david: you graduated magna cum laude and decided to go to procter & gamble? steve: i did.ctor and gamble. david: now, very often, procter & gamble gets a lot of talented people in their young training programs. did anybody famous work alongside you? steve: funny you should mention that. a number of people did. when i was there, scott cook was there. tuit.arted into it -- in jeff immelt, who ran ge. he and i worked together on the duncan hines blueberry muffins and snack cake mix. we were the dynamic drivers of brownie mix sales. so he was around. meg whitman came right after i left. it really was a great place. david: you go to stanford and are going to get your mba. then you decide to drop out and go to this tiny startup in seattle called microsoft. what did your father say about that? steve: oh, he was apoplectic in a way. i mean, he did not try to stop me. but i remember when i called home and my dad said, what the heck is software? he had actually been involved installing wang systems, old word processors. what is software? my mom said, why would a person ever need to

the first day i started a procter & gamble, my roommate , hi.i i am steve ballmer.ecause i am nervous. so a shy kid. i develop some confidence in public speaking. it turns out i have a knack, and part of that is getting in front of your troops and pumping them up and telling a story. basketball is a weird environment. i don't have a lot of credibility. i'm an owner, not an expert. gethe end of the day, i can into the game and be verbal and vocal. david: what would you say is the most important characteristic to be a good leader? steve: commitment. you have to have your head in the game and be committed to be a good leader. there are two parts to leadership, one is leading people. and is about commitment people understanding you have commitment. the other part of leadership is you have to be a leader of ideas. the worst thing you can do is say, let's go. you point that weight come and the truth is you should've gone that way. so leaders have to be leaders of ideas. , butdeas compel the people the ideas have to be right and you have to stay committed. if 25 years from

. >> up next "in the blitz," we'll get you trades on chipotle, united and procter & gamble. "the halftime report" is back in two minutes. please don't, i'm saving those for later. at least you don't have to worry about renters insurance. just go to geico.com. geico helps with renters insurance? good to know. been doing it for years. that's really good to know. i'll check 'em out. get to know geico. and see how easy homeowners and renters insurance can be. [music playing] (ceo) the employee of the year, anna. (vo) progress is in the pursuit. audi will cover your first month's lease payment on select models during summer of audi sales event. you shouldn't be rushed into booking a hotel. with expedia's add-on advantage, booking a flight unlocks discounts on select hotels until the day you leave for your trip. add-on advantage. only when you book with expedia. when it might be time to buy or sell? with fidelity's real-time analytics, you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today. >>> welcome back we're

david: you graduated magna cum laude and decided to go to procter & gamble? steve: i did.or and gamble. david: proctor and gamble gets a lot of talented people in their young training programs. did anyone famous work alongside you? steve: funny you should mention that. a number of people did. when i was there, scott cook was there. jeff immelt, who ran ge. he and i worked together on the blueberry muffins and snack cake mix. we were the dynamic drivers of brownie mix sales. he was around. meg whitman came right after i left. it really was a great place. david: you go to stanford and are going to get your mba. then you decide to drop out and go to a tiny startup in seattle called microsoft. what did your father say about that? steve: he was apoplectic in a way. he did not try to stop me. but i remember when i called home and my dad said, what the heck is software? he had been involved installing wang systems, old wordprocessors. my mom said, why would a person never need to computer? you would say that is crazy, but it was not crazy in 1980. they said, we hear you. if it do

& gamble and if you like procter & gamble close to 19 time, i think you have to like johnson & johnson sell-off on the back of this news was muted, and i think it does rally into earnings and post earnings. >> also last month, dan said shares of cigarette maker philip morris were about to heat up >> we know that this is one of these stocks where it has fundamental headwinds and also this issue of rising rates over the last year or so, so that's 5.5% dividend with the stock down here and that's interesting when the stock was trading around $79.10 and the july 80 and 87 1/2 >> heat up it did. the stock surging 7% from the start of that trade as you might have noticed, dan isn't here today, but don't worry, we were able to catch up with him soaking up the sun in lake george with a special update on the trade. >> i do want to give a trade when the stock was trading around 79.20 i detailed the trade, buying the 80, 87.5 call spread in july before the q2 earnings and with the stock near 83 that stock is more than double i think it make sense to take profits on that one and not have a risk ha

we expect results from pfizer and procter & gamble in the next half hour. someone else do the heavy lifting. tripadvisor compares prices from over 200 booking sites to find the right hotel for you at the lowest price. so you barely have to lift a finger. or a wing. tripadvisor. [stomach gurgles] ♪when you have nausea, heartburn, indigestion, upset stomach, diarrhea... girl, pepto ultra coating will treat your stomach right. nausea, heartburn, indigestion, upset stomach, diarrhea.♪ try new pepto with ultra coating. ♪ >>> welcome back you're watching "squawk box" live from the nasdaq market site in times square. >>> good morning among the stories front and center at this hour, chipotle closing down one of its restaurants in a suburb of columbus, ohio after at least two customers say they got sick eating there in a statement to cnbc a chipotle spokesperson said we acted quickly and closed this restaurant out of an abundance of caution >>> cbs appointing an outside law firm to handle an investigation into sexual misconduct allegations against les moonves. the c

again, it was a revenue miss for procter & gamble., however, will apple be able to turn around the likes of facebook, and twitter? talk about facebook netflix down more than 20% from recent highs, we will see if apple can buck that trend, futures showing this right now, we've had gains across the board all morning, reversing losses yesterday 24.gain on four futures numbers on personal income, and spending, come just hitting the wires, both er personal income spending rising 4/10 of 1% in line with the economists expectations the core index the fd's chosen indicator for inflation, rising 1.9% compared to a year ago based on that inflation, looks pretty tame, in europe, we look at england, france, germany we have gains in on ftse 100 england the cac quarante in france, the dax heading lower losing one quarter of 1%, asian markets higher hang seng only loser there, down half of 1%. are bears knocking at door analysts at morgan stanley say stocks could be in for the biggest correction since february. we have details coming up on that, plu

we've also got procter & gamble coming down.ed the premarket, nasdaq up eight and a quarter. the ftse higher by 11 points. cheryl: japan's nikkei rising slightly as the bank of japan said it would continue to keep interest rates low. stocks also up slightly in shanghai and south korea. cheryl: a guilty pleasure at the big bucks to retailers. how much americans are spending while they are shopping online and drunk. "fbn:am" continues right now. cheryl: coming up on tuesday july 31st. i'm cheryl casone. lea: good morning. i'm later gabriel and for lauren simonetti this morning. cheryl: with edified amongst the crew about drunk online shopping. a lot of people admitting to it. >> one of us may have committed to it one of us may have not. that story coming out. the first to develop a news the president. he is renewing a threat to shut down the government over border security. he treated last night we must get smart and finally do what must be done for the safety and security of our country. griff jenkins live in washington with the

gamblesumer -- procter & and coca-cola but tech is a big drag in fact most sectors on the s&p 500 are in the green but the tech sector is falling one half percent and taking down the s&p 500 with it. the nasdaq is down 1% although industrials are getting a bit of a boost on a lower trade tension optimism coming out of the u.s. eu meeting yesterday. >> it is interesting to see where we are seeing a decline. in some cases gains. they are big moves today. massive momentum plays here. biogen is one of them. disappointing news of its trial. people are voting with their feet today. there is facebook of course, a historic drop in value. one of the stocks and let the market higher. that will pressure this market. for more on that we are joined by sarah frier from san francisco. disappointing as we are seeing slower growth and lower margins area it wasn't a surprise with facebook. i think the market is quick to say that maybe this is because of all the scandals and criticism over the last few months but what is going on here is really something quite bigger than that. more impact on facebook's

procter & gamble just came out with their earnings. alix: just a cap slider, coming at $16.5 billion. earnings coming in at $.94 a share, better than estimated. when you see a kind of consumer low growthhis in the they have, it is interesting to see what kind of organic revenue they are going to have going forward area it is pretty paltry. david: they had a target of 2% to 3% growth, the people were skeptical as to whether they can do that organic growth. charter communications is also out. they exceeded a little bit on the revenue line, $10.9 billion. is subscribers, whether they can hold on to them . you can see they are unchanged right now in the premarket. alix: their video net was down. david: that is their challenge. they are trying to get into business more, but it is a really competitive is this, as we know. markets, it is earnings, some ego, but all about tech. as of up despite the fact that three losses0 had in a row. the dollar-yen the want to watch, reversing from hawkish that's on the yen as the boj didn't want to shakeup

in fact, should it be covered by the same analysts that follow up procter & gamble, clorox and pepsicor colgate because if it were, i could argue it should be valued at well north of $280 instead of about 200 where it is right now. that's right you heard me 280. how did i dream up that number because the organic growth of these so-called steady eddie companies is nowhere near that of apple the cash return to shareholders is nowhere near that of apple. the brand loyalty is nowhere near that of apple the worldwide pervasiveness is fractional versus apple. i know if i were running research of a major wall street confirm as of tonight, i would strip my tech analysts of this stock and place it squarely in the realm of my consumer products group so that's how i could explain how the stock should have a $300 target, not a $200 target, which i think it will eclipse tomorrow how, again, do i get this? let's understand each other. i see apple as a razor-razor blade story, and procter & gamble which is the razor-razor blade story of gillette had a 1% growth and it gets a 20 multiple come on. this

mark prichard, the head of the cmo for procter & gamble said that at actually the kaan festival in 2016. and that is a view that is music to the ears of the agency world. but it is not a prevalent view. i think -- challenge me if you would on this -- i think the level of suspicion and ware where iness and sense of frenal e frenemies is very vivid. >> and there is a -- building on that, the real challenge that mark and others face is that the large advertisers of the past are dying businesses. i'm not saying p & g is a dying business but it's not a growth business and to a great extent, if you look out, i p geez good may have misses the fact it wasn't the most -- the old days it was like i'm manufacturing and going to penal millions of dollars in advertising and going to drag my product now walmart and i got distribution, i got economic scale, everything else. well, dollar club was built on facebook, took away 15 share points without any advertising, but yet that had a powerful advertising. when you think about adds don't think but the ad yourself seem the single most powerful ad is wort

everyone is feeling effects of the stronger kplcommodity cost d all sell abroad and even for procterthe feeling, they are the category leader can do that and that they are continuing to retool their business, focusing a lot on local empowering the certain businesses which was one of the fights to get on the board, which is now on the board. you saw that and big improvement in china sales which returned to growth versus last year. there's still a lot of work to be done on this front. and overall it's a pretty tough environment for the entire group. we'll see what shares do it was actually an upbeat conference call. company talking about market share gains and talking about returning to growth in certain categories like grooming, even though men aren't shaving that much, something that the cfo always mentions. >> laments. >> that's part of the problem. >> the other problem is the online upstarts like dollar shave club bought by their competitive unilever and the shares did return around on the up beat note but down 12.5% this year. >> hanging in there around 80.62. when we come back, t

dow component procter & gamble was down the company will report earnings below expectations next fiscal . ye the price target is 79, the shares telling 1 1/2% to 77.86. shares of anthem were upgraded to foutperformm market perform at bml capital. th new ceo and potential for stronger earnings growth. the price targe is $290. the stock was up more than 2 1/2% to 248.69. >>> cal tal one financial was upgraded. with analysts citing credit card denquencies there. the stock rose. micha michael kors was rated a buy. the stock's curre valuation is too low to ignore. price target now $88. the stock rosen fract to 67.39. >>> still ahead, going to tttremes, what one state is doing toct workers and alleviate the shortage that's hurting businesses. >>> american homeowners are sitting on more equity than ever before. but they're not taking advantage of it, diana olick explains why. >> home values today are skyrocketing, whicheans homeowners have a growing amount of cash at their disposal. so called tapable equity is the amount yfr home is worth, above the 20% cushion most lenders require. it grew by

other companies reporting pfizer, procter & gamble and apple.t is in everybody's sights after disappointing reports from facebook and twitter. apple is slightly on the upside. major markets all in the red on friday, a lot of that was the tech story, the nasdaq down -- in the premarket right now the nasdaq is down by 21 points, the s&p is down as well. there's the close from friday. look at the nasdaq, you see the loss of almost 1.5%, that's the technology story. dow lost 76 on friday. in europe, the pressure on the tech story continued. ftse coming into the green, up more than 6 points, the dachshund cac -- dax and cac are in the red. the nikkei lost 3/4 of a percent, the worst loser over there. tough road ahead for judge brett kavanaugh. he is sitting down with joe mansion, someone who could hold the key for his confirmation. in an interview, maria spoke with vice president mike pence and asked what he thought about judge kavanaugh. >> brett kavanaugh deserves a fair hearing and deserves their support to be confirmed as the next justice of the

. >>> ubs downgraded procter & gamble to neutral from buy. analyst there saysinhat ation and pricing pressure will hurt p & g's profits. the price target now $83 and today p & ghares closed at 78.73 and that was down a fraction. lion's gate was upgraded to buy from hold at suntrust robinson-humphrey. the analyst sees potential for the starz network and the price target, however, was lower to $37 from $31 and shares today finished at 2498 up nearly 5%. >> now to the economy where the number of americans filing for unemployment benefits last week fell to the lowest level we've seen in more than 48 years. jobless claims fell by 8,000 to a level sot seence december of 1969. >> meanwhile, the white house ii aim at lowering drug prices. we'll tell you how and what it means for you. ♪ ♪ >>> earlier today, prdz sat down for a one-on-one withcnbc's joe kernen. during the interview mr. trump broke with the tradition of a sitting president not commenting on monetary policy. >> i've put a very good man in the fed and i don't necessarily agree with it bec

several days after the launch that the soviets realized they had achieved quite a coup which is when procter suddenly went on the offensive. in the us the disappointment was particularly bitter among the people working with friend a friend brown in huntsville alabama for brown had been knocked out of the race or at least was no longer in the running for the winning spot. there was a gathering of. the powers of government and hopeful that at a banquet the night the russians put up their first. and i needn't go into great detail explaining to you. the mood of that banquet when it was announced. the russians just put up a satellite. you know kind of like what black thrown over there but in a little bit. it was shock just shock for profit was a shock. there is no secret there burned of on brown and the rocketeers there were down in huntsville at the redstone arsenal felt that you know if they'd just given us this task we could have beat these guys and and the reality is they probably could if they did not have the mission to do so and you can kick yourself in the aftermath of the answer. either

expected to be the same especially given they are getting a lot of support from manufacturers like a procter who are alsollogg putting up their own prime day websites on amazon in support of the prime date deals. it is a lot more mainstream this season as opposed to a couple of years ago when they got a lot of chris it -- a lot of criticism. dayy: it is the first prime plus whole foods. one place you will not run into technical glitches is at the whole food store. can people get that excited about grocery shopping? >> grocery shopping is hitting critical mass online. largeago, if you were a company like kellogg, you were not focusing on amazon or e-commerce. shoppingds puts online , online grocery shopping front and center. this year there has been a big push with amazon pulling $10 off if someone purchases something from whole foods. segment inocery e-commerce, we are starting to see a lot more mainstream companies making the series. emily: amazon does have some major weaknesses in apparel and furnishing. iey are trying to combat that making more amazon branded products. can they make up fo

. >>> shared of procter & gamble, from buy to hold from jefferies.ng markets volatility and stronger u.s. dollar. guys, i don't think they brought anything new to the argument, but clearly procter & gamble has business challenges, and newest board member elected to make changes to get those changes, like slimmer structure >> stock is up about 10% in two months seems like the analyst says the fundamental story hasn't changed, let's downgrade here. we're not seeing much change. >> already 5% premium because of the activist incentive that's very much a story to continue. >>> hans tung weighs in next the dow up 242 points. well, it's earnings season once again. >>yeah. lot of tech companies are reporting today. and, how's it looking? >>i don't know. there's so many opinions out there, it's hard to make sense of it all. well, victor, do you have something for him? >>check this out. td ameritrade aggregates thousands of earnings estimates into a single data point. that way you can keep your eyes on the big picture. >>huh. feel better? >>much better. yeah,

. >> you quoted an executive marketing executive at procter & gamble saying that when we partner with that agencies we get great advertising. otherwise we get crap. is that fading? is it gone? to come back. >> clearly it is fading, or faded. mark richards, the head of -- a proctoring. that that is a view that is music to the years of the agency world. but, it is not a prevalent view. challenge me if you would on this, i think the level of suspicion and wariness and sense of enemies is very vivid. >> very quickly, building on the real challenge that marking others face is that the large advertising of the past are dime businesses. it's not a growth business. and to a great extent, if you look at it, p&g may have missed the fact that it wasn't what they built, like as manufacturing you're going to spend millions of dollars and drag your products and i got distribution and economic scale, well, the dollar shave club took away without advertising. yet, when you think about ads, you should only think about the ads you see, the single most powerful ad it, is word-of-mouth. dustin through so

procter & gamble feeling the heat, posted quarterly sales that missed estimates.pers from amazon and a of razors. more later this hour. that is the latest bloomberg is this flash. caroline. caroline: still ahead, technical difficulties after a three-day selloff. can apple earnings break the losing streak? that is next. this is bloomberg. ♪ caroline: this is bloomberg markets. vonnie: i am vonnie quinn. you know it, apple reports result after the bell. investors are hoping that a beat will help turn tech around. joining us for more is john. hear from need to apple to study the nerves? >> never a dull moment. i think everyone is expected to seize strong, topline growth at the order of 15% or more. my hope and expectation is that the be driven largely by iphone sales, but we have this services division and some of the other products revenue quickly growing as a percent of total revenue for apple. think thef what i street will be watching, i think all eyes are on the services is this. vonnie: any kind of disappointment you might anticipate, is apple immune to the mass

we'll hear from pfizer and procter & gamble in the next hour it's tuesday, july 31, 2018.ow. >>> live from new york where business never sleeps, it's "squawk box. >>> good morning welcome to "squawk box" on cnbc. we're live from the nasdaq market site in times square. i'm michelle caruso-cabrera along with andrew ross sorkin and mike santoli u.s. equity futures a flat open. the s&p would open up by 2 the dow jones flat, and nasdaq up by 4. overnight in asia, big news out of the bank of japan policymakers kept their rates unchanged but signaled they would allow more flexibility when it comes to a key interest rate it would go to 0.2 rather than 0.1? >>

you can look at pepsi as well as procter & gamble on the consumer st staple side.recommending moving up the quality spectrum >> thank you very much, chad morganlander getting a little safe there on the yield curve and some of these consumer stocks. >>> let's get more on the top trending stories landon dowdy is back with those. >> you may talk about the yield curve on vacation, but tourists in florida are talking about something different. there's an invasion on florida's beaches, it's an overabundance of seaweed it could be the worst bloom in history. in small amounts seaweed is beneficial to beaches, but too much can smother sea turtle nests and smother fish the seaweed invasion could get worse. it's bad in north carolina it smells bad. causing a lot of sea lice >> is that a thing >> yes, it's -- >> seaweed is good, because it prevents beach erosion >> it is, but too much is a bad thing. >>> a new jersey police department posting a mugshot on their facebook page, it's gone viral. look at this because it's more like a pugshot. the pug is named beans and was picked

morgan and consumer names like walmart, procter & gamble and pfizer they've been trending higher recently is there any hope for value. anyone ever swap into the cheaper stocks well, they might, but banks, energy and retail stocks, those are all of the value names, folks. they've been horrible and underperforming for years and for very specific reasons. banks because of slow growth and flat rates and energy has underperformed because of the oil collapse in the retail and all because of amazon. if all of this starts to change and we finally get back to decent earnings growth in those three sectors, value may finally start to outperform for the first time in more than a decade let's hope we get some moves there. back to you, melissa >> thank you >> bob pisani at the nyse. tomorrow we're expecting what larry kudlow has called big gdp report donald trump said it would be 5%, but he'd be happy with 4% gdp. in this environment where we do have strong growth, do you buy growth or do you buy value >> yes >> i own some things that are considered growthy like alphabet, but i think of that as value.

it would be like walmart worrying about procter & gamble. we're such a big part, we are 4% of china's gdp. if they want too, i think everyone agrees that if they want to pick a fight we are walmart their proctor and gamble. we can force upon them. the federal reserve is worried about it. heads of multibillion-dollar companies. [inaudible] >> lawn let jonathan finish. they're worried about it and rightly so. look at the supply chain they have 20000 people they do business with and a lot of these american company parts are imported. the majority of companies made in america have parts that are imported and that's why big ceos and small fields are very concerned about that. the american association of investment manufacturers have estimated that a new car could cost somewhere between three and $5000 more, this is going to have an effect on the economy even if it. [inaudible] gary gets to decide who one. >> number one jonathan, the fed is worried about everything. they're always worried about something. that's their job. number two, we talked ab

i think the continued evolution of making content and getting people to see it, that brings the procter and coca-cola's value, is what's going to happen in publishing. we continue trying to innovate on creating original videos and apps and event marketing. things to help clients sell beer and makeup and deodorant. emily: last question. how are all of these dynamics that we're seeing in social media companies impacting your investment strategy? what is hot right now and what is not? >> a couple ways to look at this. for me, this is just real life. facebook and amazon are the two stocks all in that i believe in a five to 10-year macro, as long as mark and jeff are running those companies, i'm blindly in belief of how they'll innovate around voice, a.r., you know, machine learning. they just are c.e.o. that's are willing to hurt their short-term economics to do the long-term equity for having legacy over short-term profit. i think the most interesting thing for kind of this audience and your show and what i grew up with in the mid 2000's on web 2.0 and social media is, is there room for a

my portfolio is overweighted with procter & gamble. get back to 84 to be even what should i do >> we don't care where it's come from we care where it's going to. we got that real good yield. but what i think you ought to do is pick among the rubble, use the weakness to buy some of the tech stocks that i've been talking about. that's the way to go to diversify away from just all proctor. how about david in california. david? >> caller: boo-yah too you from carpent carpentryia, california. >> all right what's going on? >> caller: i want to find out pfg. >> i think it should be following the way of cramerica it's got a good yield, coming back i think it's a good buy. and, that ladies and gentlemen, is the conclusion of the special tarpon rodeo edition of the "lightning round"! [ buzzer ] >> the "lightning round" is sponsored by td ameritrade select securities 24 hours a day, five days a week. that's amazing. it's a pretty big deal. so i can trade all night long? ♪ ♪ all night long... is that lionel richie? let's reopen the market. mr. ric

it is well procter & gambles mat to powell -- close to bart and muni. there are varying heights from small three or two-story buildings up to buildings over 20 stories such as the one to the east. the project site is here screened in white. one notable item is that the pacific bay inn at the corner is not part of the project. the existing context that ella stalked briefly about is characterized by the church with the large colonade and this is currently an unreinforced masonry building which is unoccupied and dilapidated. the project is posing approximately 10,000 square foot new church including a reading room. it also proposes a diverse mix of residential units including below market rate on site units. it also has two different retail spaces. the larger one of these faces o'farrell and the smaller faces onto jones. the site plan provide open space for residential use and a number of different levels. some not on the ground and upper and lower levels in a courtyard, and also a larger area in the upper roof deck level. the building masting we feel is w

you tonight, my dear i want to ask about procter & gamble all my other stocks in my portfolio have gone but that one is down. can you please enlighten me on that, cramer >> okay, i recently pulled up with nelson peltz who is now on the board of the corporate governance i ran for the street. i felt emboldened to think this company is going to be doing the right thing, but it's not going to happen in this quarter. i want you to wait for this quarter and buy more if it goes back down do 75 because the yield is good. and i think that nelson is going to shake things up and do a lot of things right to help out the good buy charles in california, charles >> caller: yes, hello, jim. >> hey, what's going on? >> caller: fine. i'm calling you about bank of nova scotia. >> oversold, well run, terrific play on both latin america and on canada. i don't get this thing at all. it should not be down like this. and that is the conclusion of the "lightning round"! [ buzzer ] >> the "lightning round" is sponsored by td ameritrade what's the hesitation? eh, it just feels too complicated, you know? well sure

look, it's fine if you're procter & gamble, but not if you're diaper dude.i envisioned, when i started the company, eventually as we started to grow, expanding the brand. meredith: he's the most inventive person, i'm telling you, since i've met him. it's, like, you name it, he'll be, like, "if only this --" you just need capital. lemonis: look, there's no question that meredith is her husband's biggest advocate, but she always takes over the conversation and speaks for him as if she doesn't have confidence in what he's about to say. the bigger problem -- he lets her do it. do you listen to her when it comes to business? chris: yeah. meredith: yes, he does. chris: she's really well-read, knowledgeable, and so -- meredith: well, i get frustrated if i knew something to begin with. i'm, like, "unh-unh, i don't -- this is not a good idea to put the money." lemonis: does he listen when you say, "unh-unh, it's not a good idea"? meredith: yeah. how is it gonna monetize? show me the money. lemonis: so you thought all these were good ideas? meredith: some of them -- i

we have already heard from a number of them including procter & gamble and ralph lauren's.is long. down is romaine bostick and lee drug in. romaine, in two seconds, do all of those. no, just kidding. [laughter] julie: give us the latest scorecard on how we have seen the earnings season go. romaine: so far we have done well. of the s&pst 300 companies report. almostend of this week, 400 have reported. we have gotten a clear picture of what is happening. 85% beachan 84 or rate. where investors are paying most attention is to the forecast and wanting to know how these companies are planning or dealing with some of the trade and economic issues out there. grogan, yough compiled by side estimates. how to those estimates differ from the beach rates? -- beach rates? analysts are to contribute to our platform. 79% of our consensus numbers argan of the above the street. that goes with the fact that the street is almost always below what the companies report. you get the normalized expectation there. what we look for is on the normal quarter basis, they will take their estimates down

gamble,ot to procter & my guy who got -- who was roommate said my palms were sweaty.ter and better and develop some confidence in public speaking and it turns out i have something of a neck. part of that is getting in front of your troops and pumping them up and telling the story. basketball is a weird environment because i don't have a lot of credit -- credibility. i am not an expert. gethe end of the day, i can into the game and be verbal and vocal. >> what would you say is most important characteristic to be a good leader? >> commitment. you have to have your head in the game and be committed. to be a good leader. there are two parts of leadership, one is leading people. that is about commitment and people understand and you have commitment. the other part about leadership is you have to be a leader of ideas. the worst thing you can do for your people is to say let's go any point that way and the truth is you should've gone the other way. leaders have to be leaders of ideas. the ideas compel the people but then the ideas have to be right and you have to stay commit

johnson & johnson, defensive, merck, procter & gamble. that's fine but what happened to all those names we use as proxies for global growth in the trade war issues, boeing is doing nothing. the financials are doing nothing. travelers is down today. goldman sachs is basically flat. you see what i mean. those trade names, those concerns about yield curve stories, all weighing on the markets. you want to look at another global growth dollar story, look what's been going on with the agricultural stocks. metal commodities, dbb is what you want to look at here, near a 52-week low. an even worse one, dba basket of agricultural it's been trading ten years. i don't think it's ever been at 17 and change. maybe once, but you get the point here it's really weighing on things where are we it's been defensive. we're in a trading range, 2700 to 2750. it's been choppy, uneven a lot of intraday reversals the last few weeks utilities and reits as your leadership group, we don't want that better balance in industrials and banks. semis a little bit better to

procter & gamble is feeling the heat from new competition. quarterly sales of missed estimates and rival products include divers from amazon and kroger's of razors. p&g is dealing with higher commodity costs. that's your business flash update. pot profits. why investors once larry of investing in u.s. focused marijuana stocks are not changing their mind and heading into marijuana. from new york, this is bloomberg. ♪ >> summer camp for the ultra-wealthy teaches kids how to stay rich. i am suzanne and i cover wealth for bloomberg news in new york. for many people, the thought of summer camp brings images of roughing it and summer cabins. and the reality for some millennials is radically different. ically different. >> needless to say, that is not where your children or my children went to camp. for bloomberg. from bloomberg world headquarters in new york, this is bloomberg markets p are i am scarlet fu p release of am lisa abramowicz. it's get to mark crumpton. mark: wow, new jersey. six minutes its women seated in the trial of paul manafort, p

procter & gamble just came out with their earnings. at $16.5 billion. earnings coming in at $.94 a share, better than estimated. when you see a kind of consumer low growthhis in the they have, it is interesting to see what kind of organic revenue they are going to have going forward

discounts on things like callaway, procter and gamble. they were offering huge discounts as well.monstrates some increasing market clout they have. able to go to these brands and say give us discounts. nejra: we might come back to this, but i need to turn to hour, weecause in this have had breaking news about this possible fine. google is said to be fined a record $5 billion over android. in terms of just the numbers, is this a fine they can swallow? they have a hundred $3 billion in cash reserves, so it drop in the ocean. it will be the biggest find they have imposed on any company, but far more significant will be the remedies. what can they do? been strong device makers into carried the google engine and the chrome browser as default, not caring others -- carrying others. if the remedies impact that in a significant way, that has real impacts on google's advertising business. the reason they have caps on phones is so that they can track you and see what your browsing behavior is like, and serve the market. nejra: we saw the nasdaq hit a fresh record high. when we get headlines

down the road, if not so rosy they have to say down one and a quarter percent, i think same with procter gamble, their sale fell short the unit that makes gillette razors shaving products did not he perform well, no change in stock premarket, that is again a dow stock look at apple, again this is premarket, they report their numbers this afternoon. joining us now, is market he watcher, let's talk apple, will apple's numbers encourage more selling in high-tech or a reversal of the down trend. >> i think bifurcation not to dodge the question. >> you are dodging the question yes, you are. [laughter] >> i think you are starting to see people look at tech stocks differently because you look at apple, apple trading less than 15 times forward multiple look at that amazon netflix over 70 times forward multiple i think people seeing a difference between twitter, apple and facebook starting go into different tech stocks not just biomed, as a whole i this i the numbers are going to be okay the biggest number estimate to come out of earnings is going to be services, come out 9. billion dollars up 25