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tv   Squawk on the Street  CNBC  June 19, 2015 9:00am-11:01am EDT

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nsing deals with all the tv networks. they don't want people focussed on all the other stuff. it could change the dynamic. >> i don't know what happened to the guy that asked for that but just write back in. the worst one is great. just tell him that. >> he wanted mexican food of course. >> yes. happy father's day. join us next week. "squawk on the street" begins right now. ♪ good friday morning. welcome to "squawk on the street." we're at the new york stock exchange. one more trading session until we head into a weekend of uncertainty regarding greece. beware of the headlines today. s&p gunning for its first win streak since january. we'll watch the ten-year. the dollar rallying and oil is down close to $60 today. china officially in correction
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territory. the spotlight is obviously on greece. the march toward defult continues as they plan an emergency meeting for monday and long time twitter investor not so happy with the changes at the top. calling the ceo transition sloppy and confusing. but first up a tale of two markets. in the u.s. the nasdaq is aiming for a record high and the shanghai deposit sliding into correction territory. the worst week almost back to leemen october of '08. >> there was a tremendous number of people who signed up to have accounts. they were signing up millions on people self-directed accounts during the first months of the year who weren't very savvy, just throwing money at the market. they had some margin there and that surprised people. the main thing is that there's i think an undercurrent in china. we saw it from hershey.
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there's a big change in the economy. they're trying to crack down on bribery. it's almost like gift giving of chocolate is down. this economy is influx over there and i think anyone who's buying chinese stocks, you don't know what you're doing. >> really? we're going to get to hershey in more detail. >> that was a significant piece of news. >> one of the biggest corporate pieces of news in the morning. we mentioned greece. one is the prime minister finally blinking. >> i think the great thing is there's a deadline. thank you imf for putting a deadline and a lot of people are finally waking up to the alternative scenario that there could be a failure. it won't be as shocking. greece, they do have some money, so it's not like they're just going to go broke. if the banks close, they can
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reopen. if they have a currency ready, i don't know. they want to stick with the euro. i'm saying that people are more prepared now than they were five days ago for default. if you did get a rescue the euro goes back up. it's down today. we're not going to be -- it's not going to be cat liz mick. when you read the news it's like greece may default. that could have been news. even two weeks ago, now it's like oh. >> russia and putin trying to get into the game saying we might -- it's like the line in good fellas maybe you go to somebody else. >> i think it's china and i think the issue is this is the big move into europe and i think people are minimizing that. what's going to happen is we're going to look back and like when we had china where it was a big issue with the state department it's who lost greece and it's
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going to be germany. if china comes in and does what i think it is germany will look like the guy who's the bad guy. they don't want to do that. i think if there's any hope it's china. >> this morning, an interview, a live picture we're watching for headlines coming out of that conversation today. >> that economy is flat lining. it's not going down anymore. understand there are other countries that want to become greece's lifeline but they're not western countries. >> you said you didn't like the setup in general. but here we are. >> look the big change is that i was really kind of thinking, what would happen if this happened with greece? wouldn't it be a disaster and now everyone's saying we're set for disaster. that's a different environment. i come back to car max numbers
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this morning not so great. fedex, not so great. we haven't had a lot, other than kroger and you could argue maybe kb holmes. we haven't had any good earnings, and we're about to go into earnings season, and this super freakin' dollar we need to see the euro up. they're using a 1.13 euro. we need to see the euro get stronger. you'll ask me how are the earnings and i'm going to be saying i can't asterisk the dollar. >> hersheys citing weaker than expected chocolate growth in china and expecting to cut 300 jobs by the end of the year.
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and conagra, some big news in food today. >> they have to nominate someone to eat the tired brands. one of the things that was bad is they doubled down and went on a generic business. i think there's a lot of chatter today. can they break up the generic business. in the end no. you're doing ready whip swiss mis, healthy choice. these are not actually the names that resonate with millennials. it's not organic and natural. those are brands, that's called the pantry. i had christine day on this week who really turned lululemon into a great company. she has a company that is an attack on -- flash frozen fresh
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in the aisle which is selling like mad. i know that she can mix things up. they have a new ceo at con agra. in the end you're really hoping that kraft says we have really crummy brands let's add those, and i sacrummyy crummy these brands don't resonate. >> it's almost like the atmosphere of the brand that people don't think about. >> and these are brands that post nuclear war, it's going to be fresh. i always felt that vel vee a will be there. >> post apocalypticapocalyptic. >> yes. can i have a sandwich with spam? >> i want to give you a chance
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to take a victory lap on biotech. people doubted it. no yesterday that was the breakout. >> this radius is the one to watch. they have absolutely had an amazing run and that is a company that has a drug that makes your bones less brittle. re reseptos, this group remains hot. i think that will continue and i like the fact that the company that came out last night cooled off. that one had little gain versus the companies soaring. >> reports that gilead sa value di, that china has rejected a patent application. >> when you have a cure it tends to trump everything. the company that i continue to focus on is allergan.
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when they bought that double chin kythera, that is just going to be run through the pipeline of dermatologist. elective surgery versus injection. and then an anti-cholesterol pill. there's so much good news in that group. and then janet yellen -- >> i'm sure you've seen some of the stats about how much the sectors are up? >> i'm yelling about yellen. the data is not supporting any sort of rate increase and i believe that that group was incredibly well when you have a phase 3 drug coupled with a slower paced economy. >> when we come back this morning, chris sack a calling out the company for in his words being sloppy and confusing.
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what will it take to get a greek deal? we'll talk to charles dallara. s&p hasn't gone four days up since january. it will try again today when "squawk on the street" comes right back. the e-class has 11 intelligent driver-assist systems. it recognizes pedestrians and alerts you. warns you about incoming cross-traffic. cameras and radar detect dangers you don't. and it can even stop by itself. so in this crash test, one thing's missing: a crash. the 2016 e-class from mercedes-benz.
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♪ long time twitter investor chris sacca with harsh words about the ceo change last week. he wrote any observer will agree that the ceo transition announcements were sloppy and confusing. investigators were left to try read the tea leaves about where the company was going. along the way, specific statements about the twitter future turned investor hopes and turned what could have been a very positive hope for the future of the company into something else. >> i only met him once. he's spot on here. he's what you do. dorsey should announce i'm taking myself out. i have to bring the square deal. i'm totally in charge of trying to figure out who's the next guy. i'm not.
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he's got to get out of the picture immediately. >> really? >> yeah. and they have to start talking about listen in the fall you will see radical changes in the way that you view twitter. you will now -- if there's an event, you will go to twitter, and just go to twitter.com and it'll take you to a list of ten things you want to do. when you watch nfl, go to twitter.com and here's your game and maybe they'll have a club. if you're looking at fantasy football it's all your people on one site. i think the changes are good that are coming. but dorsey let's have a do over. i handled myself not that well. we didn't have a good media strategy. i'm stepping aside. going to totally focus on square and then we do okay. this has to has been maybe monday if not today. >> the dude founded, i mean, he created the product. i have a hard time envisioning
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it happening. >> you know sometimes you do things different from what people think, and that was a terrible interview and i think everyone realizes that and sometimes -- i mean sometimes you just say i screwed up and get out of there, dorsey. go run the square deal. it's important that you do the square ipo deal. i'm being conciliatory. i'm saying do it over. i am. that's my version of it. you want extreme consolation? i know extreme after last night. i can go base jump on top of his head. i'm not going to do that. i'ming with i'm being a statesmen. >> in the meantime word that they bid for the nfl game that yahoo got. >> it went for 20. we don't know the number. >> not enough. >> hiring human curators. >> that's important to have -- stop being a product company and start being a company that says
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okay, look, we know you're having trouble viewing us and we know we're not just an algorithm, we're a town of users and they need to make it so that it's not just a silicon valley company. and sometimes that takes a transition. look, who should really be running it? i would take someone who has fantastic marketing and get the number two guy or three guys at a sales force, sorry, you get someone who understands social mobile cloud and connectivity with an editorial bent and you have a winner. dorsey has to say i made a mistake by even putting any hat in the ring because i have to worry about square. he can do that on monday. he went just have to say that's just the way the government -- big shareholders want me to do. the venture capitalist in square have said you've got to take
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yourself out of the running and they're the people i'm responsible to. that will clear things up. >> facebook made another run at 83 yesterday. >> thrown back there. >> more discussion this morning in various circles about linked in saying it doesn't get enough attention. >> that was a quarter, there have been these quarters where you look at the release. we have one at fedex now starting to comeback. the linked in i took a year of accounting and said i have to get a graduate degree to understand that quarter. i think that's kind of being put behind us. facebook, by the way, i keep coming back to -- last night i had a guy who was the ceo of this way fair. this is an interesting company. and the ads that are working for wayfair, embedded in facebook ads. he said the best bet is we give money to facebook. they have no eninventory.
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they made the quarter because the wife went nuts with the beach house. and he admitted, he said thank you for that. it was not done at the end of the quarter, but we love this site. he singled out facebook as the way to get customers. i think that's important. embedded stories. that was zuckerberg. so smart. >> one last thing on some of these high-flying social media names. open hiemer was at 6.10. now 775. >> do you see some of the countries that are trying to on board here. >> i think here's what's happening with netflix. netflix is the de facto tv. when you talk to kids, obviously, it's like wow, netflix is their tv. ir i think that's the biggest threat. i can't believe someone didn't
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make a bid for it. i would take someone from netflix and run twitter. they have a beat. >> not only from a product standpoint but from policies. they seem to win all the battles. >> the customer is always right at netflix. jack dorsey you know what he ought to do is a do over and take himself -- never mind. i've made that point. >> we will get cramer's mad dash. more "squawk on the street" from the nyse is right ahead.
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>> just about eight minutes until the bell. watching a lot of different stories. hersheys one of the leads. >> the problem with hershey's this morning is they're citing china. they spent a fortune buying a company called goadenlden monkey. there's two things. one is that chinese are changing their consumption patterns. they're not giving as much liquor to the government. some of the higher end chocolate where is no presence. this was surprising because they cited macroeconomic weakness. i'm not buying that. i think it's a secular change in
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the way the chie naeznese are doing it. star bucks, i like it. >> yum? >> they're coming back slowly. >> i remember this area in here where they could do no wrong. they were raising prices. >> remember this is the convenience store trade. oil goes down. people buy more chocolate. oil peaks, stops going down here, it gets a little worse and then when we have the china news people don't like release, the macroeconomic call. in china they are changing their consumption. this could be part of that. >> interesting. i haven't seen car max yet but you have. >> it's curious. if you look at the headlines, it looks terrific but there is a slow down that is worth noting. they had a used car game the previous quarter. they were up 7%. this quarter deaccelerated to
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4.9%. i like this company but that's a curious decline in the rate of growth, and i need to know more about it. >> autos have been a puzzle as we got above these run rates this last go around. >> yes. and a lot of people are saying when is ford going to move? a good discussion about that yesterday. i remain interested in auto parts. i've got johnson control on tonight. they are doing this on mad money, but this is an area that's influx. this has been one of the great ones as has auto nation. this says let's do more work about why used -- the rate of acceleration is declining. that's something to watch and makes me not like the stock as much. >> the old second derivative. >> a lot more when we come back. don't go away.
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you're watching "squawk on the street" live from the financial capital of the world. the opening bell in just ore two
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minutes. within a pretty good week for stocks. on track for our best week in eight weeks even after he had to get through the fed. thursday's meeting of finance ministers. although there's a lot more to be done on greece. >> i don't like the setup today. there was a relief rally after the fed did something that was good for stocks. look there's a lot that could happen this weekend. i'm not crazy about a market where the dollar is getting a little stronger. we do want to see what happens with greece. no scenario is that great, so, i mean, keep some cash. maybe you have a chance to buy things mobd or tuesday a little bit lower. >> 19 euro zone leaders calling for an emergency meeting on monday. it's being called one of the most important meetings in the history of euro zone. >> that shouldn't make you think you have to buy stocks ahead of
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the 19 getting together. that's part of the problem. we just want to continue to hear talks are going to break down so that we have a few -- fewer surprises. but if you look at where the debt is in greece very little of it is held by greeks. we don't know where it is and we don't want to be surprised by it. we will be by tuesday if things fall apart. >> quadruple witching today. >> i think you have to understand that if you don't get any resolution we should be down monday. be ready for that. that's okay. i mean, it's okay. we have had a nice little run here. what will happen is that people will come in and say i told you that nasdaq got too high. that's that type of thing. i told you china, the bubble is bursting. there's a lot of i told yous coming. >> as we await the opening bell at the new york stock exchange
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we'll get you a look another the s&p at the bottom of the screen. univar, a distributor in chemicals celebrating its ipo which happened yesterday. over at the nasdaq mind body fitness industry software celebrating its ipo. we'll talk with the company's ceo later this morning on squawk alley. fitbit yesterday, the eighth best debut of the year behind etsy and box, but 48 % is pretty good. >> the other ones haven't been so hot. that's a bad list there but this company is making a lot of money. i think the main thing to remember is an eco system. it's for real. you can see it with your scale. people are competitive. you can put it on your facebook. it's not a bad situation. some people are like -- someone said it's water proof. be careful. it's water resistant. there's moment u.
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i think the new surge watch, very strong. i think this stock can still trade 6, 7 points higher and be dramatically cheeper. and i think the problem is great. >> were you impressed with the way it was digested. we didn't have a situation where you liked it but it came in too expensive. >> i said save it for when a company is not profitable and the ceo comes on and says the opportunity is so big i can't worry about profitability. this is a good company. this stock should go higher. i like that stock. >> con agra is going to lead the way. it's better than 9%. >> pinnacle foods up too. everyone hopes you take the stake and hope someone will buy and you hope this forces the kraft people to say i think we can pick among these. there are people who like to
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bring the tired brands back. i question janet is a smart, baufl company but con agra has tried to get things better after the acquisition. it was a disastrous acquisition not unlike a snapple acquisition you talk about. so i want to if i own conagra, i might want to ring the register. >> stocks up 4% topping expectations, a lot of the other names are following. >> houseing remains -- the lowe's case remains strong. when i weighed in yesterday, the furniture sales are strong in the country. that's domestic and that's where you want to keep your pattern dry for domestic if we have the 19 heads of whatever they're doing. people are going to want to come back to domestic. understand, car max wasn't that
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good. fedex wasn't that good. these are like important companies. and we do have earnings and i default the earnings. they're not so hot. >> yeah. >> delta is way up there today on this -- is it the fair increase? >> yeah. the fare increase. there's still a lot of people recommending those stocks. watch those. those could come back down. that's not my favorite group right now. i think that's a group that is sensitive to a strong dollar. we don't want the dollar strong. that's about travel and leisure. that's a hideous chart. holy cow. did someone in your extreme show jump autodelta chart? >> also a winner is micron on this topeka hold to buy. >> talk about a sustainable market. every dog has its day. that stock was very low and then they made a brilliant lp
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acquisition. it tightened the market because there was less competition. no now competition came on and i don't want to own that either. you have to own nxpi and skyworks. and you have to own avog go. >> car max, as you said earlier -- >> bummer. >> mace rich. >> that was a gigantic piece. it was done at a discount but that's smarting. >> simon, the stock was down. the conference call was great. the numbers are great and the stock was down $1.5. that's the mistake of the market. they don't understand the waybillings are set up. the oracle quarter was not clean. this was clean. it was a good quarter.
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red hot, sales force.com, they're doing it right. >> do you buy the argument that the street doesn't understand how bad 4 x is? >> i didn't like the headline which says cloud. you don't claim you're a cloud company until more of your business is cloud. they do have fabulous growth in cloud. i'm not denying that. they have this other part of the business that was not that good. it just wasn't and i think people are saying listen the main part of the business is still not so hot. >> of course one of the headlines yesterday was finally taking out that nasdaq intraday high from 15 years ago. bertha was all over that. she joins us. >> we have a nasdaq holding in at record levels this morning. the nasdaq composite is overwhelmingly dominated by tech. you have consumer services and health care, that's been one of the big issues and what's really
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been propelling things and the other indices that are at all time highs are the biotechs and the small caps. the large caps still within 5% of its all time high and chips are one of the reasons why. a lot of those big stocks are -- still haven't taken out all time highs. some of the others from 15 years ago and the semi conductor int deez are still some 40% away from their all time highs. part of it has been the wholesale change that you have seen in semi conductors. as jim was pointing out, you want to have sky works and xp that are involved in the wireless area and do different things for the wireless chips overall. nasdaq moves are netflix, staples. staples shareholders from office depot approving the merger and smith and wessen which beat on the bottom line by 10%$0.10.
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>> a quadruple witching. 350 million shares on the floor of the new york stock exchange. we don't have volatility. i want to show you the vix which is only slightly elevated. not sitting far from the lows of the year. it's amazing. i think the greek situation is quite serious. interest rate sensitive stocks, yields are down in bonds and yet normally on a day like this interest rate sensitive names would be on the up site. they're weaker. reits, utilities are all market downside leaders today. in the meantime in europe again, that sense of complacency, the german market is holding up. france is up. spain is up. even the greek market is on the up side. i keep getting asked why the markets aren't worried about greece. i do not share that lack of
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worry. there's a fatigue after five years of prices. there's kplacomplacency. most feel a deal will be made at the last minute. there's no contagion so far. traders believe the ecb when they say they'll do whatever they can. if greece leaves the euro a lot have convinced themselves the damage contained. they believe it's containable. i do not share this complacency but the market certainly has spoken. did you see what happened overnight in china? the domestic stock market is finally slowing down. shanghai was down 6%. shenzhen a lot of fast tech companies. down 6%. the sen shen is still up 94% for the year. and that's an indication of what's going on. look at that chart for the last
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six months or so. the market there is dominated by young investigators. mom and pop households. 4 million brokerage accounts in march alone. this have been millions of accounts opened in china in the last few months. that's good news and it's a problem. as the markets run up they stay in but get out fast and those are signs of a little bit of concern over there. i think a correction is certainly in order. there was a flood of ipos over there this week and i think that's also putting pressure on the market. the wellness fad keeps going. mind body is going public today. they provide software and help for yoga centers, health care centers to manage their businesses. $14. and the restaurant businesses are high. we talked about wing stop and bojangles'. and another one last night
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priced at $20. another big string of victories for those restaurants. ipos, finally action. next week 14 ipos. three energy companies, three cloud-based companies. i can't get into them right now. we'll do it monday. but transunion is the big credit reporting company that's out there, and that will float more than $600 million. quite a week we're going to see next week. right now the dow down 40 points. >> thanks a lot. crude oil right around $60 on the nose. >> that's right. that's the story with crude right now. hugging the 60 a barrel range trading at $59.65. being tossed around by movements in the dollar, and because of the action that we're seeing in europe. but for the week we're down less than 1%. for the month up more than 3%.
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at the same time, we're watching products closely. they are selling off and crude is tracking lower a little bit with them today. interesting because traders are starting to talk about the season alty and wondering if the demand that we have seen in past summers is there this week. we got a build earlier from the department of energy. the national average is up substantially from the $2 level consumers were enjoying but down from last year as well. back to you. >> thank you. you still feel like we're done going into the 50s and 40s on crude? >> i do. i've been doing a lot of work on the price of oil stocks versus oil. there are a lot of stocks that are now below where oil, when oil traded at $43, the stocks were higher. i think that means people should be drilling on wall street not
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at the oil patch. the stocks do in the reflect any -- the move from $43 to $60. oil seems sticky to me. i think that's china coming back on. >> when did do we stop sweating it out on rig counts? >> i think you cut it in half. i think that natural gas and rick winds are very bad. if you own and oil company and it's more natural gas than oil, you're in the wrong one. if you look at some of the really big companies, look at those, they're just conoco they're too low. conoco is big natural gas, i'm not ignoring that but the companies are too low. i saw bp downgrade. that made no sense to me. i saw it upgrade yesterday. this group, you should not sell this group. this group is just a mistake to
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sell. they are too low, and there's a lot of other stocks that i think are too high going into this weekend. raise a little cash. >> a lot more "squawk on the street" is back after the break.
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welcome back. dow is down about 33 points or so as we continue to watch. the dollar jim, has had a heck of a week. rallying today after hitting a low yesterday. >> that's been the theme. yesterday was the day when these big multinationals that have been hurt and people are so worried about the quarters you kind of felt like wow, if this progression continues, get to 113 is the key level for me. that's the level where a lot of companies reported before and they can be able to say you know what? i think we're going to not worry about the dollar as much being strong. that's the level you have to get through. any time you get thrown back i get nervous because the super freakin' dollar is the negative story that's out there for so many companies. yesterday's rally was a rally based on the dollar people think has peaked and if you get the wrong, if you get the euro weak people have to cut numbers when
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companies report. i care about earnings per share when we get into earnings season and the earnings are going to be disappointing and estimates will be cut if that dollar does not go a step lower steadily. >> we talked to charles chill lips yesterday, and we said why is the street missing it? we said we try to understand it. our bankers try to explain it. they get it wrong too. it's one of the things that is on the unknowable side. >> it is, but i think we're at the point where people say no the real number is the constant currency thing, that doesn't -- no. you're not doing the number anymore because it's become a real trend and you're not as good as you thought. we're going to go back to buying domestic companies, kroger, and buying others. watch the airlines. they can be a good tell. watch a couple of the semi conductors. those are giving you a decent sign. i like the fact that american is
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going up here. but have a little cash. i don't know the outcome of what's going to happen on monday. i don't like that. that's not my kind of situation. i like to know what's going to happen. >> two things. selling at this level has worked for a while, yes? you'll agree? it has worked? >> it's been terrific. >> and we've gone into several quarters with estimates being chopped up in. >> and when we get to this point, we start saying maybe people are negative this. that's something we had. negativity going in our favor but this particular weekend, it's just not a great setup. i just want to see a little more. you know if the market dips today, don't take advantage of it. all right? wait until monday. >> you've been -- you were critical of merkel for a while, the pantsuits. >> she has to blink because she doesn't want to be the person who lost greece but it doesn't seem like -- they're not letting her blink. they're throwing mud in her
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eyes, and christine lagarde, people should have taken a little bit more offense. they criminalized the imf. the cash there is not that bad. if you're at runs on the banks, that's a situation where the s&p could be down 1 or 2%. >> yes. and beware, the tape bombs. these reports that they had reached a deal into year end which was not the case. >> i think we have a lot of stocks that have had a good run. if you have cyber security stocks congratulations, but that wouldn't be so bad. believe it or not, i'm monitoring events. apparently there's another big hack. wait for that. some stocks have had very big moves and i'm just saying be careful. >> dow is down almost 39 points. a lot more "squawk on the street" is back in just a minute.
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trading. >> one of the great ghost stories in retail and restaurants right now is zoe wes. it's terrific natural food. they lost their cfo last night. the company was on just the other day for mad money. i like the story, but i never like to see a cfo resign. . i think the numbers are got but the stocks are stretched. the one i like is mcdonald's. we see the numbers shrink for the first time in 40 years. isn't that what we want to see? >> shrink to grow? >> just knock out the bad ones. i want to see more about the cfo resigning. i want to wait and see what happens. i've been waiting to see a note on the market. i want to wait and see. i don't like going into a meeting that i don't know what's going to happen. >> as far as mcdonald's goes, best level in a couple of weeks here. talk about a dollar play. >> that's right. that's a dollar play but easter
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brook, when i saw that they are not -- that the number of stores is going down that's easter brooke saying we're going to take a hard look. some are franchised but we're not going to just put them up anymore. we're going to fix them first. i think it can be done long term. you can't turn that around immediately but it can be done. this man is a start man. he's the most american brit i've ever talked to. >> that's what they've got to crow about right now is europe. >> i think it's real. i think they have to go more mobile and more technology and make it so you get in and out faster. that will make me happy as i am visiting it tonight on friday as i do on friday night. >> what's on mad tonight? >> jobs and controls are very important. they announced a classic restructuring shrink to grow and the stock hasn't moved. and george bodenheimer.
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he has a great new book. i think the espn people know that a guy who can start in the mail room and can move to the top is a great story. >> the word legend you can use it. >> 30 for 30 the best who never was, but the proceeds go to jimmy v and the jimmy v foundation. >> a great show. i'm thinking utx, you thought the deal was late and coming. is this jci move late and coming? >> yeah. that's what the stock is telling us and that the rest the h vac business may not be as good as other h vac business. did they do it too late. >> and coupled with what car max may or may not be telling us about the future. >> i'm an earnings guy. does anyone mind if we wait to
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see the earnings. kroger was a great quarter. we didn't talk about it enough. cvs doing well. domestic is going to come back. be careful international until tuesday. i'll speak on tuesday and we're okay. right? we'll be here right? >> you'll stick around far fewor a few minutes if you don't mind in. >> sure. >> dow is down about 37 points. when we come back the former institute of international finance chief was on the front lines negotiating with 2012 greek deal. does he think a grexit can be averted? we're back in a moment. the one who lives far from campus? the one who works the night shift? the one with new responsibilities? one thing can't tell you, but the right combination can. universities are using ibm analytics
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to keep your internet of things in-sync, in real-time. leaving you free to focus on what matters most. welcome back to "squawk on the street." with jamim cramer here. markets have been through a lot regarding the fed and greece but we are on track for our best week in a couple of months. is s&p is trying to grind out a
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fourth consecutive win. >> that is interesting. this is a make or break weekend for greece and the market is acting as if we don't have to worry. i think that either decision about a deal or no deal a bank run, you get a better chance to buy stocks for monday. i'm just putting it out there. i'm not saying i expect a big correction. i'm just saying better chance. they're giving you a nice lift in the transports today. and my theory sorry to go to my machine, but i like the dollar to be weak. that's been the reason why this market has been going and doing better is because of weakness in the dollar. >> your patience is noted, i think today for sure. >> thank you. >> our road map is going to go like this. greece inching closer to default. keeping an eye on the sal venn si of the banks. equities in the u.s. show no sign of slowing down. nasdaq notching a nigh.
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. and investor of twitter says the announcement was sloppy and confusing. and hersheys job cuts and the stock is moving lower. >> you never want to see macro causes, them saying the consumer isn't spending a lot on chocolate because chocolate isn't that expensive. maybe it's more like the johnnie walker black slowed down you're not giving gifts as much to officials. i didn't like that story. and we need to know more about what happened at hershey in china. they doubled down and that was a mistake. >> in the meantime the debt in greece deepening. there's a meeting today. we have more in st. petersburg with the latest. jeff good morning to you. >> reporter: hi, carl. we had both the president speak and we heard from the prime
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minister. let me give the audience a quick update here. president putin short on some of the more aggressive rhetoric directed at the west we've heard in recent speeched. he primarily focussed on the economy and said russia is going okay in spite of the sanctions, although he acknowledged that there will be probably very little in the way of growth this year. we've already seen a contraction of over 2% for the first part of the year but he said they're taking measures to find new partners. he said that will be freezing business taxes for the next four years as a way to stimulate domestic economic activity. the prime minister then took the stage, the greek prime minister who has wanted to show that he is here in russia and there is a
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close relationship between the greeks and the russian people. he didn't say anything negative for the outlook on the agreement. he did say you know what? we are in the middle of a storm right now but the greeks are a sea-fairing nation and when there is a storm, sometimes we might have to move into a new sea to find a different port of safety. i think that was just a little bit of a sideways swipe to suggest that you know what? we do have friends outside of the euro zone in case we need them but short on specifics, short on any kind of swipe at the euro zone. the greeks still very much want there to be a deal i think, going forward on the debt side in spite of how nervous the markets are. back to you, carl. >> jeff >> it is great sadness that
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we're reporting the passing of the founder of comcast. he is remembered for the family culture he fostered. he died at the age of 95. he is survived by his wife and four children. the current chairman and ceo of come cast a navy vet, started out selling golf clubs and then in 1965 we buys this small tv operator in mississippi and we know what happened after that. >> i had the great pleasure of spending some time with mr. roberts. and he is mr. roberts. humility, kind of stunning humility because the company that was built and obviously we work for them built in a suspenders salesman regular guy but always dapper. i remember my father meeting him and saying that's a gentleman.
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>> always the ability to sell. it's sometimes underestimated in people but he could sell anything and then in 1969 they -- this becomes comcast, the name chosen for communication and broadcasts. then we know the story. going from market to market instituting your own culture, and then seeing the turn to content with nbc universal. >> look the vision of the people who are in that of which mr. roshlgtberts had the foremost vision. we're talking about the communications giant that is -- if you go to philadelphia, and mr. roberts basically created a second city in philadelphia the city we're all proud of because of what this man's vision was, and i think that -- i just wish everyone had met him. you know? it just kind of just how are
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you, sir? and he's sir, but he was so mild mannered. it's hard to say was. just the institution in philadelphia. but never showy. just kind of a -- the way philadelphia always you hoped it to be which is kind of a little bit the opposite of new york. mild mannered, understated, not in your face. great man. >> yes. and what a face for philanthropy and charity. >> changed everything. >> from mu >> and created a tradition of giving. you just loved him. i just. i'm so thrilled that i did get to meet him several times, and humble, humble humble. >> if you just missed us giving the news. ralph roberts, the founder of comcast passing away at the age of 95.
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>> he was born in comfort in 1920. >> my father was a manufacturing chemist who also owned a chain of drugstores. >> but life changed for the boy from new york first the depression, then his father's early passing. the family moved to philadelphia where ralph helped his mother and made it into whorten. >> my dad is a true entrepreneur ever since hoom. after his father died very young, he got himself into the university of pennsylvania paid his tuition by selling eggs to the fraternities on campus. >> his business career blossomed not past war boom. by 1963 he was pitched to buy a cable tv company. >> when ralph started by buying his first cable system, it was then called community antenna television. there were only three channels. >> roberts cable business grew
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mostly in curl areas. in 1972 dwrrks roberts and his partners had grown the business to take it public. he had two classes of stock to protect his companies from takeovers. >> nobody could come along and swallow comcast without the permission of ralph roberts. >> growing the company meant getting content. the first ice breaker was ted turner's channel 17, the super station. soon hbo and mtv and dozens more. comcast by the early 80s had content you couldn't find on broadcast channels transmitted by satellite and carried by cable door to door. by the mid 1980 as comcast became a big business ralph roberts was still running it directly. >> she was >> he was many things that made him successful but he was not mean or nasty.
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>> in a five-decade cable career, filled with highlights perhaps the capstone came in 2009 when the came bought 51% of nbc universal. >> i truly am excited to be here today. to be here with all you folks. you make some of the greatest and most respected news and entertainment in america. >> i just think i'm an example of what you can do in america starting with very little and if you have a good determination and you're honest about what you do, you can be successful. i think many people have proved that. i'm just one of many.
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welcome back to "squawk on the street." we're at the new york stock exchange. david is off today. a quick check on the markets. muted negative sentiment here as we are in a quadruple witching situation and watching for headlines out of greece. oil is settling back below $60 a barrel. >> let's get to greece.
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an emergency summit starting at 1:00 p.m. new york time on monday is clearly is key to the greek crisis. joining us is charles dallara who personally co-chaired the massive restructuring of greek dead. charles is now the vice chairman of the partners group. good morning. >> good morning. good to be with you today. >> what do you think is most likely to happen on monday with all the adults in the room? will they finally do a greek deal or is it permission for the ministers to sign out of on allowing greece to fall to the wolves? >> progress has to be achieved at two levels. there needs to be a political consensus that would only make place over the following week. i do think this summit is crucial. the euro zone and heads of states need to come together and determine that they won't leave the room until they have some understanding. >> are the greeks is the greek
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prime minister a rational player? >> simon, he had been rational. i think that if there were ever a time for him to put aside some of the rhetoric and get down to solving the problems now is the time, because, quite frankly, we are in the 11th hours. markets have discounted the potential disruption of a greek default and i think we're going into a high risk period for global markets. >> you have experience of meetings at this level. we see the finance ministers are meeting again today. it's well behaved in front of cameras but there's rumors there's threats that the banking system could be allowed to collapse. we know in the past the greek finance minister has been called a gambler. what goes on behind closed doors? >> it wouldn't be the first time threats were made, certainly in the context of the negotiations
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i led. greek officials, ecb and even some of the market participants roll their sleeves up and threat ton walk out. i can remember at least six occasions where i thought the deal was dead. but threats are no entut for a heavy dose of common sense and rationale. >> how personal does it get or can it get? >> it can get quite personal. let's face it. there's a lot at stake here. the european commission, but the integrity of the entire euro zone is at stake. this is not about greece. this is about the 40-year project to create a common currency and whether it's going to be thrown to the bottom of the mediterranean. i think there's going to be a lot of tension. i have seen a lot of heat in the past. what i haven't seen is so much animosity animosity. there's more than i've seen before. >> even though stakes are high do you think that investigators
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are underpricing the risk of a no deal? >> i do right now. i am somewhat concerned that investigators are looking at this and thinking the germans, the imf are all rational players at the end of the day and we can all hope that they will be but right now it looks to me as if the markets are not prepared for a default. >> so you can imagine coming into work monday and seeing a headline that reads greece has been tossed out? >> i can. i doubt that that is going to happen quite that way, carl. i think we're going to face an extended period of talks, a few days. i think we need to differentiate between a default by greece which could take place by tend of the month, and then a greek exit. there is a path here that it will be disorderly but may not necessarily lead to a definitive exit. that is a temporary default. greece goes into arrears but
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greece does not get forced out. the dmem ma is how to manage the greek banking system because it's on a lifeline right now from the ecb. >> but the ecb is talking about and has been briefing that it will let it out. if they don't play ball on the negotiations, they said at the last news conference they'll let them go. the germans will force them with a two thirds vote. >> that's possible. but at the end of the day, i do not think the ecb wants to be the catalyst for the greek exit. this has to be a political system. the welcome of greece into the euro zone was a political decision and the exit of greece were it to happen needs to be a political decision, not a decision by the ecb. ecb holds a pivotal card but they don't want to be the catalyst. >> does anyone understand what kind of signal that would leave if greece were to let go and how
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they could prevent other companies from doing the same thing down the road? >> i think to be honest with you, there's been a lot of thought and consideration but no one knows how this will break. there are other economies in southern europe which while they are on the mend have massively high levels of unemployment and political systems that are struggling to really gain credibility, and i think that the fact of the matter is that greece would not be an isolated event. greece would affect the credibility of the euro zone and may put pressure on other countries. >> you understand the markets and the institutions. again and again, ier that argument that if greece leaves, we think greece is going to leave, the euro will rally because they're stronger without them. that's nonsense isn't it given the contagion possibility that you just spoke out? >> nonsense is not a bad word to use right now.
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i think that is an unlikely proposition that the euro would rally. i'm in the private markets investment group and frankly, i look at europe today and i say there are a lot of attractive companies right now but there's so much uncertainty, surrounding the euro you cannot simply think that greece will leave and everything else remains in tact. >> charles, great to see you. >> coming up on "squawk on the street," a, quote, sloppy and con confusing ceo change. and fitbit surging. up again. what else does the ipo market need to get off the ground? an expert breaking it down when we come back.
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>> the nasdaq setting an all time record. are we overvalued yet? back at hq with more on the value wax story. >> there's been a lot of talk. i've been getting so much feedback from people about whether or not we are, in fact
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at a bubble level like we were back in march of 2000 the last time we saw this peak level hit. let's put a couple of different sides to the story. there are cases for every point. there's no right or wrong answer yet. the nasdaq kpoz it up 1.5% since the march 2000 high. today looks slightly different than it did back then. back then we talked about all the dot com companies. still, let's put meat to part of the discussion. there are certain companies out there that are trading a lot high higher in terms of valuation than they were back then. first of all, these are all current nasdaq 100 components larger cap nasdaq stocks and you may know the napes but we put the then and now pe valuations. mylan, today it trades at 33.
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a richer valuation. you can see maybe things are more excessive on that front. tractor supply back in the day it was a 9 p/e company. today it trades at 34 times trailing earnings. monster, this is the best performing stock in the current nasdaq. back then it traded at 10 times earnings. today it trades closer to 60. maybe there are some valuation stretches but if you take a look at the overall market the people that say this time is different, point to what's happening with the large cap stock. s&p 500, going back to 2000 it was trading closer to 30 times earnings. it was trading around 26 times earnings. if you go to today, it's more around 17 or 18. it's maybe a little bit stretched but it's not nearly what it was back during the dot
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com bubble o.n the one hand you'll find excessive valuations. some people point to private companies or biotech and others say, hey, we're not nearly as close from a large cap perspective. a couple sides to bring a take to the forefront. >> thank you, very much. in the meantime the nasdaq is on pace for its best week in two months. joining us on the phone, we have rob sanderson. internet stocks have been a part of this. good morning to you. >> good morning. >> how are you feeling about valuations in general in your space? >> they're mixed. there's some examples of fairly high valuations certainly on a near-term earnings basis. for those group of companies, the investment company is looking out and discounting future earnings and some of them will grow into their valuations and others won't make it.
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>> twitter is up almost 4% rob. i guess, we did hear about changes. you have said the core product is a cumbersome user experience but you think if they get it right, valuation could go to $100 billion. >> if they can improve the user experience to their potential, i think they can do something like that. that's a possibility for them if they can execute. >> do they need someone to buy them and do you think that's in the offing? >> this fall and this most i guess last latest set of improvements is going to be very telling. i think there's an incredible content story at twitter. the fundamental issue is in identifying and surfacing that content for the right users at the right time. if they can execute on that this has mass market
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applicability and it could be a strong company. but if they fall flat here i think the chance of execution on their own is pretty slim. >> what about this project lightning? i've seen mixed reviews. the stock ended pretty much flat. should twitter be bidding for content deals like nfl streaming rights? is that where the value is in this company live events? >> i think there's potential with a lot of premium content. that's not the magic bullet for twitter. i think that's a component of a broader strategy of creating more mass market appeal. project lightning, this is the name for something we've been talking about for some time. it's their effort to again, identify and cure rate content, package the wonderful stuff that's hidden within twitter and make it more mass market appealing. >> i assume the street is going to remain addicted to the mau metric. that's not going to change in
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this quarter or next quarter, right? >> i think the narrative on the stock with respect to maus could change if they dman straitemonstrate their ability to get the logged out audience. i think it will shift. this is a few quarters away to your point. >> question on overall valuations, where we started this conversation. given what we saw yesterday. on the day after the federal reserve said she'd be less aggressive with hiking interest rates, how dependent is this sector in the public and private market on the liquidity and the zero rate environment and what does it say about the stocks when the fed does raise interest rates? >> i think the get raising interest rates is coincidence with an improving opportunity and better monoaization.
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it's somewhat dependent on a low rate environment and we're coming from zero to something slightly above zero. i'm not the macrostrategy. i have the good fortune of working with who i think is the best in the business and we think there will be a measured and tempered cycle of rate increases. >> finally rob, cramer called on dorsey to say i'm going back to square don't pretend to do both. is that smart? >> i think there has to be a one or the other. he has the fortune of being intimately involved in introtwo interesting companies. >> it's good to talk to you. happy friday. rob sanderson. >> let's go back to hk with an update. >> 21-year-old dylann roof has
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been charged with nine counts of murder and potionssession of a firearm. he confessed to killing nine people. nbc news reporting he said he almost didn't go through with it because everyone at the church was so nice to him but he ultimately decided he had to go through with his mission. the first daily visiting military service members and their families in italy. she says her heart goes out to the people of charleston. >> we've seen too many tragedies like this. and there is something particularly horrifying about something that happened so senseless in a house of worship. >> reporter: more details on the toyota toyota. she said she didn't know she was importing a controlled substance but police sources say she tried
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to conceal the painkillers in the package. >> thailand confirming the first case of mers. a businessman came down with it. it is the fourth asian company to register the deadly virus this year. that is your news update at this hour. back to you. >> thanks so much. stocks off a bit here. fitbit has been one of the stories of the week surging 50% in the debut. the eighth-best performing ipo this year. we spoke to mr. park about his ambitions yesterday. >>. >> we're more than just wearables. we have different products clipable products. we have scales et cetera. we're going to be focusing on software and services. the mission of the company is to get people healthier and more ak tifr. >> will that define the ipo market for the rest of the year? kathleen smith is the principal of renaissance capital. she joins us now.
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forget about the greek default and about the federal reserve hiking interest rates. this was a strong debut. is it fitbit specific or does it speak to a broader demand for hot ipos? >> well fitbit is the type of ipo that investigatorsors want. but the ipo is in pretty good shape. it didn't look this way. prior to june we were down based on proceeds and numbers of deals, about 35 to 40%. but in june all the sudden the light switch was turned on. it looks like june we're going to see as many ipos as we saw in 1999. we have to go back far to get it. why is the light switch on? the greece for the ipo market has to do with returns. we've seen positive returns for investors not just on the first
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day but in after market trading. that's what it takes to get the ipo engine rolling. >> a few themes. we saw box and fitbit and a lot of restaurant and food stocks. wing stop shake shack, in the restaurants, is that the sweet spot in terms of ipo? >> yes. it's been the restaurant stocks. definitely health care technology. you have to say just broadly, a fast-growing profitable company and i think fogo fits that and fitbit. and the biotechs which are a bit of a challenging segment but a very interesting segment to investors. and you note that i'm not pointing out technology. it's interesting to see this kind of activity and this kind of returns with very few technology ipos getting done and with the great numbers, i don't see any yet of those very large
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unicorn companies yet hit the calendar. we're having a profitable and active market without the unicorns unicorns. >> kathleen, do you have any color on what may happen next year? do you expect some of these huge tech companies to -- the ubers of the world to come to market, for example, and what would that mean in anticipation of that once you start getting that in the diary? do people have to make room for that? do they become net sellers elsewhere elsewhere? what happens? >> i think the issue with the large companies like uber is the pass to profitability. i think that's the issue. can we see these companies and figure out what their long term cash flow looks like. they're growing in the private market and are able to delay going public. they will make a big impact particularly if they're showing us the kind of earnings that they're hoping for, and a very large company, no doubt, puts
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itself in related to others and we know always that with ipos, or with just segments and companies, there's an overweight usually to technology. no one can figure out where to put them. is fitbit a technology company or not. there is going to be finding room in the portfolio and in the sizable companies. they have to make their way in. they have to fit into the overall landscape. >> i wonder how long is this window open for companies to go public in what has been a very solid demand-focussed environment for ipos? >> we continue to look at whether investors are making money in post ipo trading. that is the grease it takes to keep it going. also it's important that ipo market and valuations they hitch their wagon to the overall market. if the overall market stays healthy, the ipo market is a derivative of it.
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we expect it to continue. the market is a little bit different right now. back in '99, 2000, there was a big element of individual investors in the market. we think some things are different about this market. after this debacle with the dot coms, many investors and their advisers are looking at indexing. they're not in individual stocks. the kind of euphoria may be around some of the consumer names, we're not seeing that jump in with both feet individuals. they're working with adviser who are saying asset allocate with indexes. >> good point. we could be set up for a strong second half. >> you may have seen the news alert at the bottom of the screen. let's get the details live. >> simon, the epa and the department of transportation are now out with their proposal to cut greenhouse gas emissions and to make tractor trailers and
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heavy duty trucks more fuel firkt. the guidelines being proposed would impact those trucks built between 2021 and 2027. compared to trucks on the road right now, by 2027 those trucks would be about 40% more fuel efficient if these proposals go through and compared to 2018 trucks which are part of the first phase, the 2027 trucks would be about 24% more fuel efficient. there's going to be a comment period. the epa and the d.o.t. out with proposals to make trucks much more fuel efficient over the next 10 to 15 years. back to you. >> phil thank you for much for that. the big event risk for investors this weekend is greece. what will happen now ahead of all 27 leaders meeting on monday at 1:00 p.m. eastern? we will take you live to athens after this short break.
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welcome back. the drama in greece escalateing. an emergency meeting set for monday. we are in greece with the latest. >> reporter: ahead of the meeting we were waiting for the european central bank and what they were going to decide when it came to more liquidity.
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they came out and increased liquidity. it's unclear how much. we know, routeuters reporting also quoting banking sources that 1.2 billion euros has left the banks today in greece. that's why you would need more liquidity assistance from the european central plank. we may expect a similar decision on monday with the ecb if they were to stop providing liquidity, it would be cat strask. the expectation is they're going to wait until the meeting on monday to see if there's any good outcome baa there. the prime minister of this country is in russia for the economic krves economic. ahead of a speech he made, he made optimistic comments about the potential for a deal suggesting something could come out of meeting on monday. if you look at the day at the
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greek stock market that is when the athens index went into positive territory. someone who's not nearly as optimistic is the german finance minister. he said he's not expecting anything sensational on monday and that they are waiting for a credible proposal from the greeks. he's there on monday. there's multiple meetings on monday. so many meetings so far but so little progress. >> michelle, good to see you. we'll cross back later. in the meantime it's worth pointing out how good a week it's been. the nasdaq struck beyond the last of the bubble hurdles and the s&p mid caps. joining us now. neil.
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. good morning. >> good morning. >> for many people this week was important because it pushed back our expectations of what the fed might do hugely. maybe no rate rise this year. maybe just one. that's not the view that you take. why? >> well, no. i think that probably is what will happen. i think it's a debate over one or two rate hikes. even though my views on the fed have shifted a little bit. my views about the balance of risk haven't shifted at all. i think the labor markets are tighter than the fed thinks. i think both the markets and the fed underestimate the potential for dwroetgrowth in the u.s. and what the u.s. economy is capable of. we've seen a number of years now where the fed has really been bending to the financial markets. the financial market expectations for forward interest rates and i think looking ahead, going into next year, we're getting to a point where the markets may have to readjust their assessment. >> and so to the that point, an important point yesterday where
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citi suggested that actually the fed is so worried about lek widty right now and people trying to exit that we will not get the rate rises that the economy needs because they're too scared to the bond market. >> i think part of -- i think when the fed tries to tie it to the financial markets you get into circular feedbacks. >> they paint themselves into a corner anyway. >> i think the data is going to drive the market's expectations for what's going to happen. if the economy picks up in the third quarter, vehicle sales are hot. people are signing contracts on homes. >> why aren't rates higher then? >> i think one reason is because the fed has been guiding the same thing now for the last three years despite significant improvement in the economy. at the same time you've had very weak news out of the global economy, and as you were just talking about, this sort of
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headline around greece and i think that's created the sort of safety trades in the u.s. >> let's talk about stocks. i like what jim paulson just put out. he says there's an incredibly narrow window for the market to have a sustainable rally. while the economy's not too hot or too hold, and the federal reserve is on hold and not raising interest rates. we feel like we're in a period that will not last. >> we believe that to be the case as well. our kpaptation is a roughly 4 to 5% total return for the year. multiples are around 18 times. i would still be bullish if profit margins were at a low and moving higher but you have corporate profit margins close to all time highs. you're pawning economic growth as well as globally. globally like neil said it's decelerating. it's not terrific. here in the united states we've had first quarter and second
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quarter, kind of growth. third and fourth quarter we're expecting 3%. >> the excitement is happening in deals. m&a excitement is driving the deals. consumer staples are the outperformers. >> we would recommend that investors go to low momentum stocks as rates rise. high momentum stocks have outperformed the market over the last 36 months. we believe that's going to be -- there's going to be a massive shift. >> this is why the analysis that i mentioned from citigroup that's so important. you could argue that all the things that you told us won't amount to a hill of beans if you know the fed can't raise rates. if it really has a problem with the bond market, the rates are going to say lower for longer and if they know that, they're trading on margin.
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>> as a portfolio manager, if the federal reserve rate raises rates in september, october, or monday. every day i wake up is monday again. eventually they're going to raise rates. it's going to happen as you start to see wages go higher credit start to actually expand many particular on the mortgage side and we're in the camp with neil that you're going to start to see a good wall improvement within the economy. >> should they be doing cpe or cpi? >> i think they should be looking at nominal gdp. if you just look at jobs hours and hourly earnings that's running at 5% to 6 % already. it's about balance of risk and what the likely outcome is going to be. given have markets are currently priced, the prospect for an inflation surprise the there in
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my view. >> with that said the market hasn't anticipated that. it's not factored into the valuation not only here in the united states but also within the dollar. >> okay. we'll leave it there. have a great weekend. >> chad morgan lander and neil thank you both. >> coming up. hershey's stock is sliding. and news on activism with on kag conagra. we're talking restaurant stocks coming up. before i had the shooting, burning, pins-and-needles of diabetic nerve
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the hottest stock market in the world may be the most overvalued, we'll tell you which countries' shares you may want to avoid. and then catch the live segment in "power lunch," more "squawk on the street" after this.
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food stocks on the move hersheys citing weaker-than-expected chocolate
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growth in china. hershey previously guided to 4.5 to 5.5 increase now it sees revenue rising between 2.5 and 3.5%. and cutting jobs and cutting productivity figures. as for con agra all-time high for this stock, a 7.2% stake in the country by jana partners. jana planning to add three directors to conagra's board. conagra shares at a record so are other food stocks on this m&a chatter on the idea that conagra may break apart pinnacle foods sls at a record. when we come back the rise of rose sales up 50% last year. jane wells on the case in los angeles, when we come back.
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as we just mentioned, consumer staples are the best-performing group in the s&p and we were just talking about conagra and hershey going in opposite directions. conagra is at an all-time high on the jana stake. hershey is the one that cut sales and profit guidance for the year setting that straight.
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you can see the stocks are moving red and -- green. >> yes, a lot of action in the food space and the wine space, sales of rose are on the rise. our jane wells is on the "case" in los angeles. good morning, jane. >> hey, carl my first trip to napa in 1989 the first bottle of wine i bought was a sutter home white zinfandel, pink is among the new pinot, they're calls it brose, griz are theguys are the fastest-growing drinkers. we tasted a variety of roses, this is not your grandmother's white zinfandel. pink moscato is the new one. it's a good value, pairs well with food. premium imported roses priced at $12 and higher grew by 40% by
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volume, 53% by dollars. new york is a major market but even here in la la land millennials love it. >> it's everything i'm looking for in a wine it's cool it's refreshing, but it's complex, it has a lot of flavor, a lot of depth. a lot of acidity. there's a miss conception that all roses are sweet, they're not. >> brangelina are credited with being a catalyst for this they released their first rose in 2012. and templin says if a guy can wear a pink shirt, why not drink pink wine. the dow is down 20 points "squawk alley" is coming up next.
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