lot of their categories. They did really well on cutting costs which a lot of them beat on the bottom line. So david asked earlier about the story. Where did they sit relative to some of the other packaged food and Consumer Product companies in terms of reducing the margins on cost cuts and how vulnerable does that make them for an activist or m a or something to happen there so theyre going along with the rest of these Food Producers and packaged food business and top line growth is hard to come by, especially when youre in the wrong areas where most of General Mills business is and forcing through those cost cuts is really the only way that you can grow, to grow the bottom line so id say the rest of it. Do they have any plan to grow the top line to turn around yogurt and cereal or diverse identify to try to get growth again thats a gret question. The new ceo somewhere focused on sales growth and guidance was a little bit higher than what the bottom expectations were for guidance but youre in the wrong areas. Yoplait yogurt and youre going without a greek option its hard to compete and we saw that in the quarterly results. Id like to see them focus on smaller acquisitions in the natural and organic category focus more on healthy snacks and then die vest tunds performing businesses to try to boost the top line growth going forward. Where are you on the stock . So the stock is not expensive and its not cheap its about 17 or 18 times forward earnings the dividend is around 3. 5 so that does limit some of the down side its kind of just there. You have it, you might as well hold on to it for the income but i dont see a whole lot of upside in the stock from here. Thank you for joining us. Lets set to open up 1. 25 . Thank you. Opening bell just 4. 5 minutes aw ay at fidelity, trades are now just 4. 95. We cut the price of trades to give investors even more value. And at 4. 95, you can trade with a clear advantage. Fidelity, where smarter investors will always be. And at 4. 95, you can trade with a clear advantage. We, the entertainmentloving people, want an unlimited data plan that gives us more. We want more than just texting. More than just surfing and shopping. Because sure, we want to use this to call the people we love like our directors. But mostly, to get the entertainment we love. Switch to at t and get unlimited wireless data and 60 channels of Live Television on multiple screens for 70 a month. The opening bet set to ring in 0 seconds the president of course tweeting about amazon and taxes watching for fall out on the Health Care Vote delay the cyberattack. Oil invenn toirs and then big bank report cards coming at 4 30 and potentially some modifications for whether or not buffet becomes the largest shareholder. Thats fascinating. Banks in general are against this corrected move in big tech. Thats what happened yesterday you have all the big tech stocks down 4 or so off their highs. And its the banks that have been rallying even before yields were going up and its largely because of anticipating stress tests. Well see if it can continue the coreography broke down a little bit. The big question is how much cash theyll be able to return all 34 of them passed the stress test they have enough capital to absorb losses during extreme financial conditions so we can expect 79 billion in total to be returned in terms of did i have densd and buy backs well see. Its the opening bell here. At the bottom of your screen big board is tpg Case Holdings so the ipo today at the nasdaq, bio sciences specializing in the development of canabanoid based drugs. A lot of research today. You mentioned some of the initiations on aetna but also expedia at citi. Morgan stanley resuming an open weight on gm. Yeah. Interesting because theres also some talk about how if you look at the very