of things in-sync, in real-time. leaving you free to focus on what matters most. good morning, it is 8:00 a.m. at twitter headquarters in san francisco, 11:00 a.m. on wall street and "squawk alley" is live. ♪ ♪

♪ welcome to "squawk alley" this morning. jon steinberg joins us, the ceo of the "daily mail" in north america and jon fortt and we'll get to kayla tausche in a moment. we'll start with the markets, dows off the highs, we opened up 2 50rks but still jumping this morning, a nice 1% of the gain as the dow tries to recoup losses from he haddy. we're keeping a close eye on the technical issue that halted trading at the nyse for almost four hours at about this time yesterday. bob pisani is on the floor with us. >> the nyse said it would be a smooth open and it was. we've been monitoring the trading activity. nothing out of the ordinary.

the volume is about normal. people were wondering whether it would be some slippage to additional business on the floor i don't see it, 230 million shares changing hands, a pretty good number for this part of the morning. the important thing, no glitches, looking at a couple of stocks here, palo alto, net sweep. hub spot. zendisk. big chinese names trading as norm@al. all on the upside. i put up the shinzhen and the shanghai stock indices, 5% rally in shanghai, the biggest one-day move in six years. a lot of the stocks are not trading, so that the caveat. >> there's stock restriks, so take all of it with a grain of salt. over in europe we had two things to deal with, not just china, but vague hopes on greece, there's talk about them

presenting a plan. nothing of it is concrete yet. but generally the european markets are up. so germany, france and spain are up. the greek market is closed in greece. but here in the united states there is the g.r.e.k., that's the etf for greece where traders try to estimate where they think greek stocks should be going and they buy them here in the united states. that is up fractionally but still very much near the 52-week lows. people are still not expecting any tremendous deals out of greece. think there's still a lot of caution on that on pepsi, had good numbers this morning. pepsi trading up fractionally. off of its highs, i think the good news is they had a beat, north american sales were quite strong and they gave very good guidance overall. the down side, take a look at pepsi's earnings, $1.32, hasn't changed in years for this quarter. so pepsi needs to increase earnings right now. the good news they're trying to do that for the next couple of quarters, back to you.

>> bob, quick question, i remember there was an etf yesterday suggesting that china's market, traders expected that china's market to be down overnight. it was up big what do you make of that? >> what they make is they came out and some of the major chinese institutions came out overnight and said they were going to be aggressively buying overnight. the feeling was that kind of changed the market tone completely around. the morning session changed when the companies said they would be aggressively buying. but you're right, jon, yesterday they were making bets that the chinese market was not going to make a recovery and obviously the statements from these companies that they're buying changed things around. the bet this time was wrong. >> if i'm tom farley and this happens, the first thing-day is freak out and try to figure out how to fix the software. the second thing is can we trade with paper and open outcry to show if this is the only place that if technology fails, the

system is preserved. did they ever do that? >> there's real problems with doing that. they're all using handhelds at this point and the handheld devices which everybody uses, here, pardon me, show them the handheld device is here, good example, the handheld device is how they communicate. so the paper doesn't really even exist any more for them to do that the question was could you guys ever use paper devices any more. >> we'd like to. >> there's a comment, an honest answer from a broker for you guys. >> there was a fair amount of frustration in-house, bob, yesterday, no surprise. we'll come back to bob pisani who has been our eyes and ears on this for the last couple of days, our thanks to him. we talked about fireeye being up 1% is that a long-lasting dynamic? people talk about the flash crash, but i'm not sure decisions are made with that in mind. >> personally doubt it. i thing i heard people out in the real world talking about,

was this some sort of hack. with all the things happening yesterday it doesn't appear that was the case. when you look at it the system overall, outside of the nyse, seems to have worked pretty well. that's a calming message and to come back here today and it's working, that feels good. >> everybody has pointed out the redundancy, there was not a lot of volume. the reason we saw the chart move to the down side is because had was not a lot of volume. on squawk box there were 10 or 11 exchange and dark pools. you realize there is a single point of failure in terms of liquidity in a lot of ways. >> especially when it comes to the close. when you have to do software upgrades at "daily mail," this has to be one of the top two or three most important things on your agenda. >> they fail all the time. you do a roll back. you do a software push and it breaks something you didn't expect. yesterday we had a failure of elite daily during the outage of the stock market. for a second we thought was

there a hack or something, in fact they had pushed an update it messed something else up, we rolled it back and were back live in six or seven minutes. >> we're going on today, a lot of discussion about twitter, could adam bain be the next ceo? "business insider" reporting that bain is the board's top choice to take the reins from jack dorsey. saying it's his job to accept or reject. no timetable for when the switch could happen as some speculate that dorsey wants to keep the job. we sat down with adam bain last month at cannes and asked him his thought about dorsey's return to twitter. >> i'm ecstatic that jack is coming back at ceo. you can't find a more commercial ceo than jack. he's running a terrific business-to-business company. he thinks all the time about brands and marketers. in fact a bunch of our marketer partners know jack and are exposed to jack so it's something i'm excited for him to come back. >> let's bring in kayla tausche

who is in new hampshire. she spoke to bain, kayla, you thoughts on the stock, no the really moving. >> i don't think the stock is moving because there's an expectation from investors that we won't get any news or official news for that matter on who will be the next ceo until they get after the earnings hump on july 28th. there's some sense that maybe you could get weaker-than-expected earnings, you wouldn't want to hand that to someone coming into the job. what i made of bain of what he told me through the dpl view. he's praising jack and his relationship with the marketers. that's true when you think of a partnership like american express, which is hugely important for twitter. not only does bain manage that relationship, but jack dorsey also knows american express well. there's a lot of synergy in those relationships. what it comes down to is which way the board sees the competencies of either of those gentlemen going. you have dorsey with product

expertise, he has built two hugely successful companies, but is he able to effectively communicate with wall street and with the twitter audience? bain, on the other hand, runs revenue, he runs partnerships. is he able to effect i have beenly manage a product team and effectively communicate what that product strategy is which depends on which of these guys you see being able to do both of those jobs. that's what it will come down to. >> it comes on the heels of nilt bilton's comment in the "times," arguing that he wrote the book on twitter and still doesn't know what the company wants to be. pop lated with board member who is don't use the product. which he says is like being the board member of starbucks and not drinking coffee. >> it's true, but when a company is having trouble, nobody asks what facebook really is, when it's buying whatsapp and instagram. you don't care what facebook is it's near 52-week highs. nobody asked what snapchat was when it stepped away from the initial business. but the twitter thing doesn't

seem right about it it was less than a month ago that dick costolo announced he was stepping down. there's no way you can do a thorough ceo search in this amount of time. either they're not doing the search these said they were going to do or they aren't as settled on adam bain as the headline suggests. you've got to bring people in get a sense of how comfortable they are with the company and where it is. and they've got to make presentations to the board about their strategy. that's something that companies tend to do. something about this doesn't sound quite right. >> my speculation is if jack steps down from the ceo as square he'll get the twitter ceo job. in silicon valley, the founder has divine right there was such a history of founders being pushed out. such a bad thing they did. zuckerberg, such a success, if he steps down he gets the job. if he doesn't, adam bain in my speculative view gets the job. because he fits exactly the mold of jeff wiener, a great executive who is grabbing for

the brass ring, a big jump, a ton of experience and successful track record. i don't think the company can sustain an outsider at this point. >> to jon steinberg's point. he's a founder or co-founder, dorsey, but he doesn't have nearly the stock ownership that zuckerberg has at facebook. >> the stock ownership became diluted when the company went public and they've brought in hundreds if not thousands of new investors. your point is good one. but i agree with jon steinberg that a founder does have a divine right. mark zuckerberg said one of the reasons why there is such a cloud hanging over twitter is because you don't have a founder that has control over the company. that has a long leash, that has the trust of investors. has run way to do what they want to do with the product. that has shown their performance over the long-term. the problem is that jack dorsey has founded two companies, if you're going to accept the

divine right at one of those companies, which is it? >> that's a good point. it looks like you're in a bank, kayla. can you tell us what you're doing in new hampshire? >> i am in a bank, carl and while it might look like a vanilla, run-of-the-mill office it represents a post crisis milestone. it's among the very first commercial banks to actually open its doors after the great recession. and we're going to talk to the founders, talk about their story. how they were actually able to end this perceived or real bank drought that we've seen over the last five years. what the special sauce was and whether the business is replicable and whether it can pete in this world of alternative lending and whether the relationships at the end of the day can carry the bank. we'll have it for you later this hour. >> our kayla tausche joining us today from new hampshire. >> switching gears from the place where they keep the money, to the people who have a lot of it. biggest names in media.

descending on sun valley. including libya media chairman, john malone and julia boorstin caught up with him and joins us with more. >> john malone, now that he's finished charter's acquisition of time warner cable, he's moving on to the next potential deal and he tells me that he's focused particularly now on content and his investment in lionsgate. >> there's always deals to be done. whether it makes sense you know, whether they want to do it, who knows. but it's about learning a little bit more about content creation. which i'm not, i'm an engineer. what the hell do i know about content. but you know, trying to understand where these ideas come from. how do they get created and produced, how do they get selected. because that seems on the entertainment side, the quality of the content you know, development characters, development of stories is going

to be very important. in this random access world that reed hastings is driving us into. >> industry insiders tell me that malone could be considering combining some investments, including starz and lionsgate. he wouldn't comment on that specific potential deal, but he did say that consolidation in content is inevitable. >> you got to have scale to meaningfully play. so sure there will be continuing to be relationships, aglom rations, maybe consolidation from an ownership point of view. just could be sort yums, i think that's just the way the world is big bubbles get bigger, little bubbles disappear. it's physics, that's really what we're seeing going on here. >> a number of times in our conversation, malone praised netflix' reed hastings for changing the game.

he said a budge of his companies, whether it's starz or li lionsgate or liberty media are trying to get a bigger piece of the streaming video business that hastings has pioneered and he said from the cable side of the business, it's an opportunity, not a threat. because people need to buy the broadband access to stream those netflix videos, guys, back to you. you can find out of more on cnbc.com. >> it's always interesting to hear malone speak. thank you so much, julia. thoughts on that big bubbles get bigger, small bubbles disappear? >> i agree. that's move to consolidation. all the media companies and content companies are not competing with each other, they're competing with gookle and facebook. i agree with malone's comments, what's most interesting is last year everybody thought in that vein that tim armstrong and marissa mayer were going to combine. but in reality, it was tim armstrong meeting with mcadam

that did the verizon/aol deal many months later. i'm curious what's the meeting that's the look over here meeting that people are missing out on right now. >> all of those bilaterals going 0 off to the side. the list of names is impressive with dorsey and zazlov and murdoch and malone. >> interesting to me, there doesn't seem to be people being freaked out by digittization. we admire what reed hastings is doing at netflix. we're trying to figure out how to learn from that. he looks petty relaxed. >> we're hearing from everybody they want to move upstream into higher quality produced content. for a lot of digital media companies they say okay, we can do these things and i for a lot of traditional company these say why can't we sell our content to a starz or a netflix. so people are seeing a different

path forward than maybe they saw two or three years ago. >> when we come back keeping an eye on the markets, dow is up 181. some pullback in the last hour, but not a lot. we'll keep our eye on the nyse, when we come back.

european stocks higher ahead of the close, but the pressure is on for leaders as greece inches closer to a possible default. our steve liesman has made his way outside the ecb in frankfurt with more. >> hey carl, all of europe over in that building back there the ecb buildings, in the united states and around markets are waiting for the greeks to give a proposal that can then be studied by the staffs and then discussed by leaders on sunday. we were just at a meeting across town where german finance minister wolfgang scherbel said he didn't know when the proposals were coming and said look the greeks need to build up trust out there and they should go about doing their reforms to build up that trust. germany of course the fulcrum, the place where if there's going to be any concessions at all

from the europeans, the germans are going to have to go along with it it's a very difficult road to hoe for angela merkel. the chancellor. on the one hand she face as public that doesn't support any concessions to the greeks. on the other hand she does not want to be the chancel or presiding on over the break-up of the eurozone or the european monetary union. recent poll found only 10% of the german public supporting any concessions to the greeks. this is the german broadcaster, 85% oppose it. we went on the street here in frankfurt and we found some people on both sides of the issue. >> i think greece is a very important country in europe and it's not i think it is not a good idea, it would be a loss, greece. and i think we must unify europe and for this we need greece.

>> in five years a chance to reduce or change the government or to whatever. regulations, whatever they might have done to get, to receive the awards that we europeans have been giving them. so far nothing has been happening. and in my opinion, they all choose communism so they should be happy with communism. >> one person there framing this as an existential issue for the euro currency. that if greece leaves well the whole currency, the whole european union experiment could be off another expressing that frustration. jon, about seven hours left to go before the greeks put that, have to give that proposal to the europeans, then we'll see whether or not they've anything to debate come sunday, back to you, jon. >> we'll be watching. thanks, steve. coming up, stocks are up around the world, could greece put a damper on that? the european close is next. [ female announcer ] who are we?

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seeing a lot of green, let's bring in simon hobbs as we count you down to the close of the uk and across continental europe. >> it's not just green, check out the figures. it's a 3% gain in italy, 3% gain in spain. this is a major broad-based rally. 94% of the stock 600 in positive territory. the banks are there during the course of the session, others come to join them at the top of the gains. let's look at the banks, italian banks, i mean yes there's relief over china and the rebound, but also there are green shoots that people think they see in what is happening with greece. given the sunday deadline in athens, the greek prime minister is working on that make-or-break reform package he has to put forward by morning. comprehensive package by morning to the eurozone. and apparently he's going to present it to the major parties,

the opposition parties first in order to get broad-based support to get that through parliament at some stage. juncker, the head of the commission is also talking to the greek opposition party to try to ease the wheels on that process. local press is reporting that he's going to increase the amount of savings, the revenue gains in his package by an extra $2 billion euros, taking it to 12 billion. partly because the bank shutdown has reversed the economy. it would have been .5% gdp growth is now in recession. corporation tax, sales tax rises, if you're going on holiday in greece, they're doubling the hotel sales tax on this proposal. the greek islands controversial are going to keep their tax break. it isn't helpful if you're looking for a broad solution that in sarajevo bosnia, angela merkel was traveling and suggested that a classic haircut on the greek debt is out of the question. she said that was her position

in the wake of the summit on tuesday and that is her position now. all you need if you're an investor is an okay for the talks to start on sunday and the money to flow to the geeks to pay off their loans, not least to the ecb. citi has now turned tail and said it believes the most likely outcome is that greece will exit the eurozone, but not short-term. short-term they think you'll still get a deal on sunday. neither side wants to be the first mover to break and neither side is prepared at this stage for a greek exit. but citi says take it one to three years out, because the greeks will be noncompliant, they won't do what the eurozone says, the probability says citi, cumulatively is greater than a 50% greek exit. guys, back to you. going to be an interesting 24 hours. the dow still up 165. we'll get a closer look at the rally today, and the one in china if you believe it

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. good morning, everyone, i'm sue herera with your cnbc news update. russian president vladimir putin greeting iranian president hassan rouhani in russia. putin saying he hopes for a swift agreement on tehran's nuclear program. both sides have set a deadline for tomorrow. shia militiamen making progress in iraq's anbar province against isis militants

today. using artillery and other arms to gain ground. more than 276,000 people have been displaced from the province since it was captured by isis. u.s. and japanese negotiators meeting in tokyo to iron out their differences on a free trade deal, known as the trans-pacific partnership. the two sides are at odds over impo import quotas and tariffs. and former fifa executive committee member chuck blazer has been banned for life by fifa's ethics committee for widespread corruption. it ends the career of the long-time most senior american in world soccer. blazer pleaded guilty in may to ten counts. and that's the cnbc news update. back to "squawk alley." thank you, sue, it was just about this time yesterday, 11:32 a.m. eastern that the nyse went

into its trading halt. we were watching closely last night and this morning to see how operations would go. smooth sailing so far. the nyse tweeted at right around the opening bell, nyse opened for trading, business as usual. in fact it's been that for most of the session. the dow is up 164. >> a much calmer day on the floor, let's see how it's going in chicago. rick santelli at the cme group with the santelli exchange. >> calm is not our favorite word on trading floors, but i you will tell you there are two words that have become totally not my favorite words -- implicit, explicit. let's go back a ways. i remember doing business on this trading floor, actually a trading floor connected to this we no longer use. where it was all about banks, mortgages, gses and the fact that freddy and fannie among the gses, was able to borrow at a rate nobody else could borrow

at. they drove the mortgage market. how that turned out is definitely history. it's called a crisis. but when i was doing business as a broker, i remember many times having conversations that none of these products are backed by the u.s. government. although market participants believed in an implicit, meaning kind of not truly written down, but implied guarantee. that proved to be an explicit guarantee. my question now is aren't investors returns becoming an entitlement? and it's not from the standpoint of the united states. it's actually a global scenario. so now let's go to the heart of the conversation -- china. china isn't doing anything that the united states didn't do first. maybe they're doing bigger, maybe they're doing it a little different. but whether it's japan or whether it's europe, whether it's china, the idea of trying to prop up returns in the equity markets, whether admitted or not admitted, is going on. the real issue is how far will

they go. and if it doesn't work out, and they've pretty much tried to force people that save into turning them into people that invest and take on more risk, if it doesn't turn out well, do they have a moral obligation to help out? you know, is it kind of like a student loan? you know you go to college, but you couldn't get a job, what was the value of your education? you listen to all the central planners, you did what we wanted you to do, you invested in stocks, if the rug gets pulled out, is there going to be a bail-out? is there going to be bail-in? i can't tell you, but i will tell you if you think china isn't committed, if greece could make it five and a half, six years, how long can china try to prop up their market? i think a big milliliter calculatioca miscalculation, i don't agree with everything that's going on. but i don't think it's black swan soup yet. in the old days you used to have the economy, and the politics of the situation and you had policy

or central planning. think that the central planning has gotten so big it's dwarfed it. when i was talking to friends about this spot, they said no, that isn't right. it's more like central planning is here and embedded you have economic conditions, and you have political conditions. but i really think what's going on in the world means that the central planners are in control. and i don't suspect they're going to be giving up the reins any time soon. carl, back to you. >> as you said earlier in the week, rick, thank god they can't print soybeans, rick santelli in chicago. markets still in rally mode though off the highs of the day, how long can the market volatility continue? joining us with more is david lebovitz, a market strategist at jp morgan. >> we do have central bankers propping up equity markets around the world. central bank liquidity doesn't seem to be going anywhere. we think volatility is here to

stay as the fed prepares for liftoff and the ecb, bank of japan and bank of china continue to ease. >> as we head into saturday/sunday, we're going to walk in here monday with a big denouemont in greece. do you see that? >> we are viewing the likelihood of greece' exit at about 50/50. looking at italy, spain, ireland as real opportunities across europe. >> david how much are you concerned about china at this point? i mean clearly we see this bounce-back that also seems to be reflected in chinese stocks. the trade over here. i mean eventually those stocks that were halted have to come back online and the government going to have to i guess get its foot off of the scale somewhat. how close are you watching that? >> we're watching china very closely. something that a lot of people have overlooked is that the chinese economy was never in great shape when the market

rally started. it was a rally built on hopes and dreams, we're seeing markets decline because there was no fundamental reason. i expect that the economy and markets will come back in line over the next few months. once the fundamentals are being accurately reflected in equity prices i think there's opportunity for investors as well. >> there's been a lot of discussion among technicians about the lack of correlation between chinese and u.s. equities, chinese and european equities. can they operate on their own? do we have to mirror their downfall? >> i think chinese equities can operate on their own. there's a lot of noise in the global market right now. you talk about greece and china, all of em is seeing broad-based weakness. the u.s. is looking good. but all of the concerns around the globe have driven correlations and driven equities to move together, regardless of where they're located. >> david what would be a best-case scenario for the

markets over the next six months as we get towards the end of the year? >> we can see the volatility. what would determine if we actually end up going high centre. >> i think the key ingredient that's missing in the u.s. is earnings growth. we've seen a couple of quarters where earnings have contracted. it's in our view that the third and fourth quarter we will see modest but positive earnings growth from the s&p 500. once those fundamentals begin to come back in the u.s. equity markets that will be a reason for equities here to push higher. watching earnings very closely. >> does it matter what kind of earnings growth? does it need to be earnings growth that comes from increased revenues? we know we've got currency headwinds still. >> there are currency headwinds. i would say the pace of the move sass important as the amount of time that the move occurs. so i think a lot of what caught companies offguard at the end of last year was how quickly the dollar moved. they've been able to retool

their businesses. we're viewing currency as a more modest headwind. you make a good point that any earnings growth is going to have to come from the top line. we'll need to see revenues come back. it's not clear how much more margin expansion can drive profit growth so we're watching overall economic growth. >> mainstream media has made a big deal of the trading halt here as did we. i think to them it probably more of a surprise. just any color from the floor yesterday. when this happened? and some of the take-aways as we head back into what seems to be a normal day? >> i think what happened yesterday at the exchange caught people by surprise. you know there may have been a little bit of conspiracy theory surrounding the whole thing. flights grounded in the morning, trade was suspended, i think people latched on to bost those. it was due to a technical glitch and the exchange seems to be business as usual from what we can tell today.

>> david lebovitz, international strategist, jp morgan asset management. is this a true sign of recovery? full-service bank since the end of the financial crisis is now open and kayla is there live talking to the man who started it. another day, another major move for the markets right now at, up 156 points on the dow. and up 17 on the s&p.

. coming up on the "halftime report" from right here at the new york stock exchange, the fear seems to be fading, a big rally giving a lift to u.s. stocks what about all the volatility? our traders debate. plus what was it like to trade during yesterday's nyse shutdown? who better to ask than a company who deals with 11,000 securities on 225 exchange. in 34 countries. the ceo of virrtu financial join us in a rare interview and jane wells is queen for the day. sitting pretty in tv's most infamous chair. that and more at the top of the hour on post 9. there aren't many industries where the presence of a single start-up would be national news, unless you happen to be starting a bank. since the recession ended there hasn't been a single new full-service commercial bank open until now. and kayla tausche is in bedford, new hampshire with that story.

kayla? >> primary bank in new hampshire is a little bit different than the unicorns we normally cover here on "squawk alley," it's the kind that is virtually nonexistent. it didn't always have to be that way. since 1980, commercial banks used to spring up left and right to service small businesses. on average more than 100 each year. since the post-crisis era, there haven't been any, except for a rural pennsylvania bank that services farm loans for the amish community but not so here for new bedford, new hampshire, primary bank the the found certificate restauranteur. but after his bad experience with his bank as well as a lot of other people in his community. they banded together, decided to start their own and found overwhelming support from this community and from washington. >> the regulators were excited with the vision that i gave them. and the vision gave them was this would be a grassroots

effort. it was going to be five or ten of us. but i was hoping to get 50 people to come together that surprised them a little bit. you could see them sit back in their chairs. one particular regulator said they had never seen that before and what was i thinking. >> of course, 50 investors turned into hundreds. but that's not to say that starting a bank is a cakewalk by any means. you have a to show a seven-year business plan to the fdic. imagine predicting in any other industry where you'll be in seven years, that's not easy. you have to put up 8% capital, you have to have a cushion so if you have $100 million in assets, you have to put $8 million of that away for a rainy day and you have to show a lot of expertise from former bank executives, in-house and on your board. of primary's board of 13 people of they have five that have been former bank directors. industry people say that maybe the fdic's regulations are too

strict. but for the founder and his partner. they decided to overshoot the mark. that won over regulator's conference and won over the confidence of potential investors as well. >> the ground has been set. we've been very particular about going to the fdic, going to the banking regulatory committees and getting everything our eyes dotted and our ts crossed. >> and that's an investor who doesn't even come from the banking industry, but still understands just how important it is to get the fdic on board, if you want to start a bank. investors in primary range from a pro athlete, denyists, attorneys. it runs the gamut. it shows that even in this world where you're seeing so much alternative lending pop up for small businesses in the tight-knit communities, really a community bank is the service that they need and the hope is

that more banks like primary will look at the story and get confidence about building one in their own community. jon and carl? >> kayla, we can only hope. thank you for bringing us that. a major rebound overnight in chinese shares, the shanghai composite finishing up around 6%, after posting losses in eight of the last ten trade youing days, how are chinese markets winning on chinese start-ups and american companies targeting chinese consumers. an early investor in chinese smartphone maker xiaomi joins us. i'm wondering how is this volatility in the chinese markets playing over there with investors? with start-ups. are the ones that go public. once you can go public again on the markets over there more likely to want to be on chinese markets or to come over here in the u.s. where maybe the rules of the game are a little

clearer? >> good question, jon. think for chinese government it is important to have better companies visiting china. the companies that we're seeing that have been listed on shares, mostly from offline economy, the growth will be slower. growing at a faster pace, because they're in the internet section, the new portion of the chinese space, that's the type of companies that are going to make a decision, whether to stay in the u.s. or going back to china for potentially higher valuation, higher volatility. >> tell us about the psychological impact. the cultural impact of what we've seen happening in the markets over there the rapid rise and plunge in the index. the freezing of ipos, is that causing people any distress? is this kind of like silicon valley after the nasdaq's plunge? or is it not for some reason? >> i think the volatility in china's market has been there.

there have been two or three periods of rapidizes and coming down. the most recent one. from last year until now the market is up 140% or so and last few weeks, it's been down by 30%, but still up overall. so i think investors are starting to get to, how rapid rise in is a short period of time. chinese stock market is mostly being played by inexperienced investors. you can argue it's like 1999, but fundamentally, the internet companies that's changing the offline industries are growing very rapidly. that's the kind of companies that we're investing in and feel very positive of where china's economy is going. >> a the love people stateside are still getting used to so many foreign aspects of their market whether it's corporate structure, board structure. now it's like open plain price discovery. do you ever have trouble getting

over the inability to trust what's happening there? >> as you mentioned, i was one of the first investors in xiaomi. when it was just four guys in a crazy idea and you see the company grew 1,000 times in terms of valuation and size. over that period. you know that there's something fundamentally different going on in china. more young consumers want westernized products. and designs. more users looking for things that can potentially change your life, change the world. so there's something fundamental going on there. you have to be there to develop faith that the system is working and companies are generating real growth. we've been there 15 years so we feel comfortable dealing with the volatility. >> hans thank you for joining us. >> thank you. like being a pioneer in some respects. when we come back we'll continue to watch stocks here, the dow sup 155, rally mode continues.

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from batman to chewbacca, fan boys can rejoice as comic-con kicks off in san diego, where we find our own -- our own jane wells today. good morning, jane. >> live long and prosper carl, 130,000 people expected here. these guys first in line, how long have you been here? >> since noon on tuesday. >> what do you want to see more than anything? >> dr. who. >> this is the year when tv

overtakes movies. we're not just talking about "walking dead" or tnt's "the last ship." where i put on an oculus. the hottest stuff is on broadcast. creating a larger presence since there are only a few big movies here like "star wars" or batman versus superman. >> our fans are used to being marketed to you have to share your information. so if a studio doesn't come, they don't have something dynamic to show, they'd rather sit out and come back with the big guns, than just throw something in there because they feel they have to. >> now marvel is not here, which leaves the floor open for d.c. owned by warner brothers, promoting super girl, arrow, the flash, gotham and more. >> we stand by our programming and the more success, the more people that watch television and come to television, for all shows is good for the industry

overall. >> we've got a new amazon show being promoted here and next is "mother of dragons." when we come back, yahoo launching a new platform for fantasy sports. cash prizes, daily games, a lot of competition, more on it in a moment. (vo) rush hour around here starts at 6:30 a.m. - on the nose. but for me, it starts with the opening bell. and the rush i get, lasts way more than an hour. (announcer) at scottrade, we share your passion for trading. that's why we've built powerful technology to alert you to your next opportunity.

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going to be 57 million fantasy players this year. and for daily fantasy, they're projecting $18 billion of contest entry fees by 2020. to put it in perspective, last year there were only $10 billion spent on u.s. box office, it's a fast-growing industry where the average user spends about $257. >> ken fuchs of yahoo sports, 16 years after launching its traditional fantasy sports platform. yahoo sports making a big bet on daily fantasy games, if i don't know if you pay attention to fan duel or draft kings, but the amount of money flowing into those games sun believable. even the dae bait over whether it's gambling or not continues in many states. >> they argue that because you have to know the players, know

the team, it's a game of skill. somebody could lose a finger so there's chance in there, too. >> is that turning into a story as well. meantime, gains beginning to wither, the dow is up 139. let's get to the fast money guys at post 9. ♪ ♪ welcome to the halftime show. let's meet the starting lineup at post 9 today. josh brown is here along with pete najarian, joe terranova and jon najarian and steve grasso, the director of institutional sales at stewart frankel. our game plan looks like this, why josh brown has indigestion today over two of his favorite food stocks. >> i do not, scott. >> what the downgrades of shake shack and dunkin' mean to your money and to josh.