marquette cap, square and a lot of the new companies. >> i'm talking about the private space, around new networking companies, new storage companies, all kinds of things. >> scott, thank you for joining us. >> that does it for us. right now, time for squawk on the street. welcome to "squawk on the street." i'm carl quintanilla with jim cramer and david faber. we are in the thick of it. earnings from goldman, netflix and more. stocks the best week for months. yellen takes to the hill for a second day. claims in good. oil up a touch. the ecb, mario drag gi speaking in frankfort saying the central bank will turn on the funding apps for greek banks. netflix, shares surging in

the pre-market poised to open the at a new high as subscriber growth tops in less expectation. >> we will have the latest from ecb president, mario draghi as they approve austerity plans. >> these litigation charges at goldman. weighing on the bottom line. first, netflix. strong results for the second quarter. the company adding 3.3 million subs. stocks up over 11%. this is reed hastings last night on the company's earnings web cast. >> the stock was half this price. i described it as euphoric. it's a mystery to me. what we know cuss on is how to get incredible content, stream it beautifully and market it in every country. i'm out of the stock commentary business.

>> maybe he should be. >> stock now closing in on an 8,100% gain from the may, 2002 ip 0. >> it is ridiculous this is only up 11. this was the most dazzling call. when you have a chief content officer on you know you are about to get blown away. raising numbers, narco. they are like crouching tiger, number two. they are not even in china and japan. already on the clicker. it took my breath away. >> they are going to hit 200 countries by 2016. you mentioned japan, but there is spain, portugal and china. $5 billion on content cost and they will start leaning to their own stuff. >> two hours a day, people on average are on it. they don't want to raise the

price. they don't need to. they want to stay the great bargain. it is one of the things they talked about, for the customer for the customer. it is the spanish rollout of the different kinds of programs they are going to do the scrap knees program, china is like -- we'll get to china, to those billion people. the goldman sax number the 400 plus adjusted market that was wrong. the only place i am confident they won't do well was a place we got some pictures of yesterday, pluto. >> it's not even a planet. >> they have methane gas, he will describe. i think the sales were the quote that we pulled is one of maybe 30 quotes that i could have pulled about how brilliant these guys are. i felt so intimidated.

i'm not as smart as any of these guys. i tried in my life to be and i just wasn't. these men understand what this world wants and they are giving it to them. >> there are always those that look at the multiple to the extent there is one. 51.1 enterprise value over ebitda. the story is in tack. until that stops, nobody worries. >> there is a company that sells so much product online and by the mail and u. p ups. >> the only stock that hasn't done better than netflix. >> they are saying we can charge whatever we want. that's not our style.

they talk about how hulu started charging too much in japan. they know these markets and know they don't want to go in like that. this he know that they are loved and that they are a bargain. they come up with product that frankly is when you have the chief content officer, they are saying, we are the most disruptive force in history. we have no legacy content, we have no legacy distribution. all the cable companies are going to he'll.al. you're going to get it for free action they are humble. they are humble. >> they are global. we quoted from goldman sax, an addressable market of 460 million. that's addressable. >> they will take that up. >> as you say, they have made themselves a force politically, being one of the key forces against comcast to acquire time warner addressed by legislators

and dropped. and opposing charter, able to deliver this stuff and they pay the connection with comcast but not paying more. that will be an interesting debate to see how that develops. i also wonder about time warner. they must look at hbo and go what kind of a multiple would this get? >> hbo, those conference calls. we are faster than hbo. >> hbo has some pretty darn good. >> they are in a race. >> they are more expensive. >> this is going to be one of the situations where you are going to be on a treadmill. every year you produce better and better content. he said sure. okay. we will. that's what we will do. >> mark mahayney will join us later on. >> he fit. everybody has a play. it was one of the shakespeare comedies. it was not a tragedy.

everyone played a role and all is well that ends well. price target $150. stock futures, on the meantime are on the rise after greece voted through the austerity measures necessary. moving attention to germany and the ecb. we have claims down to 281,000 here in the u.s. what was up with the ten-year yesterday? we had yellen talking, gunlach talking. >> that was a great mystery to me specially, the dollar is just soaring again. people want to earn u.s.

currency. i feel like people want to be here. they want to be here for the rate hike. somehow the rate hike is being viewed by people as being a dollar draw. people are going to buy our bonds and the dollar. the dollar is so strong against the euro it is frightening. >> then austerity measure passed pretty handily. we are encouraged by the margin in which it won. steve liesman is watching all of this including draghi. >> mario draghi ha has cyst european central has raised the amount to the greek banks. that should allow them to raise the amount that greeks can withdraw from the banks from six years or even maintain it. that's the first thing. second thing is there has been

a need for a greek write down of debt. this should increase the quality of the collateral in the greek bank. they will talk about what the needs of the greek economy are and how they can gradually be met. ongoing process. you had them earlier approve the idea in principle. all things seem to be moving and coming into place. i think, if i'm not mistaken we have a pretty strong rally going on over in germany. i've seen the euro weaken a little bit. reacting pretty much as expected. carl? >> europe at a six-week high. thank you for that. part of that is the greek vote. part of it is auto sales in europe. up 14.8. the best in 5 1/2 years. >> the economy did not skip a beat during this period. it was very very strong. one of the things i would expect

is that these guys are going to raise rates. >> it didn't happen today. >> yesterday, delivering -- draghi -- i think the germans are going to freak out that this growth is that strong. >> john gray who runs real estate of blackstone, one of our biggest speakers interviewed him at delivering alpha. they have been a big investor in europe. he was positiven o the continued aspects for the properties they have been buying and potential for growth just to add that in there. not that they aren't necessarily bullish. sort of saying they could see it firsthand in some of their commercial properties. >> the euro, debased currency. europe is the place to be. >> we have to get to the banks before the break.

goldman on the top line. earnings hit by this big litigation charge. 190 versus 410. earnings and sales both topping the estimate. shares of citi are up over 2%. cost as a percentage of sale. 55 versus 65 a year ago. they have been on a terror. >> my hats off to michael corbat. a lot of people felt it would be some time before citi would turn it around. he is turning it around now. he is on target for return on assets. they are getting much, much better. revenue environment, still tough. the expense/discipline still terrific. a very good quarter. a lot of hard work done. i will contrast that with goldman, which i was not very

happy about. the fixed income not that good at all. >> 1.6 net revenues. they say net revenues and interest rate products significantly higher compared with a year ago quarter. this increased more by significantly lower net revenues and to a lessor extent mortgages and currencies. jpmorgan gets the gold star. the citi fexixed income was quite good. >> goldman's were double citi's gains. >> i like goldman. i think it is terrific. the citi numbers were good. people are going to say, only two good ones. i'm going to throw a monkey wrench in everything. i think bank of america and wells were the best. bank of america was

extraordinary. the company is not projecting my estimate. i think the company has finally gotten that together. >> earnings for next year. >> next year. >> i think you can do it. i really do. i think it has that earnings power. i have been looking to figure out a normalized model for that. i'm sorry. they don't have a movie slate the way netflix has. it is hard to take up the price target. >> i want to see what david einhart thinks. >> i was looking for the release

date of crouching tiger. it is going to be a 2016 release in china. >> we are getting emmy nominations at 11:30 eastern. >> he is going to win them too. >> everyone must hate him and feel awful. it must drive -- how many psychiatrists make you deal with that. >> when we come back a lot more earnings to tackle. we have ebay intel and why shares of macy's were up 8% yesterday. walt mossberg will break down what it means for apple and microsoft, mac. the dow and s&p on track for the best week since april.

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we believe there is an opportunity to create two leading companies, macy's operating business as well as the real estate company we believe you can accomplish this goal while maintaining the dividend and making it safer and by maintaining the credit rating.

>> that was jeff smith. at our best ideas panel that jim and i hosted with activist investors. the theme that went across all three was real estate. the invented value of real estate in macy's is something a number of hedge funds have been talking about. the cfo in the last few calls has had to address it softening her tone in terms of the company's willingness to think about things as the value of the underlying real estate has grown enormously. mr. smith, no stranger to a fight when he has to take one on. certainly, yesterday giving a lot of spring to that stock. up almost 8%. the company coming out with a statement essentially saying we are continuing to consider the value of our real estate. jim, none of it means that it is going to happen. there certainly is some blow back in the sense of will you hamstring yourself if you were to move ahead with a plan like this despite the values ascribed

to this real estate by mr. smith. you suddenly are making and are locked into lease payments. you aren't as focused on your retail business or able to deal with the ups and downs. >> i dealt with a number of retailers because he was so fascinated with the discussion. the unbelievable panel you put together. >> thank you. >> all people i dealt with in a sophisticated fashion said this is a very dangerous plan for macy's. macy's is not doing as well and even though i know jeff stress tested in 2002 2003 2008, 2340 one figured out why it wouldn't be a quick pop and go. this sears example continually coming up. i think that's sears. >> people visit a lot of macy's stores. a lot of traffic. the bulls use here or those that make this case is hudson bay.

they did a sax deal that paid for itself on the value of the fifth avenue property alone. they look at macy's with harold square. it's world $4 billion. been looking at all the comments that macy's had publicly stated. the last thing jeff said was, listen, jim, that is not their attitude close to hudson bay. it was almost as if he was saying listen, i know in the last conference call we have been monetizing some real estate in silicon valley but they are listening. that's very compelling. >> by the way, we are just reading, reached 9 million people on twitter alone.

>> some of the biggest topics were #fink and the macy's symbol. a lot of people trying to figure out how i have to get in the room. very strong. we'll get to intel and ebay and a lot more as we count down to the opening bell. we'll get cramer's mad dash and take another look at the pre-market. futures up triple digits. back in a minute. i tried tylenol but it was 6 pills a day. with aleve it's just two pills, all day. now i'm back! aleve. all day strong.

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♪ good music leading into our mad dash. we haven't talked intel. they look good on the face. >> first of all, i like what they are doing and stacy smith as the cfo. it is not a growth company. i am going to read something from stacy smith. i don't want to miss anything. >> the cfo of the company. >> he is so good. a lot of questions about pc growth. if you zoom out, our view of the pc market now is kind of down in the high single digits and our view a quarter ago was a pc market down in the more mid-single digits. pc down again. data center wasn't as good as i thought. internet was just okay.

more is a little challenged in terms of that. this is a company. this is a two lever to one product. microsoft trying not to be lever. they are hoping that windows 10 is going to accelerate the p.c. market. this was up in two, the premarket. the reason it was wrong is because intel is a truthful honest company and pcs are falling off the cliff. here is something, pcs and coal are the two disappointments of 2015. >> we need to focus even more perhaps on pcs because the impact for the hewlett-packard split and a purer play and dell no longer a public company. >> this was amazing, because stacy had been very conservative. >> he got a nice number here, look.

they may be the great american manufacturer. internet, the mixed shift will be much better after altara. it was the right thing to do. avago, skyworks nxpi they are levered to apple. that's the problem. this has nothing to do with apple. >> we have the opening bell coming up after this.

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you are watching cnbc "squawk on the street." watching earnings stateside. the ecb saying the funding tap is going to turn on for greek banks. draghi saying he expects the central bank to be paid on monday. in china, the first sub 1% move since june 12th. it has been up and down so dramatically every day for the past month.

there is the opening bell and a look at the s&p at the bottom of your screen. down here. over at the nasdaq a discount retailer in 16 states also celebrating its ipo today. there is going to be plenty to watch. of course don't forget yellen on the hill later on today after that contentious "q" and "a" on the house side about everyone from bond market liquidity to fed transparency to rates. >> she is goat number 2, greatest of all time. she was muhammad ali out there.

don't mess with her. she floats like a butterfly. she stings like a bee. >> netflix is going to be your biggest gainer. a 12% gain $110. almost everyone has price targets from 100 to 150. >> i am keeping mine despite what's happening. >> on a 12-month basis. >> honestly the u.s. growth was extraordinary versus what we thought in a very weak seasonable quarter. i didn't expect this. in terms of their ability to have pricing power, other than amazon prime, there isn't anyone in the world that has pricing power that doesn't abuse it. >> you were not impressed. >> i was trying to buy those sneakers because of amazon prime, saved $19. >> i forgot to go on and purr use to see what was available.

>> we haven't talked about ebay which for a variety of reasons is worth a quick focus. the company is going to split and actually on the 20th of july. you'll have paypal and ebay. paypal is traded on a when issued basis. the second care ter, 2015 earnings. some notes from the call look pretty good. $4.4 billion. ebay up 5%. paypal up 19% to $2.3 billion. it's revenues exceeding that of ebay. 1.6 billion in cash flow for the first half of the year. they are buying back stock.

>> the split will take place. paypal ebay not doing bad at 5% top line. >> true but a paypal analysis using an up side of 50. a 14%, 15% change of growth is much faster. this isn't a true acceleration in revenue growth scoring. the analysts are going to love. if you look at this versus visa and i think charlie sharp is amazing. people are going to want to own this stock. this price is a stock right here. i didn't figure they could have this level of growth this fast. quite impressive. >> you guys mentioned all the real estate plays at delivering alpha, the macy's the eths. sherm win williams is blaming

weakness in latin america and currency devaluations hurting. the stock is getting hammered. for a name that we look to at least paint a picture on housing. we are going to get home builders sentiment at the top of the hour. >> that's a great opportunity to buy home depot. sherwin-williams has been a teflon stock -- shouldn't use teflon, they are having a litigation problem. sherm win williams able to bounce back. will over ppg, spill over depo buy home depot. >> the stock was up celgene, up again .5 this morning. >> plugs the whole.

>> there were these hedge funds that were challenging. he has come up with a pipeline within a pipeline. he is using a potentially $8 billion for what he has. he did it. he answered the critics with one fell swoop for $7 billion. >> in terms of the market value added at celgene. >> when you draw it up on payable and think about the reactions, certainly, what you are looking for. >> don't know if you know him, ex serviceman. university of virginia. he is a quiet unassuming brilliant man who made an acquisition. a lot of farm team stakes and a lot of different very interesting anti-cancer

formulations. receptos that whole line of immmunological think of it as swelling. this was a brilliant acquisition. it is celgene. finally, three styles. >> general meals on the tape with news of potential job cuts and capacity reductions. ken powell was on "mad money" last night with jim. take a listen to this. >> half the people we interviewed said could you please ease off of artificial flavors and colors. we have heard it. we are going to go to naturals. we are listening to our consumers. we are renovating changing these products to make sure that they are contemporary.

>> in environment where you are changing consumer taste. >> this is a company that had been the leader in sugar, sugary foods. ken powell reinventing the company on the fly. disappointed last year with his numbers has looked at the whole product portfolio. tricks are going to still be for kids even if they take out the phoney colors. i underestimated them to go from natural to organic. the good-tasting snacks are doing tremendously. you admitted you were not doing what the customer wanted in a 15-month time has redone that portfolio. that stock up. the if the fed raises rates, people won't like general mills as much. >> the pricing on pepsi was a

pleasant surprise today. philip morris' pricing, specially in western europe up 7. another interesting surprise. >> how can tobacco still do so well. when we go to europe we just have to take up smoking to fit in. just to fit in. we must be american. >> same with asia. >> more so. the dow is up 15. back to 21.18. bob pisani is on the floor. >> nice ep o. all ten sectors were on the up side. the material names are having trouble again. we'll get that in a minute. first, i want to point out mario draghi moved europe even moved us a little bit. there is germany on an intradag basis. that was draghi speaking a little bit earlier. we are in rally mode across the board in europe. i don't mean just greek stocks. look at europe and germany in the last six seven days.

we are up almost 10% from july 7th or so. that bottom. this is a one month on germany. we were at 10.6. that's about a 10% move in germany. here in the u.s. bank earnings are continuing. the trend is slight but no big moves up in what we want to hear about. we look at citigroup bb&t, citicorp. net interest margin generally to the down side. net interest income generally flat. that's all we are really hearing from these companies. they are not expanding their net interest income much at all. it is just not there. in a loan situation, loan growth or in the expansion on interest rates. that's going to be an ish crew going forward. another issue is in the commodity space. i talked about the debackle

that's going on in the company space. here is the problem that we are seeing. it is impacting profits. right now, q2 estimates for profits expected to be down 3.8%. revenues are down 4.2% for the s&p 500. that's because of the dramatic 35% decline in energy revenues. if you take out energy from the s&p 500, the revenues are actually expected to be up slightly. so bear in mind that energy is really a major problem for the s&p. here is the problem. the trend is to the down side here. the xle, the energy etf, has been moving down for the last several months. it is not showing much signs of bouncing back here. the trends are a problem. oil is flat to down and the dollar, which will be another big help for us in terms of

earnings, has been strengthening. i'm not terribly enthusiastic about earnings for the third quarter unless these trends reverse more. the commodity slump is continuing today. remember, the names are to the down side. we will talk more about that a little bit later. we have a couple of ipos right behind me. jupai holdings a big chinese world management if i recall. a lot of chinese world management people on the floor. 5.3 million shares at $10. just opened at 10.76. an interesting stock on the nasdaq. ollie's bargain outlet. they are pricing at $16. that will open in about one hour over on the nasdaq. david, right now, the dow is up 40 points. back to you. >> thank you very much mr. pisani. a fight in south korea grabbing the attention of some investors here in the states. the huge 26 $27 billion hedge

fund squaring off against the most powerful company and family in south korea, namely samsung. it through up a controlled affiliate to buy another company called samsung c&t to effectively help consolidate some of the ownership amongst the samsung empire and the family. pull singer is the man that formed elliot back in 1977. put up that incredible crack record of 13.7% annualized gains since then. a vote is tomorrow. they needed two thirds of the share holders to approve the deal. elliot has come out against it trying to win the votes of smaller and large institutions both domestic and foreign. it has captured the attention of many in south korea.

seek the votes of retirees. personal attacks against mr. singer himself. i asked him yesterday. how did you get involved in this to begin with? >> we think this merger ought not to happen as it is structured. whether at some point in the future a different reorganization may happen. we think that is the preferred and right resort. you have a very overvalued currency. this chael stock combining with this undervalued samsung c&t. so share holders get the short end of the stick both ways.

>> the vote is tomorrow. it does appear to be at least something of an uphill battle here fighting in a foreign country. he says, listen rule of law is the most important thing to him. transparency, corporate governance, which you would love to see more of or more stringently applied in south korea. when i asked him, though well do you have a chance of winning and why keep up the fight in this uphill battle here is what he had to say? >> why keep up the fight? >> well it is interesting you mention the pension service, because the internal adviser to the pension service recommended against the deal. so did glass louis and iss, the independent advisory firms. we think that it shouldn't be quite so uphill a battle. we have a lot of small share holders rooting for us. we're still hopeful that the

nps, the pension service, may vote our way. i'm not ready to say it is an uphill battle. it's challenging. the merger we think should be voted down. the company should go in a different direction. >> samsung appears to have won the support of south korea's thagsle thags national pension service. we'll see how the vote goes tomorrow. we'll move on to oil and oil prices. jackie deangeles at the nymex a little bounce in prices. a little more than .25. pti trading at 51.69. about 1% this morning. we do have a stronger doll afrmt bucking the trend. yesterday, we saw a 3% selloff pretty steep in oil prices despite we had a pretty bullish inventory report. the market shrugging these reports off. we have many on the streets

saying we still could see these oil prices going lower. bo taylor telling kate kelly he thinks we could see $30 in short order. we could balance between this $50 and $60 range for the next six months until we finish out the year. it will be interesting to see the catalyst. the production number from the eia at peak production levels. deet the demand is dropping. what the catalyst is to push us to the four handing, the three handle. price up 21 krerntcents, 57.67. netflix hitting an all-time high after yesterday's hit. we will hear more from reed and the sweater that everybody can't

stop talking about. walt mossberg coming up later on squawk alley. dow is up 48. back in a minute.

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you can recognize the song but you can't feel it in your heart or body. it is not a visceral experience. that was neil young with jim in october. he is removing all of husband mice you can in all streaming service. his songs are being devalued by the worst quality in the history of broadcasting. haes been outspoken about the way modern media companies degrade music quality. he is unveiling his own player. is it audible to the average listener? >> he has had me listen to pono versus streaming. streaming drops off little bids. it is very clear when you pit it. vinyl was always much more superior to digital. the guy who was instrumental in inventing digital always

regretted that he did it, which led to straemeaming. neil young is a man of great principles has always been a man of great principle. this is something that he feels passionately about. i don't know whether people will follow him. he marches to his own. he has been a serious person about business and politics all his life. >> increasingly relevant whether it is streaming or donald trump using his music. all over the place. >> i had dinner with neil recently. he has been one of my idols. it was great to meet him. neil young is talking about whether certain things interest the '60s have survived. he is adamant about this idea that music should not be debased by streaming. people would say, holy cow, are

we ever missing something. >> we will get stock trading with jim in a moment. we are back 21.20. session highs. back in just a moment. ♪ if you can't stand the heat, get off the test track. get the mercedes-benz you've been burning for at the summer event, going on now at your authorized mercedes-benz dealer. hurry, before this opportunity cools off. share your summer moments in your mercedes-benz with us.

let's get to cramer. >> some stunning news with ppg industries. we have a new guy coming in. chuck bunch was the most bankable in that industry and is retiring. i am stunned. i love this guy. i just like wow, i did not want him. he is going to be executive chairman and stay on. when people look at the quarter, was it as bad as sherwin-williams? >> no. chuck was the first transformational. he did it ahead. everyone from the other ceos revere this man. he is stepping down. i want to wish him the best of luck. that stock is deserve edly down because that guy is deservedly great. i love chuck bunch. >> love huh? >> love. >> a man crush.

>> he is from the city of brotherly love. >> you mad, bro? >> no i'm not mad. >> domino's pizza down. cfo leaving. he is one of the greatest performers. beth moony, one of the greatest regional bankers. some people are going to find fault in the 12% comparable sales for domino's pizza. forget about it. let's find out what beth says. she has been a remarkable banker. today was great. i missed you yesterday doing the back and forth. >> you are going to have a busy night with google and all of that. it is going to be a call. >> you know what i saw pluto. we are going to put a man on pluto. we will be the first people to ever put a man on the sun that favors richard prior. they are going to drop that first man on the sun project. i'm telling you it is being

scrapped. ruth is not allowing that. that's it for that plan. >> no rocket ships to the sun for google. >> they are not going to try to figure out how to put a man in the trench without a breathing apparatus. all those things are off. >> we'll see you tonight "mad money," 6:00 p.m. eastern. when we come back more on these big earnings all morning long goldman, citi netflix and more when we continue.

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the philly fed is out. let's get to jim in chicago. hey, jim. >> hey carl. >> the philly fed number came out disappointing, 5.7. we were expecting 12.0. anything over zero is an expansion. it is a big deal. the second real data point post the chairman's speech yesterday.

she made it clear that, one, she expects numbers to get better. if that happens, she has no problem tightening. built in is that numbers have to get better. the first claim was a little better. this is not a very good number. the stock market is about where it was before. the s&fs are up almost ten handles. they seem to like the good erpg earnings. this is not the best number. about are we were when we started breaking news at this hour on home builders sentiment. diana olick is live in d.c. with those numbers. diana? >> reporter: home builder confidence in july up 1 point to 60 on the national association of home builders monthly sentiment index. the highest level in a decade or since november of 2005. june's reading was advised up. it didn't really move but it is higher. sentiment was at 53 one yearing

a. 50 is the line between positive and negative territory. the nahb's chief economist says builders still face a number of challenges including shortages of lots and labor. the skilled shortage for construction was echoed in the federal reserve book released yesterday. two out of three index components were higher. current sales conditions rose one point to 66. sales expectations rose 2 points to 71. buyer traffic, still not so great. down one point to 43. the only element still stuck in negative territory. a recent report noted buyers were starting to get sticker shock on new homes. home builder, leonard, hit the highest level in history in the last quarter. looking at the three month moving average going regionally confidence in the west and northeast. rose to 60 and 47 respectively. the south and midwest were up one point to 61 and 65. >> thank you very much.

the stock level netflix is surging again today as its subscriptions hit 65 million. the streaming stock has more than doubled. ceo, reed hastings talked about the stock price on the company's web cast last night. >> the stock was half this price. i described it as euphoric. it is a mystery to me. what we focus on is how to get incredible content, stream it beautifully. market in every company and i think i'm out of the stock commentary business. >> joining us on the phone is laura martin. analyst. when you hear reed hastings make a comment like that do you pause, kind of double euphoric if you like? >> no it just makes me happy that i have a job in the

business of projecting stock price performance. we have been right on this one. i this i what's going on here is this international growth is really very positive for their economics. we estimate they have a payback period offshore about half as long, twice as profitable as in the u.s. netflix is going to go from 50 couldn't tris to 200 countries penetration in the next 18 months. we think that's what's driving the stock price up. >> so if they are running nearly a third more subscribers than people thought. let's assume the cost of content is more or less stable. presumably the earnings rise with the toppings. they talked about starting to rise price at a 5%. pricing up globally 5% a year. that's the first time they have ever talked about ul ping the lever of raising prices not so

much in the u.s. but offshore in the u.k. on some. they have 31 piers worldwide. they are going to start raising prices selectively. they raised prices in the u.k. and in brazil. that means we are not only going to get the subscriber upside but this that we weren't expecting. >> why don't investors seem particularly worried about the competition in terms of long-term earnings power? amazon makes very aggressive moves here with straemeaming and abroad where these markets are very different. >> i think one of the things we see the digital market. the winner take all market. netflix has an enormous lead because it does aggregate premium content. we think they are being so aggressive going into 200 countries. they are really well ahead of their would-be competitors. we got a positive result out of the legal system where the roe

v. litigation against netflix was thrown out. they said they would support the char ter of time warner. they said they will not charge them to interconnect to the backbone. that's positive too. >> what about china on the suggestion on the conference call, they are actually getting into that market may be delayed beyond next year as was originally planned because of the difficulty in getting government permissions? can that be more than a country issue, if for example, others get in there like hanna barbara and are able to get critical mass and come out from that position? >> it depends on how important you think local programming is. one of the things we have seen is netflix says they will launch in both countries with 65% u.s. programming and 35% local programming like in japan.

if you think china's local programming is super important, then ali baba might get tracks. it is u.s. global that is important. netflix has huge advantage over anyone in china. they have global deals with the big seven in the u.s. >> what is your price target here? how high can this thing go? >> our price target is 111 which was up 15% from yesterday's close. the stocks rallied today obviously. it is kind of nice. it has doubled this year as you've noticed. growth is very hard to find in the market. this company has a three-year trajectory of growth. with he would expect growth investors to continue to be attracted to this stock. >> up 123% year to date. laura, thank you for your time. >> my pleasure. >> greece is still in focus. we have breaking news out of europe. steve liesman has that. >> we are just getting headlines over the wire that we are

expecting. the european union has agreed to the short-term financing. they have been seeking 7 billion euros to bring greece to fund itself through mid-august. earlier today, another piece of the greek puzzle falling into place when the european central bank approved an increase to the greek national bank that allows them to continue to stay open and provide some amount of money to the greek citizens. we don't know if they could increase it. 900 billion euros was the increase. i'm sorry. 900 million euros was the increase. let's hear what mario draghi said about that increase. >> several positive things have happened that justify us to increase that we approved today. incidentally, i didn't say by how much. we accommodated the request put forward by the bank of greece

recalibrated over one week. the increase would be 900 million over one week. >> some analysts i talked to were looking for more. draghi also expecting support in a highly noncommital way for major outstanding issue, debt relieve for greece. >> i think nobody has ever disputed that. the issue is what is the best form of debt relief within our framework, within our legal institutional framework. i think we should focus on this point in the coming weeks. >> imf obviously pushing for a big writedown along with the united states and france. the germans resisting a writoff or a hair cut on the debt. expressing some support for terming out the loans or reducing the interest rate. euro markets surging on this news. last i checked, 1.5% across the

board. 1.49, 1.41 1.52 over in spain. >> it is a big rally to the point that you make steve. did the white house prevent euro zone leaders from kicking greece out of the euro zone on sunday. how hard is this country pushing for european tax payers to forgive greek debt. they battled to get that vote through last night. the deputy wanted to be seen very publicly thanking the u.s. government and president obama for their help and persistence in getting greece this far. the euro zone reopening negotiations and significantly the possibility of debt relief. now, with tomorrow's vote in the german parliament voting treasury secretary lui has arrived to personal pli lobby the german finance minister in berlin to take the hardest of lines. a debt write down would be illegal under treaties and the

greeks would be better to exit the euro zone. this country is the largest shareholder in the imf, refusing to enter talks unless the euro zone partners offer substantial debt relief up front. we may hear on that subject. >> two more big banks reporting earnings today. citi with its highest profit in eight years. goldman sachs gets hit with a big litigation charge. how should you be playing? more "squawk on the street" comes back. can it make a dentist appointment when my teeth are ready? ♪ ♪ can it tell the doctor how long you have to wear this thing? ♪ ♪ can it tell the flight attendant

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the highest quarterly profits in eight years. kayla taustausche. the company is now seeing a second quarter with expenses dropping from last year. reserves from bad loans released and it's bad bank citi holdings turning another profit. the bank is on track to hit targets set by management more than two years ago, which is what executives are focusing very closely on this morning

with analysts and investors. revenue growth though was hard to come by. they called the quarter a low quality beat for that reason. the credit card unit saw revenues falling again. john gersbeck said more marketing spent perhaps is needed there in the second half to finally get growth back on target. institutional client which houses investment banking, barely saw revenues benlgudge. can they keep leaning on reorganization to meet targets without being able to grow the top line? head winds from a weak global economy, low interest rates, some fx swings impacting the bottom line. it has the most global footprint of any line. it continues to shrink citi holdings. an additional of the asset base is going to be sold by the end of this year. it is already earmarked for that. gersbach told me. they have dealt with the

low-hanging fruit and now they are dealing with some stuff for which there is not really a second market. they are going to have to create it and find a buyer. >> they got rid of the coatssta rican business. >> yes and think inked a sale. they are making progress on these efficiency targets which management said two years ago. they are having progress there. i think once they meet those targets and that story goes away. where are they really going to show growth? city's higher at goldman is lower. a big quarter. the investment undercut by this legal expense. >> resulting in lower income and

mile an hour nlgment for goldman. most of the charge is tied to the rnbs working group made up of state and federal officials including the doj. the expense offsetting a good quarter. safer weakness and part of goldman's trading business where schwartz said global concerns for client activity. concerns surrounding greece and the reversal of certain macro trends. more recently market participants have been very focused on the chinese economy. >> during the quarter, legal expenses cutting goldman's earnings by $2.77 to $1.98. once you exclude those expenses goldman earnings were 4.75 well above analyst estimates revenue. coming in above estimates of $9.1 billion fueled by strong results in the investment banks. it fueled a 13% jump in revenue. this offset the fixed

commodities and currencies where revenue dropped 28% from last year's second quarter. the firm saying interest rate products were the only bright sfot. rival banks, the equity trading revenue was strong. the firm's own revenue in its investment and lending portfolio, higher than in the first quarter. 'number of public companies had revenue increase 14%. a strong quarter offset with the exception of the weakness in that offset by the big legal charge as well. simon, back to you. >> mary, thank you very much. coming up shares in apple are up more than 6% in just last week. that's $43, $44 billion of wealth created. jeff gundlack saying, the stock

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apple pay the apple watch and most recently apple music is the stock well-priced for all its offerings. double line jeff gun derdlach had this to say. >> apple is reasonably cheap stock given the p.e. and cash position. one thing that troubles me about companies like that it is so big. you wonder how you are going to be able to compound your growth at that type of size. the apple, the watch, i just don't know if that's really going to set the world on fire. i think it has been a disappointment. the company generates a lot of cash. so it is cheap.

i don't like the compounding factor but it is not an expensive stock. >> an analyst over at rbc capital markets. good to see you again. >> we did bounce off of that 200 day. now, we are back above the 50 day. was that the best chance to buy. >> it seems like the pullback you had last week due to china was a better buying opportunity versus now. specially as you are getting into the success cycle that's going to start in a few months. historically, that should be in a better cycle. >> everybody is talking about this cycle being better than people expected. people are expecting them to announce or break out the watch, 10 million units perhaps. what should we look for on tuesday. >> i'm not sure that they give the watch clarity. they put it in the other

category. i think they are going to tuck it over there. the big thing to focus on with with them is last quarter, they talked about how only 20% of the ecosystem had moderated to the cycle. either they are having a big install base. all you have seen so far has been more share gains from android versus going to the six cycle. >> intel, last night everybody thought it was going to be miserable. it wasn't as miserable as some expected. some say that is good news for p ale. are you apple. are you in that camp? >> it was more on the p.c. side. apple more on the smartphone side. i'm not sure how much i would read into it. some of the intel numbers give you a better footing for the entire market which helps apple as well. >> what are you expecting in terms of chinese shipments. it has been such an important growth market for this company. do you expect it to take a hit because of all the volatilities

in the market. to your point, there is a hit in china you have to contend with. the other side is they are growing fairly rapidly. they are both ramping up. it seems like you have two different playing out. itily with be it will be interesting to see which one wins. it will be out of china for them. >> you cover a lot of other big names that have yet to report and people are waiting to hear. ibm is an example. what are you looking for in terms of ibm's quarter? >> ibm if you look at it last quarter, they had a lot of cyclical benefits. it will be interesting to see if that can sustain. we think that is what's going to happen. we think they end up disappointing people. the mainframe cycle was a little

too strong in q-1. we think it eases up dramatically in q-2. >> thanks for your insight. joining us this morning. >> straight ahead janet yellen telling congress yesterday that the economy needs higher interest rates. it was the first time she said something like that. when will we actually see an interest rate increase and what would it mean for the markets. an already volatile currency market. more on that discussion when we come back.

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good morning. i'm sue herera. united continental has awarded millions of frequent flyer miles to hackers. they have paid out two awards worth 1 million miles each dozens of domestic flights on the airline. tom selleck will pay the water district more than $21 million to settle a lawsuit that was being taken out of the district and delivered to his home. he is reimbursing the amount it costs the district to pay for a private investigator. iraqi troops firing rockets and mortars at strategic positions held by isis. the capital of the anbar prove vince. isis seized much of northern and western iraq last summer

a new high-tech hotel in southern japan is about to open with a robot staff. a robot will welcome and check in guests at reception while another carries bags from room rates begin basically at $56 a night. gang no word on whether tipping is allowed. that is your cnbc news update. back to carl and the gang on "squawk on the street." welcome back. i'm jackie deangelis. waiting for the apartment of energy. the number just out. a built of 99 billion cubic feet. we are seeing prices slightly higher. a penny or two lower, actually. 2.89 is where we stand now. it is about total stocks. we look at the numbers every week. they are about 30% higher than last year. this number that we just got, well above the five-year average. we no heknow we are having a kind

of summer that hasn't been that hot. we nrtare in the middle of july. the demand lower to kind of flat at this point. the trade has been interesting. it has been range-bound. we talked about potentially hitting that $3 market. we haven't gotten there just yet. .288 is where we stand. a by-product of fracking is a lot of nat gas. no production issues to worry about. we will probably stay range bound for quite some time unless there is a big change in the weather. >> pressure on energy as a group and as a whole. thank you very much, jackie. part of that story as the dollar continues to strengthen. this as fed chair janet yellen stated yesterday. a decision on our part to raise rates will say, no the economy doesn't stink. we're close to where we want to be and we now think the economy cannot only tolerate but needs higher interest rates.

joining me david woo, ahead of more janet yellen testimony. that was my favorite quote from janet yellen. it seems like a no-brainer. the u.s. economy is doing better and the fed is set to raise interest rates faster than everybody else. by the dollar. is that true? >> i think certainly that's how the market took it. the euro dollar closed about he low .110 for the first time since june 1st. it has been more than six weeks since we have seen europe below .110. we have finally broken through the psychological floor. the dollar bullishness may start to gather from here. >> how far do we go down? >> i am of the view that we are going to go to parody and probably happen sometime in the third or fourth quarter. i must also add, yes, if the fed were to hike rates. that is going to help our

forecast. we think that europe is going to parody. this going to china. we have to recognize that the slowdown is very bearish. german export to china is 3% of german gdp versus u.s. to china. from that point of view no question that a china slowdown is going to have a much bigger negative impact on the euro zone. do we underestimate the political will of this central bank. if so, what are the implications for the markets? >> the ecb is not a political institution. from that point of view they want to stay out of politics whether greece should or should

not stay in the euro zone is not his call. by getting out, he is basically preserving that. it is going to make the ecb much more effective going forward. i think what is most important, i think, this morning, was even ourselves, with he weree were expecting a more dovish line. the euro has gone up. the european rates have gone up. we thought they were going to adopt a more dovish line. they didn't. that was the surprise for us. >> i want to come back to the broader point to where the dollar has gone and throw up some shots of what's happened over the last three or four plonts months. what was a one-way bet nearly broke. the dollar continues to flounder. this economy isn't weak enough for the fed to raise rates. you comment on what's happened

to the dollar and what is likely to happen and what changes within that. >> you make a very good point. i think clearly this was supposed to be the big trade at the start of the year. everybody and the grandmother was long the dollar. we have been treading water for the last section weeks. we are starting to make a push higher. my general view, for the dollar to go up you don't need the fed to start hiking rates. if they don't, because the rest of the world is doing better such as china slowed down. that is not bearish for the u.s. dollar. dollar yesterday traded to the highest level we haven't seen in almost ten years. dollar trading at the ann time high. the dollar is gaining ground. i think basically that is it. in the middle of august surging and production in iraq oil prices could go lower. that could be very bullish for the dollar visa-a-vis the euro.

>> jeffrey gunneddlach makes the point, as soon as the dollar advances and people go wow, it is clearly the place to be because of higher interest rates. is that also a fair comment? >> this is why i think u.s. rates are not going to go up all that much. is the rates driving dollar roer than dollar driving rates? >> if it strengthens, i don't see the face going up hardly at all. i think there is no question. i'm bullish. treasuries and the dollar. the fed will hike rates and very bullish for u.s. treasuries as well. ibm 30 years bonds are trading at levels that we haven't seen since 2013. it is going to look very attractive specially long duration basically assets.

>> so you think the 10-year yield will hit 2%. the other thing to bring into the conversation is the global perspective. yesterday, we got a surprise cut from bank of canada. all of these commodity currencies new zealand, australia, they are all easing. for the fed to tighten and raise interest rates would be tricky. >> i'm with you. i am looking for the dollar to go to parody. i have a ten-year t note to forecast, at 5.3%. i am of the view that the dollar is going to strengthen so much that is going to force the u.s. to import deflation from the rest of the world. it will hurt u.s. and the fed will tighten. >> it is already hurting exports and, of course corporate earnings. david woo, thanks very much from bank of america at merrill lynch. in the meantime wall street's biggest names in investing gathering at cnbc and

institutional investors delivering alpha conference here in new york. they are saying there will be bearish sentiments on oil. >> for those that thought the oil market was in rough shape, yesterday delivered dire warnings for what might happen in the near term. another big leg down including a possible waive of bankruptcies in the market. bill miller said he is personally short on oil and thinks the recent rally we have seen is a head fake calling $40-60 the new equilibrium range. if people get panicked about the addition of new supply from iran and continue robust rates in the u.s. and elsewhere, the commodity could hit $20 to $30 in the short fund. bo taylor echoed this and said

oil could hit $30 in the coming months. to greg beard, who runs natural resources at the private equity firm apollo, the real struggle for u.s. drillers probably 6 to 9d months 9 months away. >> we are still adding. it was probably unanticipated to take cost out. i think letting oil go back to 100 probably was the purpose for taking this down to keep the oil from being 100. they probably can't let it get back to 80. we will show up and add another 1 million barrels a year. i think it is still early days. we have more pain to come. >> come spring beard argued companies may be in real distress and looking to consolidate or offload assets

quickly. the next fall, spring season could be really significant periods to watch for oil bearers. >> it was a great event, kate. i much enjoyed it. >> thank you you, simon. still ahead, netflix trading at all-time highs. mark mahaney will give us his view when "squawk alley" returns to cnbc a little later on. a new season brings a new look. a chance to try something different. this summer, challenge your preconceptions and experience a cadillac for yourself. ♪ the 2015 cadillac srx. lease this from around $339 per month, or purchase with 0% apr financing. can a business have a mind? a subconscious.

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busy thursday. industrials off the high. >> posting better than expected profits and sales helped along by higher pricing. the beat came despite a

significant negative impact from the effects of a stronger dollar. shares are up 2.5-3% in early trading two big earnings reports. two very different reports. goldman sachs profits falling short while citi reports its highest quarterly gain in eight years. ralph silver joins us now. good morning to you. >> good morning simon. >> citigroup is at a six-year high in terms of the stock price. when you strip out the legal costs that are obviously falling away from citi what is the state of the underlying business? >> it is really good. two or three years ago, i wasn't very bullish on citi. i thought their strategy was ill-founded and i didn't think it was going to happen. >> this morning, i had to eat my hat. they made it happen. they are making significant cuts in the right place tichlts not. it is not affecting the underlying business. to their credit, they made it happen. >> at citi your preferred

within the sector and the wake of bank of america. >> i like jpmorgan a little better from their diversification wp the global sector. once we get the greek crisis taken care of there is a lot of investment that will go into europe. that's the only reason i put them first. you think citi bank of america and jpmorgan are going to do relatively well. >> it is ironic that goldman beat expectations. a lot of the concern is about the cost of their mortgage litigation as well. where are you on goldman? >> goldman ruined my morning. all of is analysts got that entirely wrong. we had no idea the litigation costs were going to be that high which leads to the next issue we have. why are they that high so much higher than the other banks? is there another shoe to fall? i don't know. i think their legal costs are

way too high. the underlying business is quite good except for the fixed income. why are they doing so poorly on the fixed income where the rest of the banks are doing well? i think they might have some relationship issues within the fixed department of goldman and we will have to look for deeply into it. >> besides the legal charge at goldman, it feels like we are in this new era away from the legal headaches and the lawsuits and the settlements. jim cramer called bank of america's quarter the no justice department quarter. aren't they in the best position to benefit if we are, in fact behind all of those problems? they bore the biggest burden of it. >> they did bear the biggest burden of it. to the point that you just made there, it should have already been done. we should not have seen the significant numbers this quarter. they should have been done last quarter, which is why all the analysts didn't expect this much to be put on the books. the good news is of course that this is all behind us. if it is all behind us we have

to start focusing on infrastructure. the financial services in the u.s. is probably the least nimble it has ever been. we have a user community, both business and retail user community, that wants changes and wants them fast. i've got to tell you that the american banking industry does not have the ability to change as quickly as it should. >> so in terms of innovation, what do you think of goldman sachs into small business lending, consumer banking. >> i think it is a start. it is only a start. from an investor perspective, we look at the investor top line how much they are investing in i.t. or operations. 90% of the money they are investing is in legacy systems. i want to see them invest in much more. the banking needs to catch up with retailers and online operations. right now, they are far behind and on a global perspective, far behind there as well.

>> the banks have been a trade dujour on the fact that banks are going to go up. how much is priced in already to the financials? >> not that much to be honest with you. that's why i prefer globally diversified banks. we are having interest rates go up, interest rates going down in parts of europe and canada. we are not seeing the same move globally. i would prefer to invest in banks that have a reasonable global footprint in the first world countries. here is the key thing. nothing in emerging markets. e emerging markets in the next few years are done. >> why wouldn't you recommend feel just go and buy some european banks to trade here? is it not in your coverage? >> they are in my coverage. i do believe -- i this i that hsbc bnp and deutsche yabank are going to be great opportunities. only buy when the greek situation has been settled.

buy the day after. right now, a big question in terms of greece. >> i'm not sure we will be of working age by the time that is settled. ralph silva, joining us there. thank you. >> when we come back donald trump, the stock picker. turns out the donald has made quite a fortune buying and selling stocks. what exactly does he own? we are going to break down some of his picks after the break. when a moment spontaneously turns romantic why pause to take a pill? and why stop what you're doing to find a bathroom? cialis for daily use, is the only daily tablet approved to treat erectile dysfunction so you can be ready anytime the moment is right. plus cialis treats the frustrating urinary symptoms of bph, like needing to go frequently, day or night. tell your doctor about all your medical conditions

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donald trump releasing details about his personal finances this week. including what stocks he owns. our eamon javers has this this morning. >> we haven't gotten a look at the official federal election commission documents that donald trump will file. but the trump organization putting out a press release detailing the candidate's net worth and some of his stock picks. the big headline, they say his net worth is now $10 billion. put that number in all caps. so reporters don't miss it take a look at some of the winners and losers here from trump's stock picks in 2014. the winners, bavg of america, he said he gained $6.7 million on

that investment. boeing $4 million gained. facebook as well another $3-plus million gainer. on the losing side on trump's disclosure, he said he lost money on d.r. horton. a loss of $204,000. occidental petroleum. a grand total of profit from his stock sales in 2014 was $27 million that year. he said his total income for 2014 was a whopping $362 million. and carl he also says here that nbc paid him more than $213 million for 14 seasons on "the apprentice," the reality tv show we all remember so well. we've reached out to nbc public relations to see if they can confirm that number for us. that's what donald trump is putting out. we'll bring you the latest details as he files his federal forms, those will in a different

format and might show slightly different numbers. carl? >> i wonder if he's picking his own stocks. do you think he is? >> i asked the trump campaign that very question and they would not say that he was. they said that you'd have to ask trump himself that question. so if we can get him on the phone, we'll ask. >> it's happened before. >> thank you very much. eamon javers on trump's stock-picking tips now to jon fortt with a look at "squawk alley." >> we've got a lot coming up. we'll continue to track netflix, which is up big on that subscriber beat. also backlash over amazon's prime days. some people are say it was a bit subprime with more dollar-level deals. and fan duel fantasy sports having a big month. we'll look into the latest amount that this start-up raised, coming up on "squawk alley."

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see how new york can give your business the opportunity to grow at ny.gov/business a think china is a bigger global threat by far. >> we must understand what's happening in china if you're a global investor today. it's irresponsible not to understand what's happening

given the global impacts on gdp. >> you can't trust the chinese numbers, that's a good sense of how much the chinese economy has slowed down. that has a much greater impact on that region than it does on us. >> you look at the chinese financial system shadow banking, the amount of leverage how desperately they've worked to get their stock market up. i mean if it doesn't look like it looks worse to me than 2007 in the united states. much worse. >> clearly, china front and center when it comes to big investor concerns. the other big one is greece and i think we have breaking headlines. from steve liesman who just got off from a call with the imf? >> a senior imf official saying aid from the fund for greece going to depend on debt relief. the debt relief could take the form of longer maturities on the debt or lower interest rates and an extended grace period. the imf was okay with the idea of not writing down the debt. the fund has a process, the imf said for dealing with greece if

it should backtrack and that includes not providing additional funds. he said the prime minister tsipras should take more ownership of the reforms than he has to date. the idea that saying these reluctantly supporting these are not all that welcome at the fund. >> saying that europe needs to help greece on its feet. the way forward, the imf official praised the deal and said greece has a long task ahead. he said greece has to show the ultimate aim of this is that the debt of greece is sustainable in the long and the median term. so the fund take it strong line. i will say the senior imf official said the idea that aid is dependant upon debt sustainability is put into every program that they do. >> i guess this is the question will they support a third bailout if germany resists the

idea of debt relief? >> no. despite the fact that christine lagarde sat through the meetings over the weekend. let's send it over to "squawk alley." >> it's 8:00 a.m. at netflix headquarters in los gatos, california and 11:00 a.m. on wall street and "squawk alley" is live. ♪ ♪ welcome to "squawk alley." henry blodgett is back at post 9. jon fortt, kayla tausche, with a lot to work with netflix, another all-time high this morning