back to you. >> thank you, deidre bosa.on to amazon earning let's bring back gene munster from loup ventures thought on the call? >> they captured it pretty well, that the unit stepped up from 10% in march warter to 18% that was the best unit growth this had since march of 2018 i think that's the reason why, despite the comments of them continuing to spend, that the stock has not traded off i do believe that the spending cycle, there needs to be some light at the end of the tunnel the reason is that ultimately you do need to grow into your multiple, in this case amazon's multiple is -- call it just over 50 times next year's earnings. on the call the cfo was talking about going into spending for the next several quarters for this one-day shipping, and the stock actually traded up on that, which tells you that i'm somewhat tone deaf to be talking about valuation here, but that is another big takeaway here, is we are entering up -- buckle up because we are entering another investment cycle for amazon. >> yes, looks like we mig

it aside. >> most important is user growth, and if it is going up that's why you own facebook. >> deidreth uber. >> reporter: two board members stepping down. you might remember that matt cooler took girl burlybill gurl, he is stepping down, as is ariana huffington who says she needs to focus more on her company. it is now a board with several vacant seats it was greatly expanded during the turbulent time when the founder was forced out we have seen ryan graves, uber's first ceo, he left in may shortly after the ipo. i want to note as part of the deal with soft bank, the big investment before the ipo, they were supposed to fill two seats on that board. that never happened because they did not get the government agency that approve's corporate deals for national security risk, they didn't get their approval guys, uber has come a long way and a long way back in a few years. it was a board that expanded and now shrinking. >> five basic seats is the tally? >> yes. >> who is left >> and the company had no comment so i'm not sure there's a timeline as to when and how they will fill the seats i

in a moment, it will be josh lipton on alphabet but we begin with deidre bosa on amazon. >> reporter:ig qn for amazon this quarter was could they reacti -accelerate growth. at 20% it was short of the levels of the last few yanrs. ile, profits took a hit, missing wall street's expectation and coming down from record levels. o azon telling investors expect more investment ahead as it continues to implement one-day shipping. deidre bosa, "nightly business >>> alphabet stock has been lagging the market this year, in part because of concerns about slowing growth, but the company just said its net revenues actuallyaccelerated, jumping 21%. jason hal steen says hedge funds were short alphabet too which move.explain the i'm josh lipton for "nightly business report", san francisco. >>> here is why these reports are so important. when taken together,zo a and alphabet make up 13% of the nasdaq composite index, and when you add in dow component intel, together they make up 7% of the s&p 500. >>> and that brings us to intel's quarterly results, which ew past earnings estimates and topped revenue f

"nightly business report", deidre bosa. >> still ahead, school's out for mmer but where are the youngkers. >>> i'm kate rogers in park, new jersey. tonight on "nightly business report" we're talking teen jobs, who is working, who is not and ♪ why. ♪ >>> and more on the jobs market and a new labor problem facing businesses. employers are finding it increasing difficult to hire teens, even during the summer months. s in asbury park, new jersey. ♪. >> hi, what can i get for you today? >> reporter: she is o kickingff her second summer working here in asbury park, new jersey. the 16-year old is making $10.50 an hour, $0.50 above the state minimum wage, working the register and serving up cold drinks and fri to customers on the boardwalk. >> well, when i'm not in school over t summer, i like to keep myself busy. want to have a job. i want to have a little money. >> reporter: she m enjoy working, but the share of teams working or seeking work in june, july and august has been stagnant in recent years. the labor force participations raor teens in summer last year was 40%. ten years ago it was

let's get to deidre bosa with the results. >> melissa, those hit a fresh all-time high but trading downf a percent lisa ellis at move fat nathanson said the reason it changed course was that payment volume growth was softer than expected. darrell peller, wolf research, says, look, expectations were so high it will trade up higher visa is up it is move beyond traditional card payments and into wallets t ceo said that visa is extending the partnership with morgan chase until 2029 he suggested that deal signings in europe is up. that should be positive for the company. lisa ellis is looking for color on visa direct, the new push payment product powering services like venmo and huber driver cashouts. she say it is a big future growth driver. darryn peller is looking for july spending and cross border trends, pricing opportunities and incremental partnerships in developing markets bon analysts, lisa and darren, said it is still early days, don't expect executives to say much on the call back to you. >> thank you, deidre bosa. karen, thoughts? >> i am long mastercard so it will be similar dyn

seema mody has a look at the movers and today's gdp print kate rogers is covering mcdonald's and deidre bosa has amazon and josh lipton watching alphabet. >> highs of the day and on pace for a record close, that gdp report showed that americans are spending more thanks to lower unemployment and higher wages. that story also showing up in a handful of earnings reports as well take a look at starbucks and mcdonald's, both all time highs. the question is can the trend continue in addition to the consumer names, take a look at retail some very tough first quarter earnings season for the retailers. and that earnings season sector starts next week and a number of them at 52 week highs. we're about 40% of the earnings season part of the story today of course is tech make text message players including alphabet moving to the up side driving the nasdaq higher as well back to you. >> and on the consumer front, gdp numbers out, 4.3% growth from the consumer. that was the best level we've seen in a while. clearly doing all the heavy lifting for this economy and providing a better backdrop for earni

let's get down to the new york stock exchange with more on this, deidre bosa. >> reporter: hey, melissathe orecast was better than expected thanks to a one-time gain, but pretty ugly otherwise. as you mentioned q2 profits likely fell over 50% samsung grapples with a chip market hit by a double whammy of surplus supply and slowing demand now, the broader story here though is about samsung's year of slowing profits and a global supply chain being hit by trade tensions analysts say that the trade war and the u.s. export ban on huawei has hurt global demand for memory chips if restrictions stay in place, that could pressure chip prices even further there's also trade tensions between japan and south korea which could be yet another headwind for semi conducto firms. overnight south korean chip makers lg and sk hynix were hit harder than samsung. today you see american names being dragged down there could be a silver lining though for samsung while memory chips are its biggest business, it is the number one smartphone maker. so even though galaxy s10 sales have been sluggish, samsung could be

. >>> now to deidre bosa with a look at the issues surround in amazon. >> reporter: three reasons amazonld get caught in the regulatory crosshairs. first, it controls nearly 40% of alin u.s. onle retail sal. ebay is distant second with market.of the second, potential competition with third party merchants on its own platform. ceo jeff bezos said earlier this year that third party sales that is smalliund m businesses who use amazon's platform made up more than half of total sales. critics argue that amazon could use data from these sellers to gainst themmpete and push its own private label products from diapers to electronics to toilet per. third, regulators could zero in on the amazon prime fly. whe if amazon is using money from other business units toid subsidize or music services, how can other companies that do have to make a profit compete? deidrebosa, "nightly business report." >>> finally, as we mentioned, parentgolphabet and et a ogle could be under scrutiny. here is josh lipton. >> google could be inme the gove crosshairs in part because of the estimated 80% market share in searc

let's start with a report on amazon deidre bosa has it for us. >> amazon returned to big spending daysling out the one day shipping the street will want to know if the pricing is driving more impulse purchases and more prime memberships. with that more spent, amazon's string of report profits could come to an end analysts expect a growth of 11% of growth year over year on revenue of $62.5 billion, representing growth of less than 20%. analysts are likely looking for clarity on how amazon could respond to regulatory scrutiny amazon is usually quiet on this front but we'll see if tomorrow it is different. back to you. >> all right deidre, thank you. >>> alphabet set to report tomorrow josh lipton here with the preview. josh. >> reporter: so, sara, alphabet is up about 9% this year but it does badly lag the market and the tech sector. street expecting q2 eps of 11.32 billion. the company is facing head quins including slowing growth and increasing regulatory threats with the doj opening the antitrust review some believe google could be in the crosshairs in part given its market share in s

the president, the fed chair, congress, and now mark cuban hey, deidre. >> cuban mincing no words when facebook's new currency >> what they will do with libra is to be determined. you know, we'll see what happens. i am not a big fan i think it's a big mistake not so much because of what will happen in the united states, but globally i think globally and in countries where there isn't a lot of rule of law or a lot of government stability or currency stability, yeah, then it could be dangerous. >> carl and sara, as you have been talking about this morning, his comments along with congress and the president's criticism of libra certainly feels like everyone is bashing cryptocurrencies, but you have to note that some of the biggest names in this space are actually welcoming some of these attacks. ceo and co-founder of crypto plot from coin base brian armstrong tweeting in response to the president's comments. he tweeted, i dreamt about a sitting u.s. president needing to respond to growing cryptocurrency usage years ago first they ignore you, then they laugh at you, then they fight you, th

in addition, we will continue to be applying our long-term deidre strikss, our long-term affordability covenants and our appliance with all the regulatory frameworks that we work within, including state, local, and federal regulations. with respect to the delegated authority, the request to have this for loans under $10 million primarily applies to two kinds of loans. one is a small-sized program and one is the down-payment assistance program. in our down-payment assistance loan program, we are talking -- let me go back a slide. our borrowers are conducting this work for anti-displacement reasons to keep people in their homes, they're out there on the market. the board process takes four to five extra weeks. so we would really be put at a disadvantage. okay. and we do have some great examples of where that process would have caused us to actually lose the properties. with respect to the down-payment assistance loans, we are under obligation to protect the privacy of our clients. and so to get a down-payment assistance loan you must provide your personal finance information. so it's ver

with the cfo after earnings last night and joining us with more on that conversation josh >> so, deidreictory lap racing higher. net revenue jumping 21% so easing fears of slowing growth still there are potential challenges too like increasing regulatory scrutiny. the company has been engaging with regulators saying we are already subject to oversight in a number of areas. this is not new. whether it's competition or copyright or privacy or intellectual property, we have been engaged with regulators around the globe for quite some time what could that mean for google? she says our focus on protecting the security of google users on the millions of existing huawei handsets in the u.s. and around the world today and going forward. it's still an open item. >> its cloud business on track to rake in more than $8 billion annually is the company going to do more ago which significants to build out that unit. purat says we recognize they can be additive and open to them where they make sense but there is a lot we are doing organ organically and excited about the direction we are headed here pre

/china trade tensions continuing to that weight on demand deidre joins us with more. >> a one-time gainlts this quarter over profits. they were down, as you said, more than 50%. what we're seeing is a supply surplus and slowing demand from memory chips remember this is samsung's biggest business now, the china/u.s. trade war certainly not helping. analysts say the trade war and the u.s. export ban on huawei has hurt demand for memory chips globally if restrictions stay in place, that could pressure chip prices even further now, samsung's smartphone business also facing challenges with sluggish sales of the galaxy s-10. samsung could actually benefit from huawei's pain they could sell more smartphones if huawei sells less remember that huawei is the number two smartphone maker. samsung is number one. samsung is also making components for rivals in this space and ramping up its 5g network equipment business guys, it is not just samsung being affected by trade tensions aside from china and the u.s., tensions between japan and south korea could be another headwind for them and other south k

because of that as deidre points out, julia has numbers >> snap beating expectations on every metricny reporting stronger than expected revenue of 388 million versus expectations of 359.7 million. earnings were better than expected as well the company reporting a loss of 6 cents per share. that's a narrower loss and the ten cent per share loss and better than the 14 cent per share loss in a year ago quarter and that daily active user number beating expectations coming in at 203 daily active users that's 13 more than the prior quarter and higher than expectations of 192 million. so looking across the different regions, they added 3 million users in north america, so that's better than expected. also a big beat in terms of users around the rest of the world. guidance also strong, revenue guidance higher than expected for the third quarter as is guidance for operating income. so looks like some great trends here and we'll continue to dig through it and be back to you with more. i want to note the stock is up 8% right now and what's particularly notable before earnings today is gained 5%

josh lipton just got off the phone, deidre bosa standing by gene munster is ready to break down the headlinesoaring after the company beat on both the t

i'm pleased to say joining me is the conservative mp robert courts and deidre brock of the snp. nothingjohnson on climate change in that speech outside number ten. is that a concern for you because you are absolutely, this is the single biggest crisis facing us at the moment. what he mentioned was genetically modified food which i can tell you won't play well in scotla nd can tell you won't play well in scotland but apart from that the fa ct scotland but apart from that the fact he did mention it is a huge concern. and future trade deals potentially, some are pointing to chlorinated chicken, that is the one that comes out all the time from the united states. dealing with those environmental standards, that is something you believe this government has got to do. absolutely andi government has got to do. absolutely and i can't tell you how many times i raise it, it is also about geographic protected indicators which we haven't had guidance that the government will protect. we need to hear food and the government will protect. we need to hearfood and drink coming into the country will be c

deidre, thank you. >> we'll be right back these folks, they don't have time to go to the post office businesses to grow customers to care for lives to get home to they use stamps.com print discounted postage for any letter any package any time right from your computer all the amazing services of the post office only cheaper get our special tv offer a 4-week trial plus postage and a digital scale go to stamps.com/tv and never go to the post office again! >>> read all about it. earnings from the blue bird expected any minute. we'll bring you the numbers and the reaction. >>> trash talk the c eo of waste management. >>> plus, rising star awkwafina. >> content creation and her new deal with hotel tonight as the second hour of "squawk box" begins right now ♪ ♪ >>> live from the beating heart of business, new york. this is "squawk box. >>> good morning and welcome back to "squawk box" here on cnbc i'm joe kernen along with becky quick and andrew ross sorkin dow as far as equity futures up 53 nasdaq up strong a lot of that is alphabet up 70. the s&p getting back some of yesterday's giveback