short of estimates but the company added 1.5 million subscribers bringing its total to 209 million wednesday, july 21st, 2021 "squawk box" begins right now. good morning welcome to "squawk box." i'm becky quick with joe kernen and andrew ross sorkin we'll start with the markets the dow gained 1.6% and wiped out most of monday's gains if you were thinking of buying on the dip, forget about it. too late you missed it. it's like monday never happened. you want to check out the u.s. equity futures, we have earnings that are coming up this morning. ahead of that dow indicated up

by about 200 points. s&p futures up by 18 nasdaq up by about 16 points some really strong gains before we get these earnings numbers and we'll see what that does to the markets too. other thing to watch is treasury yields yesterday we did see some incredible lows, all the way down to the lowest level it was at 1.25%. crude oil prices have bounced back some but are still well below $70 a barrel wti up by 1.13%. what to do with the delta variant and the demand playing out. you have opec and the deal where it looks like they'll be pumping out more supply as well. take a look at crypto markets. today could be a big day for bitcoin because you have elon musk, jack doorsy and cathie wood speaking out at the b word

bitcoin conference it's a gain of 5% at 31,334. the dow transports up yesterday by about 2%. even with that, not enough to pull that index out of correction territory it's still down by just over 10%. 10.03% off of its highs. the only major average in correction territory meantime, let's talk about covid and w.h.o. the director speaking out in tokyo ahead of the olympic games. he's warning the world is going into the early stages of what he's calling another covid wave. he slammed what he called global failure to share vaccines, tests and treatments which is fueling a two track pandemic the longer it drags on the more socioeconomic turmoil it will bring. he called the pandemic a test the world is failing the director spoke about the olympic games calling them a celebration of something the world needs now more than ever

big debate though about the idea of sharing the vaccines, not just sharing the vaccines but sharing the technology behind the vaccines and whether we need to do that or not. that seems to be one of the things they're talking about. >> i think the bigger issue, if you share the technology, meaning give it away and allow other companies -- >> it's a pretty complicated process. you are going to have shortages in terms of the things that are made so does it make sense to let someone else make it or ramp it up. >> there's a practical question in terms of physically how many can be manufactured? >> the way it's happening now -- >> unfortunately people are arguing whether it should be shared >> give it away. >> it's a philosophical view it's not practical that is not a popular thing to say aloud in the states.

>> $20 billion plus is what we're talking about. we got a great deal on the olympics, nbc. remember when that deal was signed we have a vested interest in pulling this off >> broadcasters. >> as living on the planet not everyone lives there some people leave the planet and come back. did you see all the carping? >> did you see the jon stewart >> no. it wasn't why should we be doing it >> look, i can't talk about it. >> yeah. >> but we digress. for all of us that do live on this planet, we're hoping for it

>> yeah. >> watching us achieve things. i'm trying to think where could i -- no, there's nothing these people do amazing things and there's not a single quote summer or winter maybe carle -- no, we were bad at that. we were bad at curling anything else -- no, not golf. talk about hoops in a second just not going to happen for us. these are amazing people who work their entire life, get up at 5 a.m., work ten hours a day. >> you've seen some of them test positive for covid even though they've been vaccinated. >> it can bring tears to your eyes. >> the storytelling behind it. >> and the head of the w.h.o., this is the kind of hope they need right now. chipotle, i don't know how i tried to go to our chipotle. it's so hard chipotle earnings beat estimates and revenue surpassed

pre-pandemic levels as dine-in customers return to restaurants. food and beverage costs up nearly 3% due to menu price hikes and lower beef prices. digital sales grew 10.5% accounting for nearly half the company's quarterly sales. the company expects that trend to reverse here is ceo brian nichol on "closing bell." >> the thing that i keep an eye on are the dollars we're doing in our digital business. that continues to grow we had the addition of quesedillas, our rewards programs are over 23 million people i think we're going to grow in absolute dollars here. we see more people showing up for lunch. more occasions of what's happening and shares are up $85, 5 5.5%. meantime, 145irs of united

airlines are higher today too. there was a surge in bookings that hemmed the company beat revenue estimates. a loss of 3.91 was in line with other airlines you can see the stock is up by 1.6% we'll be speaking with united ceo scott kirby coming up at 8:15 eastern time. >> we had a shot of something that i wish we still had it plays into the nft world, too, andrew. you'll see where i'm going with this in a second milwaukee bucks are nba champions. they beat the phoenix suns, 105-98 this was the scene as bucks fans celebrated their first title in 50 years a lot of weapons a lot of weapons on the bucks team brock lopez. i thought about recording it and trying to watch it and not know what's going on, but it's impossible with something like

this great season for the suns obviously as well. we have friends that own the bucks, mark lazary and wes eat dense, this is amazing they pulled this off. it's been 50 years 50 years since the bucks won do you remember who was on that team 50 years ago? >> i don't. >> kareem. >> really? >> yeah. it was 1971 and i just looked at the team the big o was still playing from 1974 he began 1969. just saw this, for a season, for a season he averaged a triple double that's where you get more than two double points, assists, rebound. never been done since. he's one of the goats along with michael jordan can there be more than one goat? >> and kareem. >> and kareem.

>> there is only one michael jordan >> i mean, that's what would be my ruling but there's other people who have other views. >> that was a great -- great series and i have to once generally thank them for rejuvenating my sense. you put $5 on something and i have sweaty palms at the end of games because of $5. coming up, i think it's helping the ratings too. it helps everything but this is a great -- i mean, the two teams that were in it weren't the ones that you think about, right? markets got into it, phoenix and milwaukee. congratulations to the bucks. the other big -- >> mark lazry is going to be on with scott wapner at halftime. >> they might fwribring that up.

>> they might. netflix after the break. the nft, andrew, that's the one i bought i don't know if you show it. oscar robinson is 8 feet off the ground, in a full split. shown it before. >> that's the nft. >> top shelf that's the one i want. we're going to show it big lineup still to come including the ceos of sap, nasdaq, verizon, united airlines plus the cfo of j&j right ter af the company reports. we're coming right back. jerry is here! j! mate, how are ya!? it's so good to see you. good to see all of you, yeah! why is jerry so... popular? it's been like this ever since we started using workday. what do you mean?

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does internet streaming slow down that seems unlikely. it's been prolific as you get new competition in, you get validation, more reasons to get smart tv or unlimited broadband. for the next several years the growth story of streaming as a whole is very intact >> netflix co-ceo reed hastings on the earnings call the company fell short on the bottom line number subscriber growth was a little bit above. it's down from big numbers we saw during the pandemic. the streaming giant confirmed its venture into gaming. joining us now with his thoughts on netflix's results, tom rogers the executive chairman of engine media and cnbc contributor

good to see you this morning when you looked at the numbers, i think a lot of it probably could have been anticipated. they haven't been able to produce a lot of great stuff obviously during the pandemic and we're reopening so people are at sporting events, movies, who knows what you would think they were all going to movies if you look at amc. not everyone was locked in their house. we've seen that. do they need to do anything? do you agree with reed hastings, that steady as she goes is the way to play it. >> congratulations to the bucks on the title netflix didn't win any title with this earnings report. i agree with reed on the macro conditions for streaming and continued growth, which is one of the reasons i find this earnings report when it comes to subscriber support very

perplexing you have cord cutting, audience broadcast in cable you have all of the buzz focused on streaming they said they did better with retention, meaning avoiding churn now than they were doing pre-covid and there's a lot of household formation, new households being formed that would not become paid tv households, which would go directly to streaming and yet they lost subs in north america. something they lost a few two years ago in this quarter but many more this time around i find it very perplexing. i don't think they answered it well against the macro conditions i guess there has to be something in what you were just saying that people coming out of covid are just saying enough on television for a while i'm putting my focus elsewhere

they're going out and getting more streaming services. i would imagine others would face slowdowns. >> they need a must see. they need a must see i've gone through i don't know how many other categories i can go through on netflix. they have trending, they have european crime dramas. i've been through them all and i've had trouble finding something that i want. so that's what they need they spent 8 billion and i guess a lot of it's in the can probably more to come really talented people out there. we know that the pandemic has not allowed those shows to be made is that really what's happening? >> well, certainly they don't have as much content because of covid and slowdown productions and they expect that to pick up at the latter part of the year having said that though, their engagement with viewers was actually up 17% relative to

pre-covid meaning they're getting people to watch, watch a lot more they still have far more engagement than any of the other services they're about four times the amount of engagement and viewing hours than disney+ and you have this macro story, which is basically there are 700 million satellite and cable homes in the world outside of china and netflix has about 200 million of them. and basically the view is most paid tv homes are going to become streaming homes over the next decade and most of those streaming homes are going to take netflix as that i recall anchored service they may not have had a great programming slate this quarter but it's spending close to $20 billion a year on content which effectively translates to one new movie or one new series a day. it's going to be very hard for

somebody to dislodge them with all those paid tv homes converting from being in the poll position, being the anchor in each of those streaming households so the macro story is very much intact you're not seeing the stock slide on this news despite that, i still find it very perplexing. >> while we have you here, you saw the comcast and viacom news. whether it is international, streaming, i believe it if that's what they're saying is that sufficient for what those two companies need to do will that be -- will that be enough then i want to ask you about peacock, but first answer that do you think that's what -- peacock right now is a success in terms of the ads supported. i'm watching it. i don't mind a 30 second ad. i don't notice i don't know why i would pay for it i'm watching "dr. death. have you watched it yet, sorkin?

>> you're never going to let anyone watch it. >> i am not. >> whatever problem you have, i'm going to keep my knee. you would never let anyone operate after seeing it. is that a problem, it's so good with the ad supported that no one switches over to paid for? >> well, i still believe that getting content commercial free is preferable. it's a better way to watch television, not having commercials. that's the key reason we'll never see netflix introduce an ad-supported service certainly peacock has shown you can get distribution very quickly off an ad-supported service that has an array of services i think comcast and viacom both have this issue of how many streaming services or households is it going to take? if you assume netflix is going

to get through most households, disney+, hulu are going to be in some form, what do you need to become a global franchise. coming up with a stronger global service between the two of them is clearly a strategic play. >> tom, can we talk gaming for a second because obviously now it seems like it's going to be a move into gaming in a real way. i don't know what that means i don't know if that ultimately means they're going to create a separate service and try to leverage the subscribers to market to or they will build gaming long term into the netflix service itself is it too mature for that?

>> well, i get the general strategy which is they've said for a long time video games compete for time and attention with netflix subs are choosing video games over netflix sometimes, give them video games i think it's very much a strategy aimed at disney and kids right now it's youtube, netflix, fortnite, roblox before you get to disney and kids, time and attention if they can have video games as a clear part of that service, it will certainly firm up the value for the family of the kids' portion of that appeal you also have them going into mobile markets like crazy. this is mostly a mobile strategy and those markets giving people a reason to pay netflix over other services makes sense as you guys know, engine media is a gaming company now. may have missed. we sued draft kings for patent

infringement sports gaming relates to playing along as you're watching the broadcast. i would think netflix would focus somewhat on this innovation of is there a way to have engagement in some kind of game as part of the viewing experience the idea that they are just going to become another place you can play video games relative to somehow combining gaming with a viewing experience would miss the innovation that i think these guys are capable of. i have my eye on something related to that. >> tom, i just want to ask i know this is a little bit outside of your purview. it's the combination, big tech companies, gaming, other things. yesterday we heard the news that the biden administration is nominating jonathan cantore for the administration it puts another strong voice against some of these big tech companies. will that change anything? will that leave anything different in the industry?

>> well, there's no doubt the big tech companies are going to be under greater scrutiny. i don't really think it affects them as media play ers. there are other parts of the business, when i say media players, television players. i don't think that will upset that portion of their strategic drives and the legacy media companies now struggling and the decline of that business probably make for tougher regime >> comcast >> including comcast very clear conditions are changing when you see legacy media ratings continuing to drop by close to 20%. you see paid tv households

dropping you're beginning to see conditions that suggest to compete against the big players, legacy media is going to have to be allowed to pursue some combinations and i don't think you'll have the kind of at&t time wash ner massive scrutiny set of issues coming from the justice department for that kind of merger going forward given how conditions change. >> tom, you are so old that the industry that you pioneered is now legacy i mean, it's really sad when you think about that the whole -- >> yeah. and you're such a young man, joe. >> i would say -- >> there too you create cable and now you're planning that. wow. you live long enough what's after that? tom, thank you old is experienced and wise as we both know, and that is not a pejorative. >> gaming as it applies to business news is what's coming next, joe. >> oh, no.

we could do that >> we're going to be competing against you. >> all right thanks see ya later >> thanks. when we come back, massive floods of china's so-called iphone city. xc have comments from supplier voon chipotle leading the way up by almost 5.5%.

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unleash your potential. uipath. reboot work. johnson & johnson just out with quarterly earnings. profit on an adjusted basis came in at $2.48 a share. that compares to $2.27

revenue beating what the street was expecting. the company raising the full year outlook stock up by almost 1%. meg tirrell will be talking with the cfo joseph wolk right here on "squawk box." right now it's time for the executive edge a developing story in china. massive floods hitting jiangjaou. it rained in more than an hour than it does in over a month foxconn said it hasn't been affected by flooding in the city they are continuing to monitor the situation. coming up, we have a huge lineup of earnings coverage coming up with s.a.p. and the cfo of johnson & johnson later the ceos of nasdaq, verizon, united airlines right now as we head to a break, take a look at yesterday's s&p 500 winners and losers

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good morning, everybody. welcome back to "squawk box. watching the futures after a big rebound for the markets. you'll see that's continuing today. dow futures up by 181 points s&p futures indicated up by 16 nasdaq up by 11 points after the gains that we just saw from yesterday you're talking about all of three of the major averages just 2% from the record or less. the nasdaq about 2% from the record the dow and the s&p 500 only 1.6% and that's before the gains you're seeing right now. coming up in the next half hour, coca-cola. we will bring you those numbers straight ahead as they report their earnings. meantime, german business software provider sap raising the outlook for the second time seeing the cloud outlook tracking the second quarter results. shares are down despite the

outlook. joining us in an exclusive interview is christian clyne ceo of sap let's talk about the earnings and the outlook of what you're seeing at this point going forward, christian >> yeah. thanks a lot for having me, andrew we had fantastic earnings after a strong start into the year with q1. we saw the highest quotes in the cloud in hatch year one. as a matter of fact, we also increased the outlook for a year as we see high content that our pipeline is developing strong. there is a high demand for new technology to overcome the pandemic and s&p is in the middle of it our portfolio is relevant and this is why we are bullish and increasing the outlook for the second time this year. >> that may be i know you're increasing it but the market was expecting something even more. what do you think the disconnect is >> i mean, first when you look at the facts, we have greater

earnings when you look at our portfolio, we just launched a new earning and actually what we are offering our customers we got great response and it's developing really well so we move our customers to the cloud and also transforming their businesses so what our customers need, we need to set them up for the future of work we need to change their business models this is what sap does. this is responding extremely well we saw the optic in our current backlog, 20% to a billion. the cloud is a lagging indicator. this will see further acceleration and we will also see even further acceleration and i'm sure the share price will follow. >> christian, one of the things i think we're all grappling with is what the return to work looks like how this delta variant is going to change this dynamic and as a result how enterprises are thinking about buying services

like yours when there was a clear return i imagine that was actually a very good thing for sap. as things get mercier, is that better or worse for you? >> actually, our technology helps to overcome the pandemic they had great earnings yesterday. filling the sentiment. they're telling us they would love to spend time in a hyper place. there are also moments where it's good to work from home. our technology helps to field this and field the sentiment or look at our supply chain portfolio. we saw a lot of disruptions. commerce the same. so we are very bullish our technology helps to overcome the pandemic this is why we're confident. >> what are you hearing from other ceos, clients and the like especially in europe and

elsewhere around the delta variant and how that may be changing their thinking about purchasing, for example? >> definitely they are raising concerns there is the chip shortage which could also impact certain industries still for the tech sector i remain extremely confident they are completely aware that the digital transformation, the change of the business model comes out even stronger. this is why, yes, there are concerns for the technology sector >> christian, great to see you look forward to seeing you again hopefully in person one of these days. >> thanks a lot, andrew. >> thanks. as we head to break, a quick check on crypto and bitcoin rebounding above 30,000 this morning. above 31,000 still to come, our exclusive interview with united airline ceo scott kirby.

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welcome back to "squawk box. u.s. equities in the green the dow 179 points the s&p opening 17 points higher

the nasdaq is opening 10 points higher we have news for you about colony capital tom barrack he was arrested yesterday in los angeles on charges that he acted as a foreign agent of the united arab emirates and lied to federal investigators. indictment alleging that he acted at the direction of senior uae officials and influenced public opinion he was a powerful supporter of president trump and dhard his 2017 inaugural committees. >> i read through it yesterday >> what he was doing allegedly behind the science. >> having that influence without ever registering with the attorney general to say that you were there acting on behalf of a foreign government >> right >> and reading through some of those things, i didn't understand why he was doing it >> money. >> was it money? >> well, yes i think the uae and saudi were big investors in his fund. they were effectively trying to

have him -- use him to influence and push different policies on them oftentimes unsuccessfully. >> at some point apparently according to these charges put some things directly in his speeches, the president, different things. >> yeah. >> the stuff i was reading it didn't lay out the direct connection i was trying to figure it out. >> it appeared when he was asked about it in 2019, they allege he lied about what was happening. >> right >> that's when he got caught. >> it's always the crime of upholstery, the cover up >> i was initially, and i'm not minimizing anything, defending anything, but a casablanca moment washington is going on right under our nose. >> i think they wanted to prove that they were taking this seriously, the fbi >> yes. >> that these are things that need to be registered. >> there's other things in recent years that we've heard about that i construe as perhaps -- it's what's done.

i mean, i wonder did anyone ever, you know, contribute to the clinton foundation without the notion there might be something down the road that it might be beneficial to them? >> look, you know my view about the clinton foundation which is they have influence -- >> weep -- >> he wasn't in the position this guy is the president. there are rules. >> absolutely. same when you're vice president and you've got things happening in ukraine i mean, there's things going on and you might not be able to connect the dots and you might not have enough evidence to do something but you're paid $80,000 a month and you own a gas business there are things where people are doing things to try to curry favor down the road. i'm shocked. shocked that there's things like this going on. >> unseemly. >> yeah. >> all right when we come back, we're going to take a look at shares of johnson & johnson. that company reporting numbers just a few minutes ago

dow component up by $1.55, which is almost 1% for the stock the ceo joseph wolk llwi join us and talk about the quarterly results right after this you packed a record 1.1 trillion transistors into this chip i invested in invesco qqq

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welcome back, everybody. johnson & johnson out with quarterly results. meg tirrell has the numbers and a special guest. >> good morning, becky j&j posting a beat on the top and bottom lines raising the 2021 forecast accordingly beating across every single segment, consumer, medical devices and pharmaceuticals. medical devices rising 57% over

the last quarter people were going into the hospital and getting procedures. company forecasting $2.5 billion in sales this year for covid-19 vaccine. let's bring in j&j chief financial officer, joe wolk. it's good to see you this morning. big quarter. perhaps not such a surprise on the medical devices business having such a recovery, but really beating across all units. tell us about what drove the quarter. >> yeah, thanks, meg pleasure to be here. we expected clearly a big quarter given favorable comps we were looking at coming off the second quarter of last year when the pandemic was probably at its peak you have to dig a little bit harder to see how good your business is doing. if you look across all three of our segments versus a more normal quarter of 2019, pharmaceuticals up 17% medical devices up 7%. consumer products up 6%. so it's very, very healthy performance as you noted

it's tough for analysts to kind of figure out how to call quarters these days. we beat across the board, which is somewhat of a rarity for our business what i really like about the strong performance is it's not only a top line beat, it's a bottom line beat that's underpinned by healthy investment in r&d. if you look at what we're investing year to date versus last year, we're up about $1.3 billion. we're very much focused on delivering results today but making sure thoseresults are a strong if not stronger in the middle and back half of this decade >> and it looked like for the 2021 forecast you raised it commensurate with the beat that we saw in this quarter.

do have vaccines now available they appear to be very effective against the delta variant and a number of variants that have come about the other thing i point to and have to commend is the hospital administrators when the pandemic first hit, folks were inclined to shut their business down i think we've all realized how important electric care is and elective isn't always elective. and i think administrators were

much better equipped being in a much better place and how we look at the balance of last year. >> from the worldwide revenue, the study that came out suggesting the vaccine is dealt aggressive with even one dose. the main take away is that a booster dose may be necessary for the johnson&johnson being the only single dose and then gupta already recommending patients get a second dose how does the company look at that

>> our team was looking at that. i think we have to be very guarded it indicates we are peer reviewed it is important to note we look at neutralizing antibodies and t cell to make sure we have complete idea of protection out there for everyone who has not yet referred to those vaccinations and have the benefit of all the data before we make conclusions about when and if boosters are needed

>> vaccinations in general have begun to peter out in the united states you have 4 billion doses to give this year. >> we are looking at between 500 to 600 million doses of production looking at some of the delays, having to produce some of those, we have really qualified that as a run rate we have had fda approved lots, so right now, we are in a very good position for our capacity to meet demand

we are working 24/7. for the problem we brought in to the fda, it is our intention to make that a functioning facility to vaccine production to the extent it is needed. >> there has beena lot of headlines lately another one i want to ask you about is this idea that j&j could spin out into a subsidiary that could then file for bankruptcy protection. is that something? >> we'll continue to defend the safety of health based on science and decades ever independent analysis by some of the best institutions in the

world. really limited the speculative basis and those bringing forth >> we have covered vaccine science and epidemiology thank you for being with us. >> thank you okay thank you, coming up when we return, some huge interviews still coming your way including earnings coverage with nasdaq and united ceo looking at the dow's best performers ibm and home depot there the week to date under o rformers

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the bulls return to wall street stock slump seem to turn into a distant memory two very special interviews this morning. nasdaq ceo joins us and then verizon ceo will be our special guest. from 5g to the state of media, the second hour of "squawk box" returns right now. >> good morning and welcome to "squawk box" here. take a look at u.s. equity futures at this hour we are in the green across the

board. the numbers coming in from dow component coke sara, good morning >> good morning. this is the reopening quarter for coca-cola. i'll run you through a beat on earnings 56 cents a beat on sales. $10.13 billion $9.3 was the estimate. you always go to organic revenue. grew 37% a huge come back in sales. they also raised their guidance. earnings growth 15 to 13%. raising organic revenue 13 to 14%. also their margin guidance i just spoke to james quincy

he sees it as a combination of two factors. the reopening and the strongest markets for coke are u.s., china, beginning to be europe. all the places where we had seen economies open back up also saying that is in part, they have their portfolio. now back on. they've gotten more efficient with digital bottling. there are supply chain issues. can capacity and shipping rates.

feeling like they have commodities. yes, the reopening helps but the rate of spending for home. people are still working from home and buying orange juice and eating breakfast he's cases spike achbtd debt not picking up any higher. people will start treating it ultimately like the flu in the u.s. we have not seen any impact on the states that we have seen the biggest delta cases rise coca-cola up 3%. a very strong quarter and

outlook as the company comes back >> in terms of what the variant may or may not do. >> continuing to point to the fact that hospitalization and death levels show up he doesn't really see it in the places where delta is rising.

i think that was clear we are in the your formic phase he sees the level. we keep our eyes on coca-cola this morning >> another dow out with quarterly results right now. seven cents better than expected came in at $33.2 versus the street looking for and verizon looking for an adjusted level of 525 to 535 in terms of earnings per share some of the subscriber

numbers first in versus the estimate where they added 250 paid subscribers better than that and the phone ads that came in at 197 that they said was a baseline too that stock up 1.67 right now dow futures are up beating expectations not as much as they had been earlier >> another big earnings day. dom joins us now >> a lot of folks being looing at this. front and center is the report from last night from netflix a mixed quarter for them

earnings kind of better than expected subscriber growth numbers that came in ahead of expectations that gave it a mixed picture you can see it here bumpy around the other side of the unchanged line still trying to find the catalyst that check quickly on the bounce we are now above that 31,401

the entire crypto spear going up etherium going up. coinbase moving up about $5 a share. we are seeing green across many parts of the market but the earnings reports seem to be driving more of the action a big bounce back in all risk assets we are seeing a little selloff as well. that made a reinforcement now.

sir patrick what's his name and 60% of people in hospitals are unvaccinated >> i messed that up. >> you look at it even more closely. i think that was simple. that was at least part of it >> and by the way, the numbers could be even more than 60% of unvaccinated population. i guess it would be more people that would not report. >> get used to it. flu shots. manage it like the flu >> once available. >> year after year, if you haven't had it, you are going to have it. >> unclear whether it gets less

vir u lent or more >> right we have technology to do better. >> totally you got to get the vaccine >> it might be every year. >> when we come back legendary visual hartist hirsh will talk about his new nft project. >> and nasdaq ceo and verizon ceo. "squawk box" will be right back. is the same company we'll trust to bring us back together. cisco. the bridge to possible.

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♪ ♪ ♪ ♪ a new twist with 10,000 spot paintings called the nft called the currency. after a few months, the owner will have to make a choice to keep the nft or the painting and the other will be destroyed. joining us now the legendary digital artist damien hirst. >> good morning. >> this is your first entry to

the nft world. this is an unusual effort so far insofar as creating the option to keep the physical painting or nft. where did the idea come from i could do like 500 and then do even more and it operated a bit like currency. >> a lot of people talked to me about my work and said i was often more interested in money than art >> what are you expecting in terms of how people are going to feel about this. do you think more people will end up buying or keeping the physical piece of art or the

nft? >> i think i have to buy into the fact that nft and the painting one is physical art, the other is digital they are both art and both equal. i have to buy into that. i have no idea what people will do it got really exciting when i realized we couldn't keep both i have no idea >> you are going to be paid in ethyium. do you plan to keep it >> i will keep it.

i first took cryptocurrency. i think we spoke yesterday about that i forgot i bought those. i like the idea of using the currency to work in that world >> you took this issue head on talking about money. you are probably one of the most financially successful artists in history, living artist. i would think the more commerciallysuccessful you are it goes back to that thing where you are 130esed to be a starving

artist you put your painting in the corner and wait to be discovered he called his studio a factory don't for get they make dog food and more i've always tried to challenge it i tried to use it as something like a component in art. with nfts and kpoen nants where we'll look at screens on a wall or do you think it will be

digital. >> going into galleries and anything that looks good and feels good, that's good art. it doesn't have to be in a gallery. >> how do you explain to somebody there is more of a value to a piece of art that has an nft copy even though on a scene they look like the same

thing? >> it goods back to the industrial print the mona lisa itself the merchandizing and all of that i love both. i want to kind of reach people the post card is really appealing. i think the worst thing for an artist is kind of disappearing

it feels like a number of valuations where are we? if people have a lot of money, they'll pay a lot for it >> i had an action where i sold a lot of my work in two days with that money, you can still buy two picaso paintings that's a lot to me wish you a lot of luck we'll be following to see the valuations months from now and whether people end upholding the

physical or the nft. >> by the way, there will be a secondary market you'll get a royalty, which is half of what others as people sell it to other people, which is also the unique element of this >> exactly >> nice to see you thanks again >> paying attention to detail and knowing how to negotiate coming back, the nasdaq ceo. a surge in united airlines a loss of $391 a share along with expectations. joining us in the next hour. we'll be right back.

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>> now the answer to today's aflac trivia question, what company did bell atlantic acquire to form verizon? the answer, gte. >> verizon ceo hans vestberg will be with us. next, we have nasdaq ceo i'll go to joe he's in a special place. >> that's not a green screen if you've got it, flaunt it. if we can come up here and do this, we are going to. that's why i'm here. i'm not jeff bezos but i'm

scared here. we are on the 10th floor and the reason nasdaq ceo with us live. >> ideal landscape crypto and much more the private market in a deal with goldman and others. we'll be back from on top the nasd mkesiaqart te i think you're going to like it here. umm, why is everyone...

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>> leading u.s. exchanges for ipos during the quarter with 135. joining us now is nasdaq ceo we are together again. we've been looking forward

this is kind of a remote location we are together in that location >> we are really excited to be here >> this is our terrace we make this available to our clients and employees. we are really proud to have here today. thank you. the pandemic itself, i don't know if it was a benefit the markets, it is almost as if there was no pandemic. >> we are really excited to announce our earnings. we when we set back to look at

why we are growing starting with the increasing of the markets. the crime skeend investment requirements and changes and shifts grew. we had 352 more traiting companies onnasdaq we launched

15 new index quart we are showing our show case to grow in a dynamic environment. what is also important is the resilience in a challenging time we have months to go if anything, our markets and the markets in general have really demonstrated those things we can

provide. our annual recurring revenue is up $1.8 trillion even without that, it was 12% increase in our annualized recurring revenue that comes from solutions. >> it has become the majority of our business >> in terms of ipo, why would that peak --s it the reopening but that included some of when we were closed. whether remote or medical

breakthroughs or consumer technology all of those are long-term trends we've been weighting those listings we've had 150 companies list in addition to a group of spacs we've had $111 million raced and we are proud of the fact that more and more companies are seeing us as their home. >> nasdaq launched the private trading platform a lot of us remember the early

days of coin base. now, you are aligning with some of the biggest banks on wall street to raise scale on how you do that. what will that represent on the nasdaq when you complete this, it will beoff leading this >> it is the fact of the matter is we are probably in the second inning. companies are staying private longer it creates a lot of demand for shares it has been primarily very

structured programs. going forward and in the last year, we are seeing new programs or block trades, auctions that require much more market expert he's and a bigger network. by us spinning it in and inviting silicon valley bank and morgan and morgan in it allows us to accelerate a i very long game we thought we could bring in more values. silicon valley bank has a lot

more in communities with private conversations and you think about all of us coming together. that is an incredible amount of talent to accelerate this trend and make the liquidity, efficient, fair and high integrity. >> you are operating a lot of these people in the building now. for a year and a half, this was my building, my bath room, makeup room. you had people ever wear you have people everywhere again. do you think of delta? is there any change in the plans for reopening? >> i think like everyone else we are examining what the impact of the delta variant means to our business and our clients

as of right now, we'll continue to look to bring our employees back to the fall. we'll be evaluating that closely. we have vaccines involved in record time. the rollout has been accelerating getting more and more people out to protect ourselves.

>> time square is wild >> it is back. we pulled it off >> andrew, watch this. i'll put my finger through this. this is a green screen we fooled everybody. that kind of scares me it is not a green screen we are really up here. we'll do a show eventually from up here. >> looked awesome. great conversation we want to get you caught up on a couple of quarterly reports. strong sales by drugs and medical devices. coca-cola with venues reopening.

look at verizon also better than expected subscriber growth joining us in a couple of minutes as well from the ter ans. we have a lot going on after this if your money is working toward the same goals, why keep it in different places? sofi is a one-stop shop for your finances designed to work better together. spend with sofi and get cash back rewards

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a quick swap out we are still here on top of the building in the middle of time square joining us live. we'll talk about the latest quarter. the company and jobs more live from the nasdaq market site. we'll be right back.

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you you are looking for stronger than expected guidance on the year in all the areas we are executing. i think the team is doing a great job. you are seeing the numbers compared to 2019 where that was special. we know what we are doing. we have an extremely good base of customers with 5g. we have great strategy we are executing on.

>> the team is express right now. are you able to capitalize on that right now we see the economy is coming back we almost have the same amount of people traveling around and 5g and the steppups of our new account are taking the high premium step up. the customer is gloing over on the level

there are areas where they are the same there are sml differences. we measure that on hand overs. in new york, we were down 60%. meaning people were staying home they didn't move now we are back to where we

were >> 20% of our customers have a 5g phone it is ahead of the number gained you see people want to have the 5g and they want the new network. >> what is the big percentage? >> i would say a big portion all the 5g phones sold at the beginning. that is capable. also to be used as well. >> looking over my shoulder. you've got some yahoo signage. >> fantastic performance >> with your company and at&t, what does that mean in terms of

how you compete? >> we look at that i wouldn't compare to them it has really istributed we'll have a stake it was a good move with that divestment that will come around this quarter >> you write a goals letter going back to 93 or 92 you write out this letter explaining to whatever your boss will be or your board of directors what your plans are.

have you checked off those goals? i think the majority have left down in mid-2017 being first on ag to capture the market a lot were done. our teep is performing well. >> we've heard from apple pushing off back to the office with the delta variant i know you have a diverse work force. >> i would say 35,000 never went home they have been in the field.

or they've been in stores. those others in the office, they are gradually coming back. we left employees inside when they come in it is going pretty well people want to come back. it is not going to be the same as before. clearly, we see a gradual integration. >> you have partnerships with so many companies >> exclusive >> it has been a big part of the growth what do you watch if anything. i can't imagine you have any

down time. >> if anything, i watch sports i try to follow what is happening. >> we have the idea that we can work with the brand provider we started with the music. disney plus, discovery plus. we can do it we get the money from the people working with us to create new value. >> i don't know if anyone knows your last job before this was to be in charge of the swedish

delegation there happened to be a game today between swedish and u.s. soccer teams of course that was a dream job before this dream job. always a big competition apparently sweden came out at the winner >> this was going to be the u.s. chance to catch back up. it is a long tournament. >> thank you so much >> pretty cool up there. >> it is liking it up here.

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good morning futures are now mixed. following yesterday's whiplash we'll bring you the numbers from johnson&johnson, coca-cola and the ceo from united airlines,

which also just reported the top republican negotiator will join us live ahead of a vote which his party says is being rushed the final hour of "squawk box" begins rightnow. >> good morning. in transit from the terrace

>> after that sharp rebound which we saw in yields stocks go down and bonds go up that's not that unusual. rates are at 2% to 4%. bitcoin rebounding back above 30,000 up almost 6% >> we got some earnings out the first one up johnson and johnson.

racing the outlook we spoke with johnson&johnson and asked him about yesterday's headline that suggested the one-shot johnson&johnson was not enough he said to be careful. he pointed to recent peer review >> i think it is probably best for everyone to defer to health officials who have not yet needed a booster really with all the benefit about when and if boosters are needed you can see shares there shares of coca-cola here moving a bit higher this morning. close to 2% higher

venues like stadiums and movie theaters reopening saying both business reopenings and measures cutting portfolio and scaling back advisors the market bouncing back and losses had its best day to help size that up stuff that had been weakening into mae, june, july

other tests were fairly impressive another instance where the 50-day average held. was it that easy now the question is how much upside was in there we got to about 5% move. on monday, we were back to the levels we are kind of backing and filling. take a look at the way banks versus the yield high versus the play before the rally, they were right on top of one another.

we have this sense no one was connected. you basically have both positive and negative that is keeping overconfidence from building in the market. that volatility index came down. that is supposed to happen mostly and indicator, it doesn't sink up. you have to say, is it a little stress building up >> i have questions around what we are watching with the meme

stocks how you look at the apes and meme stock and how they've come down. >> it is almost as if it is a separate market. not a lot going in that value. i don't think you have to hook that in but it seems like a lot of the same fast money resources whether we are too aggressive on the trading side some is of them are not correlated

they are story stocks. let's put it that way. i feel like it is okay to set them aside it is not telling me a lot at this point. >> andrew, if you were going to put out a help wanted ceo of amc. there was nobody else they were going to get to are unthat place. what's the low on the stock? $1.91. heck of a job. pretty unbelievable, is it not satisfying and having the loyalty of the apes.

that would be in your help wanted able do everything i think he's doing a terrific job. do you ascribe the success in the stock price any of these keeping the apes happy >> knowing who your backers are. it is not the fundamental long-term investor right now we've said, wait a second. your clientele are not the apes not the type to restructure.

he admitted it it is the guy paying my salary now. >> it is smart to be able to go with the flow. >> you don't like change >> not much. >> you never liked the meme stocks you have to take ahold of your own share holders. there's two sets of the share holders is what you are saying the apes are his share holders >> i don't know. i think he's playing for the long term benefit for the company. andrew. >> send them to me when we coming, an exclusive interview with united airlines

latest quarterly results and more inside netflix's second quarter earnings what is concerning and what is exciting bcu are watching "squawk b" oxon cn

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shares of united airlines rising pre-market trading. joining us now with more >> good morning. you have a loss and what is in focus is what you are saying about sustained confidence >> we are as confident as we can be we think by far the most likely out come is being profitable >> delta variant are you noticing any slow downs? >> no.

nows that backwards looking data every day bookings get stronger and stronger all of our conversations are to continue unabated. our most likely and logical out come is that we continue the large percentage of the population is vaccinated we'll probably continue on this path >> the delta variant raises a new interesting factor into discussion with what is happening with flooilt flights from europe. we can go there. the brits they cannot come here. how frustrated are you they've yet to say, you can come here.

>> it does say the data and the science is pretty clear. kwo are we have similar variants we are not going to keep the delta variant from coming to the united states. it is already here itis importants that brilliant

and thoughtful it is important about the economy. it is changing the ecology >> we are just a few months away from the september 13 day. at least now when mandates are supposed to come down. do you think they'll do.

>> an airplane is the safest place you can be in doors because of the air flow. we hope the mask mandate will come down. with respective to bringing more people back from flying. >> for how many people will regardless, i expect demand recovery will be special

people will look at that for the extra cost looking forward to the flight and other factors we have a lot of expenses related recovery once you get that back we have included we expect to be back in 2022 to be below where it was in 2019 there is just a lot of joiz. we feel like we are on track for

23 and beyond. >> the triple seven which you are now flying. boeing will get those resolved on the triple 7s, those are collective we are safer in the

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ed. >> numbers have come back. dow foo turs are up. up by 28 points. gave some ground back and bounced back s&p 500 are up by seven. all of the make averages after a big decline on monday. down about 26 points we are expecting a test load on a $1 trillion infrastructure package brokered by some key senators and republicans democrats say they don't want talks to drag on forever joining us now, senator rob

portman of ohio. we will sell no wine before its time i know you remember that republicans are saying that, rob, what's going to happen today? >> we'll be ready. we are not going to uncork the wine we are the little kings, joe it will take more time. he chose to have the first vote today. we'll vote no. with that democratic knowledge in terms of getting that ready

>> after that bipartisan deal, saying we are not doing this unless we do the other bernie bill we know you. it looked like you had indi gegs or something it was like the rug was pulled out from under you >> at that moment, it was fine >> later you reverse and are fully responsible. full tax increase.

the insta structure is the best shape. a grade of c minus, which is lower than i got in high school and college. cnbc is a great source indicating 87% to fix our roads and bridges. >> there are probably some republicans where you are honestly reviewed. it does look like you are beg played you know what is coming after that trying to exclude as they are all coming in the bill

here is what we've done. we got a $2.6 trillion pack and from the moderates let's take out the biggest tax increase, that's what we did went from the $a.7 trillion bill other taxes tough to come by but important. that's the bipartisan structure here it is great for america. this is something democrats and republicans a like could vote for. >> and that's the opposite they

came up and would not double dip. it is still linked even though president biden says it is not. >> it is not with respect to negotiators but it is with respect to the white house they have nothing to do with one another. >> is that why this vote today, they say, you didn't vote for it >> we are, we just want time to get it right it is too important to rush a vote here. today, we are not going to be able to support moving forward i hope they decide to put this vote forward we'll be ready to go this is great for america

those assets will last six or seven years. we are going to get this done and be good for america

if anything this stuff will be the package. >> through any other counter you probably sawthat where do they come in. are you going to stop it or try?

it was also a number of democrats that you should talk to that includes some of the members in our group some of the things, it is outlandish we raise taxes this high and the new type of entitlement since the new deal it is likely to get with some democrats who support this >> how many republicans will vote with you? i see what you are saying.

knowing what is coming after this, why playball including the tax increase a five-way highway billy don't know how many. you probably heard what he said about it as to anybody who wants to do something good to the country.

from some of the sweeteners. how we end up. >> all right i understand your thinking on this glad to have you on. we do need some of this stuff, no doubt >> we do we've been talking about it for years. little kings for people who don't know. is that shelings i'm coming back. be back there soon chinning. see you later. >> we are on the squawk terrace.

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welcome back on top of the terrace at nasdaq. we are going to talk a little media and netflix coming in below analyst on a much lower scale than last year we'll go to julia on the west

coast. >> good morning, andrew. that's right, netflix results did indicate signs of market saturation forecasting $3.5 million 2.5 short. in canada, the company lost 230,000 zub sub describers they'll be primarily focused on mobil games at first co-ceos weighed in saying they don't see any assets and don't think consolidation among media giants would impact them

>> that doesn't change because of the offering. our ability bop. they don't seefully evidence he said screaming gloej overall start to slow. it would be very interesting to see how the stocks react this morning. >> the question is whether we are supposed to think about netflix as a more mature business as it used it to be now that they are at the 10-year

anniversary of producing their own content. they will treat games just as they did an area they'll invest a lot of money in the fact that they are looking at says we need to figure out our next growth driver in markets such as u.s. and canada, they will be looking overseas at growth in the u.s. and some of these big. other reasons to hold on with other services out there >> how concerned do you think

this is if the company in fact gets investor class maybe not going to grow the way it used to >> netflix had delays. they know the second half of the year is more popular this is the kind of people will guide their quarter. the question is in the fourth quarter and into 2022. they have always warned and analysts are honing in to say will the 40%

going noolt report yesterday, 77% analysts had a buy overrating >> i sli shi i'm sure you would si happy if i i understand you ned to get out of here the first trade. >> former td ameritrade alongside ceo all about his spac

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focused on millions of americans who don't have significant financial options and also lack in savings >> nice to see both of you we made a very real point we are not going to be like any other

spac le there are only three other companies. only one that had 50% of the revenues that's oppfi we are excited for them as the first day of a public company. i locked up my shares to partner with them. >> that's been a bigquestion this is an area you can agree in >> i would agree with that oppfi also selected us

we felt very strongly about that going forward and from the very beginning talking about that challenge. >> a little bit, your core product has been small dollar investment loans through banks i take it mostly small banks >> yes small banks. there are 150 million americans with less than $1 you tho in saves. that doesn't help you. many have poor credit. their only option like pay day loans. using this to help the banks with a much better product the credit access is a wetter

part we have the oppfi credit card to build savings and wedge. >> it is a lot of hard work. we went the spac route >> i know you have these other things my guess would be that this demographic is maybe a little more flush than usual is that the case, what have you seen >> the stimulus payments are short-term health. even with the inflationary environment, the costs are still going up at a faster rate. on a good day, our customers have a couple of hundred

dollars. if the stimulus goes fast. once you see mortgage payments turn back on, they'll have to be expensive. how tenuous do you think that strength is. >> the customer has always been able to figure it out ob paycheck to paycheck basis what they need is a bridge w we want to help customers get out of the problem helping them graduate back up.

>> while we have you here, hope you don't mind if we ask you what you think about the market right now. you know the retail investor very well. you've seen what happens here. you turn around and the market catches back up again. what do you think about what you're seeing, the trends? >> i think becky there are two things you want to be conscious of as far as the markets go. the first is what's going on with regard to inflation you've got the federal reserve saying it's transitory. you've got very real economists saying inflation is with us for real you look at the ten-year note, a little while ago it was at 170 there's a lot of uncertainty about inflation. covid, the numbers are starting to pick back up again. i still think we're okay, but i'm not an expert on this. i think that's something we've got to watch that would be a little bit of a red flag for the marketplace i think the two of those are going to work together for a while to simply create greater and greater volatility. >> earnings have been good the economy's been good overall.

we're only about 1.6% from the highs for both the s&p and the dow. does that make you nervous, or do you feel good about where things are right now >> it makes you little bit nervous. so if you think about the inflation disagreements and you think -- you just watch, it's only been in the last few weeks where we started to see the covid numbers start to pop up a little bit and we were at all time highs. i think discretion for the individual consumer investor especially discretion is probably the better part -- would be a little bit more conservative. >> so jared, want to thank you both for being with us on this day when the trading begins. we'll check in with you again soon, but congratulations and thanks for being with us >> thanks a lot. >> thanks for having us. >> appreciate that let's get down to the new york stock exchange and hang out with our friend jim cramer want to get your take on where the markets are headed back up, some of these earnings reports we heard from j&j obviously this

morning. we're also hearing from coca-cola. take them on. >> you know, andrew there's an oddity here. everybody's guiding up whether it be industrials or all the health care companies, really remarkable numbers for j&j, coca-cola fantastic. and yet the dow futures aren't reflecting anything that positive up 126. and there seems to be something very wrong with the nasdaq it's almost as if somebody knows something or that netflix is going to start going down. it's a very mixed picture. the futures versus the actuals because i'm struggling finding a company other than netflix that has a single, a single fly speck of something wrong on it and so to me i'm kind of pretty positive >> talk about a fly speck, we were talking to julia boorstin earlier about the netflix report last night what's your feeling? is there a sense this is becoming a bit of a more mature company, harder to find growth >> it was interesting to watch as the conference call went on and was going down, down, down, and then they start talking about gaming like it's a magic

elixir, more interactive i just say i'm not in the moffett nathanson camp i know that david's going to interview michael nathanson. my problem is this they did pull forward, okay, they did have some churn, although not that bad. you're back in this world where they've got to deliver really great stuff in this world where there's so many things to watch. reid has always said don't worry about it it. everybody loves streaming, i don't know, i mean, i love streaming, but i also don't see a reason why i got to run out and buy the stock. don't have a reason to buy the stock, don't have a reason to sell the stock that's not good enough. >> does it change your perception of the other streamers, of the model at all there is a sense there's sort of a finite group of people who are going to buy this stuff? >> i think it's a great question there's a piece of research out this morning that says that disney plus didn't gain anybody. you're starting to feel like

everybody who wants it has it. of course they even talked about netflix how you have to have different prices for different people including what it sounds like very low prices for people who can't afford exactly what you're supposed to -- you know, the high price that you and i pay, i don't think it's high price, obviously, according to movies which we didn't mention that how is it up there is it beautiful? >> gr jorgeous. i'm now down here, we were up in space. >> i thought it was fantastic. i think you should try to do it as much -- i've been loving the show this morning. just loving it. >> jim, we should point out it was sub orbital. we were on that -- yeah. >> i think it popped i think it popped that you're outside. i'm going to recommend it to management >> thanks, jim. >> we like it. >> we enjoyed it we'll see you in just a minute >> thankou y >> thanks. we're back after this.

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a little more than a half hour until the opening bell on wall street. dom chu joins us with a look at some of the morning's top premarket movers. >> hello, joe, let's wrap up the dow movers the earnings reports, first of all take a look at shares of

coca-cola and johnson & johnson and verizon. coke up 2%, johnson & johnson up 1%, verizon up 2%. each of these companies dow components, each of them beat on earnings, revenues and raised their outlook. those three catching a nice little bid should help the blue chip index at the opening bell also watching one notable upgrade in oil and gas that is halliburton. helped in part by goldman sachs. they've raised this to a buy rating they like some of the profit margin outlook numbers coming from hall burton some of the more popular tickers on cnbc.com. nvidia, chipotle, and bitcoin prices also within that top ten, and joe, as always, i have posted the rest of the notable ones on twitter right now, i will send things back over to you. >> a final check before we leave on the markets the dow has been up most of the

session about where it was throughout, up about 150 points. and you can see that only the nasdaq indices is lower today. got the yield on the ten-year, 1.24, and you got a pretty nice rebound in crypto, bitcoin back above 31,000. >> and it's hump day, halfway through the week. >> almost. >> that's not almost we're there. >> join us tomorrow, which is thursday by my calculations. "squawk on the street" is next good morning, and welcome to "squawk on the street. i'm david faber with jim cramer. we are live from the new york stock exchange carl has the morning off wit we get started with trading. futures 30 minutes from now is when we begin, and you can see, i don't know -- >> mixed. >> thank you >> it's the great insight we all count on