emc increased offer to $33.50 a share from $30. the domain is the object of a bidding contest between emc and netapp. that's cnbc.com news now. i'm courtney reagan. >>> live from the financial capital of the world in the heart of lower manhattan. this is "squawk on the street." it's a monday morning. it's a sunny, glorious day in july. that's why mark is lucky to have the day off to enjoy it and do tomato harvesting. scott wapner is here. stocks are hung over from the holiday weekend. starting off with anything but a bang. we're going to open lower. people are concerned about the status of the "economic rebound." >> i'm scott wapner in more mark haines. oil extended the previous weeks loss losses. >> let's look at the futures. it's lower across the board. a lot of concern. as we've been saying, scott, one of us said to me this morning it's more like there's moss, not green shoots. going from green shoots to moss is a downgrade. maybe that's what we're seeing in the market. the dollar, interesting story. china making reassuring comm

i think emc got a dent price. i think emisoing to mark time on this.ut i will tell you is, stacy if goldman shs is right with the call that hardware a software areoi to return to normal spendg levels, inther words, information technology budgs increase in the second hal your $12.80 emc stock is going too to $15. i wa you to hold on to it. let's go to juth in new york rit now. judith >> b-yah, jim. it's an honor to speak to you. >> same to you, juth. what's on your mind? >> caller: i wondeif you would give us an update on the t mixebasket? hold or take prots? >> no, no. should he taken some profits up at 25%. let the rest run. i got tl you something, i was working on th, amd, on semiconductor, on telelast. these stocks have come down again. it is me to t back in. >> buybuy, buy. >> the respect playoff of e increasing need for cyr security. do the homework. i think you'llike arst. arcsig. i know, with headlines lik thi want to start making some money. stay with cramer. >>> coming uthe lightning round," cramer takes calafter call to give your stocits fina

i think emc got a decent price. i think emc isoing to mark time on this. but i wi tell you this, stacy if goldman sachs is right with the callth hardwe and software are goingto return to normal spending levels, technology budgets incree in the second half, yr $12.80 i going t go to15. want you to hold on to it. let's go to judith in nework right now. juth? >>> boo-yah, jim. it's an honor to speao you. >> same toyou, udith. what's on your nd? >> caller: i wonder if you would give us an update o the tech mixed basket? hold or take profits? >> no, no. should have taken some profits up at 25 the rest n. i g to tl you mething, i was woing on tech, am on semiconductor. on tast. es stocks ha come down again. it is ti to get back in. >> buy, buy, buy. >> the respect play f of the increasing need foryber security. do the homework. i think u'll like arst. arcsight. i know, with headline like this, i wanto start making money. >>> coming up, "the lightning und," cramer takes call after call to give your stk its final judgment. can you keep up? d#: 0-345-2550 "i'm reth

emc, if you remememb y yterday, raed the bid rr dataomain from 30 to $33.50..o surprpree today that theyya domain agrees tbebecquired by em ultimatatel breakakinaa alal it had witith tatapp wchchimply couldn't compete hhe. netapp g geta a brk-up fee. u u know, if youou'r napapps yo come in with caps a and stock. emc is so mucuch rgrg than you are. they got aititst proval. it was a cashdeal. hard to imagineou alal couldld find a w wayooompete there, given n th t the could c csese o weeks. at was the one advantatagehehe had h hop they mightht have, certainty y ofclose. whwhenhat went awayy a a em raised, it w wasllllut ov.. antoday, iisis over. emc willacquire, as i said,d, data domain. whwhe t the talk in t ter of synergies, neneutl. beginning inin fiscall year 201. doesn't leavee us much the cocontteted ont, does it? couple of bebermaa insurers. thateal may also be endingng soon. and then you've got the fertilizers andnrnrg a xe lexel. am i forgettttinathing? emc gain, allll cash. $2 billion. in this market,t, a aually mean something.g. all right. wee e t break

and why is pete looking at a behind the scenes technology play in emc? >>> plus, do you buy or sell mastercard ahead of earnings? the answer plus all this coming up after the break. >>> the bill akman starter kit. >>> and is the top trade in market still intact? the number one internet analyst takes the pulse with more earnings coming up after getting hit hard by big blows. >>> plus the big fish leaves the water. normally only at home rubbing elbows with the rest of the boys in the pit, rick santelli makes a special trip to the "fast money" floor with his chi-town trades that are anything but shy. npeople are on sprint mobile broadband. 31 are streaming a sales conference from the road. eight are wearing bathrobes. two... less. - 154 people are tracking shipments on a train. - ( train whistles ) 33 are im'ing on a ferry. and 1300 are secretly checking email... - on a vacation. - hmm? ( groans ) that's happening now. america's most dependable 3g network. bringing you the first and only wireless 4g network. sprint. the now network. deaf, hard of hearing an

and why is pete looking at a behind the scenes technology play in emc? >>> plus, do you buy or sell mastercard ahead of earnings? the answer plus all this coming up after the break. >>> the bill akman starter kit. >>> and is the top trade in market still intact? the number one internet analyst takes the pulse with more earnings coming up after getting hit hard by big blows. >>> plus the big fish leaves the water. normally only at home rubbing elbows with the rest of the boys in the pit, rick santelli makes a special trip to the "fast money" floor with his chi-town trades that are anything but shy. so many arthritis pain relievers -- i just want fewer pills and relief that lasts all day. take 2 extra strength tylenol every 4 to 6 hours?!? taking 8 pills a day... and if i take it for 10 days -- that's 80 pills. just 2 aleve can last all day. perfect. choose aleve and you can be taking four times... fewer pills than extra strength tylenol. just 2 aleve have the strength to relieve arthritis pain all day. when a major hospital wanted to add on to their benef

emc came in and upped their offer to $33.50 a share all cash. data domain has already said it likes net apetter at $30 a share. that's cash and stock. it's going to be hard to turn your nose at 33.50 in all cash. net app has come out and said they're considering all option ppz the 34.12 is interesting because it's trading above that emc number.?Ñ so maybe the street expects it to go even higher. let's talk about some of the big names here and the weakness we're seeing today. apple down 1.4%. research in motion 1.9. amazon.com down 1.6%. we're especially seeing some weakness in the chip stocks today. take a look at the philly semiconductor index as well as broadcom and nvidia, those down bettern 3.7%. on the sother side of the ledge, let's take a dell, up 3.1%, strong all day, bernstein came out and said listen if we have a rebound in pc sales in the next two to three years dell is better positioned maybe even than hewlett-packard and they're getting a bounce there. courtesy of mike huckman, a couple items. amag, jpmorgan upping the price target

. >>> > emc wins the data wawafof data domain. the two compapaeses had battled for r e e pa fewononth of control l of data dodoma.. it spepeciss inatata technology ich boosts the efficiencyy of storage uipment by dmrooet deleting duplicate fililes let's take a lk at emc today in frankfurt. those shares are e upbobout6%. christine. >> w wheerert's earnings, n new ababouchina, l these viosos d d blblog find them all at cnbc.com. >>>>anand coming up,, the nenewa china has arsted staff from rio o ntnto sent the aussie d dr wn. >> andnd w we'shshowou where we arare the currency markets. >>> weurn our attetentnn to o ee currenencymarkets.s. dollar/yen, 93.35. ro/dollar, 1 the 9. for more,,e're inined by nick hahaings, senior correspononde who has come intoto t cross rates, as ll. i have one q queioio about the g-8 or thehe -5 partt of the g- kekechina, india andnd brazil. ththeye been discussing on t t sidelines whwhheher they shouou have a reserve currencycy mr. sarkozy took thatffffhe agenda. eyey'r quoteted at sayining 'r' going to r

we got wordthey a a going t to overery y agnst emc.haththey are no you focus back on thehe core business whih is on fe.e. i wish they had a reason to o be in sun valley, butut t ty are t busysy making money. >>>> lt but notot least --- >> ienenoned it last nit, but i wanantetoto geeou the cocontt.t. i spend the e beerer pt of the last threeweeks trying to fi companies thth benefit frorom p and trade. you just got the that t does. i am stk.k. i n'n't find cpapaes that on theieiowown could do betterer bebecaeef cap and trade and i have hundreds of compapani t tha do worse.e. i found one ththat w wld and ii questiononbobouthe agenda ofofhe prididt. >> thank you.u. i'mlalad you f fou two pososite things. >> get somebody who h has memethg good to say. >>'m'mrying. tomorrow when i go around, i ll ask and ask and find onone thing. i i wi promise to get it o the record. i don't mean the wther. >> all r rig, , m. thank yoyou. more of jim tonight heheren n cnbc. a billilionrere from f farwawa e in sun valley alongith many people f fm m arnd the

think emc is going to markrk time on this. bubut will tell you this, stacy -- if g golanan shs is right with the call thahahahardre and softwarere a g goi to return to normal spending levels, , tenology budgets increase inin thsecond half, your $12.2. i is going to go to 1 15. i want you to hold o on i i t't's to judith in new yorkrk right now. judith?? >>> boo-yah, jim. 's an honor to speak t tyoyou. >> samame y y, judith. wh's's oyour mind? >> caller: i wonder ifif y w wou give us an update onon t t th mid d baet? hold or tatakerorofi? >> n no,o.o. should have tatan n so profits up a at %.%. let the restst r.. i got to tell l u u sothing, i was s rkrkinon tech, amd, on secocondtor. ononelelast. these stocks have cocomeowown again. it is time to o gebaba in. >> b buybubuy,uy. >> the respect play y ofofof t ineaeang need for cyber curity. the homework. i think you'll l le e ar. arcsight.. i know, with headlinin l lik this, i want t to ararmaking sosomeononey >>> coming u up,ththe ghtning rorod,d," amer takes call after call to

okay, emc bumped the bid to data domain to 34.50. you had some recovery in emulex. you had some other companies that are part of a transaction. how do we allow capital to flow towards its highest return? companies have to do spinoffs. you will see a lot of financial engineering through the balance of the summer. >> all right. let's hold on for one econd. bill orlando, let's go to you. i'm interested. i won't say i like. i want things to turn out well and american investors to create wealth. that's my basic point. i have to be realistic. i looked at the jobs number and saw nothing good, everything bad. so i'm thinking now the only hope i have left for a summer rally is in defensive type stock, including consumer staps and general lls type stuff that marioabelli just mentiod. what's your take? >>ur models are suggesting that t staes and health car stockstwo defensive areas, certainlyttractive here that i tnk the headline miss and the jobs report on thursday put thfear of god into investors that the strength of recovery in the second quarter earnings season will not be

if there's more enterprise spending which everyone says is coming back, emc, hewlett-packard, and crisco, the last two names in my charitable trust, because i put my charitable money where my mouth is. the other plus for tech financial service companies, a huge consumer of tech are making a comeback after tremendous turmoil. here's the bottom line, you would have seen intel's blowout quarter coming even if you were looking at the clues, even as the press and many analysts seemed determined to ignore them. but now that intel gave us something too big to ignore, the blowout, tech is back on track. stick with me after the break and i'll tell you about another tech stock that the clues are telling you to buy, buy, buy, and this time i hope you'll pay attention to them. i need to speak to joe in california. joe? >> caller: jumping jimbo. >> what's up there, chief? >> caller: hey, jim, i got a speculative ipo name that can't wait until friday. >> what's that? >> caller: that's your take on solar winds, ticker syi? is the growth rate in that company a good offset to its p/e ratio? >> oh, let me

emc came out, great numbers. network appliance continues to promote. look at western digital. all of that whole space is moving. but when you get names like microsoft out there like this, this does -- >> we have to -- hold on. >> i'll tell you what, i'm not so excited to buy it. i'm looking at it, but i want to know why this revenue -- >> we have the chart of the day up. the longest winning streak since 1992. let's see what they're doing in the after-hours session to see if this has changed other people's sentiment as well. as we bring up the chart, my guess here is that, yes, this will be a damper in tomorrow's session. here we go here. you see in the arhofter hours, softness. let's go straight to jim goldman. he has some breaking news. >> joe was just talking earlier about any update on bing, but i can tell you i don't have an update on bing, but i have an update on yahoo. the "wall street journal" is reporting that yahoo's board is scheduled to meet as early as later today to discuss a possible search deal, a search proposal from microsoft that at this point it's unclear wh

emc raises its takeover offer for date o. domain by 3.50 a share. this new bid is valuing the storage device maker at 33.50 a share. that's $2.1 billion total. the offer tops the deal data domain has agreed to with net app for $1.9 billion. bit of a horse race going on here. and as you can see, net app the loser on the day. 1 1/4%. regis reporting revenue down because of a 4% decline in same-store sales. the operator of the super cuts chain says it will offer 11 1/2 million shares as part of a plan to repay $267 million in debt. regis stock down 21%. quick break and then still to come on "the closing bell" president obama in russia today to try to smooth over the strained relationship between the u.s. and russia. will it work? we are looking at the story out of russia with president medvedev restarting relations. later california state treasurer bill lockyer and my guest telling us the golden state is anywhere near passing a budget deal foote billions of s tt were just issued are paid back time. today there's a wa to save more for retirent, with ati

we currently have a neutral on emc. they're scheduled to report next thursday. but we think that's a pretty interesting company as well. we'd be looking at enterprise infrastructure gaining some mind share and some investment dollars from the community.. >> so let's talk about the bellwethers, brian, just tomorrow. we've got ibm and google. do you want to be owning these stocks going into the numbers? >> i don't think ibm.m. i think ibm's fairly priced. we currently have a neutral rating on the stock. we're looking at recovery to come in a little slower for them. obviously they do about $100 billion a year in annual revenue. that's the world's largest i.t. company out there. it's going to take a lot to move the needle there. we think it's fairly priced. google, on the other hand, we do have a buy rating there. we think that's an attractive asset, obviously market leader in a growing space.. we'd put our money on google. >> gentlemen, we'll leave it there. great to have you on the program. thanks so much. we appreciate it. we'll be watching those numbers and have

emc c pipingheir bid. i i dot know if this will be the last bid w we' s see i'm not a buyer herere. >>ensec down 3%. >>>> pbabablclose to 8%. they're goining d droa lot of isis gwth. up to 10% % ofdpdpnot very good. earnrnin s sll positive in india. >> drorop r r s. steel, down 6%. guy? >> is it a run-up p ofununctn of demandndr r a nction of spececulioio inventorieies s sel make you believe it's speculalaonon. i think it has r rooonon t down sidedemamayb29. but u.s. steel gets s trtracve below 30.. >>>> p for dendrion. it was up for the sessioion. had a target of $50 on ththe stock. provengeges s prtate cancer trtreaenen people wishing t theboboug it, not only invesesto b b companies like glaxosmithklili a andristol myers. i think it doeoegeget ught by year e end th $ $50arget is a good one. >> pop up 3% foror ntetel. >> hopefully, , ths.s.c., which is conontelalang a meager upgrade of broadbabandilil include spspntnt ntel products. >> with a lot of ferertizeze kekersmosaic down 3%. >> these guys will b bgegettg a big look.. g8g8ilill lk about farming rather thahan nanati food. t's

emc upping their bid. i don't know if this will be the last bid we'll see.m not a buyer here. >> sensec down 3%. >> probably close to 8%. they're going to drop a lot of this growth. up to 10% of gdp, not very good. earnings still positive in india. >> drop for u.s. steel, down 6%. guy? >> is it a run-up of function of demand or a function of speculation? inventories in steel make you believe it's speculation. i think it has room on the down side, maybe 29. but u.s. steel gets attractive below 30. >> pop for dendrion. it was up for the session. >> had a target of $50 on the stock. provenge is prostate cancer treatment. people wishing they bought it, not only investors but companies like glaxosmithkline and bristol myers. i think it does get bought by year end. that $50 target is a good one. >> pop up 3% for nextel. >> hopefully, the s.e.c., which is contemplating a meager upgrade of broadband will include sprint nextel products. >> with a lot of fertilizer makers, mosaic down 3%. >> these guys will be getting a big look. g8 will talk about farming rather than

emc is in a battle to acquire data domain. as you can see, that is helping the stock right now..4%. >> a pretty protracted bite, right? >> yeah, people -- favors have been talking about it a lot. >> $33.50, that's all -- it's already up 34 bucks above that. maybe they're expecting an even sweeter deal? >> i don't -- i think the $34 is -- that's this morning? >> yeah, that's where it was trading a second ago. a little tug of war over something. >> yeah. we talked about that, too, exactly what data domain does. why would i know? >>> vice president joe biden the obam ministration misread hobad thinks were but he defended the stimulus package. >> we haveto adequately, properly, transparentally, effectivelspend out this pr $780 -- >> that's your job.ar you're in charge. >> it is my b. sxing we're doing it well. you notigeorge, mine, there are other predictions. this is going to be wasteful and all these terrible projects were going to be out there, wasting money. that dog hasn't barked yet. >> biden says it's too early to know if a second stimulus package is going to be needed. we'll

emc, upped its offer for $33.50 for net cash, for $30 cash and stock. of course, data demand up 2.7%. and i want to point out this courtesy of mike huckman, up 2.2%, a new price target of $75. it's at $53.97. oil is in huge focus today.?Ñ so i yield the rest of my time to sharon epperson. >> brian, it's all about risk and the fact that really right now investors don't have much appetite for it. that is causing the slide we've seen, not only in oil prices, but across the board in commodities. keep in mind, though, oil is off of its lows of the session and several factors to talk about, yes, there's a lot of economic uncertainty out there and weak fundamenta fundamentals, that's nothing new, the dollar has strengthened a bit, but the real story is what has happened to money flows, and when you look at the amount of money that's in commodity indices, it has increased by about 56% just in february. we're talking about $125 billion. not all of this is in oil, but a lot of the money is in oil and that has something to do with the price volatility that we've s