good morning it is 8:00 a.m. at netflix headquaters out west and 11:00 a.m. on wall street and squawk alley is live. ♪ ♪ >> good thursday morning welcome back to squawk alley. john forte and kayla at post 9. joining us is the business insider and ceo, top story this morning, japanese messaging app

line making its debut on the new york stock exchange opening at $32 a share. trading around 42.72. this is what the chief global officer had to tell us on the last hour of squawk on the street. >> it's a kind of trend and evolution. so we start but there's service and game service, they want it so there's two occasions they're searching. so if the users can be very rare and nonstop service i think we can satisfy users. >> when they did it markets were at new highs and pokemon go was a global phenomenon. >> they priced it low. that was a big advantage here.

user growth was stagnated. revenue growth is still good. it's game dependent. this reminds me of when twitter went public. and these companies were going public when they already grasped most of the market opportunity. they can move wrond japan or new products. >> so you think they waited too long. whether or not it was their fault. >> they're in great shape. i'm talking about the investor side. you have to say how are they going to drive the next wave of growth. your revenue is dependent on your user growth. >> 2-thirds of the users do come from japan. interesting to hear the comments from the chief global officer as they look beyond japan for that growth and they have a billion and change in capital from this ipo. what's the advantage of having that and not selling like what's app did or raising private money like snapchat. >> they can experiment and go aggressively to move beyond japan and build a base and if you look at messaging in particular it's a network

business. if you're in a country and you dominate the country you have a big barrier to entry. they can invest in more games which are tremendously profitable when you hit them. there's the hit business. so we're not look at a disaster but you have to be worried about the user growth. >> the risk is this is more like king digital and it's seen it's growth out of the gate and people are hoping they would be able to replicate that model outside of what they had done and they weren't able to fully do that. it's interesting, a lot of cultural apps and ideas don't translate to well outside of japan when they originate there but some do. increasingly in asia we're seeing the possibility that app ideas and cultural ideas will translate. that we saw that with a chinese app company that's done extraordinarily well here but like you said you have to be careful with this especially because the fwroeth has dropped off. they want to focus in china, southeast asia, sorry, japan

more in southeast asia and the area where they have been stronger but not clear that they'll be able to compete with the likes of facebook that's done so well in messaging over the years. >> that's right. go back to alibaba. one of the stories is now they'll be able to fall to the united states and europe and that hasn't happened yet. >> you say be careful on that, overall market, same thought. >> you know my view. we'll go up, up, up. all i would say is unless something has fundamentally changed from a value withdratio perspective what we're doing is radically reducing future terms and the long-term relative to the fundamentals does not look particularly encouraging. >> let's move to the campaign trail this morning. venture capitalist and facebook board member will be speaking at the rnc in cleveland next week. an open supporter of donald trump despite his libertarian views. he will be speaking on the third day of the convention under the

theme make america first again along with several members of the trump family, tim tebow and some others. what does he bring to this? there's a few business leaders. harold hamm is another one. but how does that change the color of the convention? >> peter teal is a genius in terms of technology and business. he is very strong in that way so that brings trump some credibility. there's no question and he's not afraid to take the stand. so the more folks like that trump can get, he's from the outside and different and let's do it differently than we have been doing it. >> when you think about teal's book and the message there, a company is not successful unless it has a monopoly in it's business. do you think that's the message it's going to bring to convention and the way we think about america and the trump campaign? >> we have to revitalize and think big and be entrepreneurial and make america great again going back to the slogan. >> any risk here for facebook?

they were able to distance themselves from the stuff that he was involved in in suing him but if he goes hard after hillary clinton, which i'm sort of skept car length whether he will do that or not or if he'll just talk about capitalism and how great it is to start businesses, is there risk here for facebook or for overall his silicon valley reputation. >> there's certainly risk given how controversial trump is, it depends on what happens to his message over the next few months, whether he moves the mainstream which a lot of people expected him to do after he won the primary which he has not done yet. except in the last couple of weeks he has things more under control but if he stay with the extreme and in many cases antiamerican statements that he is making trying to rile up a particular group within the country that will create an issue for facebook which desperately tries to shy away from taking a political stance or journalistic stance so that

will come back to them. >> new york times poll today, better on the economy, clinton 42, trump 52. do you agree? >> this is one of the areas that people look to trump and say okay obviously he understands it better and he had a great poll this morning where he is polled into a dead heat with clinton. look, trump has been excellent at one very specific thing in business, i think taking that to the rest of the country, at least listening to what he has said so far that's a big jump. it would be ludicrous to force apple and it sounds very appealing and trump has the reputation so when you really dig in it's actually a question. >> you're talking about the same poll i'm thinking of, that also involved polling 0% among african americans in ohio. and i'm not sure it's great and that turn out becomes a game at

that time. >> i know which way this is going to be. >> finally the nominees will be announced and on the east coast 11:30 a.m. game of thrones took home a record 12 awards and the streak likely to continue this year. they're watching the rise of shows like house of cards and orange is the new black and transparent. it's always a curiosity to see or think about whether these awards mean something in sub growth or revenue. >> all i can tell you is from national interest based on what people are reading on business insider and tech insider, game of thrones has taken over the world of consciousness and people are so incredibly into it and to the point you just made, when you step back from this what is really notable here is the number of shows that are up for contention from new production over the top not

traditional network television production and it's extraordinary. even hbo which is obviously not ad supported, you still have the amazing move away from the traditional networks. >> life is hard in primetime. they have to program for tens of millions of people, in primetime especially and the dramas on netflix and amazon, if 100,000 people watch them it's okay. >> if they're really passionate about them. that's the thing different about a subscription business. ultimately as long as you really, really care about one thing on there, you'll pay for the subscription. you don't have to watch everything. you don't have to go for the mass audience. it's a different programming and it works. >> things have changed like hulu and netflix and amazon, they're just other channels now and in a way this is sort of prime day for all the streamers and then in another way i can't tell the difference between game of thrones on hbo and orange is the

new black on netflix. it's something that's out there that i access through one box or another. >> absolutely. these are not ad supported and there's still a huge amount of money spent on television advertising with viewership going down so that's a radical change but two, netflix is just simply a better modern tv network. you can watch what you want to watch whenever you want to watch it where ever you happen to be. that's convenient. traditional networks are adapting to that but they're not as good at that yet. >> what's one the share price, right? and worries about brexit effecting sub growth. >> nobody said the content business is easy. it's very expensive but ultimately in terms of designing a network for the digital age, netflix is perfectly designed. >> do you think that consumers are developing brand loyalty toward netflix and hulu and amazon? i'm thinking about when he said people don't care that the big bang theory is on cbs.

they just like the show. they'll find it where ever it is. but are they looking at them like destinations? >> younger people are look at netflix is television. that's the subscription that you have. maybe you'll add on cable if your sports assessed but that is the risk with network television is people aren't watching networks. they're watching particular shows and those shows netflix and others and hulu have proven can be produced by many other companies so that's why this is going to be a free for all. it's going to take forever. it's not something that will happen overnight but over the next 10 to 20 years we'll see change in this landscape. >> good to see you. thank you so much. as part of our digital series we talked with some of the top names in hollywood asking them what shows they're watching and binging. you can find our complete coverage at cnbc.com/binge. shares of jp morgan on the rise. easily topping estimates to kick off earnings season for the big

banks and break down the numbers. then the global state of technology. one of europe's most highly valued start ups and pokemon fever not going away any time soon. the former ea ceo will join us at 11:30 along with the emmy noms. keep it right here.

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you can see markets and those two are currently on their fifth day of gains. the nasdaq is up three quarters of a percent today but remain s 3.5% from its record high. we're seeing utilities in the red today. financials had been leading the market throughout the morning. they are currently up better than 1% right now and that's still the case so we'll keep an eye on that and give you an update on bank earnings. let's get to steve with breaking news out of the federal reserve. >> the atlanta fed president is speaking out in the rocky mountains and that's important for a reason i'll tell you in a second. the fed is not behind the curve when it comes to monetary policy. he is comfort wbl the cautious and patient approach taken in the wake of brexit. but i want to show you what we're calling the curious

lockhart quote here. substantially accomplish our monetary policy objectives in 2017. which i don't know if that means that 2016 is on hold or he's just saying hey we have a 1.6% average funds rate for 2017. we think we can get there. how the economy is working. but one big factor in his thinking is brexit. he was surprised by it and he called it the bison in the room. he said it's too early to sound the all clear on brexit. the fed is on alert and it's been orderly and he says brexit is not a lehman moment but could impact the u.s. through the trade subpoena channel but ultimately he does not expect a large impact from brexit. he says uncertainty from things like brexit is no rational so he's okay with this idea that they're on hold for now but

maybe not for too long and this idea of accomplishing the goals in 2017 just raises the question as to whether or not he's saying the fed could be on hold through 2016. >> the bison in the room. that has to be a first, steve. >> exactly. >> steve with a fed update for us from the newsroom today. meanwhile t rate story had been impacting the bank. the idea of lower for longer had brought down expectations for the financials. the only sector still in the red for the year because of the expectation that rates will stay low. jp morgan though trimming it's year to date losses after a strong quarter this morning and consumer and commercial banking were able to overshadow drops in revenue for equity underwriting and corporate advisory. on the consumer size, four loans up 23%. deposits up 23%. that helped and shares are up today and that is the largest

partner on credit cards. credit card volume though and auto loan volume as they go up. they'll need to be more cautious on putting aside reserves. jp morgan did get a bump from its stake in visa europe which got sold this year and took a loss on its stake in square for the second quarter in a row. shares of square down 39% and the bank continually has to mark that position to market. there are fewer ipos and equity underwriting especially dry despite dozens of companies being in the pipeline to two public. the bank got trading revenues to rise in the mid teens so a jump of 23% better than expected. the bigger gains coming in fixed incomes, currencies, commodities all around the brexit vote. the lasting effect of brexit remains to be seen.

here's jamie dimon who is recovering from a summer cold speaking to analysts early this morning. >> the most important thing is that we had will continue every single country to serve our klines day in and day out. not really worried about it. it would be nice. it doesn't create huge turmoil. so, you know, i'm hoping the eu is sensible and we'll be prepared. there is a range of outcomes. we're not going to like pull back serving people in italy, germany, france, or spain. >> the bank cfo saying it would prefer to keep london as it's europe headquaters though she would not comment on applying for new banking licenses elsewhere. larry fink, the ceo of black rock which also reported earnings this morning had more of a dire prediction. he believes a short-term recession is coming because of

it and believes rates will go lower before higher. >> although if earnings season can improve on this minus 5 expectation number maybe some of these are justified. >> still to come, call it the paypal of europe. how it's making waves in the online payment space. we'll speak with the ceo next and later on the halftime report, noon eastern right after squawk alley, bill ackman from herbal life, a lot to talk about today. he'll be on the half right after squawk alley. we'll be back.

>> let's take a closer look with our next guest with the customers including the likes of overstock. he's the ceo of a stockholm based payments company and number 8 on our 2016 disrupter list. good to have you, welcome. >> thank you. >> bank of england talks about

the resilience of the u.k. financial system. is that how it feels to tech? >> no, it's a disaster to be honest. it's so sad to see england leave the union but being the only start up unicorn it's actually quite good because more complexity is better for us. >> over the short-term or long-term? >> long-term. >> positive for you? >> yes. >> how about tech companies in general that don't necessarily do what you do? >> well, again it's sad because like it's been a great tech hub in europe and i think with this a lot of people get worried can they stay here? should they move? what's going to happen? all of that uncertainty is not good for the market. >> has it altered your plans in terms of staffing or headquaters or anything? >> not really. to us like really being able to unite europe on the one banking, it gave everyone the same opportunity. the more complexity you get

becomes even easier for us. >> i'm interested in your take on amazon's prime day this week because it seems like a lot of what you're doing is trying to bring two smaller retailers, some of the effects that amazon has been able to create. lowering shopping cart friction and making it easier to get what they want and not abandon stuff that they have been shopping for. >> it's true and what's really exciting is most of the stuff we talk about they're going for that side. this is where we are. we're the only ones with a bank license. that's what is really exciting. >> so what's the lesson of prime day for everybody that's not amazon? >> yes, it's prime day. it's single one click purchases but it's much more than that and it's really a replacer. >> a reason why they don't want to be classified as a bank is it

comes with regulation. you have to hold so much capital and there's so much red tape. why are you willing to go there? >> because i love it. hard stuff creates value. if you do the easy stuff you're not creating value but being able to adjust all the complexity and united on the one platform and providing one that's really easy to use that's what it's about. so we have a bank license and we operate in 11 countries where 1,500 people in 8 months after we launch in the u.s. >> who are you going after in the u.s.? who is the main target. >> i think overtime it's capital ones of the world, the issuers. where we want to go is replacing it. >> we could have gone longer with this one. please come back. >> electronic arts will join to

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>> i'm sharon epperson and here's your news update at this hour. a suspected recruiter for the militant group alshaba killed four police officers and he is now holding other prisoners as hostages in the police station. fbi director james comey telling a panel of lawmakers on capitol hill that his agency arrested four people within the last month to disrupt islamic plots. at the same hearing the national counter terrorism director said isis's ability to carrie out attacks in iraq and syria has not diminished even as it moves ground militarily. >> the supreme court justice ginsburg regrets her ill advised public criticism of donald trump. in a statement she said judges should avoid commenting on a candidate for public office. >> french leaders along with

john kerry marking the bastille day in paris. it marked the beginning of the french revolution. that's our cnbc news update at this hour. let's get back to squawk alley. >> thank you, sharon. simon hobbs and countdown to the close in europe which happened about 60 seconds ago. >> solid gains in west european stock markets. three week highs and gaining despite the fact and not to cut in the wake of that decision to leave the european union. widely expected they would cut rates today but decided not to do that. there's a sharp fall in confidence and maybe they'll move or they'll loosen when they meet again at the beginning of august and have more data. sterling on the u.k. pound on the basis of that surprise has jumped today closing the gap that it's had, as you can see since we actually had the vote

to leave. meantime what is interesting is the way in which the bank stocks gained around europe. not the u.k. banks on a decision not to cut rates. it may be because not all central banks want to drive to negative interest rates. it may be because of jp morgan's earnings but also because the eye of the storm and italian banking sector has some descent price action today. take a look at where we are there. there's a report out in the italian newspapers that jp morgan may be part of a complex process by which monte paschi. maybe somewhere in the region of $8 billion as part of that process along with government guarentees coming in later and that's obviously the weaker member or the bigger banks and it's a big deal. that's one of the stronger italian banks.

today city put a buy recommendation on unicredit because the new ceo will have an attention to profitability to returning capital adequecy and it's a cheap valuation. they say you can make 50% profit on that stock. guys back to you. >> thank you, simon. moving on the pokemon go craze is continuing to drive shares of anyo nintendo higher. are we liking to see more games like this taking the approach. and help create the pokemon go game among others. great to have you. really interested in your take on whether pokemon go is like mario brothers, the start of a huge new tirget type of franchise or more cut the rope, perhaps a flash in the pan that we're going to remember as boy

wasn't that crazy in 2016. everybody was throwing balls at pokemon. >> let me start by saying good morning and i did catch three pokemon on the way into the studio this morning. seriously pokemon has been around for decades and one of the reasons this through the mobile device works so well is it brings incredible intellectual property. something they invested in and built for years to a new and fresh execution. it's a beautiful game. can i predict it's going to be around here in ten years? no but i am very confident that there's something unique and compelling and it's going to be around awhile and i'm sure that they'll make changes and adjustments and build on it in the years to come and they have something they should be proud of and nintendo is a customer of ours. it's their work and not ours. they're one of our developers and we're proud of them. >> john, the real world impact of this game, people gathering

in locations, businesses, trying to take advantage of this as an advertising model for real world businesses that we had promised for a long time but we're actually seeing it come true here. is this the beginning of a different sort of era in gaming or have they captured something that others are going to find more elusive. >> i think, well, first off this is brilliant. their use of lures where a business can draw people in. people have tried that type of thing in the past and and that brilliant idea is matched with the world's largest audiences. and i don't think it's a norm or a pattern that we'll see people build on. now without doubt there will be 50 or 100 or 150 copy cats of this exact execution now that

it's demonstrated that it's got such massive potential but absent the great execution, you know, i doubt that they're going to get much traction. it's really hard to come up with examples where sort of the follow on copy cat does all of that well. but, you know, expect an ocean full of them. >> a lot of mobile games you play on your device while sitting still. >> it depends on the program you're signed up for. i have an all you can eat data plan so it's not going to touch me at all. i'm sure people are out there and it's going to be a little frustrating. running gps isn't the heaviest of data requirements. it's not streaming a lot of video that would have the gigabytes one after another. there's going to be a mom or dad out there that's surprised. >> we're starting to see and the

american mall that coffee shops and fast food stores could be sponsored locations that could drive traffic through ar. is that likely or possible in your view. or walking dead or whatever and i think what this shows is when you marry powerful intellectual property to a great execution you can use lures and draw people. you can move people. this is the first of those great experiments and we're on the

earliest of innings around augmented reality and mixed reality and virtual reality. this is a very simple but brilliantly executed first step. expect many more to come. >> john, thanks so much for joining us. if i'm disney this week i'm thinking about the many potential tie ins to the marvel universe, lucas film, you name it. >> when we come back, it is the biggest tech ipo since alibaba. line debuting on the new york stock exchange today. opening at 42. right now trading below 41. we'll take a look at the company's strategic challenges. emmy nominations are out. we're seeing a lot of familiar names and we'll get you up to speed on that. rick what are you watching? >> i'm watching somebody over there step on my pokemon. i'll tell you that. we're watching higher prices in the ppi. does it mean anything? it could. it's all about context. let's put it on to the context

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is a buy and we'll find out carl. see you in a littl less than 20 or so. >> let's check in with rick and get the santelli exchange. >> good morning, carl. i like to try to pick out trends that are changing and sometimes it's difficult to pick them out in the early stages and by time its evident to more and more, many times it's so far underway. it's so far into the game that maybe it's much less useful. and i think central bankers have missed clues the size of the empire state building but hopefully they don't miss the reversal of prices. they're spreading nationalism. i'm not sheer to debate whether it's good or bad. but it is what it is. it shows up in many forms and many countries and one thing is for certain, people versus those that govern them are at odds with each other. and this new shrinkage or new

nationalist situation most likely will result in higher prices. whether it's through trade issues that get unresolved or delays in recalibrating trade issues and brexit all will result in higher prices and just a question of how much. i do think a better form of global trade will emerge. globalization is a horrible word. my friends hate when i use it. they say like many words nowadays, many phrases in many countries it's redefined and redefining words doesn't really change anything. it just puts the burden of proof in a more negative light. so i don't want to use the term but what i will say is it started out working together to get trade arrangements an everybody was hijacked by government in many ways brexit, bronchusels is the antagonist in this spreading nationalism. no matter how it turns out that we need to trade with each other and i better form with less government intervention and less

institution of centralized power will be a very good thing but like anything change is a reversal of status quo. a change of status quo will be uncomfortable but i hope they're paying attention. prices are going to move up a bit and if trump gets elected president that's another form of the same dynamics and brexit and may result in higher prices. they need to be prepared. there's a lot of liquidity out there. >> rick, thank you. speaking of liquidity, the company raising more than a billion dollars this morning opening at $42 a share it's currently up 25%. josh lipton is standing by in san francisco with a look at what lies ahead for line. >> well, that's right. for investors, line does boast a lot to like. hundreds of millions of users rely on it to communicate through free instant messages

and voice and video calls. 303 million. that was a jump of 21% year over year and operating profit of 42 million though after factoring in taxes and other expenses company reported a loss of some 2 million. there's two broad challenges that investors do have to consider before committing capital to line. one monthly active users aren't growing as fast. between march 2015 and march of this year users grew by just 6%. compare that to a year earlier when growth clocked in at nearly 30%. >> the reason is because it's saturated it's market. it has half of the users in this market already using mine. it's growth prospects have to come from other areas. it's either from penetrating muscles markets or developing new services that more people inside of the markets will be

using. >> big deck players such as facebook and those companies do have real advantages in terms of size and scale and analysts say line has strengths of its own. it's been able to monetize it's users faster than many rivals and it's expanding to offer other services such as mobile payments and streaming music. investors also want to know how much they're paying to own a piece of the $41 that the company has valued. and a recent revenue run rate. and it's 17 times sales and twitter at five times. guys back to you. >> thanks, josh. facebook continues to grow and when we come back, comedian, actor and political activist, eddie weighs in on the united kingdom post brexit and what he expects from the newly minted prime minister. we'll be right back.

>> former london mayer is saying today that the u. k's vote to leave the eu does not mean britain is leaving europe. the new foreign minister telling reporters that britain can have even greater influence in europe and joining us now to share his

thoughts. the long time actor and comedian bringing his tour to the u. s. tomorrow. going to bring him to all 50 states. eddie, always alwa thanks nfor being here. >> i think i am boring because i am transgender but i campaign in this mode all through the referendum. >> executive transgender. >> i just ran 27 miles through 27 days through south africa. i do running and i wear high he heels. >> you had that exchange with nigel farage. what do you say to the young people on the same side as you. >> it was split after the country. it was 52-48 against him he

would carry on fighting. it's one chapter down so we carry on fighting. we want europe to work. if we all go into this hatred, this xenophobia and pulling apart, if we learned nothing from the '30s none of that's in my show, i try to do positive things. i tour in french and german. i don't think any other american comedian has played in all 50 states. i'm doing two shows in new york and in d.c. as well. >> you have a very unique perspective as an outsider to american politics having seen more of the country than a lot of people who live here do. what do you think we need to know about our politics. >> i'd say it's humanity. i don't know if your politics

are very different from the rest of the world. some people learn from the past and move forward. we're proud of ourselves but we reach out and make connections. some people don't. they will put up blocks. they will like themselves and no one else and be negative about the world. the positive people have to win this or the world won't win. >> the stock markets are higher now than it was before the vote in the uk. were you surprised and do you sort of wish some pain had been experienced to teach people a lesson. >> we haven't started article 50 yet so we don't know where it's going to go. didn't the pound go down significantly and the stock market has changed because the pound is so low. >> as a tourist i enjoyed having a pound weaker and a dollar stronger. >> we will see what happens and

it depends. but if we come like norway, norway has freedom of movement of people in europe. that hasn't done anything about immigration. we're trying to change to a place where this is the same place where we were. but we have to learn to live together and work together in some shape and form in europe and the continents so we have a far world. we will not make it if the people of the world don't have a fair chance. >> i was watching your act 18 years ago. there you were talking as a transperson. i had no idea what that was about and you were talking about the eu and you made a crack about donald trump. amazing perspective that you brought at that time. what are we going to be talking about in 18 years. you have your fingers on the cultural pulse. >> whether we get proud of ourselves and reach out and say i'm proud of myself and my country, what can i learn from?

what can you learn from us? you're german, american, australian, can we learn from each other or we start putting up barriers. everything was blocked off and then it tipped off because of pearl harbor and then we won that war because of extreme hatred. will we learn from the past? i'm not sure where it's going to go but we have to learn to live together. >> what do you think we'll hear from nigel farage next week when he stops through the republican convention. >> i don't know. as he said we have to fight on because his rules were if it's 52-48 you have to carry on fighting. half of my country didn't want that. they were lied to, 350 million a week is supposed to be going into the national health service. they lied about that.

farage said they lied about it. they admitted the lie the next day. so we were lied to and then this vote went through. that's not a real vote. that doesn't make any sense. if that lie is true, if they're not going to put 350 million, why did they lie in that campaign. >> licpolitics is the same everywhere. >> it is. >> eddie izzard, thanks so much for being here. eddie's tour comes to new york next weekend. when we come back, emmy no, ma'am mashs are out and "game of throwns" leads with 93. netflix and amazon continue to encroach on tv's turf in most of the major categories and then jerry seinfeld got a debut.

the nominations go to a wider and wider population. >> it's amazing that the content itself is standing out no matter where it lives. it doesn't matter if you're netflix or crackle, if it's great stuff it's going to break through. >> the lead actress being nominated for best actress in a comedy. that was supposed to be on prime time network tv and found a home on net flex. a lot of people are excited about that, as well as the americans, four seasons in getting nominated for best drama. people were upset in years best they had been snubbed. >> "house of cards". getting breaking news today from paul ryan. >> house speaker paul ryan who is going to be charg the republican convention in cleveland next week and commented on two items in the presidential campaign. first the criticism of donald

trump by the supreme court justice and secondly the potential for donald trump to pick indiana governor mike pence as his vice presidential running mate. here is paul ryan. >> what about impartial judges here? what about impartial judges do we not get here? she very well may be involved in jud indicating cases coming from a president trump. she ought to be impartial so remember bush versus gore, important case decided by the supreme court so to have a supreme court justice make comments was not called for. it's not secret i'm a big fan of mike pence's. we're very good friends. i hope he picks a good conservative. clearly mike is one of those and there are other good people he's looking at as well. i hope he makes a good pick and that would be a good one. >> interestingly the other

finalist as i understand it for vice president is paul ryan's predecessor newt gingrich. i talked to him last night and he said we should find out within 24 hours or so. i asked him if his ticket would be too hot running with donald trump. they're both volatile personalities. he grinned and said that would be a two pirate ticket. >> getting breaking news on a buyer from mon san toe. >> buyers increased their offer to purchase monsanto to $125 a share from $122 previously. they are reaffirming their offer provides transaction certainty and would not be subject to

finance. we'll see if get more details but for right now a press release issued on this. they said the bid came on july 1th. we'll see if it leads to any further action. basf is part of this mix as well. >> so much speculation whether it's monsanto or hershey. there's a lot to watch. i would argue more rumor activity over the past couple of days that we don't go to air with but we hear floating around the floor. >> a lot of people trying to line up financing for certain things or seeing a company they wanted for a long time and trying to figure out if they can make that week. >> the dow hovering close to session highs. up 140. s&p a couple of points below the

high. got that warm ppi number and that's going to be followed tomorrow by cpi. then we'll see if jp morgan sets a true tone for bank performance as we get numbers. >> let's get over to headquarters. >> thanks so much. welcome to the halftime report. bill akman will will join us momentarily for an exclusive interview in just a few moments. let's quick things off with comments from larry think, the leader of the world's asset manager saying stocks should not be where they are though he did stop short of calling the market overvalued. >> we're seeing investors worldwide pausing. we have seen a large sum