tremendous orders like president obama the night before. >> to quote carole king, the great carole king, my only criticism of these speeches, it's too late, baby. >> too late for you to see? >> i'm just an old man. i go to bed early. michelle, thank you. >> we'll be watching tonight. thanks for watching, everybody. "closing bell" starts now. hi, everybody. welcome to the "closing bell." i'm kelly evans at the new york stock exchange. >> and i'm bill griffeth. today is the biggest earning day for this quarter and one has been standing out for the wrong reasons. shares of ford down 9% on the back of weak guidance and auto sales that have been a bright spot in the u.s. economy to this point. could this be a sign of more pain to come we'll talk about that with a

major auto dealer. >> energy is one of the biggest losers with oil falling again. it's entering bear market territory. we'll talk what impact this could have on the broad market coming up. plus this is very interesting, the ceo of one of the hottest and most anticipated biotech ipos of the year, the company is looking to take on genetic diseases with its so called gene editing technology. we'll talk with the ceo coming up. >> after the bell it's all those earnings you mentioned, alphabet, amazon, we'll bring you instant analysis as soon as they cross, especially after facebook and ford. there's so much riding on how these companies do. >> let's start with the earnings season hitting the halfway mark. bob looks at the highlights of the first half and what we can look for in the second half. >> important thing, bill, is we are getting better. the bad news is we're not getting better very fast. let's look at the score card. 55% of the s&p 500 reporting we're down 2.8%.

earnings on average down 2.8%. that's better than it was even a few days ago, probably won't go positive, but the narrative is still holding. here's the narrative. show the next one. important thing is bottoming for earnings in the first quarter getting a little better in the second quarter and then turning positive in the third quarter and notably positive in the fourth quarter. so far this particular narrative is holding but it's dependent on a lot of things that may or may not cooperate with us. so here's the key issues for the second half. oil dollar, brexit in china. brexit and china behaving. the dollar has been strong recently. these issues could be a problem in the second half. my take, it's too soon to call an end to the earnings recession four consecutive quarters of earnings growth but the second half guidance is holding up. that's the single most important headline. that's why the s&p 500 has been holding up just shy of the

highs. no dramatic drops in the second half but watch out for oil. if we don't get oil up fairly soon, the earnings estimates for the big oil companies have got to come down. by the way, exxon and chevron report tomorrow and i'll be all over that tomorrow. back to you. >> appreciate it. mega deal in the cloud space. net suite surging after aagreeing to be acquired by oracle. that's up 18%. >> the second largest oracle has ever done behind people soft some 11 years ago. this is $9.3 billion. unlike people soft, this is anything but a hostile takeover. larry ellison also co-founded net suite and he and his entities own 40% of the shares. nay sayers would say it's

pricey, they would also say oracle already has similar cloud software to the business process products that net suite makes. but here's oracle's justification. they've recently gotten to the point where its cloud data infrastructure is built out to the point where it can actually digest something like net suite, make money off of it. and the bulk of their process customers are companies with more than 1,000 workers and the bulk of net suite's are half that size. the giants are trying to surge ahead of others who are trying to catch up to them in the cloud. >> given what you mentioned in terms of larry ellison's interest, is this anything like elon musk using tesla to buy solar city? >> yeah, it is actually a lot like that for that exact same reason. oracle is going to have to thread the needle here. they've already said that the discussions around doing this did not include larry ellison and the shares that need to be voted in order for this to go through, larry ellison's

controlled shares will not count toward that. >> the nepotism aside, how many more companies are out there that can be gobbled up? where are we in the race to the cloud as it were? >> there are a few companies that play interestingly in this. sales force was a pioneer in the cloud, but it's at that size where it's too big for anybody to gobble easily and it's big enough that it could gobble up some others. then you've got the likes of work day which is run by the folks who used to run people soft before oracle took it out. it is an interesting strategic ass asset. they're close to sales force. they're actually friends with mark ben offbut also have been cozying up to microsoft. >> john, thanks. the dow is down 11 points, another one of those days. heather hughes is with us from d.c. ben willis from princeton

securities and cnbc's rick santelli is in chicago. this is one of those times when -- you tell us. are you watching the earnings more or the price of oil more? >> actually neither. i'm watching central banks and the conversations they're having. >> none of the above. >> i don't know what to tell you. if you want to take a look at earnings, today is a guy where you could actually point at earnings, meaning ford motor car. that's what i was going to talk about before you brought it in, bill. i think his conversation that he had this morning before the opening changed the tenner of the market dramatically. if you look at the futures charts while he was chatting about the expectation for ford an the global economy, it made people take a second look at recovery. he did mention the ability to continue to grow in china. in my opinion, that took the brood market down, not oil. oil was down prior to that when the futures markets were flat.

but the big story continues to be the central banks throughout the world and how they continue to dem to manipulate their currencies. the upside is that the fomc, the federal reserve in the conversations they've had is now letting the dollar rise which takes the pressure off the other economies that are struggling to force their currencies lowers. that's the positive bid in this market, why we've come off our bottom. >> it's interesting you bring up his comments because caterpillar was cautious about the global outlook but that was on a day when markets were taking it in stride. heather, what do you think is the most important force of the markets here? >> on one hand, some investors may say that valuations appear stretched, the market is near all-time highs yet again and we may be getting a little bit ahead of ourselves. but on the other hand, we've had this same feeling for a very long time now, yet the markets have still edged a little bit -- have edged higher. i think a very bullish sign may be the time between the past two

recent highs was over 400 days, and the longer consolidation period we had between the last high and the next stock market high usually signals for a strong rally to potentially uphold here. so that's a bullish signal. cash levels are at all-time highs as we know, and 60% of the s&p 500, thanks to the federal reserve and low interest rates yields greater than the ten-year. that's also a positive sign. >> rick, just a day after the fed meeting and the statement, some people were convinced that maybe september is on the table and today we get some weak economic data. atlanta fed lowers its expectation for growth in the second quarter and then oil, the fed just can't get a break right now. >> i don't know. i think we can't get a break from the fed. i agree with ben. the dollar index, you can say it's not always going to be correct.

it doesn't act like any investors are nervous about the fed and i think the fed has so much insecurity, they're not going to move unless the market has it built in. i call it stockholm market syndrome. who's captured and who isn't? at the end, i like what somebody pointed out. atlanta gdp yesterday was 2.3. they lopped off half of one percent. last quarter was 1.1. i quickly noticed something. i went back to 2005 and i couldn't find one-third quarter that was the largest quarter of the year in terms of gdp. we're down at 1.8 with atlanta. think about what that says. second quarter was supposed to be the one that saves us. i think growth is weak, insecure fed, and when it comes to foreign exchange, listen, the chinese have a basket. against the dollar, their currency is down 3%. but those whom they are most closely associated with trade in their part of the world down 6%. the fed's worried about

normalization of the dollar. what they should be worried about is all the other central banks that could throw grenades in no matter what direction based on their manipulations. >> i want to go back to oil for one second, ben. i know that you were saying you're focused elsewhere, but listen, to see wti back in the $41 a barrel mark, that means 40 or maybe below 40 could be next and the dollar isn't even stronger today, so what is going on with crude? >> again, i don't want to sound like i'm preaching here, but oil never should have been over $100 a barrel. the last time oil was over $100 a barrel was the day jpmorgan left being in the oil market. they were actually owned refineries and had contracts for delivery. oil does not trade on the fundamentals of supply and demand of the commodity itself. it trades on currency values. it trades on money flows and those speculators that want to

get in and out of the marketplace because it's a place where you can have huge moves and improvement on your investment as opposed to being in equities. so you can't look at it the way most people think you are looking at it, that it's supply/demand. we have huge builds and curbing. the oil tanker business is going to be back in play because people are going to be forced to take the oil that's on top of the earth and put it into tankers and hope that china or india decides to buy more reserves. >> exporting more themselves. heather? >> don't you think the high yield markets may take a hit if the oil companies cannot survive $41 a barrel on oil, and then that in turn keeps a hit on the financials, not just the fed. but i will tell you why we continuously are interested in the federal reserve. it's not that i think they're going to raise rates. it's that i'm mildly interested in their excuse. my babysitter is late every weekend. i don't think she's going to show up on time, definitely not

early, but i'm mildly interested in the excuse she will come up with. my dog ran away or my car broke down, the house is on fire. and that's why i think we all continue to watch the policy statements that come out of the fed. >> we always seem to have contractors that have trucks that broke down. feel bad, every single one of them. thank you all, appreciate your thoughts on today's market action. >> thank you. >> walk 20 miles to get to your house. >> uphill in the snow both ways. >> exactly. 45 minutes to go. some of the biggest movers include oil today. the dollar is lower and the dow is lower by 16 points. the s&p up three. 2169 for the broad market, the nasdaq is up 12. >> it is the busiest season for this quarter. we have alphabet, amazon and cbs leading after the bell. we'll tell you what analysts are expecting and break down the tapes. ford falling on an earnings

miss as u.s. sales fall. we'll have details on those earnings this morning and discuss whether we're entering a new and more troublesome stage for the auto industry next. you're watching cbs, first in business worldwide. ry buys a ttle lam e of milliof ords this compa's servers. accessible bthousands of supplie and employees e of mgllyof ords t with cyber threats on the rise, of supplie and employees e of mgllyof ords mary's datcould be under tack. with the help at, and security that senses d migates cybethres, their critical datis safer and than er. that senses ging theopen sece. be because no one knows & like at&t.

welcome back. 45 minutes left in the trading session. more earnings. gopro rising despite a quarterly loss and warning demand for its products. revenue falling by 47% but it did beat street estimates. the action camera maker also reaffirmed its prior four-year forecast and some analysts say their new camera due out in the second half of this year could revive sales. the company also has plans to launch a drone around the holidays. wouldn't you know. it's up 13% today. >> that will be interesting for everybody, playing with the drone after you unwrap it under the tree. you know what i'm saying? it's like they're going to be flying around the neighborhoods, in and out of the driveways, scaring people in the neighborhood. 45 minutes to go here. ford lower -- >> get off my lawn she's saying. >> exactly. ford lowered today on

disappointing quarterly earnings and guidance for the full year. shares down nearly 9%. phil lebeau, what happened? >> it was a bad quarter relative to expectations. today for ford shares, the worst day since 2011. what happened? the second quarter earnings miss coming in 8 cents below analyst expectations and warning that your guidance for all of 2016 may be at risk. that added to the problems. you've got slower china sales and rising incentives here in the u.s. those are the issues that hurt them in the second quarter. incentives in the u.s. up a billion dollars for ford in the second quarter. that worked out to $438 per vehicle. here's ceo mark fields talking about the bottom line and the precious they're facing right now. >> the bottom line is that we've seen a tougher pricing environment this quarter and we will face one going forward. the car segment, the most impacted, as various competitors look to protect their share. >> this brings up a concern that

a number of people have been expressing for some time. are auto profits slowing down? you have lower used vehicle prices. some people who might have bought a new vehicle are instead looking in the used market. interest rates haven't gone up and they're still incredibly low right now but the fear is that they're going to be rising. then you've got higher incentives which we're seeing right now. we're nowhere close to the levels of incentives that we saw in the early 2000s when they were basically giving away cars and trucks relative to the prior but they are moving higher and this has a lot of people spooked. >> we want to talk more about incentives and what role they're playing in auto sales. >> joining us is scott adams, president of adams automotive group in missouri. they sell fords and toyotas. good to see you and thank you for joining us today. you don't like incentives. it's a burden for deeperships, isn't it? >> it is. when the dealer or factory has incentives, the dealer has to

pay that first to the customer to lower the price of the car or the truck that they're buying, and then we wait for our money to get refunded back from the manufacturer. >> that being the case, scott, what happens if ford is saying that incentives are on the up? >> i think incentives are on the up but if you listen to what mark fields said is exactly what i was going to say. it's in the car market, not trucks, not sport utilities, not even small sport utilities. it's all about cars and it's all about gas prices. if you could get a car and put a roof rack on it, if you can get a car and put a pick-up bed on it, you can sell it. but anything that's a four-door that you would consider is a car, they have a lot of incentives on them trying to move them. >> presumably you're in part of the country where people are more inclined to buy a ford than a toyota for example or any other car made outside the country. are you seeing that now, as a matter of fact? >> yes, it is.

when gas -- i was driving in today. gas was $1.85 a gallon. at $1.85 a gallon, people are going to buy a sport utility or a truck. once they got trucks and sport utilities in the 20, 25 miles a gallon range, people find a reason to have that. >> where does this leave the auto industry, phil? >> it leaves the auto industry not in bad shape but certainly it's going to be tougher for the auto makers to convince their investors that they can work their way through this. a week ago when general motors reported earnings, they were much better than expected. they raised their guidance for the full year, and you started to hear people say, maybe we're wrong about the auto industry this time around. maybe peek autos can be managed by them. now you have this report by ford and you have greater production of trucks and suvs. i know what scott is saying relative to cars, but trucks and suv production, that's going up.

that's only going to add more pressure. so that's going to make it tougher for the auto makers to convince investors we can manage our way through peak auto if there is a slowdown. >> scott, before we let you go, you're making it clear it's tough to sell a car right now compared to the larger versions, the trucks and the suvs. what's your outlook for the rest of the year here? what are you expecting? >> i think it's really probably better than people are thinking. the manufacturers are getting their production around. the largest ford plant in the world is here in kansas city, the clay comeau plant, and that plant is running full blast, pushing out trucks. the toyotas are selling all the trucks that they can get. the highest brand in sales up this year is jeep. i think it's still going to be a good year. it's certainly not bad. it may not be perfect but it's really pretty good. >> thank you. phil lebeau, scott adams there as we keep an eye on ford shares especially heading into the

close. we've got 40 minutes left in the trading session. the trading range for the dow has been about 100 points, a little more. that's been about par for the course lately here. the dow right now down 14 points. the s&p and the analynasdaq are higher though. >> alphabet, amazon and cbs among the big names reporting. we'll run through street expectations and analyze the results when they hit the tape. also coming up, we'll speak with the head of a company that fights diseases through what they call gene editing. they go right after the deceased gene. this is not science fiction we're talking about. the ceo of intel ya therapeutics joins us when we come back.

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welcome back the. here's a look at cadman holdings. shares of that drug developer failed 19% amidst $12 initial public offering price. that drop put on this year's list of worst first ipo performers. >> we go from one of the first to one of the best. intellia therapeutics spiked 20% on its first day of trading. the gene editing company is hoping to transform the future of medicine. >> joining us now is intellia ceo nessan bermingham along with meg terrell. >> thank you for joining us. >> thank you very much. >> explain how this gene editing

technology works and what the scope of what's possible is. >> this really came from a paper that was published in 2012 about the bacterial immune system. it's a pair of scissors that we can use, add a zip code and direct it to specific regions to make edits. similar to microsoft word. we're using it for human therapeutic applications. >> how broad could this potentially be? is any genetic disease on the table? >> absolutely. it has the potential to allow us to do a lot of things, either repair a mutation or modification, a misspell within the dna, insert a fragment of dna to generate a therapeutic protein for a specific disease. we're starting to better understand the application and the breadth of the application of technology today. >> i'm going to leave the heavy science to meg. she understands it, i don't. i do understand wall street.

why go public? it's very much in vogue these days to stick with private equity. various companies want to stay there. there's not as much oversight. there's not the burden of regulation and so forth. your concept is only four years old and you're already public, why? >> this is a platform technology that has tremendous applications, both for single gene related disease like cystic fibrosis to multiple gene disorders. as we think about building the pipeline and the platform, having a lot of access to capital allows us to move it quickly into the clinic. 2012 is when the discovery was made. the first human clinical trails are planned in 2017 and 2018. that's unprecedented. as we think about moving into the clinic, the capital required to do that, you cannot raise that in the private markets. >> and it's a new frontier in treating disease. the question has been raised about the future of gene editing. are we there, is the technology

going to lead us in a direction like that? >> certainly not today. this technology hasn't been in a human yet. it should be in the next couple of years. when you think about performance enhancing drugs, things like human growth hormone or epoe, these are ones you would expect to use. >> i think some people wonder has it been proven that this is even going to work as a medicine and how far are we away from this technology? >> it's effectively fixing a misspell within dna. you can look at a cell in a petri dish and actually look to see does it fix that or repair that misspell or not. so we know it works extremely well. there's been thousands of publications since 2012 actually showing the application and the fact that this technology works. we've done work in mice with single injections and repaired or modified the liver of those animals and looked at the effect on the protein. so we know in a system, model system, this does work.

now it's translating that into human therapeutic application. >> i have to ask you about the ip situation here. there's another company which is public and there is a battle going on over patents. how is that going to affect your business? >> there's a proceeding and it's to evaluate patents. we firmly believe we have the right ip and a freedom to operate. but as we build our own pipeline of proprietary programs, we continue to bolster and increase our ip portfolio. >> thank you very much. we have a news alert on starbucks. what's going on, jane? >> well, starbucks has hired someone with 20 years experience in fashion and apparel as their new executive creative director.

leon freemar was most recently working at underarmour. she's going to lead an 100-person base in seattle. before underarmour she had positions at theory, gucci, polo ralph lauren and the new york city museum of modern art. but get this, she starts in october and the first three weeks she has to work as a barista. back to you. >> that's fantastic. what better way to figure out what's going on in the store. i like the title, executive creative director. is that what it was, jane? >> ecd i guess is what it would be now. >> fascinating. thank you, jane. >> you're welcome. time now for a cnbc news update. >> here's what's happening this hour. the white house says its assessment of the syrian slammist rebel group has not changed despite the news that

the group is cutting ties with al qaeda. telling reporters they're still concerned about the capacity to attack the west. the fda put a stop to blood donations in miami-dade and broward counties in south florida as they investigate new cases of the zika virus. four people have been diagnosed in the miami area, all of them without traveling abroad. the lead prosecutors in the freddie gray trial say they support the state attorney general's decision to drop all charges against three officers still facing trial. they say they had to face reality after three of the six officers were acquitted. and a facebook posting by a michigan cherry grower has gone viral. mark san duchy said he had to dump 40,000 pounds of cherries because the cherry industry administration ordered him to do so. he can't even give the cherries away or donate them and he feels that the rules need to be changed. the reason they have to dump it

is because the administration is trying to set a base floor on prices, and prices have been going down, although not in my supermarket. back to you guys. >> it's tough. save the cherries. >> save the cherries. let's start a campaign there. >> i think it's already started. >> that's too bad. >> we'll join it. see you next hour. >> make a pie. 30 minutes left in the trading session. the dow is down nine points. a leading trader will tell us what he's watching going into the close coming up next here. buckle up for plenty more earnings after the bell led by alphabet, amazon and cbs. we'll break it down the second they hit the street. stay with us. nthec eredar? uper food" is that a al thing? it's a gat school, buts ite ri? ts reallyly bter than the one u t last year? if w shod we gliers wh thethe 467 horser? or isgood questn.

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25 minutes to go in the session. earnings, a lot of big names on tap after the bell. oil is in the $41 range. what are you watching here? >> we're certainly watching oil. if it got to the $38 level, that would almost be a 50% retracement from the february lows to the highs that we had

numerous times back in may and june. >> does that mean it's going to keep going lower? >> it will certainly be a level that if it can't hold that $38, $39 level, people would be very concerned about is it going to break, is it going to go back into the low 30s and if it does, what would that do for the earnings prospect in the whole energy sector for the third quarter and the rest of the year. >> what about tech, facebook couldn't quite hold onto that big gain, that mop we initially saw. >> you had a big move. it was traded in a five or six-point range, today probably closer to the lows than the highs. some of these stocks, we have got to watch them closely. apple on the other hand was exactly the opposite. it had really on the surface nothing to write home about in terms of great earnings but they beat expectations so they had a nice 5% mop. >> we'll see how the end of the month affects it. >> there could be activity

around the end of the month, that's tomorrow of course. overall, it's interesting that the second half of the month has been in such a tight range where the first half of the month was in such a sharp strong two-week rally. >> coiled spring right now. tim, thank you. tim anderson on the floor. >> 24 minutes left in the trading session with the dow down just three points as we mentioned today the biggest day of the earnings reporting season for the quarter. we'll have previews coming up after the break on what to expect from alphabet, amazon and cbs. first though, tonight hillary clinton makes history as the first woman to accept the presidential nomination of a major political party. and last night's speeches by vice-president biden and president obama. what's the valu?

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. the energy was high, the crowd was fired up last night as vice-president biden, president obama and former new york city mayor michael bloomberg all made their case against g.o.p. rival donald trump. listen.

>> no matter where you were raised, how can there be pleasure in saying "you're fired." he's trying to tell us he cares about the middle class? give me a break. that's a bunch of mull arcy. >> the donald is not really a plans guy. he's not really a facts guy either. he calls himself a business guy which is true, but i have to say i know plenty of businessmen and women who have achieved remarkable success without leaving a trail of lawsuits and unpaid workers and people feeling like they got cheated. >> i'm a new yorker, and i know a con when i see one. >> hillary clinton continue to hammer trump in her speech tonight? let's ask politico's chief economic correspondent ben white. he joins us along with republican strategist susan dell

pers yoe. susan, you thought that mayor bloomberg might have actually been the standout. >> yeah. he really made a pitch for independent voters. he was speaking beyond the arena, that's for sure. he was speaking to everyone in their living rooms, and i thought he offered a really good, forceful speech with, frankly, some clips that are going to end up in advertising for hillary clinton. >> ben, let's face it, it's been a tough week as much behind the scenes as it has been on stage. some great speeches but you've had the e-mail revelations. you had the protests by bernie's followers here. what does hillary have to do to unite the party tonight? can she, do you think? >> well, i think she can and as your piece suggested at the outset, most of the attack dog stuff on trump has already happened. that's what biden did. that's what bloomberg and obama did. today he's got to explain to the american public why she has a vision for america going forward. that means acknowledging that

people are hurting in this economy in some of the rust belt industrial states. they don't love trade agreements. so she'll have to address them and say trump's way is not the way. protectionism and fear is not the way. i've got plans on education. i've got plans on worker retraining that's going to take some of the people in those hollowed out areas and let them join in the american economy now. she's got to address questions about her own credibility and her own honesty. she's got terrible numbers on that front and she has to address them. she has to say i understand you might not believe everything i've said but i'm going to be as forth right with you as possible. she's got to do that. >> before we actually hear from her, susan, we're going to hear from chelsea clinton, especially after ivanka's speech last week, what do you expect to hear from that one? >> i expect it to be heartfelt. she's not going to talk about policy. she's going to speak about what it is to be the daughter of

hillary clinton and what her mom has meant to her and why she's so proud of her to see her be the first woman major nominee of a party for president. i think it will be a softening speech which hillary clinton will need because it's a tight rope for her. there is still a double standard. she has to seem strong but she has also to seem likable. >> susan, you're a republican strategist. we know your point of view. after we've seen both parties' conventions, you had the democrats trotting out the leaders of the band. you had the president and the vice-president. you didn't have that with the republicans. the bushes didn't show. did that hurt donald trump at all, or does that play into the populist view that he has right now? >> it actually played into the populist view. it hurt him in the ratings actually. if you look at it, the democratic convention is getting better ratings than the republican convention. at the end of the day the thing that matters most are the

speakers. donald trump and hillary clinton, that's what people are going to remember most. >> ben, that goes back to the marquee speech tonight from hillary. you know, it's a tough one. in a way we know her so well. she's been in the political arena for so long it's hard to imagine there could be something totally new to people here. >> that's right. that is a challenge for her. a lot of people's perceptions of her are pretty well baked in. but she needs to reintroduced herself to people who may be not be paying close attention to this race and she's got to talk about the future. obama talked about his accomplishments in office, where the economy has been. she needs to talk about where it's going and how she's going to make it better and does she have a real vision for that because she's got to be to be able to win if it's just a third term for barack obama. as popular as he may be right now, she has to forge her own ground and that's going to be talking about families and education and lowering child care costs and lowering student

loan costs, a lot of the stuff that bernie voters cared about she has to talk about. she has to say, i know you know me very well but you don't necessarily know what my vision is for the 21st century american economy. that's what the speech has to be about to put a fresh face on her policies. >> morning money ben, susan dell pers yoe, thank you both for joining us today. >> cnbc will be covering those speeches tonight. don't miss our special coverage of the dnc beginning at 10:00 p.m. eastern. >> working a late shift again tonight. >> hopefully not as late as last night. >> we'll see. 14 minutes left in the trading session here. right now the dow is up just nine points. >> today sunday busiest day of earnings. we'll preview some of the biggest names when we come right back. the lighbulblbbrht ide ifou use the right ones.

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the dow is up four points. the market on close orders, $800 million to buy this time. just it is opposite of yesterday. so we'll see if this brings the mark a little higher here. we're getting ready for earnings right now. busiest reporting day of the quarter, so coming up in a little bit we have reporters on these companies.

josh lipton with alphabet. john fortt on amazon and jewuli boorston with cbs. >> can the tech titan win back those bulls? today the street wants 804 on a revenue of $27.6 billion. that would represent jumps of 15% and 17% respectively. sun trust bob peck is also watching that tack number or commissions paid to partners. he's looking for a total of $3.9 billion. as google moves to mobile its commissions can move higher which with pressure margins. we'll soon find out. back to you. >> john, what about amazon? >> well, wall street is looking for a $29.5 billion in revenue, up 27% from last year and eps of 1.$1. 1.$1.01. the two big stars are likely to be prime membership and the

cloud. street is looking for cloud revenue of just under $3 billion and if amazon imagines to beat that, that will be a big deal. for guidance, investors are going to hear that q-3 will come in around $31.6 billion. there are questions about costs, especially when it comes to distribution and lately content cost as well, bill. >> john, thank you. julia, what about les moonves and company and cbs? >> one key for cbs will be the success of the upfront ad sales period which ceo les moonves told me earlier this month went great. we also expect to hear how cbs's digital content apps are fairing. the company is projected to report revenue that's in line with last year's $3.21 billion and 16% higher earnings of 86 cents per share. cbs shares are up about 15% so far this year. just this morning cbs increased its dividend by 20% and its share repurchase program to $6 billion. we're sure to hear about about

that as well. guys, back to you. >> thank you, we'll see all three of you at the top of the hour when those earnings are released. joining us on the floor of the new york stock exchange, gabriella santos from jpmorgan. what's the market waiting for? >> quiet day. to us what's been an interesting trend has been the rotation within the sectors. the whole first half of the year was so defensive. a lot of concerns about growth, looking for equities as yield. since then we've seen a flip and cyclicals are outperforming and that's a trend we expect for the second half as the data continues to come in on a positive note. >> last year the market itself didn't do much but facebook, amazon, netflix around google d so well. obviously we know what happened with facebook yesterday. maybe netflix sitting this one out. can they reignite? >> i think the market breadth

this year is higher than last year. not only certain companies but cyclicals as a whole. we're encouraging our clients to look within the market. >> you're the global market strategist. we were wringing our hands earlier about the growth rate in china and now we're worried about the u.k. does that affect our market? >> post brexit we think that issue is going to remain to the u.k. itself, to a very small extent it would impact us via trade, via sentiment, but we do expect the impact to stay relatively muted for the u.s. >> what about japan? that seems like the biggie here. that's talk about if they can get it right with the stimulus, whether fiscal or monetary, and start to see yields up, would that push yields up worldwide? >> it seems hard to see the bank of japan surprise on friday. expectations are so high. we'll have to see what combination they come up with,

monetary and fiscal stimulus and see if they are really able to ignite the economy which so far we haven't quite seen. >> it's been ready, aim, aim, aim. nobody is firing the gun at this point. >> i guess that's because growth really isn't as bad as maybe the pendulum swung earlier. >> thank you. >> thank you so much. before we go, i don't mind getting all the tweets from folks wondering when kelly is coming back to twitter. let's just ask her, shall we? >> not today. >> there you are. >> but i am watching, there's quite a show on the floor down here. >> we have a lot coming on "closing bell." we'll get to that after this. we have the closing countdown coming up. >> the biggest earnings for this quarter, amazon, google, alphabet, we'll bring you those numbers and analysis as soon as they cross. you're watching cnbc, first in business worldwide.

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and start gathering the information you need to help you keep rolling with confidence. go long™. ♪ welcome back. inside three minutes toward the close with the dow down 14 points. we talked about the narrow trading lately. bob here as we do the closing countdown. you do have certain other markets and individual stocks that have been moving wti today below $42, settled at $41.14. it's now down to $41.09. >> we're at the 200-day moving average for oil, haven't been there in a long time.

that's going to be a major problem for oil companies in the second half. we're going to get exxon and chevron tomorrow. >> ford opened eyes with its lower forecast on profitability for the rest of the year and that stock got clobbered, down 8% and now more than 9%. through it all the dow meanders here and we're down just 12 points as we head toward the close. it had been a very narrowly traded market for the last couple of weeks here. >> and the key as i pointed out, we're at the halfway point for earnings. 55% of the s&p 500 has reported right now and so far the numbers are holding up in the second quarter and more importantly, the second half of the year. they're not dramatically taking down earnings expectations and that's why the market has been holding up so well. i thought brexit and china might be an issue but they haven't been brought up to any great extent. >> more earnings tonight, they

include of course amazon, google's parent alphabet, cbs, wynn resorts. some others you'll be highlighting over the next hour. >> tomorrow we'll be watching the oil companies, chevron and exxon. the two big questions, number one, where is oil going because we've got to get oil up a little bit. these questions keep borrowing money to pay the dividend. they keep slashing costs. eventually it's going to affect all of them. the second issue is dividend. 4% for chevron. 3.5 for exxon mobile and a lot of people wondering if dividends are safe. the company says they are. >> you wonder what the bank of japan has in store for us tonight. >> that could be volatile and of course we get the gdp tomorrow. >> on a day when the atlanta fed has already lowered the expectations for the second quarter. >> i'm amazed a lot of people had forecasts as high as 3%. you heard steve talking earlier much lower numbers than that right now.

we'll see. maybe it will be a surprise on the upside. >> bob, thank you very much. we're going out with a reminder that we're getting ready for a lot of the earnings. they're getting ready to commemorate the 2016 hong kong dragon boat festival. a lot of color here today. coming up, the second hour of "closing bell." stay tuned. see you tomorrow. thank you, bill. welcome to "closing bell." i'm kelly evans. here's how the market's going out today on wall street, the dow down 16 points despite a big buy program on the bell. the s&p up 3.5. 2170 on the nose pretty much for the broad index. the nasdaq up nearly a third of percent closing near its 52-week high. we're just about the finish the month of july. we're also moments away from a barrage of big earnings reports and our reporters are standing

by to cover all of them. thank you guys. we'll be with you in just a moment. on today's panel first, cnbc senior markets come tate. stephanie is back because this is a huge earnings day and steve grasso joins us for more on these markets today. mike, the market is running in place. a sharp contrast to the beginning of the month where it was popping higher. >> absolutely. the charitiable say to look at it is the market is consolidating these gains. a lot of action underneath, company-specific movement. it's offsetting at the index level. we've been at less than 1% range for ten days in a row. two weeks in a row. you have to go back more than 20 years to find a narrower range over ten sessions. that's not to say that nothing is going to happen because usually you broke out with violent movement. you've lot momentum tactically

maybe. but overall i think it tends to be healthy. it seems like a benign back drop. >> let's see if alphabet shares are moving. it looks like on the bottom line it's quite a sharp beat there. they're only up about 2%. we'll come back to that in just a moment. stephanie, what is at stake here on this biggest day of earnings for you? >> i thought the facebook reaction said it all. that expectation was so enormous and rallied so nicely after the report last night and even early on, but then it gave it all back, pretty much all of it back. i think when the dust settles, kelly, people are going to go back to the companies that delivered, that have the growth, and on facebook, i think the valuation, you can make a case on valuation, it's not too crazy versus an amazon. >> by the way, after facebook was up 7% yesterday, alphabet was up 2 and let's check in with josh lipton for results now. josh? >> kelly, alphabet reporting now

eps of 842. that's first expectations for 804. so a big beat there on the bottom line. revenue $21.5 billion. analysts had modelled $20.8 billion. looking through the segments, google's segment revenues $21.3 billion. those other bets, moon shots revenue 185. other bets operating at about $859 million. paid clicks up 29%. cost per click down about 7%. total tack, kelly in q-2, about $4 billion. about $3.8 billion in q-1. back to you. >> thank you, josh. alphabet shares are up 5.%. say that again? amazon shares results are also in. let's get straight to john fortt with more on this. >> amazon's earnings are out and it's a beat on the top and bottom line and a beat on guidance. amazon reporting $30.4 billion

in net revenue. that is almost a billion dollars above the 29.5 expected. also a big eps beat. $1.78 versus $1.11 expected. on the guide, wall street was looking for around $31.6 billion. amazon got into a range of $31 billion to $33.5 billion. that's 32.25 at the mid point. the beat appears to have been mostly in international coming in above expectations by more than a half a billion dollars, though north america was a hair better than expectations. aws, the cloud segment, actually just a bit above consensus at $2.88 billion. that will perhaps disappoint some people who would have expected to see the cloud outperform more than the core business, but i guess outperformance is outperformance. it is a beat on most of these lines. kelly? >> thank you, john. amazon shares are down about 1% and we welcome steve grasso off the floor.

why do you think that is? >> john touched on it there on aws. that's really what i've seen clients get excited about. that's the real growth segment of the stock. plus they just bang out revenue. whether it's on the retail side, they have their prime day. any metric you want to overlay, jeff bezos has the ability to turn the switch and make money when he wants to. i would say when the stock is down 12, $14, i was nervous about it technically about a month ago it retreated and broke its 50-day moving average below $700. i got nervous when the stock ripped to these levels. i still think you're in good shape here. if you have a profit, can you blame anyone for selling the stock ever? there's not a lot of people that want to buy a stock that's $700. >> you don't get a chance to buy it back. these are very good results. this company is doing a lot of right things. there's a lot of ways you can win. it's not just aws, although i do

think, steve, you're totally right that that is what people get very excited about. but i think retail, prime membership growth, margins all have up side from here. so the stock was up 2.5%. if this pulls back i think you're going to have so many people wanting to buy it, including myself. >> what about you, mike? >> i think it ended 2015 so overowned you would have actually thought that it had to spend more time going back and just had that sharp break in the winter and you're still up $70 or $60 from where you closed last year. it's been a controlled rally this year. so i think it's kind of the expected level of great performance when it comes to amazon. alphabet might be a little more of the standout in terms of response. some calling it a terrific result. >> think about how negative everyone was on brick and mortar a couple of months ago. >> going back to alphabet, i'm interested to see how shares are

doing. what do you think about the alphabet numbers here? >> it's hard to quibble with what we've seen right now on a constant currency basis year after year. it's a 25% revenue so it seems like it's pretty much what you would have hoped. i think one of the reserves of skepticism about the company is just exactly what they're going to see in the way of market share stuff when it comes to overall ad dollars. that's been the story. is there enough oxygen in the room for both of them. it seems like absolutely right now. >> facebook and google are totally gaining share, they continue to gain share. we'll hear what cbs has to say later on today, but clearly the old advertising model is on the way out and these guys are taking a big share. with exposure to europe and particularly with exposure to the u.k. i'm very impressed with google with the alphabet results because that was something we were concerned about. >> those shares are up 5% after hours.

speaking of old media, julia boorstin, how did they do? >> kelly, cbs beat on both the top and the bottom line. the company reporting earnings of 93 cents per share. wall street analysts had been expecting 86 cents per share, up from 74 cents per share. revenues coming in better than expected. analysts had expected revenues to be flat at about $3.21 billion but they're up to $3.29 billion. les moonves explaining they've soon their strongest upfront selling season in years which will kick in when prices take effect beginning in late september. that gives us a little insight of what to expect for the third and fourth quarter. retransmission consent grew 44% in the quarter and remains on track to surpass $1 billion in revenue this year. they don't reveal numbers in direct to consumer apps but the streaming services and showtime

ott continue to exceed expectations and they anticipate a significant lift next year and it looks like this revenue beat was driven by entertainment as well as local broadcasting. back to you. >> thank you, julia. cbs shares up about 1.5%. steve? >> this was basically up 15% i guess year-to-date. can you imagine any less dollars coming in advertising, coming in, going into the election year cycle? is this going to be the most watched election year cycle? i think going forward they have a bunch of tail winds. i think a lot of these media stocks should be buys even now going into the end of the year. >> seems like the story is intact. for cbs that story has been they're better insulated than their peers to cord cutting. they're not exposed to optional cable stuff. the estimate four months ago for this quarter was 90 cents a share. they came in at 93 so the

estimate had been cut back. seems like it's been the value name among the main media stocks. it seems like it's according to plan. the retransmission revenue keeps delivering. that's basically when they're getting paid for their broadcast networks on cable and satellite. >> something of a question mark with the via come issue, stephanie? when it comes to who might bail them out, you do hear cbs from time to time. >> i have no idea how that's going to play out and i'm not involved. but i would say that cbs has done a pretty good job in trying to diversify away from its core business and core advertising. as mike mentioned, they're insulating themselves a little better on the cord cutting. that said, it's not going to go away. if you want to own something of quality in this space, i actually think comcast quarter yesterday blew it away. i don't think it got nearly as much attention. >> is that just because you're here with us, stephanie? >> it's such a good story.

it didn't get nearly the attention and they really did such a great job and they have a more diversified model which is something i'm comfortable with. >> let's look at shares of expedia. it also reported its earnings. they appeared to have been hit hard. that was one company i think the estimates had come up quite a bit into that quarter. you can see they're down about 10%. any larger concerns about the business? >> i think there's always when you see this type of reaction i'm a big technical guy and for me everyone knows about my three-day rule. i don't like to touch these things when they have big up gaps or spike downs. i would leave it alone. trade it as a technical stock because most of us don't really know what the hidden mine fields could be in these names or this space or this sector. so i would wait three days, make sure it holds this level that it trades down to today. >> i want to go back to amazon for a second. the fact that it did report $1.78 in earnings relative to $1.11 expected, sure it's

quarter to quarter but that's a big beat for a company that's always aconfused of not posting enough profit. >> margins have been the sore spot for investors so clearly it implies that they are doing a little better on the profitability side. it's encouraging to see. i think there's a little giveback after a really great run. >> not that much of a giveback. look what it's doing now. >> they haven't even started the conference call. this is a company that people want to own. >> they couldn't keep profits lower. >> those darn things just keep popping up on them. what about the cloud, amazon web services beat by just a hair. is there any concern that, hey, there's a lot of people getting into this space, we had a big deal in that area again today. >> i think it's more about -- several quarters ago you had that huge recognition moment of exactly how profitable aws is, this idea that it's a magical vehicle. i don't think it has the power to surprise and impress every quarter. >> it's still number one though

and that's a big thing. when you look at it on that basis, they're killing it. people just started realizing that this was an aspect of their earnings stream how long ago? not that long. >> probably a couple years ago but not 20 years ago. >> they just started to quantify it not that long ago. >> that's just the cloud business. the retail side, if you think about what the retailers are having to do, department stores, the traditional retailers, what they're investing in just to stay on par with what their sales had been given that you have amazon really coming in and taking a lot of shares. it's amazing the investments that are going on because of amazon. >> i feel like i'm ordering 12 things a day from there, a constant stream of e-mails about your next order. alphabet shares we saw earlier are moving higher by a good bit. we're asking the question about look at facebook and amazon too, but alphabet here, is this the kind of moment where people get excited in a big way about these names to the extent that they

did in 2015? >> it depends. you probably need netflix to jump on if you have that same type of environment where people are looking for growth at any cost. when i look at facebook and when i look at google, you would think that google has the same monopoly that apple does on the cell phone market. i should talk with its own self. two-thirds of its revenues coming from there and owning the bulk of it. i'd rather buy facebook than google. google seems to be on a momentum up. it's up 8% in the last three months. >> i don't think the market is about to narrow down the way it did towards the handful of growth leaders last year. if anything, the market has been broad right now. tech is only about the seventh best performing sector year-to-date. there's been a rediscovery of it as you've had some of the more prosayic consumer names fall by

the wayside. i think that's one of the rotations. >> just think if we had more m and a. today, the oracle net suite, that's old school tech buying new school tech and i think that's what people really wanted. it was a big deal and a meaningful contribution to their bottom line. >> $9 billion deal in fact. steve, thank you for joining us. much more coming up with steve on "fast money" at 5:00 p.m. julian emanuel on his take to brand new highs. coming up here, alphabet shares are jumping on better than expected earnings. we'll hear from two bulls about how high they think it can go. plus amazon posting better than expected results but that stock isn't soaring. we'll discuss whether it is a buy and get you the full results from wynn resorts. you're watching cnbc, first in business worldwide. it's a question we get from some of our largest banking clients. the face of their business was tellers.

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welcome back. wynn resorts is out with its earnings. we start with jane wells and those results. >> a big beat thanks to improvement in mccow. when is the last time you heard that. sheldon adelson a few days ago they're starting to see improvement there but really for

wynn the revenues came in at $1.6 billion, better than a year ago. adjusted earnings per share of $1.07, much better than expected. they were expecting 91 cents. that's compared to 74 cents a year ago. revenues for mccow came in at $639 million, $50 million better than the street expected. las vegas though missed a little bit. revenues came in at $419 million versus $437 million. we'll hear from steve wynn about the wynn palace opening august 22nd. the company announcing that they're going to get 100 tables they believe. granted they don't know for sure. they think they're going to get 100 tables and move 250 over from wynn mccow. they hope to open august 22nd with 350 tables. this is the first time we've gotten a number and of course it's all about the tables. we hope, kelly, steve wynn who doesn't like obama and has

railed on him over the last eight years but haven't given money to trump will talk about the election. >> did sheldon ever bring it up? >> he did not. he was mum. of course, these are analysts on the call. they don't ask the questions i want to ask. >> we got to get you on there with a microphone. thank you, jane. jane wells as those shares were down 2%. amazon reported second quarter earnings a moment ago. the stock is reversing after dropping initially. it's higher by 2.5%. joining us for more is james chuckmuck. what do you think investors are trying to figure out? >> i think the initial read was what is the profit? we're seeing the high class problem of they can't spend fast enough for the growth that they're posting up. you have the content, the

logistics, the infrastructure. the fact of the matter is the favorable mix in the third party high commission goods is fueling the tailwind on the growth margin. north america, this was a break even type of business and is up to 6.5%. >> its profit margin? >> correct. the aws is approaching 30%. >> in the cloud amazon has a 30% -- stephanie, that's what you were mentioning. >> it did look like the profitability was so much better than expected. where do you see this going in the next year or so? i'm curious if you think the improvement in the margins can actually continue at this rapid of a clip. >> i do think there is a functional limit on the aws side. you can't ignore ibm, microsoft, google in this space. so i think they will be prudent with their -- and exercising their pricing power on that. north america, i think it can continue to go from here and international. it's operating at break even.

i see no reason why they should up that because you have all this opportunity internationally. >> you mentioned they can't spend the money fast enough and the investments and i was joking that the huge up side beat must be because they made a mistake. they couldn't suppress earnings enough. do you think actually that investors want to see that accelerated rate of investment at this stage? >> that's a good question. i'm not sure right now because i've heard both sides of the argument. i think that i would say that the overall buys would be for margin improvement. not stepping on the gas pedal more than you need to maybe outside of india. >> question for you. do they hold this game tomorrow? yesterday afternoon we see facebook pop 7% on its earnings report, you downgraded it this morning. it could barely hold onto those gains. what do you think amazon is going to have to do to keep positive momentum tomorrow? >> it's the most owned stock from our client base right now. >> facebook or amazon? >> amazon. >> amazon, really?

>> there's a lot of love for amazon. we're fans of amazon. we're a user of amazon. i think even if there is some selling profit taking, the down side is probably limited. from what i hear, every down side or a down tick is a buying opportunity. >> why with facebook are you less sure that there's value in that company? >> less sure because -- i'm not less sure that there's value. i'm less sure that there's up side from here. what happened was the growth in ad load which is the number of times that you see the ads, is hitting a wall because they don't have another platform like instagram to open up. on facebook news feed they actually changed the algorithm to prioritize friends and family over publishers. then on the pricing side, on a like for like basis, the ads aren't increasing that much in

price. mobile is already a dominant part of the mix. >> it's an interesting comparison because they have almost identical market caps. if you look at the economic footprint of both companies, facebook obviously is earlier in its growth phase but it's attacking digital advertising right now. amazon is attacking what? the economy. >> everybody. >> so that's a $17 trillion space they're moving into? >> it's four times as big already revenue-wise, amazon. it's got that kind of difference in scale. >> which stock has more operating leverage? >> i would say facebook probably, at least for the near term. i can make the argument for several hundred basis points of operating margin, maybe down margin expansion annually over the coming years. i don't model that but i can make the argument for that. i'm also neutral on amazon. more of a function of macro, not looking at it in a vacuum. you have brexit, the fed and all that. there's more unknowns and

uncertainties when it comes to jeff bezos. >> thank you, james, for joining us. speaking of facebook success, take a look at shares of alpha get moving higher after reporting quarterly numbers. joining us with reaction to these numbers, rob sanderson from mkm and mark kessler from raymond james. rob, let's start with you. facebook did so well, it raised the question of are they beginning to take share from google. do you think they're going to continue to thrive here? we lost rob. aaron, question to you there. >> yes. facebook and google are taking the dominant share of advertising dollars. that's played out so far this quarter. facebook continues to gain a lot and twitter at the expense potentially. google had a strong quarter, 24% site growth after what was perceived to be a softer growth. google assured investors so far today that they are continuing to grow at healthy growth rates here.

>> what about when we talk about the advertising space for them. as there's so much being spent on this social platform that is facebook, does google need something like that itself? >> they don't need that today. maybe longer term you can argue that google could use a social platform as increasingly ad dollars going to social as well. google benefits on the video side with their youtube offering. you're seeing a lot of video dollars flow to the internet and youtube is getting a nice share of that flow as well as search. search continues to grow with mid teens growth rates. google is an undemanding p.e. ratio, 14, 15 times earnings next year, very attractive. >> rob, a question to you, alphabet, does it continue to do well in this advertising space? >> yeah. i think there's a lot of room in the mobile search space. the bigger story for all of these players is that mobile marketing is relatively new and

the platforms and the marketing community at large is just understanding how to market to consumers in the moment at the point of purchase, intent, et cetera. that is probably going to gain share against every other ad medium for decades. and we're at the beginning. >> hi guys. i have a question with regards to cost per click. so that actually has improved in the last four quarters nicely. down 7% which is kind of in line. do you think we're going to see material improvement, and is that what really is going to take to get this stock a lot higher? rob? >> i don't think so. i think the number of dollars flowing in are really what matters. it's not how many clicks or the clickthrough rates or the price per click. it's how many dollars are coming into the system. the composition of the metrics they report are largely outputs to that. more dollars are flowing to mobile marketing and a big platform like google is getting

its share. they put up 28% growth. that's the best since coming out of the '08 recession. >> aaron, you mentioned youtube and i guess alphabet would probably call it a social platform of sorts. is youtube though potentially under some kind of threat because of facebook's all out initiative on the video side, or are they doing different or adjacent things as opposed to going after the same type of content? >> we think it's a little different. on facebook consumers go to facebook, you see videos on your feed. you're not actively seeking out videos. consumers go to youtube actively seeking out either user-generated content, music videos, films. it's a little different users experience. both can do well. >> we know mark zuckerberg is focusing on video today like he did on mobile four years ago and that worked out well. thank you both. we keep an eye on alphabet shares after its earnings

report. up next we'll check on some of the other big earnings movers making waves after hours. plus barack obama's embracing his party's presidential nominee, hillary clinton, louie armstroast night. she gets set to stake the stage and accept the nomination. you can watch right here on cnbc 10:00 p.m. eastern. join us. first time... gilman: go get it, marcus. go get it. ...coach gilman used his cash rewards credit card from bank of america to earn 1% cash back everywhere, every time. at places like the batting cages. ♪ [ crowd cheers ] 2% back at grocery stores and now at wholesale clubs. and 3% back on gas. which helped him give his players something extra. the cash rewards credit card from bank of america. more cash back for the things you buy most. the cash rewards credit card from bank of america. when a moment turns romantic why pause to take a pill? or stop to find a bathroom? cialis for daily use is approved to treat both erectile dysfunction

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welcome back. alphabet and amazon are highlighting the wave of after

hours earnings but there's plenty of action. >> kelly, we're looking at shares of online travel site expedia falling. earnings of 83 cents adjusted beating expectations for the quarter. revenue though missing expectations. also catching investor attention, quarterly net income falling 93% from a year earlier. in addition to reporting results, expedia raising its dividend to 26 cents from 24 cents. also something to keep on your radar. expedia says it's looking to explore the feasibility of an ipo oftry having go sales, the european travel site. we're looking at shares of expedia which were down as much as 10%. still down around 5.5%. time now for a cnbc news

update. >> here's what's happening this hour. turkey's supreme military council says its top military commander who was held hostage during a failed coup will keep his post. prosecutors say they will not retry a man convicted of killing washington intern chandra levy. they have moved to dismiss the case, charging ig march ga deak with the 2001 murder. levy was remanhunticly linked with then representative gary condit. 43% of deceased apollo astronauts died from cardiovascular disease. that is four to five times higher than astronauts who traveled in low orbit. the study says the crews were exposed to high levels of radiation. chipotle has confirmed plans to open its first burger restaurant. it will open this fall in

lancaster, ohio. the company is recovering from a series of food safety scares. >> thank you, sue. these alphabet shares are still higher after strong quarterly results. the company's conference call is about to start. we'll bring you highlights in a few minutes. and hillary clinton set to officially accept the democratic party's presidential nomination tonight. we'll head live to philly for a preview of what to expect from this history-making nominee and the other big speakers of the night.

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looking at shares of alphabet, wynn and cbs, they reported earnings and seeing some big moves. alphabet up 4.5%. wynn down despite positive trends on mccow. amazon higher after initially being lower. cbs is down nearly 1%. we've got conference calls under way. we'll bring you understand as soon as we get them. amazon's call starts in just under an hour. hillary clinton will cap off day four tonight when she officially accepts her party's nomination for president. we're live at the dnc in philly. john? >> kelly, everything at this convention has been building toward her speech tonight.

she's gotten strong testimonials, but the man who defeated her for the democratic domination eight years ago says now the responsibility is hers. >> i'm ready to pass the baton and do my part as a private citizen so this year in this election i'm asking you to join me to reject cynicism and reject fear and to summon what is best in us to elect hillary clinton as the next president of the united states. >> so the questions about what can hillary do tonight, will she be able to provide more definition to her message what she's going to do for the american people, can she address the anger and the fear that so many blue collar voters have been flocking to donald trump over. can she address the negative images that people have of her, the fact that people don't trust her. all of that is in front of her.

you would think it would be difficult because she's been in politics for 25 years on the biggest stages. i talked to mike murphy, a republican strategist, who said if you perform on a convention speech which is one of the biggest things you can do along with the debates, you can move numbers. we'll see if hillary clinton ask manage that. >> what do you guys think we might hear when it comes to wall street, the banks, the financial transaction tax, people a little focused on over here? >> i doubt it's going to get that granular but you can bet there's going to be a verbal gesture of saying that she's no friend of wall street or at least she was going to be continuing to hold the financial industry's feet to the fire. i don't think there seems to be that much cost in doing that right now, certainly on the general election side, especially because really nobody is trying to -- >> we've seen that. stephanie, calling for reinstatement of breaking up the biggest banks. >> that's kind of hitting the bank stocks or casting a shadow over the group because we just don't know. there's a lot we don't know with both candidates. i don't think we're going to get

a lot of detail tonight. i'd be surprised. the big question is how much does she move to the center and what happens to congress, too. >> right. there was a quote being shared i noticed today from allen patrick who said, i think the time has passed when we financial types have to kind of hide down at the convention. it seems as if they think the coast is clear right now. i don't think that hillary clinton herself though is going to be making any nods in that direction. >> john, you're down there. what is happening with the wall street types? we understand they're in force if not as visible as they could be. >> well, for obvious reasons. as you guys were just saying, wall street is not very popular in this election. there's been a lot of focus on income inequality and people at the top. but i do think you're not going to get much policy in this speech. this isn't a state of the union speech. and the way the election has gotten defined at this convention is not really idealogical. it's about donald trump's basic

fitness to be president versus the democratic argument that hillary clinton is perfectly suited to be president. so that suggests a more personable framing of the choice designed to be broadly appealing, especially to those college-educated white voters who are her biggest targets here. >> john, we'll see you in a couple of hours. thank you. that's john harwood in philly for the dnc. don't miss our special coverage tonight 10:00 p.m. eastern. you can see hillary clinton officially accept her party's presidential nomination. earnings conference calls for alphabet, cbs and wynn are under way. highlights of what the companies are saying for you right after this.

welcome back. alphabet's conference call is under way after the company reported strong earnings and the shares are up nearly 5%. josh lipton has been listening in. what are you hearing, josh? >> kelly, alphabet reporting, obviously investors like what they see. easy beats on the bottom and the top. the company's conference call, the ceo with some of the metrics to watch on the call. take a listen. >> once again, the primary driver was the increased use of mobile search by consumers benefitting from our ongoing efforts to enhance the mobile search experience. we also benefitted from solid desktop and tablet search and youtube advertising. >> if you run through this list, paid clicks up 29%, better than

expected, cost per click down 7%, better than expected. one concern was the impact on brexit given the company's exposure to the europe and the u.k. gets 10% estimated revenue from that country. in a call with google i just had, so far they're saying no signs of brexit impact and pointed out u.k. revenue up 14%. >> stephanie, that's a point you were making. it could have been a bigger hit but they appeared to power on. by the way, similar was heard i think was it glax oh, that bodes well longer term for the u.k. economy. >> i think so. i think we all freaked out when brexit happened and i think we have to see how it all goes. we have to see how the negotiations go. but in erterms of google or alphabet, there's more underneath the surface that's more exciting. free cash flow, almost $7

billion. that's a big, big number. again, all these other growth metrics, cost per click, paid clicks, this is showing that the momentum is very much there and this valuation is very reasonable for a company of this size and with this kind of growth. >> explains the reaction that we're seeing with those shares up about 5%. let's check in with what's going on during cbs's call with julia boorstin. >> that's right. cbs did beat on both the top and bottom line. ceo les moonves cookikicking of call with a very upbeat note about what he said was a record second quarter. now, he didn't give any specific guidance but he said that the company will benefit from advertising price increases, and he also for the very first time revealed subscriber numbers for the company's direct to consumer apps. >> we let the upfront marketplace with double digit price increases and healthy gains in volume. next, our cbs all access and showtime ott streaming services

have surpassed 2 million subscribers, about evenly split and well ahead of where we thought we would be this early in the game. >> moonves saying with those numbers he's confident they'll be able to hit their goal of 8 million subscribers by the year 2020 thanks to exclusive content like star trek. cbs shares were initially higher after the numbers came out and they gave up those after hours gains likely because despite beating on both the top and the bottom line, advertising declined 2.6%. analysts expecting advertising to be flat. now, the gains were really driven by a 44% increase in retrans revenues and cbs fees and though moonves we have to say is very bullish on advertising ticking up starting this fall, though we haven't seen those bullish comments impact the stock too much just yet. there's some more time left on the conference call. >> true, julia. thank you for now.

can i mention this cbs story, this is amazing. so stephen colbert cannot be, quote unquote, stephen colbert on his own show on cbs because after doing that bit with john stewart last week, comedy central contacted him and said we own that ip and the lawyers say you've got to stop. >> exactly. the character is not the person even though they share the name. that is a fascinating thing. as i joked, maybe you merge viacom which owns comedy central back with cbs to reunite those people. >> having james corden in late night, apple just bought the rights to a series that's going to be based on car pool karaoke. >> it's so intertwined, i can't even keep up with it. >> the cbs production part, the actual studio, that's a tremendous business right now. it's not just about feeding your own network. >> that's something about cbs, they're doing what they can do. the big part of their business is still under a lot of pressure. you saw those ad rates decline and that's disappointing.

no one is going to invest with the stock where it is because the valuation as moved up this year. no one is going to buy it and get excited about it. >> you only have one side in this election actually spending a lot of money which is interesting too. >> we have to go. it's okay for google's ad cost to be falling but not for cbs? >> the volume of cbs isn't going. you're not making more time in a day to sell. >> so interesting. negative interest rates, they haven't worked to boost japan's economy, that's for sure. how that nation's central bank may be about to do something equivalent to dropping newly printed cash out of a helicopter. we'll discuss whether this could work and if it could soon be coming to europe when we come right back.

welcome back. wynn shares are moving lower after hours. jane is listening in to the conference calls. what are you hearing? >> the numbers are moving lower because the street is disappointed in the number of tables that wynn palace will be given to the government. they were expecting 150 tables but wynn is now only expecting 1 hundred tables. steve wynn has been on the call spinning it or at least explaining that fewer tables is actually a good thing. he said, at any given time a third of your tables will be responsible for all the ebitda and the rest breaking for an even or a loss so he said with fewer tables you increase utilization dramatically and can control limits and he also says the real growth in the future is premium mass, so not v.i.p., not low en masse, but people in the low mass area of the casino spending $2,000 to $3,000 at a

time, and they are actually starting to reconfigure the way they lay out their casino, and they are changing games slightly to give them incremental improvement odds for the house. so, again, fewer tables are a good thing, kelly. >> we take his word for it. wynn results are down -- shares are down 6.5%. thanks, jane. more as we continue to listen into the calls, but the bank of japan could be on verge of taking radical new measures to jump start that country's economy. it includes something that hasn't been tried in that nation in over 80 years. se seema mody has more. seema? >> reporter: that's right. helicopter money, seen by many as a bold and unconventional attempt bay central bank to lift inflation, but some strategists say it's a logical alternative for japan which has struggled to turn around its economy despite years of quantitative easing and even the recent implementation of negative interest rates. now, there are a couple of ways japan could implement helicopter money. first, by offering structural loans to consumers and small

businesses. second option, give japanese citizens a tax rebate, or transfer money directly into the bank accounts of consumers, but, keep in mind there are plenty of risks aside from adding on to japan's already large debt pile. deutsche bank warns it simply may not work as consumers could just save the money instead of spending it. other options at bank of japan could unveil tonight include buying more japanese etfs and pushing rates deeper into negative territory in hopes of incentivizing banks to lend more. it's worth noting that negative rates so far have failed to failed to result in a meaningful uptick in loan growth so if the boj stuck with just this option, markets will likely be disappointed. keep in mind the japanese stock market is down about 13% in 2016 as investors have lost faith in the bank of japan's central bank policy. the stronger yen also not helping. kell? >> yeah. darned if they do and darned if they don't. people saying if they,does work yields across the globe could

back up. thank you so much. seema mody back at headquarters. amazon's conference call is moments away. we'll get you set up for that when we come back. e your custom. and by blending physical with digital, cognizant is helping 8 of the 10 largest u.s. retailers meet their demands with more responsive retail models... ones that transcend channels and locations, anticipate expectations... creating new ways to engage at every imaginable touch-point. it's a new day in retail, and together, we're building the store of the future. digital works for retail. let's talk about how digital works for your business. it's here, but it's going by fast. the opportunity of the year is back: the mercedes-benz summer event. get to your dealer today for incredible once-a-season offers, and start firing up those grilles. lease the c300 for $379 a month

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welcome back. some news just in. the ge ceo jeff immelt is buying shares of his company. 50,000 of them on july 26th. that brings husband holdings up to 2.2 million shares. he bought them at a price of $31.45. what do you guys think? >> good, always good news to have a ceo buy. i've always said the ceo is an executive buy for one reason because they think the stock is going up. they sell for multiple reasons. i think it's good news. stock has been kind of weak since they reported earnings and the second half of the year setup is good with easier comparison ahead. >> it's not as dramatic as jamie dimon's buy of a lot more in terms of dollar value. >> how big was jamie dimon's? >> $26 million in february. >> wow. >> that is when jpmorgan stock was under a tremendous amount of pressure and obviously as a gesture, you're always encouraged by it, but, again, ge has had a hard time making any distance between itself and $30 a share. that stock is -- not spending

much time up there. >> series of moves they made, shedding businesses and trying to improve operations. they will move their headquarters to try to improve the talent and, you know, the young people and the pool there. again, we're now at 31 or so and a half. what kind of catalyst does it take to get them significantly above that level? >> a couple different things. they can do m & a. a lot of people are speculating they buy baker hughes and a lot of assets. not sure they will happen and they certainly have been focused on energy for sure. you will see synergies from alstom, an acquisition they made two and a half years ago. that comes in the second half this year and streamlined company to focus more on technology and services and the services becomes more of the total pie you get a different multiple if they can execute. it's all in the come and no one will give them the credit until they can deliver. >> a 3% yield, highest yield of the biggest industrials. that's one of the reasons they

hold the stock. >> tomorrow, gdp and bank of japan. look at the research notes from the overnight markets. everybody is laser focused on what happens so we'll see and all of these earnings, too, for the market to digest. mike and stephanie. thanks so much for joining us on "closing bell" today, and then we have politics, too. stay tuned. we'll be covering hillary clinton's acceptance speech tonight, 10:00 p.m. eastern right here hon cnbc. "fast money" starts now. >> yeah, please, step right into the ring because we've got a full-fledged earnings side right now. earnings from amon, google, kind of like apollo creed beat on rocky in rocky i. can you see josh "tough guy "lipton and jon "don't mess with me" fortt and julia boorstin. welcome to "fast money," everybody. i'm brian sullivan. can you tell that melissa is out