much better than anticipated results. >> we have an exclusive interview coming up with target ceo brian cornell joe, were you talking? >> i was going to say these numbers. it is brian sullivan we have brians everywhere this morning. these numbers are out of the park just like the lowes numbers. we are seeing a reaction in the stock. lowes didn't move that much. i know you'll be talking to brian cornell. i do wonder how much of this is at the expense of small business and how much of that will reverse when stores reopen remember target and lowes were almost the only places open. how much can they hold on to from that? >> and how much have shopper patterns changed are they going to be new customers and stick with that or go back to old patterns whether shopping at the malls or elsewhere. >> i'm back to thinking about outliers and then yesterday, we heard from some people that said walmart and home depot and that's it. we got to add a couple more at least and these are all specific stay-at-home type plays. there are stimulus checks. i think we are four for four on what we've seen. i'm not sure it

. >>> coming up on "squawk box," target chairman and ceo brian cornell will discuss his company's resultsn an exclusive interview. mest watch, 6:45 a.m. eastern ti that does it for us. "squawk box" will pick up after this break ♪ with a burning love inside ♪ yeah i'm working my way back to you, babe ♪ ♪ and the happiness that died ♪ i let it get away servicenow. the smarter way to workflow. simon pagenaud takes the lead at the indy 500! coming to the green flag, racing at daytona. they're off... in the kentucky derby. rory mcllroy is a two time champion at east lake. he scores! stanley cup champions! touchdown! only mahomes. the big events are back and xfinity is your home for the return of live sports. >>> good morning, the s&p 500 erasing the pandemic plunge. investors watching for key retail data today starting with lowes and target we'll bring you an exclusive interview with target ceo brian cornell ahead. several colleges reversing in-person plans after outbreaks. we'll get an update with dr. scott gottlieb "squawk box" begins right now. >> good morning, everybody well come to "squaw

what mcmillon said yesterday. >> yes, and what i find once again the self--effacing nature of brian cornellthey took $5 billion in share, you could argue they took it from the little guy, that's a totally different discussion and it's a political discussion to some degree because you need stimulus, but what i liked about target was they're extraordinary besides -- their digital comparable sales grew 195% this is shipt, s-h-i-p-t, and anyone who has used it is amazed because in a lot of ways it's superior to amazon and superior to walmart no one saw that coming because the shipt acquisition wasn't that big target has always been a favorite place for my generation, it looks like it's another favorite place for the millennials. it is extraordinary that brian saw a good august. now, he did, again, he said backpacks is not that good but the fact is he's having the best back to school on a relative basis which is why i think that stock continues to go higher what caused stocks to decline yesterday in the segment is back to school was sluggish i can pick on kohl's because they didn't say it was sl

brian cornell is encouraged by the online and encouraged by a degree of the strength that they had in the store. we have a quote from him talking about this, that again he is encouraged by the idea that folks are shopping in stores, despite what is going on, and that is an encouraging sign for the future. if we go into the terminal and look at this chart, you would think that retail growth out of the march and april low is up big on the month-to-month basis. you see the green bars, so back in may, 18 point 2% and then 8% in july. 1.2 percent was a disappointment. thing is that year-over-year growth. right now we are looking at year-over-year retail growth of 2.7%. helped drivenly some of the strength. alix: good round, thank you. smead, targetcole is his number one holding and it makes 13.4% of his portfolio. good to see you. i was struck in the call that the ceo of target was saying that they hope stimulus is extended. what kind of confidence that stem -- that target can continue to outperform? cole: we are optimistic. what the quarter shows is that they are engaged and showing their

target's ceo brian cornell putting it this way. as americans haven't been able to spend their money on vacations or do normal summer activities, they've redirected their dollars to places like target and other retailer, big box retailers, to spend their money. doesn't hurt that big box retailers like walmart and target were able to be deemed essential versus non-essential. we're seeing that it gap really widen between the big guys and the little guys. speaking of the big guys, got to tell you about apple. apple becoming the first american company today to be valued at $2 trillion. a matter of two years to get here from $1 trillion. certainly a milestone for apple. >> can't even wrap your mind around that number at this point, quite honestly. thank you. appreciate it. >>> the latest, news, checking out markets streaming live at 12:45 p.m. eastern only on cnn business. >>> up next, a big night with big names at the democratic convention. president obama, kamala harris, hillary clinton. what to expect from tonight. that's coming up. h

surcharges come holiday season, but it's different when you can get things delivered at home >> i think brian cornel undersold shipt, carol tomei, the ceo of u.p.s. ununcharacteristically quite ed, and she's learning the ropes fedex is a great turnaround. those companies are the new economy. e-commerce is so powerful. we have to stay focused on square, etsy and on shopify. >>> crosscurrents are hard to read, especially going to the latter part of august. when we come back, we'll talk about the american announcement. which markets will not have service, at least for a month as they await stimulus. we're back in a minute you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight. thanks. we'll see ya. ah, they're getting so smart. choose the app that fits your investing style. ♪ wow. jim could you ipop the hood for us?? there she is. -turbocharged, right? yes it is. jim,

brian cornell addressed it and talked about the 66% of students that are starting digitally. but what's important for them is they have seen that double digit momentum continue through this month, which ors aren't seeing so others are seeing -- target is seeing a little bit of a moderation but they are seeing much more strength to flow through. i think this whole crisis has really upended how consumers are shopping, where they are shopping and what they are shopping for target is really winning on all three of those points and particularly with how they are shopping, reconditioning consumers to shop through these extended offerings, buy online, pick up in store or curbside pickup it's a game changer. if you can keep people exhibiting that behavior beyond the crisis, that's a real win for target. >> how much do you think, liz, that home depot and lowe's rely on the stimulus that we had over the last couple of months that we no longer have? >> stimulus was important but they are also seeing strength continue i think one of the things i'm wondering how much it impacted their bus

i remember that brian cornell told me they were going to expand, two notes today positive on target,ave small target formats to where there are colleges holy cow, david, no customers. what do you do target fortunately spent more time doing urban and it worked out, but i just feel that we are underestimating what will happen to whole cities where the cities are directly involved with the university thousands of people and what happens when you have thousands of people do not go to big 10 games? i mean, this is america. i saw the president tweeting we should play football obviously we would love football we are a country where the big commerce elements happen to be when we gather and, david, we can't gather i don't know what happens. i'm watching them talk about how people are gathering at a shake shack in china they have that ability because they put down the virus. we can't gather but we are a gatherer country >> we are. we are and of course obviously college and universities is all about congregating as well jim, i want to take a quick diversion here to talk about my friend sumner r

we're slated to get target second quarter results and we'll speak exclusively with target ceo brian cornellern time. was quale down there with you? if he were still producing, becky, you know what we would have started this hour with "smoke on the water" from deep purple. >> deep purple yes. yes, yes "purple haze" was a good one. >> we would have done austin powers when he was talking trillions versus billions. some of the stuff we used to do. we'd get thrown off the air for. we played that schwing sound we can't do that anymore why am i even mentioning it. let's go to tesla. >> we should have started with "brown eyed girl" because your tie is brown check out the shares of tesla. we've been watching that this morning. that stock surged more than 11% today. it's gained about 40% just in the past week. it's up another 2.3% this morning. bloomberg said yesterday's jump raised elon musk's fortune to $8.3 billion we were saying fifth before but he is fourth he is $15 billion away from the number three position which is held by facebook's mark zuckerberg >> another spac in the news. hedge fund st

i talked to kendrick scott they're doing virtual try ones of their jewelry i talked to brian cornell. goal is to be the safest place to shop and he said digital has accelerated three to five years from where it was you know, nobody looks at the long-term plan right now your long-term plan is four weeks. it's not three to five years it is like people are scrambling then you have this social justice issue which i think every ceo i've talked to is trying to do what they can in their piece of the world to attack racism, the inequality that's out there you know, i talked to evan spiegel, he wrote a really thoughtful document to his employees. he talked about the need to invest in the future to improve the future, like 7% of government spending is only on investment right now so, you know, it's -- you know, everybody is trying to do what they can with that issue as well >> david -- >> i can hear you trying to interrupt me i was on such a flow you had to stop me. >> it's scott wapner good to see you again. it has been a while. >> good to see you. >> your podcast is so perfectly timed. i mean