people want skin in the game >> yeah, what's more skin in the game than cash coming from your balance sheet? >> well, the stock aligns you with the shareholder >> no. >> the buybacks would make that argument >> yeah, the problem is it's really easy to financial engineer with stock buybacks, right? there's just so many games you can play and it just creates a whole different set of problems. i think the fundamental issue is do you want to reward your shareholders for staying via dividends? and now given the tax consequences it's for many the worst case, if it's a long-term shareholder, their worst case is a long term capital gains. their worst case is zero tax, wouldn't you want more team who are typically not shareholders to come in and own the shares of your stocks. so if there's somebody out there making $50,000 a year, now you can say to them, look, we're going 0 to start paying dividends on our stocks.

guess what, if you're makieing under $52,000 a year, that's going to be tax free that's pretty good that changes how people look at shares >> mark cuban, grateful you called in. i hope we can continue to. i want to thank you awend i wan to thank melissa and turn to our friends on "squawk on the street." good thursday morning, welcome t"squawk on the street, i'm david faber with jim cramer, carl continuing to have what i think is a good vacation futures opening, 29 minutes, yes, another strong open, at least indicated by what you're looking at on the screen that is where the road map begins this morning. stocks are surging on what is another encouraging inflation

report cpi this time, it falls by 0 half of 1% shares of disney, they're up, and better than the company's top and bottom lines that at least anticipated by the analysts that follow it. the company also announcing a new pricing structure for disney plus and record number of attendance at its parks -- well, actually not at 2019 numbers, record numbers spent shares of zantac sinking, this is as concerns mount over litigation around zantac it's not something, jim, we had focused on previously. but we're going to talk about that, given the significant selloff on the stocks. let's start with the markets looking to extend yesterday's rally. the wholesale price index for july, unexpected fall of 0.5%.

the index is now up 9.8% year on year but down from the previous month, similar to what we were talking about yesterday with cpi which was not up, although not down, it was flat month to month. what does it say to you? >> well, look, i think one set of numbers not necessarily a trend makes. and i think what people were surprised, the august meeting, given how much the federal government is pumping into the system, i think that takes that august meeting off i know there has to be another number that would really, i'd say, verify this number. a lot of this number, by the way, is what happened with gasoline but i think what you're going to see almost every commodity has fallen when you look at those ten-year notes, everything, everything is coming down in price so, i do think that this is the beginning. i know that that was -

as i told you, some controversy. you said -- you challenged me, correctly. look things are better than we thought, but actually better than we thought longer ors that has to keep raising. >> right perhaps jawboning itself or risk of inflation -- you've got a little stain on the tie. >> really. >> no, no, you can't see it. you know what it is -- it's your make-up from your chin getting on it. we'll change it during the break. >> thank you for bringing up something that's pertinent. >> yeah. but what we were talking about, though, jim, is jawboning itself seemed to get people concerned about recession. and therefore, potentially a pullback, we saw that decline in commodities start months ago. >> yes, it's true, a lot of this did peak well before this. but what i think is encouraging here, is the fear factor does diminish i think a lot of us thought, we were head-on, even a week ago, i said, oh, no, they're doing the

ira, not your ira and not your 401(k), but the ira. and jay powell to see through it, and the shot across the bow, congress with pretty money but that gives leeway. >> yeah. >> and any leeway makes it less likely there's a crash landing >> and jim, when can comes to it being earnings season and the commentary that we're concerned about, mixed picture to good picture. >> yes >> i can't remember that many commentaries there have been, certainly the chips. not a lot of commentary that week of course, we're going to talk about disney >> isn't that something, i know we joke about you being a chartist, nats not your forte. however you want to pronounce in one way or the other but what i do know, when i look at these numbers, you can make a case that the feds should just go away for a while.

>> you don't expect that >> no, they -- >> you don't expect that >> no they have to but i'm saying you could easily make a case that this trend may about accelerate that's what i said last night on "mad money." this is the first bad -- let's say soft number, but first bad number for economy, it just doesn't put back on the dime a lot of homeowners stocks got bought because the stocks had the curve -- the alvers curve. or the dutch curve they're going back >> are they? >> yes short squeeze. >> those are hedge funds that took their nets way down, you know this, of course, requiring that, we find a lot of shorts potentially unless they want to

take the gross down big, and now they're getting crushed again. with coin base those are terrible earnings. >> i'll start with atlantic, you have to read it, they said the company reneged on its promise not to use the voucher yet when they came on "mad money" they were -- their feelings were hurt >> you know, jim, how many of these, i know a number of these, large money managers, many of them hedge fund managers who once again are on the wrong side of this. who believe we're going have another leg down which we very well may, how many are saying we're going to give up the negative position? >> well, a gigantic move yesterday where they lost money. i think they're very vulnerable. they're vulnerable to the russell 2,000 coming back. the runways and stitch fixes and real wheels are fake baked and

not being stitched you can rent a runway all you want sold >> all right something that's not being sold this morning -- >> i once got a runway -- i'd rather wear air and rinse. >> i'm sorry, i don't know what that means i will move on to disney, shares are up sharply after the company did beat in its thirds quarter, affront of what analysts estimated. record numbers at theme park disney plus also added more subscribers than anticipated the company did announce a new pricing model for streaming. that does include a price hike as well. add free disney plus also. you're going to move that up to 1099 overall for the nonas supported, and as supported set to launch in december. $7.99 a month. here's what bob chapek said about the criesing increase.

>> i think it's easy to say, we're probably the best value in streaming. and since that initial launch, we've continued to invest hansomely in our content as you know, we believe because of the increase in the investment over the past 2 1/2 years, relative to a very good price point that we have plenty of room on price value and we do not believe that there's going to be any meaningful long-term impact on our turn as a result >> yeah. that was a key question. you know, i can remember being in the room when they announced the direct to consumer business. i remember i interviewed iger after that i remember when they came out with their initial price, truly went, whoa, because it's so low. so unexpectedly low. and now they're moving up, confident they're moving up a bit and they won't lose people, jim, do you think that's true? >> yeah, it represents the overall bundle

they're not marketing correctly. they should be spending more on espn plus and gambling because gambling is very serious in this country. companies like disney have been reluctant to erase gambling but they should. this is a call where you'll get another dynamic. you're going to start talking about the lifetime value of a disney customer. i wantto contrast six flags which is disappointing >> i knew you'd mention that, six flags is down 22% in attendance but it's very different from the disney customer >> disney customer is exp experimential customer, not cancelling disney if gasoline goes up and down it's a value that people go back and back like disney 360, if you want to attack what a disney customer is worth given their return value that would be a much better indicator whether we constantlily the game at disney

plus or espn i think they take it very much to heart and it's the new narrative. especially since bob chapek understands theme parks. the undercurrent which is never talked about, other than you, frankly, was the ridiculous overpay for fox. and that option putting that behind them. you're the one who first pointed that out, 71 billion sold. you told me that >> no i did tell you that and in retrospect, it looked like even more of a very large -- rupert murdoch, man, to be on the other side of that seven years ago, since that famous august when we sat here talking about espn sublosses and bob iger on the call then had to defend himself and then against us as we discussed what's going on with your business. >> right >> by the way that continued, they are going away. all there was netflix, more or less, when it came to direct to

consumer maybe amazon, think about what's happened in the last seven years. nonetheless, it's only accelerated that cord cutting we talked about so often. >> right >> it's still a cash machine for so many of these companies very important for warner brother discovery. >> it is that's how you have to monetize, their fantasy. and nbc needs to monetize. >> you look at the overall numbers will 221 million, it's actually larger than netflix obviously, comcast, our parent company, owns part of hulu as well they did that. >> right >> september 24, though, they did lower their overall subguidance. >> if you look at the disney talent sheet it has to be rebuilt before they buy the rest of this. okay >> of hulu >> yes >> well, there's 24 -- >> well, the balance sheet is not good the actual cash --

>> by the way, you're losing $8 billion on streaming >> but they indicate that could run its course >> expect it to. they also say the run rate will roughly be below the 30 billion range on content that's across the board, movies, espn, sports, everything >> all right let me ask you, why are the only one talking about the cash outlay that they have to make in order to buy hulu and how substantial it is because that's the make or break? >> well, that's the substantiation, it may be that our parent company would rather own hulu. >> but you don't know. >> no, you never know how negotiation is going to go >> i think if theme parks continue to be strong. shanghai, is very good i think that will be taken off the table. >> yeah. >> but the cash, it's how they wreck the darn balance sheet for

one of america's greatest companies. >> and by the way, covid didn't help either. >> no. >> covid was there >> remember the pathetic discussion about chapek had about when the masks kauchl, the gran you layerty of the masks -- but it's a good quarter, david >> by the way, on the call, they did not really speak to any weakness in advertising. >> right although the analysts baited them over and over and mr. nathanson did it again today. >> and he's going with us again, michael nathanson. >> oh, yeah. >> yeah. and they have advertising less likely to cut back >> can you contrast that with warner brothers discovery, in terms of how people are very worried about the advertising? >> yes and worried just overall, given how they've polled in on their

ebitda estimates >> let me will you something -- >> by the way that move up, that was -- something else, one quick point on this. >> is it my -- >> you look beautiful. at&t shareholders do own 70 plus percent of warner brothers go ahead >> if you have an asset like a theme park, and it's just sold through. and you can't get in you're trying to figure out, once you get people in is when they spend is it on all this merchandise, what do you do to alleviate the fact that you don't have enough theme park space? >> i don't know, what do you do? >> i would think that you want to buy -- >> why would you do that >> because it takes a lot of land for a theme park. >> and you repurpose that? >> i'm a problem solver, if i were in the room, i'd say, listen, we either buy land, remember, 300,000 acres from

mexico that i'm getting optional the best in the country -- >> some of the other things that you do, you feel like you have a need to solve the problems of these companies and offer them these solutions? >> i certainly can't solve it. >> why >> why do i do that? because i'm completely abohorren and off of the spectrum. stayed up to 11:30 thinking about this new plan. >> it's like facebook, i'm going to help you figure it out. and now disney have they asked for your help? >> have i asked for my help. i'm not at liberty to say. but a lifetime -- >> why not not a bad idea >> going out with tim cook, remember, the repeat value of a customer is extraordinary. the six flags is just because you need the land. you have the land that walt got together in florida, i remember being a reporter when disney -- they were doing some survey in

hershey. an anniversary every year. i was called to see how much business when you see places i've worked at, it's still in business, what was amazing, i couldn't even find out how much land they had. they seemed to have more land than orlando >> they may very well have >> they did. >> i remember going there in '73. there wasn't a lot there other than disney. >> no, there wasn't. and you stayed in a hotel, one star -- >> four star -- >> now, they're going to say we don't remember, cosmopolitan >> it's still there with the monorail >> and they had a sketch artist, they drew a picture of my daughter and karen cramer said we're not taking this home, it's so hideous, we left it in the room. still to come, we'll speak

with devon energy, that stock, oh, my >> now, we're talking they didn't buy fox well, we paid 70 billion -- 70 billion there doesn't matter >> we'll have the open in about 12 minutes from now. we'll be back with the rest of this what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq

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$1 billion so millions more students can continue to get the tools they need to build a future of unlimited possibilities. all right. biggest gainers as we get ready to open ten minutes from now disney at the top. there's the cruise line again.

devon energy is there. up next,

welcome back we get started with trading seven minutes from now again, if you're just joining us, looks like we're going to have another up open, given the relatively mild inflation numbers we got in terms of ppi let's get to a mad dash. dutch bros >> talking about this company, it matters, this is the easy short stocks, even though they've been in business a long time, we've put up disappointing numbers and it just shocks

people and then it starts climbing back the reason it's climbing back the cadence of same sales stores minus this and that. it's flat. this is what really matters. took my breath away. and a point in the conference call, the ceo says where gasoline went up in price, if you have a customer base of people who make $40,000 or lower, they saw up to 45% declines in california when gasoline went up. >> wow >> so that is very telling to the rest of the country, it's the first people who point blank nailed it. the people not doing well in this country were indeed usually affected by the price of gasoline it's important to remember that, because we're blessed. we're blessed with a lot of money in area where is they have stores, california and oregon are not necessarily well-off areas and a 45% dropoff in gasoline shows you largely -- >> let's not forget filling up

with some joe. >> yeah. the product is great and cold brew, my daughter and i -- it was like a place -- >> so dutch bros. up >> yeah. i guess. remember, this is what matters we just don't talk about these people enough. i know president biden does. these are people who make $40,000, they were crushed by gasoline so, let's not forget that there are a considerable number of people who are struggling. and what they did, they cut out their expensive cold brew coffee >> yeah, okay. >> interesting >> very, very interesting data point. all right. by the way, we've got opening bell now, less than five minutes away remember, if you for some reason forgot, you can catch us anytime, anywhere. please listen to, follow us on "squawk on the street" opening bell podcast

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indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire all right. we got an opening bell, a few minutes away you know, we have an old

tradition, you and me. we don't do it that often. it comes from the all "squawk box" days where i used to ask you what the key to this market is so, we got about a minute before trading. anything >> oftentimes, i like to give you a little bit of a wacky key. >> tell me >> i was going through my olli's army discount i get. i'm a member of the army many of us are in it, i noticed a definitive amount of products, hidden valley ranch, scent booster, foaming glass cleaner. do you know what those are >> no, what? >> they are prominent clorox products so this is the inventory overhang i've been talking about. when it gets to olli's army, that is the beginning of when your margins get slack >> interesting well, what's the takeaway for the market, anything >> takeaway, consumers products are about to get rocked. customers aren't willing to pay

full price, they want to trade down >> not bad for cpi >> yes n nuveen >> the opening bell. here's the big board jackie robinson, in celebration of the jackie robinson museum. here at 1 luxom square low carbon renewable natural gas producer opal fuels did the honor. >> a rendering company that makes diesel fuel out of animal waste. and the brookings school for society, turns out they had an original 42 jackie robinson -- like in some drawer. and it's a tragedy that wasn't the most important thing in

brooklyn, as your folks will tell you >> i know, believe me, a big brooklyn dodgers fan i had a ball with signature. i wrote over it, of course i was like 6 years old >> well, i kept -- i kept -- my mom did not throw away my trading cards. >> i can't find mine >> this is my last day i have a signed ted williams and a signed willie mays >> do you have them still? >> no, my mom threw them -- >> i know. >> you know what she did, she threw away my cards but kept my bottle cap collection. >> all right bottle caps have not gone up as much in value. sorry to say, jim. >> no. >> i want to talk about a story we mentioned at the top of the show having an impact on a company that has that we've talked a lot about, glaxosmithkline, and then haley. >> just rang the bell. >> just rang the bell, the ceo decided to go on 6:00 in the morning instead of joining us

here but that's the story look at what's happening there, because of the worries about zantac remember zantac, you know, basically heartburn medication >> heartburn, yeah >> was on the market for some time, withdrawn from the market since 2019 because of carcinogenic effects there are 2,000 cases filed in the u.s. the first trial begins on the 22nd of august that's why you start to see the focus and result in decline in shares of glaxo and sanofi, but the halhalleon weakness -- >> this is based on one. >> based on one, they could be required to endemify glaxo

so i got an analyst saying this is a strong competitor and deep down for haileon walgreens recently in san francisco found guilty they're appealing it >> well, look, this is one of those things, we in our business never really know how to judge what a judge would do. >> no. >> i always like to regard it as 50/50. >> yes >> and deutsche bank has been pounding the table on this as you get to the awkugust 22nd date, these stocks are under pressure they're not like pfizer that they have something going. haleon is a first class disaster people get concerned that some

renegade judge is going to say these companies are trust. these are home products where they basically took it and said it belongs to the people you hurt that has been very rare and it's been not the model that people have chosen since, because they're putting a company out of business >> your point is a good one. i can think of j&j and obviously, when you think of monsanto for roundup it varies there. frankly, liabilities are enormous, other times, not 3m, we're still talking about -- >> -- combat at arms they did a man in trust of it, j&j, i think they were rused in the lower court. >> j&j >> yeah, when you look at the make-up of the supreme court to go all the way i think the supreme court wants to take the court bar and make it into a lesser entity. i'm being very polite. if-i were j&j and 3m, i'd say,

listen, let's go to the supreme court, with this stacked supreme court, we're going to win. it raises that in the supreme court. it's going to the supremes >> well, that's a bit of a story for another day. >> i'm saying, it's going to go. because you can't put a billion dollars in and expect that combat at arms are going to cover that i'm very close to that case. >> i know you are. >> one of my doctors -- >> talking about 3m, when he they'd the moves >> my doctor has been a key witness. one of my 40,000 doctors has been a key witness for the plaintiffs and he believes that this is an unsolvable illness >> yeah. >> and it's going to need perhaps grave mental and physical -- and so, you know, i'm totally devoted to this concept of that.

>> good to point out that the drug market overall weaker glaxo stands out in part because of the concern about upcoming litigation or trial. but merck is down, pfizer is down, j&j. >> j&j has exposure. but exposure is exposure i think they're taking the money that they're getting correctly from covid and buying new companies and developing a pipeline >> yeah. but losing the surplus so to speak. >> yes >> of revenue from the covid vaccine, not to mention paxlovid and the global blood is the latest deal. $5 billion -- >> yeah. >> bio -- >> i'm sorry, sickle cell anemia >> bio grade at almost called a one a day -- a migraine with the weather, it will get rid of the

migraine in a half hour. people don't know about it yet the ceo told it to pfizer in part because he felt the word wasn't going to get out. pfizer is committed to making a $15 billion drug >> right, biohaven is going to be own the by pfizer this year is not, last year was a great year for that stock. >> yeah. >> and finally pushing it above its 20-year r-- for 20 years tht stock has not done anything. >> what kind of ceo ran their company? >> i don't know what kind of ceo -- a financial guy >> yeah. >> is hank mcconnell a financial guy? >> i'm talking dr. borelis, i would normally say intimidating but what a great ceo for this company. just a great ceo >> right >> really good that's why i think pfizer might

have the opportunity and j&j, i wouldn't be the least worried about j&j and this litigation, but people are obviously the most worried that's fool hearted, great balance sheet. and at pharma, over the counter. i would say once this subsides >> we're in the midst of another rally, not nearly as significant as yesterday nonetheless, if you're just joining you, cpi down 0.5% you can see that is having a positive impact that is sticking on stocks up sharply yesterday disney, as we've been saying is sort of the standout performer after earnings, bob chapek going to be a guest here on cnbc, going to join julia on the 11:00 hour on "tech check. did also say some things during the conference call. not just about direct to

consumer but also, of course, about the theme parks and their business there. take a listen. >> onlookers look at our park business and try to sum up our success recently and say it has something to do with pent-up demand and certainly there is pent-up demand but what we're seeing is far more resilient in terms of the affinity for our parks both for the willingness to come to our parks and its attendance but also, in terms of what guests are willing to spend when they get there, in order to personalize their experience >> what do you zwthink? >> that's a clip that i wanted to run from the very beginning because what really bothered me about this, some of the analysts including some friendly with this, they're still sticking with it, what matters is whether plus is $11 or $9. this is the big picture. the big picture is the iconic

library and the desire for people to go back when most people one and done. like i saw the eiffel tower, i don't know okay you there go needle up there and that jules byrne thing. a visual my wife has vertigo, she turned around >> that does your visit to the eiffel tower have to do with disney >> one and done, my friend but disney, i've been to walt disney 15 times, i've been to walt disney, the original, where the cruise ship would go i would find you could go back and back i use the eiffel tower as some place where people go wow. i did the pyramids of egypt. let me tell you, you can skip that, partner. >> what? >> there were two guys that shipped me down for a fortune to show me a tour, as soon as they got the money, they ran away >> the pyramids are in egypt they're not in kanarscy?

>> oh -- >> i thought you ran into that guy. i never get tired of looking at the eiffel tower >> you can go to berlin wall -- i'm talking about the iconic places, you know >> yes, m sremember the david - >> i've been to david. >> you could have been david we have a treat here >> what do we got? >> one of my favorites >> oh, my gosh >> in my charitable trust, rick moncrief and devon, i'm calling that optimal performance i'm so excited to have him this is ceo and president of devon, rick moncrief good to see you. >> jim, how are you? >> my travel trust owns a stock

called devon and it bought a company for $1.8 billion in cash which was brilliant. i think you should talk about that and how great the quarter was because people don't understand how you're making this company rapidly >> yeah, we're pleased with the transactions we basically bought the company for two times cash flow. a great transaction, industrial logic as we like to say, it's adjacent acreage, an area that we have expertise in, we believe that synergy at the asset level will help to drive our unit costs down it takes a lot of it, cash off the balance sheet, and redeploy that into a transaction. that's going to be a very good thing for the shareholders. >> yeah, people didn't understand how good that was it was a day oil was down 58 cents that you decide you know what you're doing which is just so ridiculous. you have an incredible dividend

philosophy that is being mimicked by others but i want people at home to know how much cash you're throwing off, rather than willy-nilly drilling in places that don't have a lot of oil. you're returning to capital. how much are you returning now and what does it mean in terms of the overall yield >> what we're doing, jim, fundamentally, we're pacing a base flow. and the second thing, a pledge we made 18 months ago, when we made the announcement of merger, actually 20 months ago we made the announcement of merger re returned up to 15%, operating cash flow, less your capital spending we reported that on a quarterly basis to shareholders. so, you know, most recently, we announced a record six-plus variable dividends of $1.55 a

share. so, if you do the math on that, you're up in that 9% yield, 10% yield range, for the equities trading. now, the intent for that yield, hopefully, we'll see continued share price escalation that yield will potentially come down, you know that's the plan. been very well received. we have the most of our own industry competitors adopt the same type of philosophy. they may have their own approach to it. but very similar in returning the cash back to shareholders. on top of that, jim, as you know, we are -- we've got an active share repurchase program. >> yeah. >> that we have up to $1 billion. so we're well on the way to that but the yield, i've heard very, very attractive. absolutely >> rick, it's david faber, you know, this instinct towards

returning capital to your shareholders, is that because you think that's what they want? or is it really your instinct to do that? or would you rather spend more money in trying to figure out ways to get more production? >> i think here's reality, david. it's a great question, and from our perspective, you have to play back the last decade, the decade where i believe industry spent over 100% of the off-feed cash flows we were rewarded for growth at that time. i think the good news is american consumers, lioyalty owners, the u.s. government really were the big beneficiaries of that. and so, not so much if you were an investor in the company so, now, the discipline that we've been applying as an industry i believe is paying off. i think it's the right thing to do, less reward for long-term shareholders who have stayed with us through thick and thin

i believe it's the right thing to do. as far as growth, we are seeing and i believe we would be rewarded on a growth-like per share basis. that's what we're focused on is per share metrics. at the end of the day, we want to build a stronger equity >> right >> so, we talked about the variable annuity the share reports. and the other thing we've done, we've proactively have paid down all of the debt and really nice metrics and bedford share has continued to go down that's a nice share. 2021, we paid down $1.2 billion of debt. >> yeah. >> so for now, you start looking at some modest -- some modest organic growth start looking at share repurchases, well-time acquisitions when you look at it grethowth pr share basis it's pretty attractive we're hitting that >> on the commodities, you noted

on the call, you said for us we're very constructive on the commodity price environment. can you give us a sense, our viewers a sense, what that means? >> yes from our perspective, we've seen crude in that $90 mark, up a little bit on that today, i think you have to step back and i do think we'll continue to see plus or minus 1%, maybe a little bit more than that, of global oil demand growth this year. and actually, we see that's happening and continues since the economies like china reopening and others, we'll continue to see that growth and demand is, i think, very solid and very constructive. you have to recall that opec having a very challenging time, meeting their quotas we heard -- at least i talked on the phone, i had a question, i thought there was a chance we may see a modest increase coming out of opec. and we saw them announce a

100,000 barrel a day increase. very modest, considering their, you know, total production so, we think it's really -- you see discipline here in the u.s we are going to grow here domestically, probably plus or minus 800,000 barrels a day from a year ago so, u.s. producers are stepping up and doing that. but we still think it's a supply and demand balance times five. so it's going to be that way for a while. >> rick, one last question that i know senator manchin felt he was going to get something pro-pipeline, or the pipeline that would help europe as well but do you think there's any possibility that can happen? >> well, you know, jim, one thing that we have to really be thoughtful around, you know, we talked more about this subject around infrastructure and here at devon, we're very supportive of infrastructure buildout, not just pipelines and repairing bridges, that sort of thing, but when you think of

just the electrical infrastructure when you think down the road, as we see more and more of the energy transition start to play out, you're going to run into the same bottlenecks you're going to have the same folks that push back on, you know, pipeline will also push back on electrical infrastructure so we as a nation, and i thought what senator manchin is trying to do with pipelines like mountain valley pipeline and others in the appalachian, we're not beneficiaries of that, but i think the u.s. will be and economy will be. so, we're supportive and we just hope that we as an industry, we as a society, government plays a huge role in that and we're very pragmatic in building out an infrastructure we have a lot of work to do. >> well, rick, i want to thank you for coming on, rick's been president ten years and really innovator, and didn't really have a lot of innovation for a long time. rick moncrief who is the president and ceo of devon

energy up almost $3 today. thank you, rick, always good to see you. >> good to see you im take care, you guys have a great day. >> thanks, you, too. >> thanks. before we head to the break, let's seal a quick look at the bond market and how treasuries are faring by the way, that move down in h been a good one i noticed the banking were starting to market that buyout, sooner than anticipated, why you can see right there. ten-year 2.77. we're back after this.

disney is having a positive impact on some stocks in particular following through on that, why well, hard to say. are they seen as a more positive for warner bros. discovery if

disney is doing okay hard to say, but you can see the impact so far this morning we're back after this. what drives you? what do you want to leave behind? what do you want to give back? what do you want to be remembered for? that's your why. it's your purpose, and we will work with you every step of the way to achieve it. at pnc private bank, we'll help you take care of the how. so tell us - what's your why? ♪♪ ♪♪ giorgio, look. the peanut butter box is here. ralph, that's the chewy pharmacy box with our flea and tick meds. it's not peanut butter. i know, i know. but every time the box comes, we get the peanut butter. yes, because mom takes the meds out of the box and puts them in the peanut butter. sounds like we're getting peanut butter. yes, but that is the chewy pharmacy box. ♪ the peanut butter box is here. ♪ ♪ the peanut butter box is here ♪

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. all right. i like to look over -- i can

look at the "mad money" set from where we are >> i'm possessed by alternative energy pki is coming in a big restructuring, will now be life sciences, and mr. roy, you want monthly income at a 4% rate with a good balance sheet i think everything who watching, who is like the youngest, should be speaking about a company that spins off money of month and sends you a check. >> have a good day in between now and the show. >> there's a lot about disney out there. >> well, it was a great quarter. we're going to continue to talk about it. >> there was a fox once in my house who got run over. >> fox are a beautiful animal.

$71 billion worth of fox. disney is still up sharply

good thursday morning, everybody. welcome to another hour of "squawk on the street. i'm david faber with leslie picker we are live at poll 9. carl and morgan both off this morning. let's look at markets. once again, a strong reception to a report on inflation that came in a bit tamer than perhaps people had expected. >> a bit of a deja vu, as you look at the screen we have 30 minutes into the trading session. here are three big movers. sonos investors have heard enough, shares tumbling after revenue fell well short of the estimates, while announcing the departure of the cfo next month. sonos shares down 23%. bumble also cutting forecasts saying it's been impacted from the war in uscience and tiff competition from the likes of tinder and then investors saying

they're here to say for rental property manager vacasa. an upbeat outlook of limb 31% in this morning's trading >> a new name for me sometimes i've never heard of that company? >> i've heard of casa. >> and i've hear of vacation down about ha of a percent, still up year over year. who better to does what that means than our senior economics reporter, steve liesman. good morning. >> another better than expected report this people, it makes it 2 for 2 for the week, and there may be better news for investors. ppi falling half a point against the forecast for a 0.2 increase.

it marks the first time the measure has been out of the double digits since december 2021 the year over year right now running at 8%. still high, but headed for the right direction for the third month in a row that suggests continued pressure on margins, but the ppi is falling faster, that says some relief for corporate profits could be in the off if the trend continues. a big part of the decline, but even when you take it out, you see lessening pressure up the pipeline the further you go, the less inflation. final demand, ex-energy, it was up 0.2%. intermediate goods fall, and crude goods declining by 3.2%. larry summered want yesterday,

don't put too much in one month of good numbers. that's probably good advice. if the fed needs several months in a row to ease back, it's possible this could start counting this month. >> steve, that was going to be my question. how much data do they need to get to actually start some kind of pivot two months three months what is usually the rule book there? >> there's no rule book. clear and convincing evidence is the term of art that they're using these days one analogy might be if the burden of proof is lower in a civil case than criminal case? i think inflation has the criminal standard. it has to be beyond a reasonable doubt, is where i would put it, the sense with anecdotal evidence, there's still evidence that companies are trying to pass along price increases there's still concern about, for

example, easing of supply chains and whether or not they're still backed up. so i think you'll have to have several months in a row of good numbers, and then the fed can breathe. in the meantime i don't think it's a bad idea to think 3.25 to 3.5 by the end of the year >> that was my question. what is the bond market saying at all >> where the bond market and the fed disagree is in 2023. for this year, pretty good alignment. the peak rate has seen 3.50, but charlie evans talking about 3.25 to 4%. kashkari yet talking about 4.4%. he also said the market has this wrong, the idea the fed will go up to this peak rate and start coming down. he said more likely scenario is the fed ends up getting to this

point and staying there for a while as it wrings the rest of the inflation out of the system. david, as you know from markets, it's about the time they start thinking about next year we're into the six-monday or eight-month horizon, so they're starting to debate it, think about it the fed has this jawboning imperative so, who knows? the market and the fed may end up meeting of the minds next year, but right now the fed needs to talk tough to accomplish its mission. >> there's a lot of uncertainty to get through in the next six months thank you, steve. >> my pleasure. let's continue the conversation with scott kroner here on set, thanks for being here. >> nice to be here. >> is the market getting ahead of itself for one month of positive inflation data? >> i think the market probably

has some room to follow through on repositioning around the news we're getting on the inflation metrics, but i think we have to be careful, so what can happen here, if we're not careful, the market can in a higher regime than might be expected on our target for the year is 4200, but we have to be prepared for some digestion. >> if we're already at your target, are we looking for volatility >> we're looking for volatility, but we're shifting the narrative around recession, inflation and rate concerns, and become much more stock focused what we've been advocating in the recent weeks is more of a focus on the longer-term structural plays, which would benefit from a peaking of

expectations, alleviate some of the evaluation pressure we felt earlier in the year. >> where are you for s&p 500 earnings next year >> right now 2,26, so we think between here and there there's probably some pressure to come on the>> front we're expecting most of it to hit in the first half of the next year. >> if we stay at a multiple, that would mean going lower. >> it means we're looking at the possibility of fed, you know, hawkishness coming to an end, that you can actually get an early cycle lift in valuations essentially what you lose in earnings, you pick up in multiples. >> you notice, we were largely through earnings season. what's your take on the commentary we've gotten from corporate america? >> it's pretty good. we went in -- our pitch for the second half of the year was

earnings resilience, a premise for why the market would move higher i think we've got that and more. i think the commentary in the second half is still relatively robust we're starting to see some fraying around the edges, but the rate hikes we've had so far, the persistent emphasis on inflation will ultimately lead to more deceleration later in the year that's where you'll get more earnings negativity read-through >> you're saying we haven't seen the impact yet. >> not on earnings, but what we've been arguing for some time now, when we touch of 3670 left in mid june, we put on the a recession scenario that said 3650 would price in a mild recession. anything better than that on the rate and earnings front is a premise for a higher move the end of the year, so it's

somewhat following or playbook here. >> following, the inflation act hasn't been signed yet, but it's expected to be any those on the corporate minimum tax, tax on buybacks >> our early look at it is the combination of the two is less than a 1% hit so the s&p earnings we think it will be much relevant from the end of the day from traditional macro concerns and considerations. >> thank you so much for being here we appreciate it, scott. as we head to a quick break, let's look at our road map -- no, i got that wrong playing the streaming space, what disney's price hikes might mean for demand. >> gas now below $4 a gallon, more on what's driving the declines on energy prices. >> could the inflation reduction act mean a smaller tax break the ceo of a major charging

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talked about it, though not as much as they were 40 minutes ago. still a nice move, this after the company did beat the estimates of the achblist who is follow it, in terms of earnings. revenue, by the way, at its theme parks was a record also, dis any plus added more subscribers than anticipated

michael nathanson joins us again. twice in one week. how lucky am i, michael? >> i feel the same way >> give me year take on this name it's benefiting paramount, warner bros. discovery start with disney po me. >> this was a trong quarter. we've been used to the second quarter so far, everyone missing, bringing numbers down this was the only company that i remember taking numbers up that's a huge difference park we thought would be strong, but stronger than expected i think this week when you asked me, what are we looking for, it's about profitability so we got more health on the profitability, which to me is the only thing that matters at this point. >> they're losing $8 billion,

something along those lines so far. when does that turn? >> in 2024, it starts to turn. in 2024, disney plus will be profitable in one or two quarters by '25, you get the fullness of profit then the debate we have is what is normalized profitability? we have years to go on that. >> yeah. >> you're seeing the pricing really drive profitability i think, david, one of the narratives here is the u.s. has stopped adding streaming subscribers. it's just amazing. >> it is amazing i pointed out earlier, it's seven years ago since the espn august, if you remember, when we suddenly said, wait a second, they're starting to fall off dramatically here we are, now having different debates. i wonder, michael, the proliferation of the ad-supported, avon is what we

call it, when they're available from almost every provider, what is your thinking, again, back to profitability, whether thinks cannibalize some subscribers >> yeah, so big picture is this. all these services will take money from linear tv to start off, right as you know, buyers always pay more every year for tv, you know, tv impressions that's the way it's been all these new services will havably and impressions, which would make it harder for linear companies to raise advertising growth that's a problem the question, then, is -- kind of the spin down, how low are they pricing the ads here. it may not lead to as much spin down we're waiting to see what

netflix is done. it's got a higher rpu on average. so the devil is in the details our view is this sector from now on will be driven by advertising growth, not subscription growth. sub growth will slow, it's all right slowed, but do you have enough to monetize that's our next series of ana analysis others are not big enough at this point to really matter to move the needle on the ad impressions they have. >> how do you see that all playing out, then? if you do experience additional churn as a result of these pricing tiers and ad-supported ventures here, do you think the math really works to maintain enough subscribers while accounting for the churn that's likely to ensue? >> that's the question we're

looking forward to, the church we have seen in the past where net flex has raised prices, there's a quarter or two of churn. but netflix raise prices when the sub base is growing quickly. so it's a new day. we've never seen these many services offered, the level of price increasing in a slowing economy. so i think what we said in our note is we applaud netflix and disney for doing the right thing. we just want to understand the impact on churn going forward. it needs more consolidation, and david would ask, who is going to consolidate? it's not easy to figure that out. you have all these intertwined interests, the roberts family, don malone, the redstone family, right? there needs to be a coming together, but i don't see how

quickly or obviously how that gets done. >> and the structure would make it more complex, which you're right, michael cord cutting you guys follow it very closely. that's not going away. that still has an impact on espn, as it does on warner bros. discovery. >> so seven years ago, i think i said to you, i'm not worried about this the stocks were down 30% in august, but mike, the court cutting at that point was a negative 1, negative 2, barely a problem. now it's negative 6, negative 7 every year, which is 5 million subscribers, right that's a huge problem, especially when these companies are taking, you know pretty good margin out of the industry that's where we can't reconcile, that you're looking at acceleration cord cutting,

negative 6, negative 7 we think it gets worse in the summer as more content goes over the top, you have more people questioning why are they in the bubble i think the market is now under-appreciating, under-reacting if that's a word, to what's happening in front of us does warner bros. discovery and paramount deserve to go up, based on these numbers >> maybe the feeling is collectively there will be less competition, within a market, less spending, less content inflation? but i think this is a story unique to disney warner bros. or hbo has a high price point already. they're a pricing leader there's not a lot they can do on price. paramount has to raise prices. i don't know if they will, when they'll do that, but the

read-across to me is not as clear. for netflix, the bigger competitor, that makes sense, they've given in the playbook to raise prices as well the others, again, i think the legacy business is at risk, such high risk that the pivot will be hard, right? if you have a legacy business, its challenge is getting bigger, it is, to make this churn. we always appreciate you taking the time to discuss it with us. great to have you, michael michael nathanson. >> always a great perspective there. after the break, gas prices now below $had a gallon. how much farther you can expect them to phenomenon ayitusst wh

we have going to grow from a year ago, so u.s. producers are stepping up and doing that, but we still think that the supply/demand balance is quite

high, and probably will be that way for a while. >> that was devon energy president rick muncrief. i asked him to give him more sense when, on the conference call he said he was constructive on the call, and he did that he talked about increased production here, for their part, on returning capital to shareholders, changing the profile of what these companies did ten years ago, in part, because, well, you can see what it's done for their stock price. look at that, one year wow. >> one of the key standouts.

>> that is reflected in the prices at the pump as well, which have fallen down -- a bit of relief at the pump. still, you know, up substantially, but i'll take it. less than $4 any bit of good news at the pump is good news in my book. take a look at the ticker ibuy, smaller direct-to-consumers names like threadup, stitchfix, allbirds, as they rush to create meaningful profits warby parker fits into that basket as well higher this morning, however, after reporting a less than

expected quarterly loss. the shares up about 21% right now. >> wow again, put it in perspective, still down 63%. >> well, hindsight is 20/20. >> thank you. >> you're an eyeglass wearer >> i'm not, though i think i'll need reading glasses too. >> i'm no longer got to get it surgically fixed i got mine fixed for far away. >> i did. >> never looked back, no pun intended. still to come, hulu's former head of strategy -- maybe you did, because you prepare he's going to weigh odisney's price hikes. "squawk on the street" will be right back this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq,

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here's your cnbc news update at this hour

three people were killed wednesday when a house exploded in the southern indiana city of evansville at least one other injury was reported that victim was taken to a local hospital for treatment several houses are declared unhab unhabitable. the cause is being vased china is renews its threats near taiwan. it's called the claims to self-governing wishful thinking. this all comes after a visit to tie pay last week by speaker nancy pelosi. and a temporary price hike for the peak holiday season, which it said would cause extra handling costs it will remain in place until scrap wear 22nd, 2023. the announced price hike come after the agency ahn

nounced plans to buy electric delivery vehicles. >> courtney, thank you. we're about an hour into the trading session. let's get back to the broader markets. stocks are up again, reacting to a bit of inflation data. bob pisani is here first of all, just nice to see you. >> always a pleasure. >> s&p is down 10.1% for the year now that feels awfully good for a lot of people, 6 to 1 in advance/decline line with the new york stock exchange is actually on a real big rally, an upslope for the last three, four weeks. that means more stocks are advancing than declines. it's not just tech stocks. it's broadening out. all 11 sector are up today the key store is they want cyclical, they want growth

talks. catty wood is just on a tear for the last month she must be ecstatic she's back in a big way. retail largely, of course, part of the consumer discretionary group, strong communication services, strong as well with semiconductors this is growth/cyclical stuff. but overall the market is starting to broaden a bit. look at some of these consumers names that have been down in the dumps for a while. tapestry, nike, best buy, even simon property, some of the reits are up this is what i mean when i say a broadening it's not just technology stocks. what does it mean here when you see the s&p 500 at the highest level since may, you might say you could have tech stocks move, but pretty broad sectors of the major indexes

you can argue what constitutes a new bull market, but when we're more than 20% off a recent low -- and i'm talking about five or six weeks in major sectors, that tells me something is happening here. i thought you about ark innovations. nasdaq 100 was at a new low, and now it's 21% you want to calm it a bull market i don't know but when you get over 20%, that's a pretty strong rally the russell 2000, a small sector here, also more than 20% off its recent 52-week low, and there's the transports three completely different sectors that have had significant rallies. how about some of the individual sectors in the s&p 500 again, it's the cyclical sectors. consumer discretionary heavily represented, retail heavily represented, automotives as well tesla is a component here, and that's been rallying

you can see consumer discretionary not as strong, about you still a nice rally even the banks, david, look at this, almost 20% off the recent lows that they hit again, that was in the middle of june my point here is, this is broad. here's the problem you're going to read about it this weekend, all wire houses will be writing about the stock market is getting too expensive. expect to hear from goldman about this subject we started the year in a high forward multiple, 41 the historic level is around 16 or so. the low is in the middle of june, and now we're pushing 18 david, you've been watching this for little year, when you start to 20, you have to start making big claims now ear saying historically, when you get towards 20, you're saying either the economy is expected to get better, or earnings are expected to get better these are tall claims to make. right now the bullets are

ecstatic to say inflation is moderating, but it's a different story, a different debate to say, oh, the economy is getting better or earnings are actually going to get better. my point is you're going to start hitting some resistance here for people who will notice, we're at 18 multiple heading towards 19, what is the claim toward this higher multiple? >> we had scott chronert from citi join us, 215 in earnings for the s&p. >> that's low. >> if he's right, then that's your point, you know, we've got to be careful. he may very well not be right, but i know you know managers, and i do, they have sat this out, on the sidelines with far largerrer cash positions than typically the case, or being short on a lot of names. i don't know what moves them to say this is for real. >> this is the argument for the melt-up. all of a sudden we're in the

second half of the year, these people get a scorecard every quarter, they before show some outperformance the only way to do that is going back into the market this supports the melt-up theory for the bulls. it's a problem if you've got silting this things out, you're saying, hole mackerel, what's going on here and there's got to be some p panicky underinvested hedge fund managers out there. >> i will look forward to this weekend appeared reading who did the relative analysis. >> i guarantee they will say markets are getting pricey reporting a worse than expected revenue loss on the streaming division, our next guest expects further

consolidation in the streaming base simon gallagher joins us now we were having a discussion last hour, you know, just about this idea that, at first, you know, you see churn more from kind of live tv towards streaming, and we're still in the midst of that process, but eventually you will see more competitive between people churning between different streamers. where do you see us in this life cycle of streaming at this point in time? >> i think it's a very clever move by disney they were at the right time to raise their prices they have traction in the market by depending on whose definition, they're the number two streaming service globally i know that they are now at 221 million subscribers if you factor in espn and hulu, so, again, it depends on whose definition you're going with, but it was a right time.

i think the service justifies being at the higher price point. i think it's clever to have the ad-funded layer. i do sees those two services as they cleared number one and two at the moment, particularly in light of the comments last week relative to warrer brothers and hbomax, and the pullback of their commitment to that service. >> the market seems tore moving away from subscriber numbers and more of a focus of profitability. what does this shift mean for investors? is it enough to satisfy them similarly, what does it mean for consumers? >> as far as the investors, i think the only for the share price to say, hey, this is a chance for everyone to breathe out, relax, there's more revenue coming in, new revenue streams, so i think it's a positive message.

i think the market's a bit overreacting to how positive it is i do think the disney brand is a little overvalued. i listened to jim cramer a couple hours ago, and certainly i understand the passion people have to disney, but it was only last night i was watching "luck" that premiered on apple tv plus, which was produced by john las terr he produced that with skydance, which is david ellison that doesn't appear on disney plus, it appeared on apple tv plus, which is a real change in the landscape of kids animation. disney doesn't own this space exclusively anymore. >> simon, we talk about the ultimate economics of this business when we really know the landscape. as somebody who ran content acquisition at netflix, i mean,

at what point will we know what the right budget is for a company to actually maintain and have continued profitability based on its subs? i mean, are we there yet will we see a downturn on a willness to spend on this content? >> sure. i didn't run all of content acquisition in netflix. >> yes, of course, of course >> absolutely. but they came out on their last edges call with 17 billion, that's the right number for us, that's a happy level, we can stay at that level and we can produce all the premium content we need to for the next few years. the only possible pain point there is if they need to start to step into thinks sports rights or into a new jan ra. certainly sports rights is a category where did i any has differentiated themselves. that's an area where the competitive landscape has risen

up in front of the espn as well. if you look at apple tv plus having the major league baseball rights, you lee at the success amazon is having with the nfl. very competitive landscape probably the top tier of the content spin, provided, again, they don't get into any new content genres. >> relatedly, you think the next iteration should focus on live tv bundles how might that work exactly, especially given that each of the networks have their own streaming platforms at this time >> sure. they have streaming services, but there's still that demand interest in having the capable tv bundle, the pay-tv bundle, subscription bundle. if you look at the success of youtube tv, they done a good job of a bundle that's interesting

to consumers that's something that disney will be doing, and i think that's an open space that disney could step into, in terms of converting disney plus subscribers, and adding on a pay-tv or subscription tv bundle around the world. >> international, of course, a key driver for disney as well. simon, thanks so much. >> thank you for more on disney's streaming outlook, tune into an exclusive interview with bob chapek next hour. and we're going to take a quick break. stay with us aflac! paul is about to suffer a shelf-inflicted injury. luckily, aflac will help cover his unexpected medical bills.

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implications the inflation reduction act, passed in the senate and expected to pass in the house later this week, soon to be signed by the president, what does it all mean for the electric vehicle industry? and if the proposed tax credits up to $7,500 for evs, are they going to help, or could they hind are sales we have the blink ceo with us. david, what are your thoughts for what's in the bill, and what does it mean for a company like yours with the proliferation of chargers >> i think it's amazing. the administration is getting focused and subsidizing users that need help purchasing electric vehicles. they are excluding certain cars over certain values, chug a

smart move we don't need to subsidize the rich in addition, if you're playoff certain income levels, you won't be entitled to many subsidies as well, but it opens up the amount of cars that each manufacturer can produce. they no longer have a 200,000-unit limit tesla -- >> hmm yeah, i don't know if michael can hear us. somebody may have hit the mute we're going to try to see if we can get him back we did lose his audio there. michael? any chance all right. let's see if we figure it out, gets thing fixed and continue that conversation. let's take a quick break we now find that 85% of individual investors

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thanks for staying with us we've got michael back we lost your video let me ask you another question because many heard you on inflation and its impact what about your business you've got 50,000 of chargers sold or deployed so far. how many more are going to be needed to support the electric vehicle fleet that's conceivably coming your way? >> we need between 350 million and 450 million chargers we haven't even scratched the surface. we're globally a few million chargers this will allow the average american to buy an ev, not just subsidize the rich we're getting a lot of help from the government and administration in deploying infrastructure, but there's a lot needed to switch over.

>> what is it going to look like, and what about that on a permanent level and local level. i can't imagine what it will take to have people driving electric vehicles everywhere and being able to charge them. >> we have a lot of electric charging facilities. it's becoming very convenient. imagine bringing your car into the building, handing it to the valet, and they'll charge it it's going to be way more convenient in short order it will be easier to fuel your car if it's electric in new york than a combustion engine. >> you've pursued a strategy to pursue growth in recent years. juns in your earnings you

reported this week, you re reported, implying about a one-year runway here are there fundamentals of your business that you expect to change in that year, or do you plan to go to the market, raise additional debt or equity, which could be tricky in this environment? >> great question. we haven't fully integrated them yet. once we do, we're going to have a tremendous amount of cost savings. right now we're looking at that globally we're releasing the new blink network. we're going to be able to have one network that's global. we're going to need to raise additional capital to grow our business the question is it going to be diluted or not, and we're going to to make sure moving forward

we'll be able to finance the deployment, maybe using more of a debt structure so we don't have to dilute car and shareholders. >> interesting were you planning to do it later in. >> we're seeing what's going on with some of the government programs where they're very subsidized dollars and loans you know, again, this is an center being promoted by the governments not only here in the u.s. but globally, and there are a lot of different opportunities to be able to participate in certain programs they have. >> yeah. the landscape is changing quickly. michael, i always appreciate it. thank you. >> thank you for having me coming on tech check, disney's bob chapek llwi be live at 11:30

"squawk on the street" will be right back only at vanguard, you're more than just an investor you're an owner. that means that your goals are ours too. and vanguard retirement tools and advice can help you get there. that's the value of ownership.

i wanted to talk a bit about sort of broadly speaking m & a, changes in the way deals are financed, given that i've got leslie who follows this closely.

apollo closing on what it's calling a $2.35 billion origination partnership fund it's dedicated toward corporate direct lending the reason i say direct lending, it's because it's become so much more important, perhaps moving some of the large banks out in what's been a prime position for large corporates for a transaction or a leveraged financed deal. we talk about areas. i remember when i first woke up to this, it was a deal long-term opportunity, the volatility, and availability of credit in the public markets this year has only accelerated activity for aop and our direct organization business. it was 20 direct lenders, and it's interesting how important this has come. these direct lenders, they make

their allocation and then they keep it on their balance sheet they're not looking to sinld indicate it. >> they take it on themselves. there are a thousand funds out there doing this just ballooned in terms of size, but this is really interesting because there have also been reports lately that these direct lenders are becoming more conservative they're being pickier about the leverage or the price by which they're willing to consummate deals, and that's an interesting dynamic, too, because they have taken shares from the big banks. as they pull back, the banks are still pulling back you have to look at those that struggle that historically had an easier time. >> absolutely. we see some of the names that have been aggressive that over the last few years have been a sig cabinet source of funds. the credit markets in flux these days and some perhaps not

getting to the line. banks are expected to take a hit. speaking of fixed income, tomorrow you're not going to want to miss an exclusive in with richmond fed president tom barkin that's going to be at 10:00 a.m. that ends it for us with "squawk on the street. time to send it over to "techcheck." good thrs morning. welcome to tech check. i'm deirdre bosa ahead of a big interview you do not want to miss with ceo bob chapek stock is up after those results, and don't forgot about the editor in chief to break down all of today's biggest movers, all moving sharply talking about the american