want to bring an andrew ross sorkin, he and his team broke this. ew, good morning. >> caller: good morning, mr. geist. >> real quick. help me out. who is marissa mayer. we know she's a rock star in silicon valley. for those of us who don't know, who is she? and two, what kind of challenge is she up against atiyah hoo? >> caller: she is employee number 20. she in many ways is the way we, as users, as consumers, interface with google. so everything the feel, the look of the home page, that's her. the way g-mail works and interacts, that user interface, that's her. google news, that's her. google images, that's her. google maps, that's her. and so she's really about the look and feel of the user interface and that's really both the challenge and the opportunity at yahoo and in many ways they've lost that and how can they make yahoo relevant again at a time when we talk about googling this. >> she created that template that rewired our brains in so many ways. incredible. she's a great story and it's a good piece on the front page of the times. >> one ot

andrew ross sorkin is sitting down. >> thank you for being here today.ently so we're appreciative of you being here. we'll talk about a lot of things today. the economy, private equity. but i want to start in part because it might be fun to talk about politics and the state of private equity. back in november of 2011, in the midst of the republican campaign, we didn't really know where things stood at the time, you said this. you said, if romney is the nominee, hold on to your seats. they're going to describe us, if he's the nominee as asset strippers, flippers of assets, we just put a lot of debt out there. fire a lot of people and that's how we make money. mitt romney may become the single source of all u.s. unemployment by the time the election happens. there is no doubt the administration's going to come out after mitt romney and the private equity industry. i imagine you have yet to be disappointed with that. >> so far they're on target. >> they're on target. i'm curious. you're supporting romney from what i understand. are you frustrated, when peop

we're hosting a google plus hangout with author ben nezrek and andrew ross sorkin. 's how you can take part. go to cnbc's google plus page and add us to your circles. each day we'll be soliciting your selections, ask ben about his books or andrew about the show. if we pick your question you'll get an invite to hang out on august 15th with ben and andrew starting right after "squawk box." you can also submit your questions via twitter t to @squawkcnbc #squawkhangout. it's your chance to talk to one of the most interesting authors of our time. come, hang out with us, stay connected to "squawk box" with us on google and twitter. with the e-trade 360 investing dashboard. e-trade 360 is the world's first investing homepage that shows you where all your investments are and what they're doing with free streaming quotes, news, analysis and even your trade ticket. everything exactly the way you want it, all on one page. transform your investing with the e-trade 360 investing dashboard. i don't have to use gas. i am probably going to the gas station about once a month. drive a

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i'm becky quick along with andrew ross sorkin. joe will be back tomorrow. let's get you up to sweet. u.s. stocks rallying last week lifting the dow back above 13,000, global equities extending their gains this morning only slightly. we do see positive notes. first of all, your got baines of about half a percent. all of these stock operations rising to their highest levels in more than three weeks. expectations fed and ecb will provide stimulus to provide struggling economies all over the place. both central bank are holding policy meeting this next week. flat lining for the dow, s&p futures down by 1.5 points and the nasdaq superby just a half a point. in other global market headlines euro group chief said europe is at a decisive point. he's promising leaders will decide in the coming days what measures to take. these comments follow mario draghi's comments saying they will do whatever it takes to save turo. international debt inspectors will not be leaving. they will help athens prepare a package of spending reforms. it's necessary. treasury secretary tim

. >> which andrew ross sorkin broke it the cnbc -- >> i'm going to claim it -- >> cnbc's andrew ross sorkin. >> you have to split the brain. there's a left brain and right brain >> you're ambidextrous at something. >> don't go there. >> wait a minute. you broke it here. >> we broke it on the air and on deal book. >> which came first. >> worldwide simultaneous -- >> which came first. >> virtually at the same time. >> so weird. you had to do it that way. you have two masters. >> have two parents. >> master of your own demain. quick break. what the markets want to hear from ben bernanke today coming up. that was a great episode. >>> welcome back. >> really? >> yes. the markets focusing on ben bernanke's humphrey hawkins address today. my point yesterday, and we had -- i guess we had alice on saying there's no way a qe3 but she was saying, she's a big supporter of the dual mandate. but doesn't think we should be doing qe3. if you support the dual mandate you should be doing qe3. i don't think the dual mandate is that smart, i don't think they should do the qe3 because of the negative cons

i'm andrew ross sorkin along with joe kernen. becky is reporting live from sun valley, idaho and join us live in the next hour with special guest host warren buffett. at 8:00 hold court with two men synonymous with the debt debate, simpson and bowles. we got a lot to discuss with capital management. we'll find out how bullish so. let's bring you up to speed on the morning's top headlines. ecb's move to cut the deposit rate to zero having an instant impact. banks having more than amount of cash parked at the central bank overnight. policymakers hope the rate cut will encourage banks to look for more profitable options beyond the ecb. international energy agency says the global economic slow down can put a lid on oil prices but cautions there's a risk that nasty supply surprises could ignite a market rally. news this morning that the new york fed will release libor documents. that's coming up tomorrow. central bank official says the information will show that the regional fed bank could prompt action four years ago to highlight pro

i'm joe kernen along with andrew ross sorkin and mandy drury.ll start with i guess a quote. now jpmorgan is called lower after briefly being all over the map from yesterday's close. the first news that came out was that they're restating some first quarter numbers to reflect what they are calling a not good faith effort to mark some synthetic derivatives properly, to make it look like losses were smaller than before than that he had thought. >> they were misrepresenting the numbers, specific traders cooking the books, individuals book cooking the books. >> $1.31 to now $1.19. now we have $1.21 in the current quarter on better than xchted revenues posted, $1.21, well above the 70 cents and now we've actually got some numbers that have recently come out about the wales losses and now the stock is actually down but right now they mark it at $4.4 billion, up from the initial $2 billion to $3 billion. >> a whole lot better than the possible $9 billion. >> these include $4.4 billion of losses on cio synthetic portfolio, $1 billion of security gains in

kernen and andrew ross sorkin. let's set today's agenda. key driver is earnings. we'll hear from morgan stanley, verizon, travellers, southwest air and quest diagnostics and some of the names we'll hear from. technology takes over after the bell. google, microsoft and advanced micro. and weekly jobless claims hitting the tape at 1:30 a.m. first time earnings will rise. we got that surprise drop last week. continuing claims are forecasted to decline by 14,000. on the economic calendar later we have existing home sales, philly fed survey and leading indicators so it's plenty to keep us busy. regulators are focusing in on four big european banks. they are reporting regulators suspect barclays traders were just the ring leaders of a circle that included agricole, hsbc. can libor be reformed or is it damaged it should be scrapped. let's go over to andrew. >> we got some earnings this morning. ibm posting better than expected second quarter earnings. that was after the close. revenues fell short, but the company is raising its full year guidance despite weak tech spendi

i'm becky quick along with andrew ross sorkin and steve liesman. joe will be back next week.re now just two hours away from the most important release of the day, second quarter gdp. forecasters are saying that the u.s. economy probably grew at its slowest pace in a year. the dow jones survey is calling gdp to have slowed to an annual rate of 1.3%. compares to the first read we got of 1.9% from the prior quarter, first quarter. other surveys are putting this number at 1.5%. again all eyes are on this this morning. i can say that because joe is not here to yale at me. we did see some massive gains yesterday. the s&p was up yesterday by a huge amount. dow was up by over 200 points. this was the best day that both the dow and the s&p 500 had in a month. at this point you are looking at green arrows across the board. dow futures up by 35 points. s&p futures up by 3.3 points. nine of the s&p sectors were up over 1% yesterday. the dow's fifth 200-point gain earlier this year moves the index back into the positive territory for the week and month. these all things we're watching. gr

i'm joe kernen along with andrew ross sorkin and michele caruso carrara.ky is off because involved with cnbc issues. >> of course. >> she's not out there just with her baby and her youthless husband executive producer of the show. just joking. she'll join us from sun valley tomorrow along with three special guests. we called and called and called a bunch of important people. we were finally left with these three guys. this is the best we could do. warren buffett, alan simpson and erskine bowles. >> where did you pick them up? >> the guys that were way down on the list, but they were the ones -- of course they said yes. >> what do they know anything about? >> exactly. very special "squawk box." we're calling it "searching for solutions." everything needs a name. keeping america great. no, "searching for solutions: avoiding the fiscal cliff." we need to get a voice overfor that. i can do the voice over. >> you'll do it yourself? >> i can do it on a wednesday but i don't think i can do the music. i need some really important -- >> dramatic. >> yes, dramatic,

andrew ross sorkin, thanks so much for joining us. we apprecie it. upext,othampans ausin th oth oyingbout mney busess exrien. w uy wl it get? and the peak's efforts hit a a alemate. weook ahe pside and mneychede toy. . mt romy tinghe day off. ] attention, well, everyone. and ur gd dring , n sa youp to0%. you uld en t it thou swchinyournsurce.ng , why not give it a shot? carry on. vit prresse.cotoda > eier mt roey thrgh his n wdsnd his own signature was misrepresenting his position at bain to the sec, which is aelon or hwas srepsentg his posion aain to the amecan pele. he s lygo th arica pele, tn tt's aeal aracr an tru issue. >> damn. that was president obama's deputy campaign maner othe fense usi the worelon whilalki aut mt romy an the connuinquesons ov whehe csed conol of in catal. theomney camp is ready to respond. this directly from campaign manager matt rhes. he said, quote, preside oma ought topoloze f the out--conolhaehavr of h stf whhdemes the offe hos. lesring in brawoodhouse from the bnc, shawn spacer from the yn they're both wring pure so m

i'm andrew ross sorkin. along with kerr kerr and michelle caruso-cabrera, becky is off today. let's bring you up to speed on what's been going on overnight in the news. china's annual consumer inflation cooling to 2.2% from last month. economists say the data gives beijing more room to ease monetary policy to support growth without stoking upward price pressures. china's premier is warning of a further economic slowdown. wen promised to fine tune the country's economic policies but provided no new details or initiatives. ecb president mario draghi testifying before the european parliament today after a rate cut last week the markets will watch to see, of course, if he signals more dramatic measures such as buying government bonds or flooding banks with appreciate liquidity. back here in the u.s., today president obama, he's calling for a one year extension of bush era tax cuts for families earning less than $250,000 a year without congressional action those cuts expire on january 1st. now to michelle who has both the morning's top corporate news. >> dow alcoa reports. estimate

i'm becky quick along with andrew ross sorkin. joe is off today.uest host this hour is andy serwer. under pressure is the appropriate song to be playing this morning because if you take a look at european stocks that will tell the story. the european stocks falling pretty sharply in greece they are down by more than 6.8%, spain off by 4.3%. other major averages including the cac in france down by better than 2%. all of this coming as investors grow more concerned that spain may need a full sovereign bailout. this coming after a second region in the country indicated it will likely need government help. follows valencia asking for help on friday. local media saying half a dozen regions willing to do the same. spain's finance minister has denied the country will need a bailout but the markets are not buying that line particularly when you take a look at the spanish ten year. trading above 7.5%. any level about 7 is when you start to get very worried that the country can continue because the borrowing costs are just so extraordinary. so 7.5% is certai

andrew ross sorkin, thanks so much for joining us. we appreciate it. up next, both campaigns accusing the other of lying about romney's business experience. how ugly will it get? and the peak's efforts hit a sta stalemate. we look at the president and romney's schedule today. . >> mitt romney taking the day off. ] attention, well, everyone. you can now try snapshot from progressive free for 30 days. just plug this into your car, and your good driving can save you up to 30%. you could even try it without switching your insurance. why not give it a shot? carry on. now you can test-drive snapshot before you switch. visit progressive.com today. >>> either mitt romney, through his own words and his own signature was misrepresenting his position at bain to the sec, which is a felony. or he was misrepresenting his position at bain to the american people. if he was lying to the american people, then that's a real character and trust issue. >> damn. that was president obama's deputy campaign manager on the o offensive using the word felony while talking about m

andrew ross sorkin is here. what about the chatter after the tepid jobs numbers about qe-3. >> there is a sense that could happen but farther down the road. the big news this morning is what's going on in europe. that's moving markets a little bit higher as we speak. the futures look like they will open up better. we are in the midst of earnings season. we heard from alcoa last night. they had a little bit of a slight drop in earnings. however, there was good news in terms of demand on the autos front. that was giving a little bit of a positive step to all of this. later this week we got jp morgan which a lot of people will pay attention to. on wall street, the issue is the libor scandal continuing. new questions about whether regulators were in on some of the price fixing that we have been discussing for the past couple of weeks now. congress started to ask the new york fed what it knows. so that's the talk of the town this morning. not so much moving the markets. but definitely moving mouths as people chit-cha

i'm becky quick along with andrew ross sorkin.s off today. >>> the ecb says demands for loans from businesses and consumers remains weak. it's another sign europe's economy remains slack. >>> also the imf suggests china achieved a soft landing in the economic slowdown but it is calling on beijing to enact more sweeping reforms to ensure healthy growth in the longer term. >>> research analyst is expected to report -- to plead guilty to charges of insider trading. those charges are part of a wide-ranging probe that involves hedge funds. >>> let's talk apple this morning because it's one of the big stories at the moment. apple shares were hit big time after the bell. the company's results falling short of expectations. will power covers the company for robert w. barrett. we talked about this company yesterday. how surprised were you? >> that's right. good morning. good to see you all again. we were surprised. i think our expectations of the current quarter would be solid, albeit with risks, and we knew there would be risk to the four

i'm joe kernen along with andrew ross sorkin and michelle caruso-cabrera.ecky is off today but join us live from sun valley on thursday. along with these three special guest, warren buffett, alan simpson and erskine bowles with a very special "squawk box". we're calling searching for solutions, avoiding the fiscal cliff. and making headlines this morning, bp is indefinitely suspended a $1.5 billion offshore oil project in alaska. company citing cost overruns and technical set backs. good. you're not sure about it, don't do it this time. brent crude falling to $99 a barrel. the drop comes after norway's government intervened in a labor strike and order ad last minute settlement to avoid a full closure. the strike began on june 24th. cut oil production from the world's number eighth exporter by 13%. >> the futures right now are indicating a higher open. here's the energy market. you can see that crude oil and brent are lower as joe talked about. okay. so the dow opened higher by nearly 67 points. s&p higher by seven, nasdaq higher by 12. ten year yield was 1.

i'm andrew ross sorkin along with becky quick. europe but the euro is down, he's a happy man. the rest of the world not so happy, the do you looks to open 41 points off and the s&p and nasdaq off marginally in the moment. spain's short term debt costs continue to rise. spain paid the second highest yields in the euro era in selling $3.7 billion worth of three and six-month t bills in and secondary market trading this is a potential problem the five-year yield went above the ten-year for the first time that's happened in 11 years, and a measure of china factory activity at a five-month high. the managing index rose to 5.5, close to the 50 level from expansion to contraction. >>> whirlpool earning $1.55 for the second quarter, nine cents short of estimates, revenue on the light side as the company was hurt by europe's economic woes and stronger dollar. >>> earnings in europe's fiscal situation continue to drive the markets. i didn't think us from new york is alec young, global equity strategist and guest is jeremy siegel, our squawk

i'm joe kernen along with becky quick and andrew ross sorkin.l-known founder and editor of "grant's interest rate observer. "u.s. equity futures, pfizer had good numbers although now we're not up as much as we were earlier, up about 11 points for the dow jones, which at least at this point are still above 13,000. it's been a while. >>> let's talk about headlines, fomc gathering in washington for the start of a two-day meeting. fed officials signaled concern about weakening job growth and consumer spending so economists are watching to see if the central bank moves towards announcing another round of quantitative easing. >>> apple is in the news, lawyers for apple and samsung will begin opening statements today in the company's big patent trial. the jury was selected yesterday. among those on the jury an insurance agent, unemployed video game enthusiast, and a project manager for at&t wireless. that's actually sort of an interesting mix. the tech giants are cuesing each other of patent violations as they vie for control of the mobile device marke

i'm becky quick along with joe kernen and andrew ross sorkin.ire human genome science this is morning. they agreed on a takeover deal. also fewer u.s. companies are planning to hire new workers according to a new survey from the national association for business economics. 23% of firms plan to add employees in the next six months, down from 39% in the previous survey that was just three months ago. lot of worries about europe were cited by nearly half the companies polled. >>> nokia is cutting the price of its lumia smartphone in half, coming three months after its launch as it tries to stem losses to apple and samsung. the price used to be $99 with a two-year contract. now it is just $49.99 and if you bought it in the last three months you are probably feeling like a sucker this morning. we are watching the futures, right now you see the dow futures down by about 32 points, s&p futures down by just over 3.5 and joe i'll send it over to you. >>> joining us for the next two hours to talk business and politics is david walker, founder, president a

i'm becky quick along with andrew ross sorkin and steve liesman. joe is off this week. our news

i'm becky quick along with andrew ross sorkin. joe is off this week. our guest host is andy.et's get up to speed on the top headlines. we begin this morning with the markets because u.s. equity futures are under

i'm becky quick along with joe kernen and andrew ross sorkin. >> ben bernanke heading to t

i'm becky quick along with joe kernen and andrew ross sorkin, all together for the first time in about

and andrew ross sorkin. should we do it every half hour? >> no. >> all right.a special when people have birthdays. >> it is. >> there does come a time when you don't want to talk about it. >> like enough already? >> yes. >> 27 years old. >> proud of that. >> you've been at cnbc since you were like 12. >> 17. >> we're in the pierre hotel, heart of new york. andrew walked here. >> i literally -- i don't want to tell you when i woke up. >> very at home. it's the site of today's delivering alpha conference, organized by cnbc and our partners in this institutional investor. among featured speakers, hard to even imagine, holograms -- are all of these people here? >> they're going to be here. >> they're going to be here. unbelievable. are they playing these people or -- >> no, really them. >> the real -- >> wow. i want retina scans. henry kravis, hank paulsen, robert ruben, the new sheriff of wall street, pete bharara will be here as well. the keynote, tim geithner. is he going to be here as well? >> yes. >> you can watch the treasury secretary live right here on "squ

. >> adam parker is a huge uber fan and andrew ross sorkin showed me the application, wait times areto five minutes or a car service to pick you up. what made you come one this idea originally? >> i live in san francisco, and it's really hard to get a ride, so my co-founder and i just wanted to push a button and get a ride and wanted it to be a classy ride. >> from what i've heard when you say push a button it really means you push a button, it sends the car service, everything including your credit card information, so you don't even have to bother with any of that, you don't have to tell them where they're going, they show up immediately. how did you actually put all that information together, though? is this an easy task or is this something that took quite a bit of work? fr >> there's a decent amount of work and in every city there is an operational component in that city. we work with limo companies who then have drivers, sometimes those limo companies have one or two drivers but we give them iphones, they're running the driver app and of course consumers are either using their