good morning. it is 8:00 a.m. at amazon headquarters in seattle, washington. 11:00 a.m. here on wall street. "squawk alley" is live. ♪ ♪ slow ride take it easy ♪ ♪ slow ride take it easy ♪ good monday morning. welcome back to "squawk alley." joining us is john ford and kelly tausche. the dow down 165 as we reacted to some of the headlines regarding greece. of course the dow briefly turned

positive. nasdaq and s&p in the green as stocks regain some ground since the opening. it was down 165 after the referendum over the weekend. our michelle caruso cabrera is in athens and has the latest for us. good morning, michelle. >> reporter: hey, good morning, carl. the more stability in the markets, the more there will be a tough stand. it's giving the creditors more leverage. the greek prime minister thought there would be worse reactions in the international markets if there was a standoff. in the last half hour we've seen from christine lagarde, the head of the imf, putting out a statement from her. the imf has taken note of yesterday's referendum in greece. we stand ready to assist greece if requested to do so. in the meantime, we wait. we are waiting for so many things. we are waiting for the announcement of the new greek

finance minister. local reports suggest it will be an oxford educated gentleman who is a part of the negotiating team. no confirmation on that, what the ecb does when it comes to extending or not extending liquidity and sending more cash to the country so the atms might keep on working. we're awaiting an official announcement on the greek banks. reuters quoting banking sources, there will be a decree saying banks will be closed for yet another week. there's a meeting tonight between angela merkel and hollande. the prime minister of this country is supposed to present new proposals to on the table to try to get a deal done and what he says in the next 24-48 hours. we'll see if there can be any kind of common ground after all of the tough statements back and forth calling one side blackmailers and out of europe,

clearly incredibly frustrated with the situation with greece. >> both the economics and the politics on this one. we'll come back to you soon. our michelle caruso-cabrera. let's talk to the head of u.s. economics over at barclays. >> good morning. >> is had your base case? >> it is our base case. in the next week or two and certainly by july 20 that ela support is likely to be removed and that would put a situation where the greek banks would be both liquid and insolvent. we think an exit from the monetary union is a base case scenario. there are ways around it but that's what we're thinking now. >> right. and so does that necessarily mean the return of the drachma or are we in some sort of currency neter world where it's a matter of ious and barter systems? >> there are still many ways this could go. i do think you will see ious as

additional wages do get paid. it's not altogether certain that they would lose the drachma and get out of the euro but certainly that's an option as well. it's very fluid, as michelle mentioned. the markets so far are very stable in their reaction. political leaders are getting together. we need to see something really in the next 48 hours, otherwise we'll see a lot more volatility. >> michael, motley crue once said don't go away mad. how much does it matter how mad greece is when it goes away if, indeed, it does? and how close it gets to russia because there's that possibility looming as well. >> well, that's right. many people argue that greece was let into the euro area to begin with on political concerns, not necessarily economic concerns so, yes, they're in the background if they leave us, where do they go and who do they turn to? and that could lead to a different political calculus. you're right on the anger front. people need to take a breath and step back and say what do we want out of this?

we're meeting again. let's try again. otherwise we know it gets uglier from here. >> michael, why do you think the markets have been able to shrug this news off the way that they have? because even that sense is scaring people a little bit. there's a note that's making the rounds here on the trading floor where peter tur says even lehman was in a moment, cut their losses in half on september 15. the s&p 500 even closed up that week. how clearly are the markets portraying the risk at hand in this situation? >> well, i think the view would be that, look, relative to a few years ago public sector exposure to greece has risen at the same time exposure has fallen. direct exposure to greece seems very, very minimal. today the ecb has a lot more tools at its disposal and it's already demonstrated a willingness to do whatever it takes. so the view is, rightly or wrongly, the view is that spillover risk is contained at this point in time. on other side that have data in

the u.s. is doing okay. so at the moment financial markets are looking at this and thinking, yes, it's certainly a big problem for greece, but less so a problem for europe and the u.s. that's the view. let's see if it holds. in the past that hasn't always been the case. >> look around at other economies in europe who have high debt loads and low growth and some of those opposing political parties are starting to try to make a stand locally the way obviously it was done in greece. i wonder if you think the central bank has painted themselves into a corner here. >> certainly they've pledged -- once you pledge to do whatever it takes and you let one member go then, yes, you must be very willing to protect who is left. if markets do sell off in a way that spreads, then portugal, italy and spain widen. you have to step in there above and beyond what you're already doing now, so retriggering omt type of program to keep

sustainability for the countries that you keep. once you pledge, you have to step up or you can lose credibility quickly. >> that's becoming more and more clear as you said. we're going to find out what the next 48 hours are like. michael, hope to talk to you again soon. thanks for your time. michael gapen joining us from barclays. go pro unveiling the next generation. its smallest camera ever. the ceo nick woodman is with us in a cnbc exclusive to break it down. pay pal ceo speaking out about life as an independent company. details on his strategy as shares of the independent company after the bell. and amazon says its 20th birthday party will, quote, bring more deals than black friday. we will explain with the dow down 27 when "squawk alley" continues. here at the td ameritrade trader group, they work all the time. sup jj? working hard? working 24/7 on mobile trader, rated #1 trading app in the app store. it lets you trade stocks, options, futures...

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john, good morning to you. >> good to be here. >> we'll start with go pro today. shares after the company unveiled its smallest camera ever. the go pro hero four session. the new product cost $400 and is the first new design in nearly a decade. goldman initiating coverage on the company with a neutral rating, a price target of $60 a share. they say we do not share the bare view that go pro's business will commoditize as the strong content engagement has created a powerful consumer brand.

it's not a camera on a stick apparently. >> they're neutral on it and their point being for them to bring out the quad copter needs to be at work trading at a peg of 1.7 and the other point is cloud based software. it needs to be easier to break into the mainstream to upload footage. i launched a rocket and use add go pro attached to my drone. the hardest part was actually getting the notta anot footage camera. >> the day is coming you won't touch the card, right? you'll wirelessly stream and be ready to edit. >> yes. i tried to ask him about the software challenge which john brings up. i, too, used my go pro this weekend. this is bullish for go pro in a way. the more you use the go pro, the bigger the management headache later. if i take a picture, it's fine. if i shoot a nine-minute video that i have to edit, oh, i don't want to deal with this. i think it's not just about the

drone. it's not even about -- it's how do you get me as a consumer, an average consumer, not a professional, to buy three go pro cameras and be happy about that and excited about the process of working with it. they need to fix that software. >> and then there's the overhang of the fact that it is a momentum stock and on a day like today when you have a neutral call with a $60 price target, $10 above where it's trading now, if people are just taking money out of stocks like go pro whether you like the story or not. >> yes. it's hard to argue that the company is sustainable at this price. it's cool hardware with no software that differentiates it really. people like the product who have it. they really need to put design and elegance into what they've done now. right now it's basically just a small camera and it's pretty easy -- >> i think you've gone too negative. i think the last update they did a few months ago was brilliant. lower cost cameras, the entry point is good. i think without the right

software they run in a wall within the next year, 18 months, where people are like i have to go -- >> have you gone online and searched the verticals about that people have used? >> it's not a media company. they have very little subscriber base. the analysts that write this up have no sense. a few million subscribers? give me a break. a bunch of youtube video. try to build a media business on that. they need to build a software company before that. >> they were in cannes selling the story. >> i like xander. he's really good. one person doesn't make a media business. to my point they need to get the content on the web first, create the marketing fly wheel of people being able to easily upload footage and then worry about building a media business. most people just leave the footage on their camera. i can barely get half the footage off my camera now. >> we'll talk to the go pro ceo nick woodman in a cnbc exclusive coming up a little bit later on

this hour. next up, paypal will begin pricing its shares as an independent company today ahead of the official split from ebay late next week. the ceo dan shulman saying that acquisitions will be a priority for the company going forward. he says, quote, the balance sheet affords us the opportunity to look opportunistically where it makes sense to acquire. i think there are a tremendous opportunity to look across the world. remember last week paypal bought online money transfer company zoom in a deal worth $890 million. are you interested in this? how interested are you in what's going on? >> i'm very interested. this interview worried me. you have a lot of marketing speak. didn't directly address what i see as major threats. facebook messenger moving into remittances as they have i think is going to be a problem for them because the free ability to exchange money within paypal was part of their premium model. plus you've got stripe that's doing really well working with developers on in app payments and you've got apple and samsung with apple paying samsung pay

taking away the retail business where paypal made some fumbling attempts a couple years ago to get traction. so he didn't address any of that, and that concerned me. >> he also talks about putting the balance sheet to work which, yes, they're going to have $6 billion in cash. according to the road show about $1.7 billion in free cash flow. when you look at facebook, $12 billion in cash that it generated last year and equivalents. it's going up against tech companies that are moving no payments with war chests multiple the size of paypal. >> it was a very scary interview because the interview lacked strategy and clarity. a lot of marketing speak but not an app that does this, stores and we're going to do this in stores. and the comment, i have a lot of cash. i can go buy stuff. there's not a clear strategic direction in that interview w. that said the ft writer had nothing nice to say. was questioning every line that shumann had to say. i've had harder articles written

about me. unnecessarily so. >> also theres a very detailed slide show that the company has put together that has been talking with investors about and it does lay out -- i wouldn't say necessarily a clear strategy but a better strategy than you can glean from the interview. >> this is the theme we're having with executives that are first time ceos. they think they'll do a polished speech that says nothing. wall street wants straight talk. and when you use jargon and don't use specifics and don't show your humanness, they get nervous. >> i can't imagine what you're talking about, other examples. that's sarcasm. some vivid examples of that. >> it was the twitter one, right? a lot of nothing. and then the ceo is on. our friend spencer says whatever he wants to say and people find him more compelling. with that said his stocks have been down, too. >> amazon celebrating its 20th anniversary by going after black friday. announcing july 15 will be prime

day. according to amazon it will be filled with more deals than black friday. the company promises thousands of lightning deals with many starting as often as every ten minutes. if there is a catch, all these deals will only be available to members of amazon prime. do they have the scale to sort of just create this out of nothing? >> yes, they do. it makes a lot of sense because the second half very important to amazon. you have this gap between dads and grads season in may and back to school in august. if they can get people signed on to this free trial of prime, which they're also giving 30 days free throw on prime, if they can get them hooked during this fake holiday, then they're going to come back for back-to-school, come back for the other stuff down the line. so it makes sense. they have the scale to do it. they're going to have to do a bit of marketing spend probably to make that happen. we'll see how it shows up in the results this year. >> do you think it can be sticky enough to get people to start paying for prime after that 30-day period? >> the claim is they're going to hook people with great deals. if it's anything like the amazon gold box deals which are super

lame and make no sense, i don't think it will be particularly compelling not like best buy where it's $200 for an l.e.d.tv if you get into the store at 6:00 a.m. but random, boring deals. >> i bought a tv because the deals were that good. if they go there with prime day, is that what they're calling it? i don't know. then maybe it's pretty good. which day is it? are they prime nuls? >> it's the birthday of the company. >> they should have picked prime numbers, though, to do prime day. >> so 17. >> then the math geeks would have -- >> i thought the narrative was they were emphasizing selection and convenience over price. that was what was being written for a while. the other thing that strikes me is -- i forget the other thing. that's the key. are we back to a price war on amazon? >> i think they're back to trying to replicate something that's a traditional holiday. to do that it has to be massive incentive deals as opposed to the longer term if you use this you make up the shipping prices over a longer period of time. the marketing message of great

deals on one day doesn't quite fit with the whole prime argument. >> but this is not a company that complies with marketing messages at-large and isn't afraid to throw its margins around. >> i don't think they've been great with marketing prime video either. most people don't even know it's something that they can get. they've just started to explain that more, too. a better marketing thing for them to have done would have been an explanation of all the money you could save. a shipping calculator or if you have this much in shipping dollars throw a switch and get a refund and be a prime member instead. >> this is about the ecosystem and hooking into treasure truck, prime day. get in for free and see how much fun we're having. it's like chuck e. cheese for retail. >> watch some videos while you're at it. jon, good to see you. good stuff. jon steinberg joining us this morning. up next stocks are still in the red. they are off the lows that we saw at the open. of course amid concerns over the situation in greece. but with europe more broadly in turmoil, the european market close is always incredibly important for the rest of the

trading day today is no different. we will have that impact on the market here with the dow down 57. the s&p down seven and the nasdaq down about 14. keep it here as we told you last hour go pro ceo nick woodman joins us in a cnbc exclusive later on.

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markets are lower after a decisive no vote in greece set off uncertainty and volume tift in markets around the world. joining us is former u.n. ambassador to greence. good to have you this morning. we've heard from our michelle caruso-cabrera the more they're able to shrug off the news, the more leverage the ecb and eu have when prime minister tsipras promotes new bailout terms. do you agree with that? >> that is true. the europeans will be market the markets and if the markets are

calm, they're going to be fairly tough with greece. greece is the canary in the coal mine. it will come back to haunt them in the future. >> how do you think the flaws get rectified? it's nothing new. >> over the last five years what you've seen is it's hard to manage the crises if you don't have a fiscal union and you don't have a banking union or political union. on other two fronts they haven't made any progress. 18 countries have to come together for the bailout for greece. it's difficult to manage these crises and either on the one hand they let greece exit, a challenge for greece in the future or if they somehow do something overwhelming to keep

greece in they signal to other countries that, well, if you have a referendum you can get easier terms. they're between a rock and a hard place. >> how much do you worry about putin being a shadowy white knight? >> i worry a lot about that. you saw the russians all over greece. a lot of people in greece sympathetic to the russian view of the world. even if greece leaves the eurozone it will still be a member of the european union and it would be nice, i'm sure, for the krem rin to have a voice as well as nato. >> you don't see it as an out and out slow motion annexation. you would think more about having some of your people on the inside? >> much more valuable to russia to have greece being their voice within nato and the european union than trying to adopt greece. >> so, ambassador, what is the

united states' economic interest in this? do we just sit back and wait for europe to work it out or at a certain point does the u.s. government need to step in and do something directly with greece? >> directly with greece is difficult because it's a member of the european union but we do need to be saying strongly and firmly that we need the european union to fix this, to be a strong pillar of support economically and politically in the world right now this is a small, $30 billion check to keep this from collapsing is a small price from the u.s. perspective. i think our interests are keeping greece firmly planted as a positive player in the european union and nato. >> so what do you view, ambassador, this fix to look like? there seems to be unity among european leaders and increasing

impatience especially among german leaders with greece. deputy chairwoman of germany's ruling party tweeted the eu is not a make-a-wish club in which a single member makes the rules and others pay the bill. it seems like the broader eurozone wouldn't mind at this point. >> that's the problem. i think realistically we're going to have to hope that cooler heads prevail and what their part of the problem is. from the european side they've been in this extend and pretend mode with the debt of greece. greece, everybody knows, can't pay back 170% of its debt. they should be looking at significantly reducing the overall debt burden. on the other hand greece can't get a pass. there's no easy way out of this. greece needs to come to the table. it says we're willing to do tipped tough fiscal reforms and stabilize our economy if you're willing to give us significant debt relief. do i think that will happen? no.

we're stuck. we're going to have to get to the next level before we find a way out of this. >> ambassador, we appreciate your views this morning as you try to make sense of this. >> thank you. >> europe will close in about 60 seconds. simon hobbs to wrap up a lot of red. >> negative territory. considering you don't know where the project will be next, it's not that bad. clearly they can't kick the can further down the road. they're going to have to do a deal on the debt. we'll come back to that in a moment. let me show you what's happening with the greek bonds not as liquid as they might be. you've already had a private

restructure but you can see the way in which you spike the two year, the ten year has gone up. i spoke about the potential political contagion, it's the italian banks hit the worst today for fear if you let one eurozone nation off with its debt maybe then the italians, for example, would ask that the same happen to them. >> it will be the shareholders. italian lenders down 5.6%. other banks across the eurozone have fallen. portuguese down heavily. the big eurozone banks hold a lot of the credit default swaps together. also in negative territory. if you look at the yields on the peripheral debt, yes, the yields are higher. you have to under the bigger picture, of course, the ecb has

come in to suppress those yields earlier in the year. that's a look at where we are on the spanish, there you see similarly they are higher. another spike from when the referendum was announced about a week ago. you see -- and we bounce back above $1.10 from where we were overnight. people will go and it's worth repeating because it's the chain argument. if you lose the weakest link in the chain, greece, the eurozone will be stronger. you take those euros elsewhere and you buy chinese stocks or whatever. when you are getting more risk averse you are selling those assets abroad.

you repatriate into the euro which is sometimes why you see the euro higher. >> simon, thank you very much. simon hobbs. when we come back, go pro unveiling its smallest camera ever. the hero four session. ceo nick woodman will break it down in a cnbc exclusive interview. but what if you could see more of what you wanted to know? with fidelity's new active trader pro investing platform, the information that's important to you is all in one place, so finding more insight is easier. it's your idea powered by active trader pro. another way fidelity gives you a more powerful investing experience. call our specialists today to get up and running.

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good morning, everyone. i'm sue herera. the deadline is near. iran's nuclear talks continuing in vienna. the british, russian, and chinese foreign ministers arriving at those talks. the six world powers and abroad are hoping to reach a final deal by tomorrow. u.s. and south korean forces conducting a joint military drill in south korea. about 900 american soldiers and 800 south korean soldiers participating in the exercises. the aim is to train both sides in logistical support. amazon trying to lure more subscribers to its prime loyalty program by pushing a day of discounts calling it prime day. it plans to offer thousands of deals on july 15 in the nine countries that have the program. it's pegged to its 20th

anniversary. the co-founder of burt's bees has died. he was pushed out 15 years after founding the company for having an affair with an employee. he missed out when the company was sold to clorox for $900 million in 2007. he was 80 years old and that is your cnbc news update. now back to "squawk alley." the greek government has nailed euclid tsakalotos to replace yanis varoufakis who resigned earlier today by seeding away on his mo pedestrian. says his departure could speed the way. taskalotos has been a spokesperson for the government interesting to see if he can

build some fences in the way varoufakis could not. >> push the reset button. >> and hopefully as we heard from the former ambassador to greece will be a cooler head that can prevail in very heated talks. >> go pro announced a new addition to its lineup. at $47 it's the smallest and lightest go pro yet. go pro founder nick woodman. josh? >> thank you for joining us. nick, just walks through beginning with what is new and different about this camera. >> well, session has been over three years in the making at go pro. we challenged ourselves to build the smallest go pro possible and the result is this little guy rng session. it's half the size of our other cameras, 40% lighter. and yet it packs our emmy award

winning image quality into what we think is one of the most convenient ways to capture your life. >> so it's smaller, lighter, waterproof. $400. would you expect, nick, that to cannibalize sales of the higher-end camera at $500? >> no. i think that session is a perfect camera for existing go pro customers that want an additional go pro to capture additional perspectives of whatever it is they love to do. it's a great deal for their life capture bag. this is so easy to use. at the highest end black, it is for those that want no holds barred performance. the best of the best. then you have hero four silver which retails for $400 and that's a perfect blend of

performance and convenience with its touch lcd screen in the back and then session which is just focused on size and simplicity and appealing to a lot of customers. i think session does a good job of rounding out the high end line of our products. >> nick, who do you think the new camera is for? when you imagine the audience, is it the surfers, the snowboarders, like your boy sean white, or is it friends and family? >> it's for everybody. we had obviously the athlete in mind when we made this being so small, light, convenient to mount, low profile, lightweight, incredibly durable but then we also -- i'm a father of three and when something is happening in my household and i run to grab the camera, i want something fast and easy to use and session is very fast.

press the button on top. it turns on in about three seconds and begins recording video automatically. now i'm recording you just like that. it's all in one waterproof. if we're going to jump in the pool or my kids will take a bath, i don't have to look for the water housing for my hero four black or silver. i can grab waterproof, jump in the pool, have fun. incredible audio. the sounds aren't muffled. this is the best sounding we've ever made. while it's great for sean white or kelly slater this is also great for dad to capture his family and have it be as quick and easy as possible. >> i did see reports this would be the last new go pro this year. >> i don't know who they're talking to. we don't talk about our road map publicly. we have a lot left in the bag.

>> you had a question for nick? >> i do. it's dad. i took it out this weekend with my son going on his first trail bike ride. here is my problem and i asked you a bit about this back in may at the code conference. the more i use the go pro, the longer the footage is that i capture, the more of a headache it is to actually do something with it after. though the session looks great, i'm afraid to get another because it's hard enough for me to get the footage out of this as it is. what kind of a software solution can you craft to solve that problem for me and others who have it? >> i hear you and i share your pain. i joke but i have stacks of sd cards growing on my home office desk. just like the towers in the game of thrones. my family in the last few years of my life is often trapped on those sd cards and it's really frustrating and so in one sense

go pro solves one pain point of helping people capture their lives and self-document themselves in this new way but in another sense a new pain point is created of what do i do with all these data and photos and we recognize this had about three years ago that go pro was really in the content enabling business more than anything and people were buying it to capture and share incredible content. when we lkd at how are we doing on that front, making it easy to organize that content, easily edit and share it, we realized we had some work to do and we've been investing really heavily over the last three years. trying to make it easy to go from a great afternoon with the cool in the pidz to sharing it quickly there after and as we've shared with you, john, we're making great strides. we're in alpha testing that we

hope to roll out to consumers sooner rather than later and are excited about how it's looking. >> gopro dominates right now. more than 90% share. a lot of the excitement is your opportunity overseas especially china. can you give us any insight about how business is going there? >> business in china is really good. for a brand-new market where we had in formal presence we're off to a great start. how many go pros we sell through one store per week is really good when we compare it with a more mature market like the united states so it's really promising selling very well online there. we're feeling really good. >> a question for nick. >> nick, obviously the drone news good a huge round of applause. any update on that and some viewers are interested if there's been any effort to lefrm the demand for body cameras among police departments around the country.

>> sure. on the drone front, we're having a ton of fun. they're airborne and we're getting incredible footage and as we shared we're going to be coming out with our own in 2016. i'm a control geek, if you will. to be able to take this little guy and get it airborne and it will be amazing and then on the police camera question, yeah. we know that go pros are widely used by law enforcement officers, special forces, military because it is such a durable capture solution but i think we're benefiting more

drfting than developing specifically for it. our primary focus is on consumer markets and enabling the world to capture and share itself in this new way. >> you guys besides drones are moving to virtual relate. you have this camera that can capture spherical video. a lot of tech giants in that space. so facebook, sony. when you think about go pro's competitive advantages, what are they going to be, do you think? >> we're the content enabler that facebook, microsoft, google are developing. they're all looking to go pro. both those tech giants as well as the consumer is looking for go pro to enable spherical capture that is going to make for interesting content to watch on the platform.

i don't think we're in competition with the microsoft, the google, rather it's a beneficial opportunity that we all have to bring vr into the mainstream and create an entirely new way of consuming engaging content. >> john, a question for nick? >> sure. nick, it's been a while now that you've been a public company and we know it's different being a public company ceo, how has the journey been for you? running the company in the eye of public investors? >> running a public company than a private one, coming from a guy who this october i'll be entering my 14th year as go pro ceo. and the private years were a lot of fun, formative years but challenging because you're private and by private you're private. nobody knows what's going on with your company.

so you might have a fantastic story to tell, one that would excite investors and, most importantly, excite new hires. but you can't share that story, you know, broad ly. you're private. and as soon as you go public, your story is out there and you should only go public if you have a good story and we have a fantastic story at go pro so the result is we've been able to attract fen om fal investors but most importantly we've been able to attract phenomenal new hires, talent, passionate people that believe in our vision and want to help make it a reality and so the go pro today is moving so much faster than the private go pro of yesterday just because of the people that were able to attract and that's the main benefit, i think, the most impactful benefit of going public and then as it relates to me personally it's so much more fun. when i look around the company, the people that i get to work with and what they're achieving, everything is getting easier. and so if your company is ready

to go public, i say do it. >> and finally, nick, what about for investors? the media opportunity here, monetizing that content. it seems like in the intermediate term, what the media is another marketing tool for the camera. is that how we should think about it? >> well, in many ways we do benefit how disney benefits when they put out a big blockbuster movie and they have all the merchandise sales and the cruiseship sales and the resort sales and visits afterwards. when we and our customers produce really compelling content it gets shared virally globally. awareness for go pro, demand for go pro goes viral and we sell more product. so in that sense go pro is already benefiting from the media strategy it's just a new form of media strategy and we're selling our own product as oppose to running advertisements for other companies selling their products. today that's working out really well for you. as we've shared, to john's question about software that helps people more easily croat

and share content, when we roll that out, the amount of engaging go pro customer generated content that we see out there is going to scale massively, and we'll be able to aggregate the best that have and redeploy that, redistribute that as go pro entertainment programming. we're seeing that today in the early stages and we expect that to expand dramatically in the coming years. >> nick woodman, thank you for your time, sir. we appreciate it. carl and john and kayla, i'll send it back to you in new york. >> thanks, josh. thanks for bringing that's great interview. nick woodman looks positive most of the time. coming up, shares of twitter slipping during jack dorsey's first full week on the job. what the future hold at the social network in a moment.

coming up at the top of the hour, market reacting to events in greece and china. we'll speak about both. plus is chipotle losing its sizzle? how far barren's thinks the stock can fall. we go live to the trading floors in chicago for why the future may never look or sound the same again. john, we'll see you in a few. today marks not only the return from the holiday weekend but the start of jack dorsey's first week with twitter.

bob, this stock seems to swing around every couple of months. now we have the new ceo. the mandate is to get product out faster. >> he's going to do a couple of things, get the internal staff motivated and really working hard. number two, continue the cadence of product rollout. number three is keeping the rollout of products. and number four is to be able to communicate that effectively externally. now more the attention of how is the quarter going. how will the user metrics, the monetization. look for wall stroet to focus there. >> is the case jack dorsey is the twitter ceo, that was the thread that emerged as soon as he was appointed interim ceo. do you still think that's the case? >> we actually don't think so. twitter said you can't be part time. i don't think a lot of people realize this jack owns about 25% of square.

it's very difficult for him to walk away from square and twitter wants him to do a full-time job. >> in terms of the quarter, they did give some guidance. is that low enough? >> no. they talked about revenues. what they didn't talk about were the user metrics which we've said publicly can decline for the first time ever from q-1 to q-2. they have a couple of core things to turn around. >> can they ever change that story from the focus on just raw monthly active users especially when facebook seems to be continuing? >> we think they can. we're bullish longer term. if they can capitalize on those users who are not logged in but are real users and increase the

monetization, a very long runway for them. >> is it the right step in that direction? project lightning. >> yes, it is. very much so. it's begged the question by investors the piece that chris wrote which was brilliant and dead on, why weren't some of these things done earlier? whoever the interim ceo is, they need to capitalize on the product cadence. >> there's a line in there that say there's always the optionality of a google bid. do you take that seriously or not? >> if a bid was imminent, why bother to go through the transition? we just don't think it's imminent for twitter. >> when we come back the record breaking and for rock legends the grateful dead. we'll get some details in a moment. gs a new look.

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attendance records previously set by u2. they sold out shows friday and saturday night in what were the final performances. seeing some statistics that argue they could make $50 million off the last round al e alone. our own steve liesman, he covers the dead for cnbc. >> this is the first band i think, or at least the brand is bigger than its music. you recognize the tie dye. >> and saturday morning reporting, too. >> we talked about licensing, ac/dc in the news. you could make an argument that no one has handled their brand better and more elegantly than the dead have, right? >> willing at the chart history, i think number nine is the highest any one song ever rose but one of the most successful

bands in history. >> unbelievable. >> pretty interesting turnaround for the markets. the dow down 165 at the top of the open, the opening bell. we'll see what the afternoon brings us. now to "halftime" and scott wapner back at hq. >> already, guys. welcome to "the halftime show." store today steve weiss here along with josh brown and pete najarian. losing its heat, are chipotle shares in danger of dropping another 20%? someone said yes. our call of the day. pit stop, the end of an era for one style of trading. where the now tour is bound to be a little quieter. investors react to the no vote in greece. stocks staging quite a comeback only to start drifting lower again within the last hour or