both. i think they're both very capable individuals, and i think the ability to provide the country with leadership that is again, somewhat centrist even though maybe on the conservative side of sen trystcentrist. i was a bill clinton supporter. i think he was good for the economy. >> that's what we care about, growing the economy. >> thanks, guys. have a good weekend. make sure you join us on monday. i'll give you a summary of the weekend. "squawk on the street" is next. >> good friday morning. welcome to "squawk on the street." we're at the new york stoxck exchange. is it for real this time? futures are up. we've yet to hear from the germans or the imf.

yellen speaks at 10:30 -- 12:30. the best showing against the yen in a couple of years. china got an update but showing there might get you arrested. >> you see shipments suffering. the steepest decline in almost two years. >> and facebook also higher premarket. how the company is looking to crack into the music distribution business. first up stocks on track to open strong. we have this morning on the hopes of a new proposal in greece will end the impasse and result in a bailout deal as we get ready to wrap up a volatile week for the market and week with hacks and glitches. it's been a difficult to watch -- question now is what happens with this deal and even if it gets done sunday what happens then some. >> this deal is not as good.

merkel should hate this deal even more. the greek parliament the right in merkel's party and the left of tsipras's party can't like this but maybe they're not loud enough. the one thing i would point out. yesterday i said i didn't like it. now i said listen this rally, you know dismissing it the reason i was dismissing it was the dollar was going up very big. the dollar is lumtplummeting. the dollar has been the tell about whether things are going to go well over there or not and so this one seems for real to me. you'll see a lot of the european stocks up. that's the dollar. >> and you saved a lot of people a lot of pain yesterday this time by telling them not to trust the rally and we came in 200 points. at the same time even if this is the deal, they still owe the money and gdp is still

collapsing. >> if i were a member of the left part of the left wing party that rules greece i would say we just voted against this. we basically said this is no go. but they're really lording over the banking system. france has put a lot of pressure on germany but we don't know if merkel will fold. i don't want to sell this one. how about that? i don't want to sell it. yesterday i said sell. there's three tells. we have china and you tell that by caterpillar. and was apple start going down. gm is going to be hurt. we watch those three. if they collapse in the first half hour the china thing is not real. i think it may be for real. for the u.s. watch companies that are historically proned to the dollar. let's look at honey well and general electric and united

lektology technologies. these are the ones i'm looking at. the stocks told you yesterday it was phony. the dollar told you yesterday it was phony. i'm giving you a game plan of what will tell you if it's real or not. >> a lot of the companies you're mentioning reporting next week. >> and pepsico was really good. it got hit anyway. wall greens an upgrade today. thank you. thank you for that. >> let's see what the picture looks like on the ground in athens. let's go to greece and check in with our chief international correspondent. good morning, michelle. >> reporter: hey there carl. the new proposal is in. it looks a lot like the old proposal. tax hikes near capitulation when it comes to pensions. there's a question of whether there's enough trust of the creditors to work out to a final deal. why isn't there trust? let me give you some of the

phrasing from the proposal that was submitted last night which was in the proposal that they voted no on last week. greece will supplement in full the 2010 pension reform law. of course i don't recollect, you may notice it's 2015. they never implemented the 2010 law. this government set to meet within the next couple of hours for debate. we expect a vote later today. a trusted analyst tell us the vote will go tsipras's way. there's some suspicious of the finance minister of germany because yesterday he said yes, they're right. greece's debt not sustainable. there's a clause in the bailout package, the esm function which says if a country's debt isn't sustainable, they can't get a bailout. in the end it's up to angela merkel and i want to end with this pretty funny cartoon on

the front page of the newspaper here. here are greeks dieing to go swimming in this empty pool and here is mario draug gi with a hose with a little bit of water. and they're saying please fill up the pool. obviously screaming for liquidity for the greek banks which now is the next step. do they get any increased liquidity as a result of what they put on the table today. back to you. >> we'll come back to you later today. obviously an eagle eye on the headlines and we'll wait to see if we hear from anybody from germany or the imf. >> and china shanghai posting the biggest two-day gain since 2008. chanos says the story is yet to play out. as long as china adds credit

faster than growth, the real story is months and years ahead. the prime minister saying the economy is stabilizing for what that's worth. >> he's been on that theme for a long time more focussed on the credit side as opposed to the equity markets. they are connected. much of the chaer leading that went on over the last few months and the encouragement to get retail investors more involved was designed to deleverage companies by allowing them to access the equity markets with offerings that would allow them to take debt down on their balance sheets creating more liquiditity as well for them. that didn't go well for a while. they have turned the tide a bit. i think this is more important than greece. >> i know how to read "the new york times" and there's a piece

today by a friend. it's the best single piece about this i think. which is called why china's stock market bailout might work. as a person who worked in margin worked in the margin clerk at goldman, if you don't make people put up capital or you're suddenly told by the government that collateral is good, you don't call them and tell them you have to sell. you get bailed out by your government, you don't make anyone be forced to sell. you win. you keep stock prices up. this is a communist party with a supreme court that is told by the communist how to rule things where they have killed people capital punishment for basically what we would call missing quarter. don't you give me that smerk. let me finish my thought. malicious short telling. the minister of public security. these are the people who created the reeducation program, if you remember reeducation.

i'm just saying that this is a different kind of situation. a lot of people saying you can get around short-selling. how about g f you go to jail if you short sale. >> but this was done under the guise of making it more transparent and allowing them to trade for freely and allowing foreigners to come in. >> which hasn't happened. >> and won't for a long time at least. >> they got a second day here. a lot of business u.s. managers came in and bought the shares not a shares. the companies listed in hong kong and here. they bought it. >> i pointed out a number of companies here are still scheduled to be pfsed in often cases they're majority owners, damage damage dang, dang and they want to list

them there where the valuations are higher. >> i was saying the ratios for 50. they went up overnight. even chinese stocks that go lower might be cheaper. >> but the larger issue is what it did the apple yesterday and what it may have done to the 30-years. the chinese government buys a lot of bonds. >> they need to start buying apple watches. >> that impacted the 30-year it would seem or at least the auction people talked about it. the impact is being felt in our markets to a certain extent. >> watch this interview this morning, the phil report about the slowing of auto sales. i am not denying anything you said. i am saying the idea that this is a communist country and they can look the other way on a margin call and that means you don't necessarily to have to sell. >> you have put up whatever you want as collateral. >> if you have a margin call in

this country, it's real. i am saying that if the chinese brokers are being told no more margin calls, those people aren't going to sell. >> chinese sales the forecast cut from seven to three. we'll talk to jim stuart in the next hour. >> promotion. >> and as far as apple goes they're trying to respound from a five-day losing streak. the stock is down from the all time high. that was back on april 28th. ubs put out a note yesterday where they said slowing chinese economy is a risk for apple. however, the correlation between consumption and stock prices is am big use. we think apple is okay for now but we're going to watch it closely. >> i still think you should own apple. my take is that we got a note this morning saying not to worry about apple sales. i didn't like that. i think as long as people are

worried about apple sales, there's a chance they'll recover. this quarter will not include for the most part the crushing of the chinese market. i mean remember, in june things were still going strong. so you may be surprised at the numbers but if they give a guide down, the stock is sensing this. china was the big turn. >> selling an awful lot of stuff in china. >> they delivered alpha. >> it's now their second biggest market. >> i'm not denying it. people say i love apple. i'm saying it matters. >> at the same time we got headlines that they're adding suppliers for the new iphone run. the new ad for the iphone is out. here's a look at that. >> this is an iphone. and it comes with something different. 99% of people who have an iphone

love their iphone. if if it's not an iphone it's not an iphone. >> could you make my mine do that? i got the target i got the walmart thing, and look at this. i can get walmart's ads. >> look what you can do with that watch. >> i have no idea how to use the watch. that's just another fallacy. >> black hole on your wrist. >> there's an undercover minion deluxe action figure at walmart.com but i can't. >> can't make the dancing dance. >> let me see what's going on. >> hard to sell a stock at 12 times, i think.

>> a great value for peanut butter kelloggs pop-tarts. nam ral and organic. >> when we come back facebook reportedly plans to play d.j. also ahead nasdaq's rob graifeld. big up side at the open. we'll see if it lasts and watching for medheadlines out of brussels. pictures getting ready to celebrate the u.s. women's soccer team with a parade. when you're not confident you have complete visibility into your business, it can quickly become the only thing you think about. that's where at&t can help. at&t's innovative solutions connect machines and people...

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facebook reportedly seeking licensing deals to insert music videos into user's feed. the company has held preliminary talks to add a limited number of videos. facebook would also share ad revenue with the labels. there's a market that has been neglected for some time you might argue. >> it's funny. facebook when it was at 88 you know 89, a lot of people got caught up and then it ran into

the market buzz saw. it's funny that this announcement which i don't think is that needle moving is getting it going. a lot of people feel the higher multiple stocks are ready to come back. and i think that they've been kept down by europe. they've been kept down by concerns that our market got too expensive. watch facebook. that could be an interesting tell on this bit of news like google. >> and a little while to see the earnings. you continue to hear certainly in the circles in which i speak to people that they keep taking share in terms of the advertising market. you and i have talked about that a number of times. >> it works. >> yeah. they are the go-to when it comes to digital and increasing your exposure to digital if you're an advertiser advertiser. it will be very interesting to see. there's only so much advertising but their slice seems to get bigger and bigger. they are such a huge component. >> you are so right.

when i have ceos out from retail and restaurant they always say it's funny. you put money with facebook and you get a terrific return. you never hear that. you never hear. it's like listen i have to have cbs, you hear that. but you hear i give a dollar to facebook and i get a bang for my buck. they're kind of amazed. you are debt right. >> we'll see what it looks like for their numbers and with them the key is how much they're spending as well. and investing. >> it's hard to remember the day where dm remember the call where they balked at buying on facebook because they didn't rust the roi a long time ago. >> if gm made a right move in the last couple of years, i'd like to see. i confuse my buick with my lek sis. honestly. >> we'll get the mad dash as we could want down to the opening bell. there are going to be fire works at the open. a lot more "squawk on the street" straight ahead.

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>> we have about eight minutes before the last trading session of what a volatile week we've had up and down. we'll see where we end up. you're laughing because we kid so often about the apple watch here. i've made so many jokes but now it's transformed. now the apple watch is actually -- >> i can't take it anymore. there. i'm one of the 3 million people who buy but i can't take it. for seven minutes i'm going back to the bright look.

there. done. >> that's quite a transition. >> it's a statement for seven minutes. this one doesn't tell me to stand. >> but it tells you the time. >> it does have the edge. >> where do we want to go? >> i always think of your jeper day. what do you do in the event of nuclear war? i've been reading. i think you go by bye netflix. a headline on this piece, netflix second quarter preview three months closer to the $100 billion bull case. morgan stanley comes out. they are using a bull case price target of $940. and don't forget they have a stock split. so july 15th, the original programming up side and subscribers, do you remember when the stock was down here? >> i do. >> when it was right here. it was right here.

>> yeah. >> that was when i con bought and doubled down here. >> he got out. >> and everyone said it was time to sell. i don't know. >> for him it was because he had the greatest return on any, probably any of his investments. >> no one ever got hurt taking a profit. ku cuda. i follow cuda on twitter but i don't necessarily want to buy the stock. why? they had a billings short fall david, that was let's say raised eyebrows. below double digit. you can't have that in a data storage protection name. it was disaitppointing. it could put pressure an a lot of companies that do data storage. you might say wait a minute, they said they're going to make it up, not to worry.

david, stop worrying. >> okay. i was a little concerned. now i'm not. if you're an investor there, you're probably not happy. >> that's a nice time piece. >> if i got a text message, you i'd get it on my other watch? >> no but i think you would on your phone. >> we have the opening bell. a lot more on apple and a lot of other things to cover here as we wrap up an extraordinarily busy week on "squawk on the street."

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you're watching "squawk on the street" live from the financial capital of the world. the opening bell in just under 2 minutes as we have a greek proposal that has been received and signed by the eu. now we await the reaction by folks other than the french. calling it serious, incredible. the >> the measure is onpressure is on merkel. will the iron chancellor not relent? how do we know -- i'd like to

hear from the president saying you know what? it's time. but even look the deal isn't even that -- i understand why merkel would say it's ridiculous but the pressure eastis really on merkel. they're breaking ranks. >> it raises a lot of questions about the telegraph having a piece out saying he never intended to win the referendum. a lot of wasted time and as a result the aid is -- it's -- the locker you wait the bigger the aid has to be. >> the dollar is cig anysignifying to me the deal is done. communist party maybe more powerful than we think. these are two things controlling the opening right now. >> the dow is down 181 points for the week. and for a while, the s&p has been on track for its worst week since march but the future

situation this morning obviously changes that. we will see where we end up at 4:00 eastern time. here's the opening bell. and a look at the s&p at the bottom of your screen. at the bottom of your screen horizon celebrating a spin off. and over at the nasdaq dhx media. a children's programming media. we have breaking news on gm. >> reporter: this is a rather large recall announced by gm just a few minutes ago. the company recalling nearly 780,000 suvs most of them in the u.s. we're talking 2007 to 2012 chevy, buicks you have a power lift gate that may close on people and there have been 56 injuries reported.

gm recalling almost 780,000 in the u.s. >> it's only 780,000, gm. is this the worst run major company? i listened to the great guys on on here and tell me to buy back. >> a lot of people saying how company it is. >> it is. you know what's incredible? it gets cheaper by the day. >> cheaper all the time but one that doesn't is american airlines. this is the tell of the day. aal. capacity not increasing as much as doug parker indicated. this is an important story. i expected capacity to increase maybe 2 to 3%. it's 1 to 2%. that is the tale of the day. >> maybe it was the messaging going on during your show that

it's now being investigated by the anti-trust authorities. not your show. but it was referenced in the wall street journal about that. >> that show did say here's the plan but the airline guys do not collude. there was a conference where they all went to but everybody has a conference. that's what they do. they have conferences. and they do them in new orleans and stay at the great hotels and it's fantastic. cti has a conference. do you think john legere co-luds with dumb and dumber and the yellow school bus? and pety. which one is pety? >> good at the open. american is the second biggest gainer ahead of free port. >> that's been the sell comp. is there going to be a gigantic

chinese communist -- there's -- china is pulling out all stops. >> you know though would that make sense to unveil another large infrastructure? i don't know. the question is what impact would this have on the domestic economy and consumption given a lot of people get up at the wrong time only to suffer losses. it's unclear how big that is. >> let's watch caterpillar. >> apple has reversed with the rest of the market. >> you're back. >> yeah. >> it was just a brief moment where you wore an actual time piece. >> dow is up 213 points. a couple of big losers today. someone zillow.

the ceo is leaving. almost a new 52-week low on them. >> he's good there. that's interesting. they have a very difficult merger with trulia. gap is a low for the year. june comps down one. the name sake down five. usb cutting to neutral says any merchandise reboot isn't going to move the needle until spring. >> i haven't fallen into the gap. i will shop everywhere. >> i know you will. >> i mean honestly big lots i'll be there. five below. it is not a camping goods store to go over everest. >> not for cold weather. >> $5 below. it's not about down coats. >> cablevision systems, the provider largely in this part of

the country up almost 8% this morning. a wall street journal story has an interview with patrick drahi. we mentioned his name when i reported on how close they came to trying to buy time warner cable if you recall and also their deal to acquire sudden link but here he talks about my vision is to do the same thing and talks about buying or approaching cablevision or cox. cablevision is controlled by the do lands. although, jim doland at the annual convention said he was kind of open to talking to anybody. we'll see. as i pointed out in the past the multiple that they're paying there at altice is extraordinary and based on doing the things their way which means taking things out of the business.

i continue to be cure use about their ability do that but he's an aggressive gentleman and i look forward to meeting him. if you're out there, let's get together. >> is the 3 g? >> i think he's the 3g of cable is how he wants to present himself. the guy who runs the u.s. and things like that is a malone acolite. was one of charter's designees when it was challenging time warner cable way back then. >> what did charlie ergen say? he was a small thing of water? >> yesterday. it was the spectrum. the spectrum was the water. >> and all i hear about is the spectrum is the most prized spectrum in the world.

>> curety of essence. you have to have water. training level, water. >> did you touch on netflix at the wall? >> yeah. $17,000 billion price target? is anybody hearing about what it is? i'm just saying is it drove? >> there are assumptions in 2020 2020 the bull case 150 million subs at $9 at 18 times is a $1600 stock and $100 billion market cap. netflix is not far from another high. >> it's probably 42 billion now. when china said house of cards was the most beloved show in china, they can still watch tv and trade. >> yeah. although you worried me with your initial comments about nuclear winter. >> i'm just saying you read these pieces and they are saying

you must own netflix. that's why i said in the event of nuclear war, you can eat your velveeta and you have to buy netflix. >> the grid is going to go down. >> buffer. there's a little more buffering. >> costco oppenheimer takes it to outperform. 160. >> the sales weren't that good. they have a gasoline call. i loved that call. couldn't move fast enough. just great. >> oppenheimer argues there's always the chance of a membership fee hike and they've been spending a lot of money on i.t. that cycle they say is coming to a close. prime amazon prime and costco membership, these are things that if you haven't taught your kids how to use yet, you're not a responsible parent. >> shares of alibaba up yet

again on the rally and china and aswaujing some of the concern of people to buy in mass on by far the largest e-commerce in that country. yahoo shares follow along. >> wow. i came back i read a piece and said i hadn't thought that it really is about stopping a revolution. they don't -- here in this country we have elections. there they would have a revolution. it's almost as if they're thinking we have to keep the market from going down because it could create unrest. >> that always figures into the leadership's thinking there. >> this is a totalitarian country. if they say no margin call you don't make a margin call, you're not going to do it. you're going to say i'm going to hold off. >> although what's interesting

in china is given all of those things, there is a level of corruption that is incredible. >> amazing. and they were trying to stamp it out. this maybe put a hole in that. >> some people would like to see someone arrested for selling short to see who that would scare out of the market. >> they executed 4,000 people two years ago in the country. that's a large number where they were white collar. they execute people. i'm trying to make it clear to people that this is not a regular country. this is not a democracy. they do not have -- remember hab yus corpus. it's not in play there. they don't have the 13th and 14th amendment. they don't have the bill of rights like jefferson. no. it's not like a jefferson thing. and that little red back with a little thing that says discipline. that's not about discipline in stock trading. i rest my case. >> well said. once again, the dow is up 200

point tatss at the open. >> talk about catching traders off sides. heavens, off side on greece. off side on china. people were betting in the opposite direction. you can see the surprise in the markets. take a look at the s&p futures overnight. i don't normally put up the futures because we're concerned about the market on the open but at 7:00 when we started getting more details on the greek deal futures gapped up almost 20 points. that's a lot and continued moving up through the evening as we got china coming out. let's take a look at europe right now which is right near the highs for the day. france gapped up 2%. the whole stock market at the open gapped up 2%. that's very unusual. i mean the whole stocks everything gapped up 2%. if you look at greece's close, but it keeps trading here because the etf for greek stocks

is up at trades here 8% this morning and in fact come over here with me. national bank of greece primary listing is here at the new york stock exchange. it's right here. it's been trading all week. right now it's up 15%. it's $1.25 stock. this is the primary market. this is where the bank trades primarily here in the united states. we have moves up there. also caught a little bit off sides on china as well. a lot of people had been active actively betting against china. if you want an idea and i've been looking around for the last couple of days about what if any effect the volatility could have on their economy there, we got a very good answer today from the chinese association of automobile manufacturers. they put out new estimates. 2015 vehicle sales up 3 %? they have a previous estimate of up 7 %. that's a tremendous decline. and we're talking about china

here only up 3%. june is down 2.3% compared year over year. u.s. vehicle sales this year will probably be up in the area of 5%. u.s. vehicle sales are going to outperform chinese vehicle sales this year. you want to look at auto companies in china. for example, bid auto they do internet content and marketing services for the chinese automotive industry. they've been moving down 20% in the last month in anticipation of this. the markets there have been seeing these kinds of things happening and there's been reports about slower vehicle sales. auto homes is another one that they operate automobile websites in china. there you see the decline recently. they're down roughly 12% although you see them bouncing back a little bit today. so there's a lot of speculation about where we can go here. a lot of damage done to the government's credibility over there, but i think the issue is whether or not they can

successfully engineer a reduction in the margin levels and the margin debt levels and i think they're slowly doing that. the stories yesterday, margin levels were down about 30% from the highs but most the reports i saw indicated they needed to go down at least another 30% or so. we needed more than 50% reduction in the margin debt levels. there's a long way to go and the story in china is not over. right now the dow is up almost 200 points. and the only thing on the downside was utilities. a strong over overall. >> ten-year is trying to get back to 2.4. let's check in with rick santelli santelli. >> reporter: once again, i like using the roller coaster analogy the market takes everybody on a roler coast roller coaster ride. where you get you have depends. the dollar index is down a bit

but not down much on the week. look at the two-day chart. yesterday's fed minutes, but it did have a dovish tone to it. part of the equation of the markets lately is the foreign exchange. the battle between the euro and the dollar. now, maybe that's boring to some people but the euro may be paying more attention to the dynamics of the eurozone but the dollar is thinking about what the fed is going to do and it started to slide long before anything in greece became more front and center on the news media. if you look at a two-day of the ten year it moves up a bit and i'll tell you why according to traders. look at a june 1st chart of ours minus bunds. if you get a notion that greece isn't going to grexit you're selling tens. they're linked at the hip. look at a year to date ten.

technicals are compelling. unchanged at 17 and here we are at 239 basically unchanged on the week. let's look at a spanish ten. the spanish tens are definitely higher in yield than they were at the end of last year. 1.60 at the end of last year. around 2.10 now. what's going on now is white noise. a lot of the southern papers in quarantine and that's another story for another day. if we look what's going on with the euro versus the dollar look at it since june 1st. did it close under 1.10? it didn't. that level has made the traders on this floor more money. you could call today's move counterintuitive but the technicians have it nailed by simple chart patterns. back to you. >> of course yellen speaks at 12:30 p.m. eastern time.

oil the story. >> reporter: earlier in the session i would tell the oil bulls might have been writing out thank you notes to greece and china to prop up prices but we've lost a little bit of steam. the dollar is also dragging just light and perhaps that's what's leading oil. if you look at crude for the week, on track for a 7 % decline. again just for the week and what really continues to weigh on crude oil is what's happening in china. that equity selloff really something traders are watching as well as the relative strength of the dollar regardless of what's going on today and we know the dollar is strong and that's an overhang on the crude oil market. traders say it's a decent technical support. we don't expect to see a big tagout around that level. that's good news on a summer friday going into the weekend. and this is peak driving season. that's not really happening

right now. so far, actually the driving season has fallen short of expectations but a lot of summer left to go. good news for all the kids at home too. >> earlier you heard cramer talk about jim stewart's piece on china. the columnist will be with us at post nine in the next hour. dow is up 184. the dax back above 11 k. france up more than 3%. we're back in a moment.

pretty good gains for the dow this morning. new highs for disney and some of the usual suspects. we're waiting to hear germany east reaction to the latest proposal. >> auto parts resellers, these stocks are a nap one, they're magnificent. they pay permanent rent.

>> we're going to get to stop trading with jim in a moment. take a look at the confederate flag in columbia south carolina outside the state house set to be removed minutes from now and be put into a museum. we'll bring you that historic moment live when "squawk on the street" continues.

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it's time for cramer and stop trading. >> i've been saying buy half delta. i feel really emboldened now. going over statements on mad money talking about how some companies are adding 8 to 10% to their fleets. this is a major change. this group is the most important leadership in this market. it has been horrendous for a long time. these stocks are down. i am very encouraged by these statements. >> what's on mad tonight? >> a game plan. next week is so big and we're going to start focusing if greece is done we're going to be looking at earnings and so far the earnings are not that bad. early days here. early days. >> that's absolutely true. and i want to tell you, you know this weekend, going out, going with both.

going back to both. i can't take the pain of everyone telling me my watch is bad and not liked. it's right. i'll compromise. >> one tells the time and the other does i'm not sure. >> other sends your heart beat to the wife. >> doesn't she know i'm on? doesn't know i have a show? kidding. >> we'll see you tonight. have a great weekend. when we come back nasdaq ceo on the problems at the big board earlier in the week. dow was up 225 at session highs. we're off the session highs. back in a minute. d 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 friday morning. welcome back to "squawk on the street." i'm carl quintanilla with sayre eisen and david faber. strange echo of yesterday. we are coming off the highs once again. dow session high was up 225 now up 171. we've yet to hear from merkel or the imf and don't forget yellen speaks at 12:30. >> let's get to rick santelli.

>> reporter: we have some may numbers and of course they're always important. sales and inventories. they will be thrown into the mix potentially moving q 2 gdp. i believe that the atlanta has it pegged around 2.3 and that reflects all the current data. this data along the way may make a difference and the numbers are out and the inventories are much larger than we operated. we're looking to be up we end up double.8. now inventoryiesyies up. wouldn't you like sales up with it? that's not the case. it's the opposite. less than half of anticipation on sales. we're looking for 1% we get up .3. last week a subtle revision. the notion that -- the fact

they're not moving puts you into the a predicament. inventory surges show up in the numbers but the implications get dashed if you're not selling what your inventory has created. back to you. >> thank you very much. we want to take you now to columbia south carolina. officials there preparing to premove the confederate book from the state house. the flag will be transported by armored van to the confederate military museum where it will be housed. huge crowds. reports of people showing up at 3:30 this morning. the governor used nine pens yesterday to sign the law that will remove the flag from the state house. her quote is we're a state that believes in tradition.

we're a state that believes in history. we're a state that believes in respect so we will bring it down with dignity and make sure that it is put in its rightful place. that's history being made right there. we'll show it live when it happens. >> we'll keep an eye on the markets. the dow up 187 on this friday. obviously greece is a big driving force here. a big reason for the volatility over the last week. the treasure secretary talking at the nasdaq about the need to get a deal done in greece. >> they have expressed a willingness to use the tools to protect other economies should there be an affect in a peripheral country. you can look at the direct contagion risk and say it's a different situation now than it was before. but none of that answers the question of how do markets react? what is the expectation of what would happen the next time there's a crisis in another european country?

for all kinds of reasons that are economic plus geo political considerations that don't usually enter into the realm of financial minister it would be in everyone's interest to get this resolved. >> joining us head of economic remg research and head of global assets. the point is you never know just because investors are okay and are calm about the contagion factor, if greece doesn't get this deal done and has to leave, it sets a dangerous precedent. >> it does. then again, the markets rarely think more than three feet in front of their face so i would argue that you'll see a relief rally over the weekend. i think grease is largely capitulating, and my reading of the financial markets suggestions that this is more a rolling sort of head wind than

an acute melt down. >> you've been a fan of european stocks. you still like them and are you worried about what happens this weekend in. >> well we still like them. there's a concern around what the germans say, but that market is taking that? stride. i agree that this is another kick the can down the road scenario. we've seen this before and this is the third sequel since 2010. we'll probably be here again in about 3 1/2 years but until then this could be resolved and the markets are off to the races if that's the case. >> have you been buying european stocks throughout this volatile time? >> we've been over europe and germany for a whiem. and throughout this while germany has acted as a quality trade, we've added a little bit

of the periphery as well in some of the portfolios to take advantage of that volatility because we thought that worst case scenario even though volatility may spike, if there is an exit the ecb and all the authorities have come out forcefully to say that they will protect the periphery and that gave us a little comfort that the other guys would be protected. >> yeah, with the dax up a little more than 2%. the focus is the u.s. and you're talking growth. the imf said we weren't going to get there this year. >> i think they're making a mechanical reaction to a weak first quarter. i think a lot of times in the markets we take these numbers at face value and i think that's a mistake. at the end of the day, consumer confidence is rising. if you look at vehicle miles driven, we're running ahead of the peak of last summer's

driving season. we're adding jobs. wages are rising. they tend to be sticky. i this mechanical game with this number comes out and we nudge the gdp forecast i think a few years we'll come back and say in fact, the economy was growing 3% and i think a year from now we'll look back at a lot of the things the fed did engineering an easier response for their forecast and i think we'll look back and they that's a mistake. things are shifting considering how low inflation is. >> everybody talks about the lessons that were hard-learned when you hiked too early, when you can't see the whites of inflation's eyes, you're saying

we can see them. >> i think if underlying productivity growth in the u.s. is 1%. waiting for inflation to hit 2% that assumes things will slow down. that to me risks for instability for the financial markets down the road. the notion that the feds should wait longer the imf, i think going more gradually means you start earlier. so i think john williams earlier this week i think he was very balanced. >> thanks. we have to leave it there. >> we'll take you back down to south carolina where the state house is bringing the confederate flag down after half a century. putting it into a museum. confederate museum after south carolina's governor used the nine pens yesterday to sign the law that would remove the flag from the state house.

of course, it sparked a debate around the country including in the house yesterday. the spending bill that was withdrawn because it had an amendment tied to the flag. hearing reports of people chanting take it down. i'm not sure if we can pick that up but it's quite a sight to see. >> and a turning point. this is a representation of a turning point for the country, for the drama of the state, and now has become a country wide issue after the events we saw. really going back to the 1960s when this flag was originally raised above the capitol dome. >> this was only possible by the vote in the south carolina house. it got final approval for a bill that was passed by the state senate early in the week. that vote was unthinkable, you could argue prior to the voting. the vote count was more than the two-thirds needed and it came after a tough last stand.

let's take a listen to this. [ cheers ] [ cheers ] [ crowd chanting usa ]

[ crowd cheering ] [ crowd cheering ]

>> brings to mind some of the corporate responses to the flag. you recall just a couple of weeks ago, walmart, amazon e-bay, seres allars announced their ban on confederate flag merchandise. a person said it's become a contemporary symbol of divisiveness and race i feel. walmart, we never want to offend anyone with our products. we've taken steps to remove all confederate flags from our stores and website. we've all seen the data that suggestions that sales from the flag on amazon for instance spiked after some of these announcements were made. >> perhaps driven by the business community but to the government where the governor said today on the today show the state house is an area that

belongs to everyone. no one should drive by and feel pain and feel like they don't belong. and in south carolina she said we honor tradition and the tradition of this flag belongs in a museum no longer flying on the state house capitol. all right. we want to move on now, because we have just two days ago the biggest story. an internal glitch while other exchanges not impacted it rattled investors. let's go to melissa. >> thanks so much. it's great to speak to you, bob. >> it's my pleasure to be here and welcome to nasdaq. >> in terms of what happened. how did you get the news that trading was halted. what then happened? >> well, i would say this. i got the news for a variety of sources including my wife who

called to tell me but it was obviously apparent. i would say this. i think the new york stock exchange is capably led by jeff and tom. they're still dealing with legacy systems from prior administrations. it's going to take them a while to work through. i think they have a good plan and they're working hard to do that. >> at the same time you guys are rivals. the nasdaq and the new york stock exchange compete. when this happened did you think, this is going to be an opportunity for us to either gain market share on trading and or gain ipos? i'm sure it's not printed on your marketing brochures but is this a selling point? >> there but for the grace of god go thee. those of us in a technology world know it's an imperfect world. we have 80 customers who run our technology around the world.

i contemplate the number of things that have to happen right for the 80 stock exchanges around the world to work and our own market. we have to get better and better at engineering as close to purrfection as we can get. >> the nasdaq had a glitch in august of 2013. you know what it feels like. >> i do. >> when there's a trading halt. what have you learned? what do you think exchanges have learned? you sit back and think 2013 was a one off and then you come across wednesday and you see it happen again. is this something investigators are going to have to live with because we're so dependent on technology. >> when you look at the exchanges around the world, there's been a multitude of situations, probably in the double digit numbers. these things do happen. you have to adopt a philosophy of continue wusous improvement.

you know you're never going to get to perfection but that has to be your goal. >> this underscores how dependent we are on technology. the two past outages were self-inflicted. is an extrapolation that could be made where people think we're that much veler inable to a cyber attack. >> i would say this. i want to give a little context. when we first built systems we wanted to make sure when the systems delivered a certain functionality to the users. after that it was friendly to the users. and making sure we had a proper user experience. then we spent time on the speed of the systems. you have to be focussed on security because cyber is real and resiliency. when something goes on the system has to continue to run.

the good news is compute technology has come along where we can do things on cyber security that was not available to us five years ago. >> when you saw the news an wednesday did you also think it was possibly a cyber attack? >> you never rule it out. when you have a situation like that, the first thing you have to do is look at all possibility options and then you start narrowing things down. you'd have to put that on the list of thing happening. you talk to your information security people. are they seeing anything? you get confirmation from them that it's not that and move forward. even when you get the initial con firfirmation security they have to keep checking. >> what's a bigger concern to you? another outage whether it be here at the new york stock exchange or nasdaq because of a system failure, an internal problem or a cyber attack. >> i don't think it's either or. we have to be concerned about both. we spend a lot of time and effort on cyber security and we

know the threat factors change on a daily and monthly basis. we could be good enough today but not nearly good enough tomorrow. that's got its own life or set of focuses. with respect to resiliency of the system we have to get good at testing the negative case. we're good at making the system work and perform. when bad things happen to the system they can resolve itself. one of the reasons we're particularly excited about block changing technology, it allows you to build systems where security and resiliency are basically in the design and this mashing technology is able to be deployed because you have enough compute power to do it. the next generation of systems will have more tools available to them to make sure we don't have to worry about these situations. >> i want to talk about china. the market melt down half the shares suspended for trading. when you take a look at china's

equivalent of the nasdaq, more than half the shares are suspended for trading. do you think we'll see a flood of chinese companies come to the u.s. and choose to list here versus in their homeland because of what's going on? >> i think the chinese companies that choose to list here today will choose to list here tomorrow. we have the knowledgeable investor base. i think you'll see that. that might accelerate a little bit but i don't see that accelerating greatly. i also say it's important to recognize we're recognize where has the index been in the last three years. if you look at the performance 069 market, you put the 30 % decline in it it's been an inclining market. our personal feeling is the controls in the marketplace have positive impact short term but in the long term it's not positive. >> is the pain is not felt

because some of the a stock like apple feeling the pain because of the thought that consumers there will in fact pull back on spending. you don't think the worst is over? >> well i think with respect to the consumer activity in china that's yet to play out. they need that to grow their economy further. with respect to the market i certainly believe that the controls they put in place while they may be good in the short term, they are bad in the medium and long term. >> always a pleasure to speak with you. thank you for your time. >> thank you. >> back to you. >> thank you very much. when we come back the banking industry facing some big challenges recently. turmoil in greek and chinese markets and the possibility of a rate hike at home. the ceo of the american bankers association will join us with his take. the dow is up 172. over the last 10 years we've helped one million business owners get started. visit legalzoom today for the legal help you need to start

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we have a news alert with another trading glitch. this time affecting a retail brokerage. td aher trade is experiencing widespread order routing problems. this coming from tdameritrade. they are aware of the issue and looking into it. there are a number of customers complaining on social media platforms about it. but they say there are some trade execution problems order

routing problems but that it is looking into it. coming right on the heals of the trading outage earlier this week. some would argue when a retail brokerage is affected it might have more impact on the retail investor than what happened at the nyse. >> that is lighting up the phone lines. we'll keep our eye on that. and the fed is holding out. banks trying to manage risks while staying sensitive to a possible risk hike. is the fed more cautious. joining us this morning, the president and the former governor of oklahoma. >> thanks for having me on. >> we have spent the whole week tearing our hair out about greece. i assume you're of the school of thought that these u.s. banks managed their exposure years ago? >> that's right.

no u.s. bank to my knowledge, is invested in greece in a way to be imperilled. the u.s. banks, by the way as has been said before have never been more highly capitalized. the fdic insurance fund obviously is strong and the banks are strong and they're not encouraged in commercial activity in greece. but for the greeks it's aer the terrible situation and a never ending domestic crisis. >> never ending is what some people believe will be the case. we have a bunch of big banks reporting big earnings next week. what will there be to worry about? >> the interest rate situation is of concern. obviously you want to embrace and encourage saving and savers and this artificially low interest rate is crippling. in a $100,000 is a lot of money

for someone to have you would think. that's not a way to have a good life. of course to have more normal rates to get the engine of commercial activity going to encourage people to save but also to spend and invest we want to see that and artificial rates don't help. everybody is hesitant because of the softness of the chinese consumer market and what's happening in greece. it's almost schizophrenic to have the greeks reject it in a referendum and resubmit the same proposal. >> do you think that maybe the fed is making too much of this first interest rate increase the lift off because even the fed has told us it's not necessarily going to be a stair step path toward higher interest rates? >> i think that's a good point. you know, 25 basis point interest rate increase is not something that will panic and alarm investors probably will

happy for savers but it's not a great, significant increase. if it's measured over a period of time watching obviously, the fundamentals of the world as well as the domestic u.s. economy, hopefully that will occur. >> i'm curious what you make now that we're in campaign season for the next presidential election. it does feel like the populous message against big banks and wall street is going to come back into the debate. what would you like to hear from the candidates when it comes to dodd frank bank reform and a general attitude toward the financial system? >> obviously in any campaign season you have some difficult and clashing opinions about how markets and economies are grown and how they survive and florished. i'm amazed. i thought communist and socialism were repudiated over

the course of the last 30 years. communism in greece and socialism here. i think it's important those of us who believe in free markets, the best way to grow a middle class, people of all walks of life to be engaged in the capitalist system and be rich when they retire that's obviously a relative term i think we've got to argue in favor of what we've done in the united states and not back up to the pay window and be embarrassed by it. >> good to have you with us. it's an exciting week next week on the financial front. thanks for your time. >> thanks carl. >> when we come back markets in rally mode. stocks in rally mode. off the highs but the dow still up 158 points. s&p up almost a 1%.

good morning, everyone. here is your news update. the obama administration now says 21 1/2 million people were impacted by the government computer system's breach.

they say every person given a government background check in the last 15 years was probably affected. hackers stole addresses and social security numbers and financial histories. the hack is believed to have originated in china. pc sales continue to drop. a year over year decline of more than 11%. factors for the decrease include reduced inventories and higher prices. u.s. employers are taking more time than ever to fill a record number of job openings. employers took an average of 27.8 days to fill openings in may and that is three days longer than last year. researchers say the trend suggests it's become hard tore find the right person for the job or the hiring process has become more complicated. as you just saw on cnbc the con fred fed rat flag as come down in south carolina. it was raised during the civil

rights movement. the sate governor called for the relocation following the murder of nine black worships at a church last month. the flag is being moved to a museum. let's get back to carl and "squawk on the street." >> thank you very much. when we come back china's stock market quite the roller coaster ride over the last couple of days and months. we have someone onset to explain by the country's effort to bail out the market actually might work. we're back in a minute.

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greece meeting thursday's deadline submitting a series of proposals raising hopes a deal can get done. we're joined by a financial reporter with the washington post live in athens. we read your story about the greeks diversifying into cha nel bags. now i'm hearing they're using bulgarian and turkish currencies. how bad is it over there? >> reporter: well i spoke this morning to someone who directs a nonprofit that works with children between the ages of three and eight who have been abused or abandoned. we told me the best case scenario, they plan to see a 30% to 40 % increase in the amount of children they expect to serve. in a worse case scenario a grexit they could say the number double or triple.

he told me a long and slow death would be better for him than a sudden death. >> yes. the humanitarian crisis is something that's happening either way. is there hope that this latest deal that has been presented last weeknightnight by the greek government is going to get okayed and move onto the leaders and greece will get the financial lifeline it needs? >> reporter: there's no guarantee. we heard from france who said that the deal they thought was serious and credible. that's important. we haven't really heard yet from the germans what they think about it. they can make or break this deal. they've take an hard line and said greece has to show it's committed to introducing reforms. larry on this evening, the greek finance minister will be presenting the proposal to parliament. we'll have a better sense of how much support there is. people expect it to pass but the real question is the prime minister of greece willing to let the left of his party go to

in order to get this passed. >> i wonder what the political fallout is going to be. he's presented a proposal the greek population has rejected rl that's . >> reporter: there's a rally planned for tonight for those who opposed this austerity package. one from a cabinet said they do not believe they should support the proposal. and there's still many sticking points within the proposal. i talked to someone in the negotiations who told me there are details such as how long it will take to implement tax breaks and the level of pension reforms that have been decided so far. those things are all roadblocked in the oh,negotiations currently.

and they could hold up any type of agreement. >> thanks so much. should be an interesting weekend. we'll continue to check back. >> china stocks are trying to pull out of their tail spin. our next guest thinks the bailout could be working there. joining us at post nine jim stewart. good morning to you. >> good morning. >> we only have 42% of stocks available to trade. >> it's early. and the conventional wisdom is -- a government cannot move a stock market over the long term. the short answer to why this might work is it's china and they aren't like any other place. these financial markets are as much political as they are financial and there's no doubt that dhiechina has the means in terms of massive savings and capital and possibly the will to do i nichlt.

>> can you imagine if the u.s. tack taxpayer markets and threw it on stocks. that would not be tolerate bud china is not a democracy. it's a complicated situation. you cannot judge it by western capitalist standards. and if they really want to put the money behind it, they can move the market. they haven't done that. they're talking about a fund of $20 billion. the total market tap is $10 trillion there. if they want to do it i don't have any doubt they could three massive resources. >> your point as to why they would want to do it is because the alternative is so bad, the social unrest. >> it's stability. i don't think the government minds that a lot of this margin excess went down. i think another problem here we tend to underestimate the

sophistication of the chinese leadership when it comes to financial matters. they understand markets. they know what's going on. a huge amount of margin debt got wiped out. i think they're probably happy about it. by the way, i think an important point to recognize is a lot of chinese stocks are not overvalued. look at the index trading at over a multiple of 11. that's why below the united states. >> i think what everyone is trying to figure out is the ripple effect and now representative it is of the chinese economy. you look at a move like apple this week almost in correction mode. multimonth lows and people are starting to wobdnder. >> the chinese markets are sort of self-contained but we have to pay attention. u.s. investors should be paying attention. the big issue and the reason it

might spill over is will this wealth effect affect chinese ability to spend. the new growth engine if it doesn't come through, chinese exports go down and the growth level slows and that will spill over into stocks all over the world. >> let's not forget that some of the efforts were done to open up the markets to try to actually bring them into some sort of correlation with western markets. it would seem they're moving in the other direction. >> they are moving the other direction. it's clear when it comes to do we want our markets to be efficient and transparent, they're tilting on the side of stability. will they will ever the openness we have? i don't know n. one of the great functions of the markets is the allocations of capital. as far as we know that's the best way to do it. the chinese don't buy into that.

they allocate the capital and i don't know that they want to give that up any more than they want to give up political control of who's in power. we have to wait and see. and that doesn't mean it's still not maybe an attractive investment for us even though they don't play by our rules? >> you would buy shares you could get your hands on? >> i don't buy individual shares but i have some agent bonds. i'd have to look but i'm sure i have some exchange rated funds with chinese exposure. i'm comfortable with that. >> nice counter view. >> the bold jim stewart. >> still ahead on the show. a tech analyst out with a second quarter analyst. find out why he thinks things are looking at bullish this time around. squawk alley live with mark a little bit later. we'll be right back. a new season brings a new look. a chance to try something different. this summer,

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with earnings season kicking off, goldman sachs has four trades they say can earn you some money. you can catch our live segment at power lunch but more "squawk on the street" coming up.

this order routing issue that's been reported by online broker td ameritrade has been resolved. it was caused by a software update and the problem was not widespread. s the working with clients to resolve any outstanding issues. they experienced with an order router. the issue was related to a software update that we made overnight. something that we're becoming

more familiar with. >> a record week for software glitches. in the meantime purdue faresms announcing the birds are being raised completely without objects. this is one of the top ten towel poultry companies raising it without antibiotics. i spoke to the ceo. >> it took us 14 or 12 years to really develop the way to do it. what mcdonald's and other people are announcing is they're getting rid of human antibiotics. we did that a year ago and now we're doing animal antibiotics or human antibiotics which is very different. >> how hard is that to make that kind of shift? >> as i said it took us 12 years in order to accomplish in. the last piece is the hatchery

and removing the human antibiotic from there was the hardest part of the effort. >> and does anything does it affect prices when you make big moves like this in the supply chain? >> we started this in 2002. we've absorbed the cost but it does cost more to produce a no antibiotics program ever. the feed -- we use a veggie feed. we took out animal by-products and animal fat. plus we use more vaccines and more probiotics and herbs and spices we're finding through our organic protection is a better way to treat the chicken. >> does that higher cost get passed to the consumer? >> not now but over time it depend on the supply and demand i think, of that product, and the demand that the consumer which we think is something it's very important to our consumers right now.

>> obviously a lot of companies are making this move. i asked him if it had to do with the fact that per due had some trouble last year. there was a documentary out that described the inhumane the way the chickens were being treated. he insisted this was about listening to the consumer which wants changes like this. no use of antibiotics. >> chipotle can tell you that. good stuff. when we come back a billionaire businessman will join us live and get a unique perspective on the grease cryece crisis. your mom's got your back. your friends have your back. your dog's definitely got your back. but who's got your back when you need legal help? we do. we're legalzoom, and over the last 10 years, we've helped millions of people protect their families and run their businesses. we have the right people on-hand to answer your questions

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no question greece and the rest of europe facing difficult decisions this weekend. can they come together on a deal? and are the latest proposals enough? with us is john paul dejoria, co-founder of paul mitchell hair products and petron tequila. he's half greek, we should also note. good to see you again. >> love you out there. >> good to see you, too, john. as a half-greek greek american

businessman and entrepreneur, how do you feel going into a weekend that could determine the fate of greece inside the euro? >> for the people i feel kind of sad. and if people really listened to what's going on over there, the greek people should be a little upset with their government. because of on the streets of greece, and people are telling me this left and right, it's the greek people that haven't benefitted from all of these bailouts that are coming out. somehow it gets into the banks and then to the systems over there, opposed to the people. so they're a bit upset. they're a very emotional people. they truly care. they know they got themselves in this mess or their previous governments have. but i think emotionally if they could just give a little bit and imf gives a little bit, everybody gives a little bit. there would be a positive solution. they make the best feta cheese the best olive oil in the world, so come on let's give these folks a break. >> by give a little bit. i assume you're talking about actual death relief. death haircuts which merkel says

is out of the question. >> well it's not necessarily debt relief. you could restructure, just restructure the debt. that's all you've got to do. with the inflation and everything else taking off, if they take a little more time to pay their debt no one is going to lose out. the germans were very upset, you can't blame them, because until things were changed. germans worked until the aiming of 65 and then retired, where in greece, people retired a heck of a lot earlier. if they restructured the debt. all the other nations in europe are going to want the debt forgiven. it's a bad thing to say let's forgive the debt. it's a much better thing if they made the debt payable, doable. over a longer period of time. let the economy get back on its feet again. >> the economy needs a lot of help whether it stays in the euro and makes this deal or not. they need you to come out there and build another billion-dollar brand in greece. do you do business there? and are you considering doing more? >> yes i am doing right now

business obviously with paul mitchell there and patron and our business is off a bit obviously in mainland greece but not in the islands. patron is almost everywhere mykonos and the other islands. tourists are come. if the tourists come back to greece it will help. people are staying away. the greek people are saying let's be pissed off, but in a very civil way. not go breaking windows. if they work in a positive way to do it it would all come back. i would look to do more business in greece. they're good people. they need to know there's hope. they need a positive mental attitude. if i could go on greek tv i would show them. they say when things are bad, how do you turn things around. look at this greek fellow 30 years ago.

interest rate 17%, i started paul mitchell with $700. we believed that we could do it. they just need to believe they can do it. get back at it again and be unified instead of complaining, which they have every right to. let's find all the solutions. the positive attitude to get back to work again. be friendly with everybody, so business can come back again. there's a reason for their business dropping 40%. a good reason for it okay? be happy, folks. >> well thanks for weighing in john paul. i think we could all use a little bit of your positive outlook. >> there's one more little one i want to throw in there i saw the prime minister of greece the prime minister of greece was on tv and he had a cold sore while he was talking to the nation. those folks there need a little avao to put on their cold sores, they could have a better presentation. >> thanks for weighing in there. i mean he is under a lot of stress, i don't know if that causes cold sores or not. >> avio would help. >> thanks very much. >> peace, love and happiness.

>> what's coming up on "squawk alley"? >> greek drama, trouble in china, earnings on tap. mark mahaney the analyst going to join us on what's coming there. and nick bilton wrote the book on twitter. eel join us to talk about what's ahead for that company. and kara swisher on apple, the stock has had some trouble. rebounding today. i'm only in my 60's. i've got a nice long life ahead.

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good morning, it is 11:00 a.m. and the canyon of heros in new york city where the u.s. women's soccer team celebrating the world cup championship and it's 11:00 a.m. on wall street and "squawk alley" is live. ♪ ♪