in 2015 iger replaced perlmutter with fieggy.s sources have told me that perlmutter has grown increasingly frustrated with the diminishment in the company as well as with his political differences against disney perlmutter saying disney should not get involved in politics melissa. >> julia, thank you. julia boorstin >>> consumer discretionary, one of the worst performing sectors. the biggest laggard on the week. down 3 1/2 percent that said, it is one of the best areas of the market. joining us is the second quarter playbook, we have michael banker great to have you with us. i want to start off with costco. you have a hold rating you have a hold. you were a huge fan. what do you make of the quarter and how do you extrapolate the results on to some of the other stocks you cover >> yeah, thanks. great to be here, melissa. no one is going to argue costco is a phenomenal company. based on valuation, trading at 33 times earnings. that kind of multiple, everything has to go right we are seeing a little bit of a slowdown in spending you

perlmutter is out, no longer in his role at marvel comedies. big hit in terms of the animated content. now they're figuring out how to expand it into different platforms, different places. i think there's been a lot of talk about the layout but it is a company continuing to invest in the brands that they think will be most valuable over the long run that's been iger's strategy, create brands, exploit them across the fran tchise, figure u what is most res naponant with e consumers and figure out how they can react and spend throughout the ecosystem. >> i for one love moana. >> who doesn't love moana? aren't you curious how they're going to bring it to life? >> i am. i hope with all of the - >> and mermaid is just a few weeks away. >> yes >> my kids are big moana fans so i'm curious to see this one. >> we're more into buzz lightyear these days appreciate it, julia boorstin. >>> real estate sales in the big apple plunging to start the year but one part of the market is still driving. we will break it all down next back in two minutes. have been al

my wife that says, woman with unknown body guard i'm a body guard for my wife >> you, dirk, ike perlmutter a great time. great time was had by all. >> you were there, david you know, they did the chairs, and david beckham got on the chairs >> really? >> yeah. how cool is beckham? he also had the eloquent -- dave didn't get -- i guess he didn't get the invite >> neither did i >> by the way, i didn't get the invite to the tiffany opening party yesterday, which i heard was a blockbuster. >> lvmh. >> yes, bernard arneult was there with his five children >> really? the richest man? is there anything unhappy about that man >> a lot of our richest hedge fund were there. you had to meet a certain threshold to walk in >> tepper was at the draft >> that's good news for the city >> we need that. sl green didn't really put a good number. >> now they need the chinese tourists to come back, carl, because they spend a lot of money at tiffany >> it will happen. they're building buildings in china. they've sped up the permit process. >> they seem to be cracking down on u.s. corporations even more >> we're

made coca-cola and movies now we don't make movies very well, they're expensive, according to ike perlmutterinking coco vita, one of the ipos of 2021 that actually made money can we just talk a moment about chipotle >> chipotle. you want to come back to that? >> just because i finally saw the $2,000 target that i'm using. someone else is using it so, i feel good about that >> you should. >> did it the other day as a "mad dash. >> look at the qqq it looked like this morning, and i'm watching frank, and this show is really fabulous. it is. it's rat-a-tat-tat i love it. and it looks really bad. the market's bad it's like, woe is me looking forward to the launch. i don't know p pepto-bismol, alka-seltzer and boom, qqq, right on schedule >> yesterday, vix, 16, 17. spy volume, the lowest of the year >> that's the elephant in the coal mine. >> are you not shorting a dull market >> no, i just think that the only thing that was really worrisome was how robust american express was in terms -- >> american express is down over 5% at&t shares are down 7%. tesla's still down 7%. >> i meant the spend >> th

ike perlmutter saying disney fired him because he clashed with the executives who returned bob iger wants to empower. his relationship with mr. iger and missteps he feels disney made in recent years he acquired marvel out of bankruptcy and sold it in 2009 he is one of the biggest shareholders with 30 million shares. >> it is worth the read. >>> coming up on other side of this, washington and beijing clashing again was warning over house speaker kevin mccarthy's meeting with the taiwan psintrede you are watching "squawk box" and this is cnbc >> announcer: this cnbc program is sponsored by baird. visit bairddifference.com. ♪ ♪ a cyber-attack can grind everything to a halt. cisco security keeps your company moving forward. because if it's connected, it's protected. cisco. >>> france's president emmanuel macron meeting with chinese president xi jinping earlier this morning wow. that must have been early. it's incredible. that meeting coming as xi prepares to sit down with macron and european commission president ursula von der leyen china reacting to the kevin mccarthy meeting with taiwan's p