higher. s&p futures up by 13 and the nad nasdaq up by 33. earlier the dax was up now it's up 1.1. the cac up. "squawk on the street" begins right now. good monday morning. i'm carl quintanilla with jim cramer and carl faber. we have a deal in greece. stocks are in the green in the premarket. a big week for preearnings. gains across the board. is shenzhen rallying. apple music reportedly capturing the interest of anti-trust regulators. at the same time the company now captures 92% of industry

profits. >> living the stream. comcast testing a new service, goldman upping netflix. >> and walmart takes on amazon's prime day as amazon takes on black friday. >> a deal in greece after all night meetings. they have reached an agreement to keep greece in the eurozone. a lot more to still be worked out. it's up to greece to implement and exercise the austerity measures. austerity measures that the people voted against and are now going to get even more than they thought they were going to get the first time. >> this is a horrible deal for greece. this is the price to pay for staying in. i don't know if you caught the merkel press conference this morning. it was at 3:00 a.m. and it was bad. >> why? >> she just told it like it was. said we're going to give them a

time out. it was financial -- >> potential five-year exit reentrance that's not agreed to by everybody. >> it's just punishment. i heard there's a big stake in greece wanting to extend the terms. i listened to a leader of a country that baseically said these guys, they played hardball with us we just said forget about it and this was an iron chancellor. i'm looking and saying this is just -- i can't even imagine any other leader ever talking about another country like this unless you were in some sort of just not a war but it was about as close as you could get to financial -- it was hideous. i was agas. now, it's translated obviously. >> it's all in the translation. >> but the words you got was okay, here's the deal. we could have kicked them out if

we needed. we didn't need them. and the opposite was supposed to be happening. they wanted to save the euro and greece was saying we've had enough of you and merkel was running it the whole time and saying they played hardball we gave them a worse deal. >> it's going to come at a political price to her as well. there's a lot of deep fissures in the eu. >> i think that there's, i know merkel is incredibly popular, but at this point, i think the socialists in germany have to be -- she did not appeal to the socialists in this press conference. i can't imagine a president talking about a country like that other than russia. it was incredible. >> what was the point of the referendum a little over a week ago in greece? >> it certainly didn't help. the question was wrong. the question should have been, i guess, do you want to stay with the euro because that's the why

germany interpreted it. we have them. it was like then they gaffed them when you take the fish in and you gaffe them so they can't even flop around in the boat. it was a gaffing. >> didn't seem to strengthen his negotiating power? >> no. >> he got schooled. >> i was going to say pants, but i like schooled. >> the deal rests on greece passing the reforms that the prime minister agreed to overnight. our correspondent is in athens this morning with the latest. good morning, michelle. >> reporter: good morning, guys. just in the last hour we've learned one of the key decisions we were waiting for this morning, the ecb not increasing the liquidity si assistance to the banks that would have increased the amount of cash in the system. it's going to be revisited on wednesday. the bank holiday will continue for at least two more days according to the banking association here. not surprising at all. we expect the banks to be closed

for some time. highlights of the deal, you talked about an even tougher pension and tax reform in a way that was beyond what was expected. the legislation has got to be passed by wednesday. the first steps and there are still intense doubts and distrust that greece is going to do it. as you were talking about what angela merkel said it wasn't three in the morning here. to your point, the question what was that reference dumbdum all about? there were some no voters who showed up here to say no and we asked several of them but i thought this particular student was very articulate. i said tsipras promised you with a strong no vote he would get you a better deal. what happened? was he dishonest, what naive? >> i don't believe the government was necessarily

dishonest. maybe they actually did believe that the creditors would back down and offer a better deal after the referendum. but that's not really the point. the point is there is not going to be a better deal and we have to accept that now. >> reporter: and this group, i thought, was perhaps the most intellectually honest and i said if you don't want a deal that means you leave the euro. they said we understand that. and we'd rather leave than accept these measures. i hope that shines light on the questions you're asking. >> meanwhile, it's unclear to us when the banks will reopen. we're told a lot of the atms continue to have no cash. what's the latest on that front? >> reporter: i think full operational system of the banks is a long way away. you may get an increase in the ela, the emergency liquidity assistance which would provide

more cash to the banks if they're strong on passing the reforms. but they're going to wait to see what the greek government does is the understanding we have been given. full operation of the banks is a long way away. imagine do you open them today, you have runs on the banks, you're going to have to do a very strong recap. the bank rekaptization is months away. it has to come after they actually negotiate the full deal. we are so far away from that. this is going to be a long process and the economy is going to suffer dramatically in the meantime. >> michelle we had wilbur ross earlier. he's a big investor in the third largest bank. he was confident he was going to triumph here. i'm wondering if the bondholders aren't going to get a haircut and even the depositors and maybe mr. ross was a little too

bull bullish? >> reporter: i've wondered that same thing. i think he's right to be optimistic about the prime minister getting something done and change society. but when it comes to the banks, it is widely expected here it's going to go from four to two because the economy is getting smaller and smaller and you don't need that many. maybe two and a half. remember, there used to be 15 banks here before the crisis started and in terms of a haircut on depositors, the population expects it. it was panic buying. people have been desperate to do whatever they could electronically to empty their bank accounts and they had a record number of people filing and paying their taxes so they could get money of their bank accounts for fear a haircut is coming on the depositors. >> some paying in advance. unbelievable. michelle, thank you so much. we'll come back to you later. she's been doing amazing work in athens for us this morning. >> the dollar is up.

way too long. >> we'll watch that. multiple headlines on apple. apple music getting the interest of anti-trust. the ftc is looking into apple music. also a report that says apple takes 92% of all profits in the smart phone apple from 65% earlier. i think samsung gets about 15%, and it adds up more to 100% because some lose money. >> this is on the heals of last week talking about how badly apple sales must be hit in china. it's almost like there was a confluence that that's the day you had to buy apple. the justice department looks into pretty much everything. there was a story last week they were going to look at airline pricing. the justice department they were able to call jp morgan and

say we need you to write a big check but this is not the kind of thing where i think the justice department is going to say you can't come in and do this. i don't see it as predatory. it's comparable. >> yeah and it's adding a potential competitor. >> it could be cheaper for the stum consumer. >> apple as so much power in other parts of the market but you have to be clear. it's another service available at a particular price point that's similar to the other price points out there for monthly sub skrings. >> and you have to remember that samsung peaked when they had a bizarre advertisement -- >> about the watch. the worst ad ever. >> a stalker. it had a stalker feel to it and it was the all time high i believe of their share, and i remember people looking at the ad and saying well i mean is this an ad for stalking not for

samsung. i think it backfired. >> i would think it did. i don't know that it had that broad of ramifications. we've tended to rest on that ad because it is in the hall of fame for one of the worst ads of all time. >> bob peck today initiates fitbit with a buy price target $50 on the notion that the recall, the mental recall of consumers is higher for the fitbit than the watch. >> yeah. this is the big roll out day for fitbit. i urge everyone to get the sun king, robert peck. >> on with us in less than an hour. >> there was a roll out from everybody. his listing is extraordinary in terms of channel checks. the strength of the sales of fitbit have been underestimated. i was posing to him that perhaps this is because women use it far more than men. men make up the key opinion

makers but women, they seem to be wedded to the eco system. again, i don't mean to be sexist. i'm just saying there's consistent underestimation. we're apple watch people. >> don't scratch it. when we come back, bullish on cutting the cord. two companies to watch this morning on that front. later on charles dallara is the, we'll get his take on the latest bailout. big week. yellen is on the hill a couple of days. earnings galore. a lot more "squawk on the street" from post nine when we get back. ♪ ♪ ♪

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a new entry in over the top streaming television. comcast is beta testing a service called stream. it allows people to watch services including hbo. it is only available to comcast

companies. goldman going up. we'll get netflix earning later this week. comcast is starting in boston and moving to chicago and seattle later in the year. >> i have comcast. this is for cord cutters? >> i love how we say in other streaming news. i think we'll look back on the year in the year in which the bundle did begin to break apart given a proliferation of all the streaming options. netflix is the gorilla, if you will, but amazon certainly, sony out with its and sling tv from dish. this offering is very modest and really you have to look at it more as an experimental kind of offering for the company. it's the largest cable company in the country giving it an opportunity to see how customers behave who are not buying the bundle. it's not for your tv. it's for your other devices. and if you're buying the bundle

you're usually paying 14.99 a month. you're getting hbo and a lot of the other networks that you get anyway such as cbs, nbs, it's almost like aereo. it's similar to what that was but it gives comcast some experience and some sense as to how things are going to start to move because this thing is underway and the only question is how quickly it's going to happen. >> if you look at the netflix raising target to 780 piece by goldman, i mean this is about -- this is tam analysis. they're saying on 2020 basis 480 million people are going to be using netflix. that's a lot of people. >> how many? >> 460 million. >> the steeple call last week was at 150 million. >> i'm going to take mine to 550

million. maybe that's not households. maybe it's individualing. >> it's a remarkable number. i've not seen that kind of number on research other than -- >> 7 billion people in the world? maybe a little above that? >> i don't know. three fifths of the world is covered by water so that's probably not going to be -- 112 million international subs. this piece reads like if you don't own netflix, you shouldn't be in the business and it's amazing. >> on comcast, minions, 115 millions, the second biggest weekend after shrek the third. >> with the best weather. that's people saying i'm going to fore sake a tan, sun, water sports and go to the movies. >> after jurassic world, fast and furious. it's been a good year. >> what are the other studios

that have done stuff right? >> and then you get a minions ride at the theme park i would assume. i don't know. i have to be careful. >> minions meets t rex? could that be something? minions go to jurassic world. >> really in. >> why not? >> "jurassic world" meets minions minions. right? >> when we come back we'll get cramer's mad dash and count down to the opening bell. what a week last week. dow traveled up and down some 3,000 points. closed the week higher by 30 points. more "squawk on the street" in a moment.

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time for a mad dash on this monday with about eight minutes to go before the opening bell. it's going to be an interesting trading session. we have a deal in the midstream pipeline area. the question is we're talking about marathon petroleum expanding the midstream footprint with the merger of a partner. what i hear is accretion, absolute absolute absolutely? stra strategic, some people questioning that. this company is processing in pipelines and natural gas. >> this is a drop down from marathon pete. drop downs typically the parent does well.

they are the guys who really kind of some people would think own the mar sell la shell, ohio and pennsylvania. this is high quality natural gas. we are seeing consolidation in this industry that's unprecedented. we're not going to get a lot of pipeline competition. prices have gotten so low that people can't build out the pipelines they'd like to. instead they buy other pipelines. it's a smart deal for mark west to sell out here. >> interestingly, you sell out kinder may have been interested from what i hear but that's a c corp. you'd have to pay taxes. another mlb, it's much more tax deals? >> i'm excited. it says there's a pulse here. don't give up the ship. mark west is the most aggressive and it's a great company. it's very smart. and marathon is a big winner.

>> right. okay. what's next? >> lots of things. opec came out last night be a forecast saying demand is going to be much stronger. and the supply is really going to start dropping. that's not the right one. that's not pioneer engineering. it's pxd and saudis are saying listen, the shale is going to decline all over the world it's declining. this was the peak quarter in production, the second quarter. what happens is that morgan stanley says buy pioneer natural. you may remember this one as the mother fracker. >> i do and i remember it getting particularly destroyed in the steep decline. >> pioneer, this is an upgrade by morgan stanley and they mention the mother fracker. they mention the hedge fund was right but now it's time to do buying. this is important because if you think opec is right and there will be a stabilization in

demand pioneer they have tremendous assets. >> and they're costs have been coming down like others? >> dramatically. they're where it's easy to reduce costs. good company but levered to oil. >> we'll be watching oil closely in addition to the dollar and don't forget the ten-year treasury. we'll take a look at that on the other side of this break as we get ready for the opening bell on "squawk on the street."

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you're watching "squawk on the street" live from the financial capital of the world. we'll get to the opening bell in just under two minutes. as we get the agreement in principle for greek to get a bailout. a lot of dots the is and crossing the ts. a big week. >> david was alluding to the ten-year. people want to own the banks today because the ten-year is

really it's going higher. again this is a lot great moment for a lot of companies because the euro is so weak. but the spread on the interest rates may make people feel emboldened. we have to see the quarters. people are buying the bank stocks today but when they were poor a lot of disappointment with the bank stocks. i don't know. i think they're throwing darts here a little. we don't know what banks are going to work but maybe we feel they can guide a little harder. that's why people feel emboldened? >> ten-year bond, 2.45 is the yield. and there's other things to discuss around that as we get closer to the opening bell. october 15th of last year the momentary move in yield that was unbelievable. why did it happen and the house of the u.s. treasury weighing in with an editorial. we'll talk about that later.

>> not to mention yellen in front of the house on thursday.wednesday, the senate on thursday. there's the opening bell and the s&p at the top of the screen. at be big board, paper and packaging restaurant provider. via via com. and there's ll cool j. we usually get the good guests first. >> we do. and i thought it was funny when sara wasn't sure what to call him. he called him mr. cool j. i always call him ladies love. that's what l.l. stands for. >> ses ka hahn in a thinks the m&a optionalty has been taken

away. >> they still want pepsico to make changes and they have someone on the board. i like the quarter and i think it's going to be the best executed of the package. that's how you have to look at it. that group trades together. i think abandoning pepsico may not be such a smart idea. >> amazon we mentioned last week with this prime day. remember this holiday they're going to launch on wednesday in honor of their birthday. now walmart is coming out saying in the words of a spokesman, we don't believe you should have to pay a fee to get a better price and they argue they're going to launch just as many deals outside the envelope so to speak. >> i know they want to be very aggressive aggressive. and walmart has scale, obviously. david, you know walmart better than anyone but amazon is always one step ahead.

>> they are very good at disrupting things at amazon but walmart has scale. they've been fighting -- catching up for a long time when it comes to online. >> that big silicon valley and they've moved into to there, and at the same time, the problem is that amazon just i think is able to do with the logistic system. all the bricks and mortar guys are saying we have a big advantage but so far amazon has just not slowed. the analysts love the breakout of the amazon web services. >> our earlier conversation about the ten-year as we now move perhaps away from greece we still see the dollar strengthening. we look at the ten-year yield approaching 2.5. it's close to 2 .5 and more talk it will be this year. we hear from yellen.

are you concerned about volatility and what about another significant move up? what does that mean for the broader equity market? >> i think the trade people have had on for a long time gets along well. and i think people have to understand there's lots of trade versus the ten-year where you might want to be in something that yields more. >> we've seen a lot of those groups getting hurt. they have not been performing well. >> no and i would contend that it's the beginning not the end of that rollover. there's so many people that have that trade on. i know that you've thought that yellen might be put on hold because maybe china market collapsing the china market is now up three straight days. that doesn't mean they're out of the woods. there's so many companies. you were alluding to companies that rhyme that you like?

>> damage damageng, dang they repeat. >> when you look at the list of the companies today, you say what did they do? a great article today about how the valuations of these things got like 2000. but if you say china is stabilizing and greece is done it's done. >> an editorial with the possibility of volatility in the treasury markets as we move closer to a rate move and he weighs in against some critics who say the reason we're going to see that kind of volatility is because of the dodd frank. the big firms no longer hold inventories the way they did. and you're not talking about being there as a shock absorber

if you will, for the overall narcotic. he -- market. he says this is going to pick up as we move into again, as you say a more focus on what's it going to mean for the bonds? >> goldman sachs had a big run. they're the company that was supposed to be hobbled. hobbling, that's not -- >> goldman double down. i give them -- they said we're not moving to another business. we're doing what we do. >> sea gate is warning on margins, operating expenses will come in a little bit but they're citing lower than expected intraquarter demand. >> what's funny is that there's anybody even shocked. i think you're seeing micron that got hurt. sea gate has better cash flow. people are scared of shorting sea gate because think they

they'll take it private again but j and p says they're going to miss. there's a distinguishing between skyworks skyworks. pc, if it's really come as a surprise to you that pc sales are weak you have to come back from pluto. >> you saw the figures. estimated pc sales in q 2 down 95 and thank goodness windows ten is coming in. >> i know the market is not going away. i know michael dell did his deal. >> i think it was a good deal for quite some time. they have to be hurting a bit now at dell. >> it's hard not too. i mean and the prices you see for pcs are radical versus what you would have thought of not long ago. you get a pc for the price of

like, a toaster. >> don't forget you're going to have a pure lay inplay in pc. >> i've seen the new hps. i bought one. and they're exciting for people who are my age who can't carry things as well as you used to. a fifth lumbar trouble. >> there will be more and more of them. >> as babe boomers retire that's -- you can carry that without breaking your bank. >> microsoft is the second best dow component this morning. windows 10 hits on july 29th. some of the reviews haven't been that bad. >> my tech guy says it's great. microsoft is often regarded as not being great code writers. i think it's an inexpensive stock that's trying to shift to cloud. and is having some success doing it. i'm not anti-microsoft. the companies in that space seem

to be able to generate the most change quickly. they're taking action and doing a lot of good things. i would not write them off, not with that balance sheet. not with the other properties they have including xbox which is universally loved. >> it is and we mentioned write offs. last week included quite a bit of write offs for microsoft itself. >> that's what you want. it was a bad move and sometimes companies make bad moves. that was a bad move. >> yeah. >> netflix benefitting from the price target again and the number in the report of how many people will be using the service. >> i think if i go online i think they've upgraded. we're up since the show started. >> over $42 billion market value. >> david last week we had a piece that said it's on the way to $100 billion market cap. if it becomes the de facto tv i don't know how much you're on

netflix. >> good service. >> well more importantly is when your six-year-olds know how to navigate it that's going to be a customer for a long time. >> yes. >> i think netflix became something that you can't live without. it became one of those things like don't take any netflix away from me. how dare you even think about it. >> dow is up. every component with chevron in the green. we're hearing from reuters, saying in greece the goal is to open the banks by thursday. let's get to bob on the floor. >> reporter: four to one advancing to declining stocks. moderate volume at the open. all ten sectors to the s&p is on the up side. everything is up roughly 3/4 of a%. i just to show you the s&p intraday. we gained about 15 points on the

overnight. you see the move up on monday. that's a 15-point move at about 3:00 in the morning when the details of the greek agreement was announced. greek stocks are closed but they trade here in the united states. grek is the etf for greek stocks. that sector is trading to the up side as well. it's up 1.9%. over in china, pretty good trade numbers. we had a nice rally in shanghai. seng shen sheng shenzhen. we've regained a little more than a third of the losses that we had in the last 30 days on that. a lot of people have said the market's not open really. here's where we're at right. there are roughly 2800 companies

listed on the shanghai and shenzhen markets combined. at the end of last week about 1400 had been -- seemed to suspend trading. over the weekend c about 400, roughly 400 reopened. there are still roughly 1,000 companies with stocks suspended. one-third of the markets remain closed there. this is better than last week with about half. but still significant and the skeptics who say we haven't seen a lot of them open yet are open. here in the united states the casinos are moving on the up side. there was some news over the weekend that there are some reports, i still haven't seen them completely confirmed that the government might soften the smoke ban which is perceived to be a big hit over there.

so win in las vegas up. on sea gate i won't belabor the point. you can see in the last 30 days that sea gate has dropped 15% on other forms of news. the demand had been weak. that's certainly the reason we're only down 2.7% on sea gate today. much of the news expected overall. right now the dow sitting right at the highs of the morning of 176 points. back to you. >> thanks so much. let's go to rick santelli in chicago. good morning, rick. >> reporter: good morning. maybe the greeks aren't saying this but a lot of traders on the floor are saying is that all there is? there really isn't a lot of movement going on here considering the thousands, tens of thousands of headlines over the last week regarding greece. look at a 24-hour chart of

bundle bunds. the yields moved up but nothing extraordinary. pretty much the impact that we've seen on europe and china continues to be aimed more in the direction of china. bob's numbers are right. it's hard to assess what's going on in markets that have so many restrictions on them and how many are trading. let's look at ten-years going back to october 1st of last year. and you can see really the pattern remains the same. we're still in the upper echelons. we the euro versus the dollar once again, we gave up handles there but if you open the chart up to june, we haven't at least up to this point had that close under 110. for that matter the other way above 1.15 which the are boundaries most technicians think to pay attention to for breakouts in either attention. you can see the dollar index

steady with an upward drift. back to you. >> keeping an eye on oil. coming off a little bit. >> reporter: well, four reasons for lower oil prices this morning hovering around the $52 mark. the first is optimism. the talks are progressing well reportedly but, of course people are frustrated by the so-called disposable deadlines. the opec monthly market report was out. opec indicating that demand for its product could be dropping. that is not good for the supply demand story and also looking at a little bit of a stronger dollar today. the last reason products are lower today. gasoline prices down two cents in two weeks but not so lucky in california where they're up $0.09 in that time. refinely issues, new and old. some analysts saying californians can see prices at the $4 range before things come down. right now oil prices wti

trading at $55.91. >> california getting hit hard on gas prices. when we come back, hillary clinton expected to make her first economic speech today and they could attack the new sharing economy. >> and later on a new move in financial technology and student loans. as bob said dow up 177. that's close to the session highs. back in a moment. ♪ if you can't stand the heat, get off the test track. get the mercedes-benz you've been burning for

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the answer is yes, it can. so, the question your customers are really asking is can your business deliver? take a look at the markets. dow up 186 as the market here in europe responds to the would be deal in greece. we'll see what happens later in the week when some of the other deadlines hit. hillary clinton set to make her first speech moments from now hatat the news school in new york city. she's going to be laying out her economic road map and taking on the sharing economy. clinton will call for changes

that she says will benefit the middle class. we're in the expecting a laundry list after agenda items but more of a revision statement according to aids focus on the globalization, automation and the fact that these economies means you have to rewrite the agreement between employers and employees. >> yeah. this is really important. the sharing, we've covered a lot of mad money. a lot of companies that i just basically, you work for 40 hours. as someone who owns a restaurant people beg for shifts and this is about getting more shifts trying to -- but you also do you get health care coverage? do you get the kinds of things that we think of as a social contract with workers. i await what she says because it's picking up steam, this shared economy. it's not declining and a lot of people need more work because they don't get the kind of

salary increases that we expected when we were hearing from our parents. i don't know. it's different. >> you don't want to prejudge her comments so we'll see but your point is good. it's only going to grow and there's already been tension. in california in terms of how you drive an uber driver is it an employee or an independent contractor so there are responsibilities if it's viewed as an employee. but this is not going anywhere and many people would cite flexibility as one of the key ideas of why it's good. >> how about star bucks hiring so many people by the end of 2016. >> really trying to find out more about that. i've been reading back and forth with people about that. it was pretty impressive. the guy puts his money with weather his mouth is. i know some people were unhappy about his initiatives about trying to get a discussion about race. it's ironic that it became about

race because of a horrible tragedy but he's trying to look at the world and say, you know what? i feel to fill in for the government. that's what he does. he kind of fills in forhe gornment. you know? i think he feels the government has become to laissez-faire. nixon would have said we have to hire these people there's a revaluation of him. >> donald trump is using the silent majority phrase. >> nixon, i mean he was committing crimes there. >> he did but when viewed on the political spectrum many people think he's centered left compared to what's going on in the republican party. >> yes. he was a great man, i studied with moynihan. he was a left wing professor when you look at him now. >> we'll bring you hillary's

comments at the top of the trade and cnbc and delivering alpha conference is getting kicked off this week. the dow, the s&p nasdaq back positive for the year. dow only about 15 points from 15 k again. we're back in a moment. here else. one-second trade execution. guaranteed. did you see it? in one second, he made a trade we looked for the best price and the trade went through. do the other guys guarantee that? didn't think so. open an account and find more of the expertise you need to be a better investor. so you're a small business expert from at&t? yeah, give me a problem and i've got the solution. well, we have 30 years of customer records. our cloud can keep them safe and accessible anywhere. my drivers don't have time to fill out forms. tablets. keep them all digital.

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i'll tell you. a lot of the retail or yebtiented names are good. then you come across ascena. this is formerly known as dress bash. and dress barn is the problem. the dramatic cut in the earnings and they also say justice is not that good. i am in shock that it's this bad. a number cut that will make people feel like wow, am i safe in retail versus alta which goes up every day. be careful. just jumping into everything here if it's companies affected by the strong dollar. there's an overall rally but i think you're going to roll back

to the domestics and health care. >> what's on tonight. >> we have a controversial, aaron levie. he does box. we also have chart week. because of shark week. more timely than ever give than sharks with popping up more than ever. but box is a controversial stock. they delivered a great quarter. and i want to know why people don't value this more like drop box. the unicorn economy. >> unicorn economy? why not go with it. >> we'll see you tonight. when we come back, fitbit getting a buy rating from bob peck. a number of nervuationsinitiations this morning. and charles dallara, we'll get his take on this past weekend with the dow up 166. back in a minute.

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street." i'm carl quintanilla with david faber and simon hobbs. we get a deal in greece and suddenly we're in the midst of the biggest three-day gain for the s&p in an year. a live shot at the news school in lower manhattan with hillary clinton is about to speak. she is set to lay out her vision for the economy. her main point is that middle class incomes have been too low for too long. we'll bring you any news as it happens. >> he's the road map for the next 60 minutes. art cashin will join us onset to tell us how you play today's market rally and how far it will go. charles dallara helped orchestrate greece's private massive debt restructuring three

years ago. he'll join us and fitbit trading higher today. we'll talk to an analyst who is calling it a buy. let's start overseas. a bailout deal in the early hours of the this morning. our chief international correspondent is still in athens. democracy in the eurozone is dead. they have to push through measures worse than those rejected in their own referendum two weeks ago. is that a fair comment? >>. >> reporter: i suppose. i mean if they could have made a choice to leave the eurozone if they wanted to. the minute you give up your ability to print your own money, you give it a part of your ownsoeverty. that's part of the deal that they made in previous administrations at this point. but we have starting to hear from members of the golf. we heard from tsipras when he

left the meeting this morning but now we're starting to hear from some of the deputies as well. one, if these proposals go through, they're going to do lots of administrative reform. they said it's a tough deal but they had no choice. >> it was a forced agreement under tremendous pressure. we managed to conserve our sovereignty, and we have avoided is sudden death of course by the closer to the bangs. that was something equal as had been already said. >> reporter: closing the banks was a crew da tau. it's unclear when the banks will reopen. the ecb did not increase ela. that means no more cash increases to the bangking system.

i want to highlight the role of twitter. the role it has played in this process when it comes to the meetings for example, there are prime ministers and foreign ministers who would rather have been wire stub. there are those who tweet every time. the belgium prime minister was the first one, he tweets out during the meeting today, agreement. and then the official word the first time we hear about it comes from an official statement saying there's a unanimous decision that we have come to an agreement. twitter has been truly instrument tall inal in this process. >> european summits oh of all kinds will never be the same. we'll talk to you in a little

bit. let's go to steve liesman. it's going to be interesting to see how this plays back home for merkel. >> reporter: yeah. it sure is. and i want to give you some of the debate that's already started here. this issue of did germany overplay its hand. i want to pick up on twitter. this hash tag, this is a coupe has now been on 350 times used on twitter. it's trending in spain and germany and france and the united states, and then earlier today, bbh put out a commentary about lasting scars. it appears to many that germany overplayed its hand. the bitterness and vin tickiveness of the german stance are bound to create lasting scars within europe. and then a green party member said merkel and the economics

minister have burned up the trust in two and a half days that was built up over 25 years. that is on the fringe of the commentary. overall there's guarded reaction. germans are saying repeatedly they're looking to greece to fulfill these reform promises. a german government reacting to the this is a coupe hash tag. they say they acted out of european conviction and european responsibility. and then at stake for the germans here is not just greece but the broader monetary union. this issue of whether or not there's going to be a hard or soft monetary union, one the germans say is based on fulfilling promises paying debts and carrying through economic reform. >> yeah. if the greek government can survive the week that will keep

us moving. >> the price action really says it all. we've regained 2090 on the s&p. that's important. are we able to reach back to the -- >> on the opening spike, the market is regrouping right below the next resistance ban. so they're pausing to see if they have enough strength to take it on. waiting to see what the developments are further in europe how is that going, and we may have a bit of a speed bump tomorrow. there's a report around i haven't been able to fully check it out, that there's a grooek samurai bond that comes due tomorrow morning. it's under $100 million but given where greece is they might not be able to come up with that. >> we're going to focus on the fed with yellen giving her

six-month testimony on capitol hill and then fisher speaks on friday. oftentimes when that happens, we get a dip in the market. >> i think you might get a bounce depending on what yellen says but i don't expect fisher to say anything dovish. he wants to keep the door open to a rate hike this year or he wants to keep the impression in the market that it's a possibility. >> all the talk about long time fissure, european weaknesses have been exposed, right? and that's going to cause problems for years. >> absolutely. you might have solved things for weeks and months but you haven't cured anything? >> how do you see that playing out in. >> the markets seem to be obsessed with near term. they'll keep looking at it but when it begins to look like either the europeans are not satisfied and don't follow through with the second half or that the greeks are unable to pull it together it'll start to

wear again and you'll begin to hear calls to disassemble the euro all over again. it's a currency with a great deal of difficulty working. they found a partial solution and it weakened today because it meant they kept a weak link in the chain there. it's going to be tough. for the next couple of week they're going to look at the glass half full. months down the line it'll be a different story. >> what about china? glass half full or half empty. >> apparently the government's new strategy of rally or be executed is working. they have directed government organizations to buy securities. that's tough to fight against but it doesn't look like it's going to go away. the underlying economy doesn't look that bad but the market still looks extended. >> do you think it will be a relatively peaceful summer when it's all said and done? >> i think it potentially can be but you've still not china out there, and china will be

unresolved. if it looks like they've got the bank under control, then it can be a peaceful summer. >> thank you, art. >> when we come back half of the stocks in russell 1,000 are still in correction. the former director for the iif, charles dallara will join us to weigh in on the greece crisis. bl hi my name is tom. i'm raph. my name is anne. i'm one of the real live attorneys you can talk to through legalzoom. don't let unanswered legal questions hold you up, because we're here we're here and we've got your back. legalzoom. legal help is here.

only a few percentage points away from record highs but there are a startling number of big name stocks in correction territory. we have more on that at hq. >> reporter: one of the big reasons the stack market bears are stirring. stocks are in correction territory or worse, especially a good number of them in the broader large cap. we found that over half of the members have lost about 10% of more of their value over the course of the past 52 weeks. each of these stocks reports earnings later this week. we have csx. the stock you can see has lost around 16% of the value since

hitting the high back in november of last year. the average analyst price for the stock close to $36. they will report earnings after the close tomorrow. tech side intel lost a quarter of its value since december of last year. on average analysts expect the stock to rise by around 16%. reporting earnings on wednesday after the closing bell. energy front, high profile. we know about the slide in oil prices. slummer jay is expected to rise by over 20%. perhaps bull market territory from the current levels. traders and investors paying close attention to these and some of the other reports to see if there's any kind of up side catalyst to the stocks or if the

down trend continues. about 36 companies in the s&p report earnings this week. >> it's one reason they call it a stock picker's market. after the break, charles dallara will join us. he helped lead greece's debt restructuring back in 2012. we'll hear what he has to say about the apparent deal on the table. in the us, three in ten college students drop out. but how can you spot who's at risk? the one who lives far from campus? the one who works the night shift?

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2016 campaign. it begins outlining an economic vision. she's talking about trends that have stagnated middle class wages. what to do about them. how both globalization, trends in the economy domestically the sharing economy have reduced the number of jobs that offer benefits and high pay. she's beginning to outline measures like higher minimum and incentives for business to profit share and more infrastructure spending more support for child care to help people enter the work force more completely than they have so far. we still haven't seen the details from people like jeb bush scott walker who's entering the race today but this is when they begin to lay out their prescriptions. hillary clinton will speak for another 20 minutes or so. we'll be back and update on her message. >> according to reports, she's going to take a shot at the

sharing economy, the likes of uber and lift perhaps naming them, perhaps not for contributing to stag gnat wages in this country. i think that will surprise a lot of people given they are areas of the economy that are dpietexciting for so many people. presumably this is a play on labor unions and their power. >> i wouldn't call it a shot at that element of the economy. simply the observation that we are not in the era when people had jobs with big companies that provided benefits and vacations and paid leave and all those sorts of things that came from collective bargaining. we're in a different era so she's looking for different kinds of supports. president obama passed health care. minimum wage is part of it. paid leave and paid child care is part of it. all those are ways to nudge the economy toward what she considers solutions to stagnant

middle class wages. republicans have other ideas and they'll lay those out over the course of the next year. the debate is getting underway. >> it's a good tag line. america's middle class needs a raise. we'll let you get back in and catch up with you later. in athens the heat is on the prime minister to rush through six sweeping reforms through the greek parliament by wednesday to start unlocking more cash from eurozone taxpayers after 17 hours of face to face browbeating from the assembled leaders. joining us now, charles dallara who negotiated greece's big private sector haircut three years ago. good morning. >> good morning. >> we should mark the for rosty of what went on. they adjourned on friday night as the german finance prime minister said don't take me for

a fool. and clearly there were many members of the eurozone that were prepared to let greece go. and now you have what many regard as a crucifixion of measures that have to go through the greek parliament. this is serious stuff. >> it is. i'm afraid this has revealed the fundamental fault lines underneath the european union. >> where does that take us some. >> i think for the near term we can all breathe a sigh of relief that there seems to be a an agreement in the works. a lot needs to happen in the next 72 hours for this agreement to move to the negotiating stage. i think the markets have interpreted this positively. over the medium term i'm afraid two fundamental issues of trust have arisen. can the rest of europe trust greece and can the rest of the world trust the european

commitment. >> let me highlight what's happening this week. can we show the graphic of the hoops they have to jump but in greece. he's got to form a coo little. you have a vote through six other parliaments in response to that an and ecb meeting and sweeping reforms by next monday. i guess the immediate burning question is can the greek government such as it is or sib ras survive this or are we going to get a smapnap election or go back to square one any day? >> we could. i think the odds are slightly favorable for tsipras getting through this for actually getting this -- these legislative requirements done over the next few days but the residue will leave him in a weakened position. this program that they agreed last night is tougher than the one that was put on the table and offered to them two weeks ago. the banking system and the economy are in a much weaker state now.

i'm afraid there are no realistic near term hopes for the greek people and the greek notwithstanding the fact that the deal could be done. >> all the reports of a would be five-year time-out of detailed plans of an exit. was that a bluff or do some believe that that was the intention all along? >> i don't think it was a bluff. i think it was a bizarre idea. i think it's fractured the notion of the euro being a lasting project of integrity. i think the finance ministers stayed on the playing field too long. the heads of state should have come in earlier. i think we all know that views and attitudes at finance level are somewhat different. if it had not been for the final willingness of tsipras and merkel to find prooifation on the funding. >> this is the idea that you put assets i think 50 billion euros

into an escrow. the other is that the imyf and the inspectors reenter the country. what does it mean to have them back on the ground if the votes go through? they're going for debt restructuring. >> the imf finds itself in an awkward position. it's surprising they would have agreed to this deal without a stronger commitment from europe. a few years ago, the imf and jeremy were germany were aligned. it's unfortunate that today the imf has not been equally insis tant. right now the imf exposure to greece is left extraordinarily vulnerable vulnerable. there's no way this can lead to debt sustainable for the greek

economy. >> unless there's a sideline later down the line. >> there's a weak indication that after the first positive review of this program, if we get that far, there will be consideration of debt reduction. i was hoping there would be a collie clearer commit. . this could have provided some hope of a more lasting agreement. >> before we let you go it's a big deal for you for your late father tonight. >> thank you. during these times disz stress kwarks we need something that can lift us up. we're hosting a dinner that honors my father who grew up here. a man who loved baseball and played it until the age of 95. we're going to launch a foundation that refurbishes a ball field.

>> good luck. enjoy this evening. >> thank you. >> when we come back. this morning markets are in rally mode. how to play it all when we continue in a moment.

good morning, everyone. here is your news update. disputes over attempt to probe the raun's nuclear weapons

holding up a final deal. written in a way that stops describing its nuclear activitys as illegal is also standing in the way of an agreement. star bucks announcing a major new jobs program. it's collaborating with a host of other companies to try to create 100,000 jobs for people ages 16 to 24 by the year 2018. a series of bombings across the iraqi capital on sunday killing at least 29 people and injuring 81 more. a man wearing an explosive vest detonated it in a crowded market as people gathered to break their daily fast. mexican saying the most notorious drug lord escapes from a maximum security prison. 18 employees from various parts

of the prison have been taken in for questioning. and that is your news update this hour. back to squawk. eurozone leaders reaching that deal with greece earlier today after 17 hours of negotiation. we have more on that. good morning, julia. >> reporter: good morning, carl. as you said an agreement in plins principle. $95 billion worth we're talking. agreement in principle because it's highly contingent on greece passing a bunch of reform measures. we're talking broader and deeper than the greeks rejected in the referendum. they have to do many of them by wednesday night. it's a huge u turn for tsipras here and i think highlights the lack of trust as far as this greek government is concerned in

their implementation of the measures. one other issue was a $60 billion privatization fund. i can tell you that there was a privatization plan in place for four years in greece since 2011 and it raised less than $5 billion. a huge mark on the likely success of that program. let me give you a time line. eurozone fbs ministers in talks to talk about the financing, the short term. in one week's time there's a bond payment of 3.5 billion euros to be discussed. we have greece to legislate by wednesday. then other eurozone finance ministermin ministryies also have to pass these measurements. i said how quickly can greece get their hands on the third deal bileout cash?

>> they have to show they're credible and that they mean it. at the end of the week we'll make a formal decision going for the new program. >> reporter: all about credibility. all about trust as far as the greeks are concerned. a crucial few days across the eurozone now. not just in greece. back to you. >> julia chatserly joining us this morning. the dow has recovered the gains for the year as have the other major arches. jim paulson from wells capital management joins us this morning. good morning to both of you. >> good morning, carl. >> we're back in a situation where people bought the dip. you think we're being conditioned to do that and that's not such a good thing. >> i think you can argument whether sentiment is bullish or bearish, but everybody is

bullish on buying on the dip. i think that says something about how calm and confident people have become about the future here. maybe for the first time in this recovery that it's going to continue. i just think that market is a little vulnerable yet. the sentiment is a little too calm. vam values are a little too high. we're going to face raising interest rates here i think there's more turbulence ahead. >> that's an interesting point. jim's idea that the real risk here is that we suddenly wake up and morning and decide the fed is behind the curve. the s this going to be a situation where we were watching one pot waiting for it to boil and it turns out another one was overboiling the whole time? >> that's certainly one issue we're concerned about as investors. if the crisis in greece and to

some degree the up side in china goes away that brings the fed forward a little bit. we've always been in the september camp. and i think the funny thing is the sense that this is seen as a credible program people call it harsh but the flip side of that is actually if it does go through, it's still uncertain but if it does it's credible and that means that the markets might actually like this more and it might hold for longer and it might enable the fed to go. >> patrick, you're clearly in europe. you're in london. what's your assessment of whether the package gets through and what would your reaction be with the greek government fails and there's a snap election which some say could happen this week? >> clearly wednesday is the next big hurdle. if that wasn't there, i suspect market reaction could be even more positive than it has

already been. i would say the greek vote on wednesday isn't the only hurdle. once that's passed i think it's likely it is. personally, i think germany is not going to be the stumbling block. they have to be seen as playing ball. it's the smaller country where there's bigger risk. but markets are up in the high single digits since the recent lows. i suspect if the deal falls apart, i'd say european markets, 7 to 10% downside. a lot of downside risk if this falls apart. >> jim, can i come back to the belief that there is turbulence to be had further e down the line? we've heard that and feared that for a long time now and it hasn't come. i wonder if it's different this

time around. and there might be good reasons for that. mainly because the fed is simply not moving and if it moves, it will only move slightly. >> we haven't had the major turbulence but we've certainly had a change in the market ten-year. we have been moving more sideways since late last year than we have up, and we've gotten more volatility showing up a little bit more than before. i kind of think that it's true we haven't had a major 10% correction or anything yet, but we also haven't started to reset interest rates. i they we just sort of kept pushing that forward until we address that issue, you won't know what the response will be. i think one of the most fascinating things going on of late is while we're watching greece and puerto rico and china, what's happening is bond yields. look where they are. in the united states they're 2.45 in the ten-year. over 90 base points in germany.

they have come back up to the highs they were at before greece term oil started to accelerate. this is going to come back to when rates are going to start to rise and we'll have to wait and see how wall street handles that. i think it's going to not just be clear sailing if the fed starts to raise rates and the ten-year yield moves toward 10%. i think it will be interesting to see the response. >> yeah. we're going to have to watch yellen this week on the hill and the greek as they dot their is and cross their ts. not to mention the earnings. it's going to be fun to watch. thank you both. we want to get to john har wood who's been monitoring hillary clinton's comments this morning. >> reporter: we've heard new rhetoric on some of the points from before.

she said unions may have contributed to a slow down in wages for american men. she said she was going to stop is theft of worker pay through that what she called misclassifying some workers as contractors rather than employees and she went after wall street saying there are some parts of our economy that are outsized in registrationlation to others. it was a shot that was being responsive to a broad sentiment in her party that wall street is to blame for some of the distorgs in the american economy that have increased income inequality. we'll keep monitoring the rest of the speech. >> john any indication as to whether she would have more regulation on wall street or a break up of the banks? >> well i would not expect her to call for a break up of the

banks. a lot of the specifics of her economic policies beyond the broad stroke are going to be unveiled over the next several weeks. you have democratic rivals calling for breaking up wall street banks. i don't expect her to do that. but i think she would call for more regulation and some of that goes to the issues of providing incentives for companies to share profits with employees and some of that i would expect it's not targeted to wall street but it will affect wall street if it's targeted to main street companies. >> thank you, john. still ahead on the program, papal co-hounder max levchin has a new venture aiming to help students.

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groupon all the time. >> it's still a $5 stock. the shares are seeing gains today after analysts upgraded the shares to an outperformed rating in fact it was neutral before. they lowered the price to $7. it was $7.75 prior. the firm pointed out the recent pullback is showing a valuation, the calls still worth about $3.5 billion.

>> a major rally on the stock market this morning. let's send it to chicago. >> thanks, simon. thank you for taking the time, professor. >> it's a pleasure. >> all right. i guess with a deal pretty much all but final signatures but the market assuming it's going to go forward, tell me what it means for people in greece regarding the logistics of the banking system and other issues you see, john. >> that's the big thing that i don't see addressed is how do they reopen the banks. banks are closed in greece. you can't take out more than 640 euros a day. the minute they open the banks, i would imagine people are going to drain their accounts and no one is talking about where the money is going to come from. until they open the banks, economy is going to crater.

they have to do something about it within hours if they don't want the economy to crater. >> reporter: let me play devil's advocate. anybody who lives in greece the last several years, i would think should have had plenty of reasons to move money, but is the ability to do that to take the money out, to deal with living in greece without necessarily having your money in greece are most of the citizens up to that task? are we talking about a limited group and why is it different now than it was several months ago? >> well rich people with foreign addresses have gotten their money out but the average person and average business in greece no. you need banks if you're running a business. you need them to make transactions and wire money. people aren't paying for things in greece. if you owe money to a bank you're not paying. this deal hasn't dealt with a

problem of reopening the banks. >> reporter: so you have this big meeting that was publicized between france and other big wigs, of course. ultimately you don't think brussels has thought enough about just the banking logistics, oh to the me i hear you saying it's a flaw in the plan. am i interpreting this correctly? >> the plan they're talking act is how do we lend more greece more money to pay back money. but i haven't seen how do they in the short term get the banks going? this is one of the big mistakes in europe. if chicago doesn't pay banks, chicago doesn't go under. greece is set up that way. >> in the united states, bangks are integrated into a system

that is overlayed on the state and the federal side. let me ask you a simple question. let's say everything goes as planned. put aside your issue of the banks. let's say they open normally. have we raised or lowered the moral hazard regarding the portugals and spains needing some of what greece has been dealt over the last few years. final answer? >> good question. on the other hand, i think greece is such a disaster that few other countries will be tempted to go down this road and if they go off and onto the drachma, i think it's going to be a bigger disaster and a clear warning to others not to go that way. >> thank you for taking the time to give us your view on the banks in greece. back to you. >> thank you so much. when we come back wall street getting bullish on fitbit. the stock more than doubling

since the ipo last month. we'll talk to analyst bob peck who has a buy and a $50 target in just a moment.

welcome back to "squawk on the street." a look at shares in the consumer discretionary index within the s&p 500. the secondtor overall is at an all-time high up over a percent. among the leaders are names like garmin and also wynn on the casino side, helping to propel the levels. >> thank you so much dom. shares of fitbit rallying after several firms initiate coverage of the company. steeple, sun trust all say it's a buy. deutsch and morgan stanley kept it at a neutral. bob peck is an analyst with sun trust. good to see you and talk to you. good morning. >> thanks for having me. >> we talked about on ipo day they made money, do you think 25 times is not unreasonable? >> a couple different reasons, there's a huge market just getting penetrated, about $30 billion or so market.

number two these are the leaders by far with an 80% market share and a global leader, too. there's a lot of opportunity to run and that's showing in the financials so this year you're seeing timts up almost 90% or so on the top line. you can pay that to multiples of 25 times or so it puts at $50 fit by the and go pro so we think it's fair. >> walk us through your proprietary survey this idea it has better brand recall than the apple watch and by a long shot right? >> it was amazing. it was 3-1. we asked almost 2,000 people or so if they'd ever heard of the different devices and fitbit had the highest recall but apple was right behind it. we followed up with the question what percent of you would want to buy that unit, fitbit had over 60% share and apple's fell to 20% share. it was amazing the demand we saw. that's one of the things through the process, we did our homework on the name, the demand we were

seeing just way stronger than i think people realized. >> you point out two of the three features heart rate and sleep monitoring you need a battery that lasts and that you can wear it at night. that's crucial. >> exactly right. i have an iwatch as well and i have to charge it and use the fitbit to monitor my health overnight. that's an issue. also to be compatible with other operating systems. apple is not the largest smartphone market share globally. i think that's an issue as well. >> why do you think it's outpacing the watch? people have been throwing theories around all morning long including cramer who thought maybe it's a gender thing. maybe women are more entrenched in the fitbit ecosystem than we thought. >> it's, one the battery life. two, the focus. being a fitness platform. people were surprised how they were able to beat nike out of the business completely. nike with much more resources. an easy user interface, focused

on one thing, fitness. and simple for the user to use. those all together help it. >> they evolume beyond just hardware into services and to better integrate with other people's product offerings. i just wonder if you have a sense how many people actually use a fitbit. a fitbit has a much lower entry point in terms of price. i bought i think, 11 of them last christmas. i'm aware of one of my friends and family that's actually now using it so there are a lot of fitbits that may be sitting idle on the edge like often happens with other fitness material if you like. >> that was one of our biggest concerns going into the story. for part of our survey we checked on that. what we found out 80% or so are still using their fitbit that they bought. the competition side of things as well as the engagement of the platform will be a big focus for investors going forward. our survey was very positive.

>> bob, we can talk about fitbit for a while. we turn to twitter. is zillo in your universe? >> we do cover zillo. >> can you explain what is going on? >> i think what happened last week the market was disappointing in the cfo leaving, moving on to a private opportunity. so i think the cfo transition was the reason you saw the stock pull back. >> does that explain the last what are we looking here six months, this is looking kind of nutty. >> yeah, it does. the big movement was the end of last week sitting in the high 80s for a while here. i think the bulls are looking out what this platform can generate in 2017 and the bears are concerned about the near term integration. >> we have a lot of interesting stories to watch in your coverage universe. bob, always good to talk to you.

we'll see you soon. >> thanks again for having me. >> bob peck talking about his initiation of fitbit. >> a lot more tech coming up of course, on this morning's squawk alley. over to john and see what's on deck. good morning john. >> good morning, simon. we'll talk about apple and the ftc. the ftc looking into complaints from some of apple's rivals that they're charging too much for streaming of music and other media while competing with them. we'll have the paypal co-founder max levchin. he moves into student loans. and also more on hillary clinton and these comments about the sharing economy. weird comments. we'll dig in and try to figure out what she's really trying to talk about on "squawk alley."

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can a business be...alive? take a look at the markets. the dow up 199 points. the s&p up a little more than 19. this is turning into the best three days for the s&p of the entire year as we get this greek deal out of europe of course. netflix another one to watch. a new all-time high of 709. it is 8:00 a.m. in cupertino.

"squawk alley" is live. ♪ ♪ make a big noise playing in the street ♪ ♪ going to be a big man some day ♪ ♪ you have mud on your face you big disgrace ♪ ♪ singing we will we will rock you ♪ welcome to "squawk alley." joining us the ceo of "the daily mail" north america and john ford and kayla tausche here. good to have you back. >> good to be back. >> happy monday. first the markets. we are in rally mode all morning, all major averages are now positive and the dow is up about 195 points. of course climbing on the back of that greek debt deal overnight. there are four big-name companies all trading at all-time highs. among them facebook and amazon. facebook and amazon up