all right, jim o'neill, thank you. more of today's top stories and we're counting down to the 8:30 a.m. eastern, when we get the june employment report. look, less than 16 minutes away. our panel of experts will give us their predictions, tell us what the report will mean for the markets, the economy and the race for the white house. don't move. u had thermal night-vision goggles, like in a special ops mission? you'd spot movement, gather intelligence with minimal collateral damage. but rather than neutralizing enemies in their sleep, you'd be targeting stocks to trade. well, that's what trade architect's heat maps do. they make you a trading assassin. trade architect. td ameritrade's empowering web-based trading platform. trade commission-free for 60 days, and we'll throw in up to $600 when you open an account. i have evidence that proves my dad's a space alien. he speaks a weird language... [ gargling ] drinks green stuff. he says he's from albuquerque. i'm not buying it. i mean, just look at him. and one more thing

our newsmake esh of this hour is goldman sachs chairman jim o'neill will be joining us live in a few minute. >>> apple's third quarter results falling short of estimates after the bell. it was the company's second miss in less than a year. the company blames a sagging european economy and a pause in iphone sales ahead of a new version for that device. apparently everybody is waiting for the i5. shares dropping sharply on this news. you saw a big haircut, down by 4.8%, a drop of more than $28. we'll continue to get this earnings foray today. a number of corporate results to watch before the bell, including boeing, caterpillar, aol, conocophillips, eli lilly, pepsi and well point. a lot more to come. >>> a broken record here but continuing fears about spain this morning. the country's funning costs have reached near new era highs. madrid has to find 50 impl euros in funding by the end of the year, 10 billion euros more than than they expected at the start of the year. regional debt soaring borrowing costs, higher deficit and souring market sentiment, which could account to too much for

i agree with jim o'neill. spain does have enough money but 7%, 7.5%, they're going to run out of money very, very quickly. they need to get those numbers down. bottom line is. this i know that gdp numbers not inspiring but the markets are up nonetheless. i don't think that's the reason the market's up. most traders tell me markets are up because they believe more stimulus is coming from the ecb and the fomc. remember, fmoc. now dow over 13,000 first time since may. breaking out. but it's the big caps. here's what i like. see the transports and russells, folks? underperforming for weeks now. now they're moving to the upside. nice to see them playing catch up. you mentioned facebook. no apologies. it was a horrible number and not happy with it but you see how it's come off the bat tom? since europe closed there's a spate of volume here and that stock moving up right near the highs for the day. let's get more on the gdp number. steve liesman is at headquarters. a lot of revisions, i particularly noted that 2010 r

. >> although we talked with jim o'neill who said draghi made comments over the weekend that were verymportant. he said nothing is taboo when it comes to ecb actions. jim and other people have been expecting that the ecb might make some moves that other people had not been anticipating. you would thing if draghi would do that he would say it's within his mandate. >> can tell you, a lot of the official people i talked to on the u.s. side are looking to the ecb to do something and feel as if things could and will be, would be better if the ecb were to act. there's a bit of international pressure i think on the ecb to act. >> look at this comment. he says the ecb is ready to make whatever it takes to preserve the euro. this is very strong talk coming from draghi. a lot of investors wondered why he had not moved sooner because they do think it's within the ecb's power with or without j m germany to go ahead and make this happen. people said draghi might be able to find a way without putting merkel in that position of going back and negotiate with her constituencies. >> while germany has ob

jim o'neil's name comes up for everything. stephen, wa are the practical locations for libor? financial system but people have lost confidence in. these issues are years and years old. ha do you do about libor? >> as we all come across libor, actively or pass civil in our lives. i personally did not know how libor was arrived at until relatively recently. it's an archaic process. will it be revised? my view, yes. >> this is a question that the bba asks to banks each day. at what rate could you borrow funds? were you asked to do soy -- were you to do so by asking and accepting interbank offers. in a reasonable market size just prior to 11 a.m.? this has only been the case for 15 years? >> it does seem when you look at it -- i'm an equity guy. not dealing with bank and interbank dealings. but it was an education for me i confess. it doesn't strike me as being 21st century. >> no. ryan, quick comment from you. nonprompt payroll data this friday, what are your expectations? about ten seconds to go. >> i would expect them to surprise a little bit to the upside. but not to be anythi

. >> and jim o'neill. >> still talking about potentially being the head of the central bank of england the countdown is on to the june jobs report. the numbers will arrive as they do at 8:30 a.m. eastern time. >>> the ceo search at yahoo may now be down to two candidates. and oil prices tumble on demand. concerns today is jobs friday. it's july 6th, 2012. and "squawk box" begins right now. >>> good morning, and welcome to "squawk box" here on cnbc. i'm michelle caruso-cabrera along with joe kernen and steve liesman. andrew and becky are off today. let's get you up to speed with this morning's top stories. >>> yahoo's ceo search is reportedly down to two names. the competition is said to be between current interim ceo