i'm joe kernen arock wi roclong quick.k. carl is off today.he nasdaq turning in its best performance since october and this is just -- i mean, july is coming to a close today. really, i mean, i guess because all it did was rain in june, but this is too soon. >> you've got one month left to enjoy. >> we have to live for the moment in august. let's look at the month's performance, though. the dow is up more than %. the s&p adding 7%. the heavy russell adding almost 10%, all in one month. that's what we're supposed to get in a year. so i don't know what that says for the rest of the year, but -- >> eats a rewound, 6,000. >> there's a big report out this morning coming at 8:30 eastern time. this is the release of the second quarter gdp. the forecasters out there expect this data to show that the economy contracted by about 1.5%.. that would be considerable improvement from the 5.5% decline that we saw in the first quarter. in fact, president obama making comments on gdp yesterday. >> we have stepped away from the precipice. you know, as ben bernan

i'm becky quick along with joe kernen and carl quintanilla.have quite a show in store for you today. social security social security may be called the third rail of the american politics system, but no issue has stirred more debate or more passionate arguments than health care reform education and what's been happening in washington right now. today, we are tackling the issue that everyone is talking about in a way that only "squawk box" can. we'll have the problem, the proposals and what it all means for your pocketbook. >>> america's health care crisis, a squawk summit begins at 12:00 a.m. eastern today. and our guest lists include former vermont governor and dnc chairman howard dean and former senate majority leader bill frist. plus from two different parties, we've got two different administrations. donna shalala and the man who served in that same position for george w. push, tommy thompson. we have republican senator judd gregg and john yarmuth. corporate america is a big piece of this organization and we'll be joining by billy tauzin, t

i'm joe kernen. becky is back today. are you off friday?you know, i haven't decide yet. >> can you tell us? >> you'll know. you'll know in advance. same with you. >> you may stay home with the girls? >> friday in the summer, you know, might as well. >> you wouldn't miss us. >> you guys are taking a lot of vacation, though. i'll be here, holding down the fort. >> joe and i were talking about vacation days from my vacation. >> suddenly carl doesn't want to go home. it's crowded, number one, and it's chaotic and it's crowded. let's get right to the cme. jessica hoversen is there. >> it's like being at home. >> of mf global. jessica, we gave back a little yesterday. we're giving back a little it looks like on the open today. but are the bulls still in charge, would you say, equity wise? >> well, i think momentum had an has been running the equity markets. i believe 74% of all the earnings releases in the s&p have been positive surprises. but it does beg the question, again, are these earnings on cost cutting activities organic demand? i think a

i'm becky quick along with joe kernen and carl quintanilla. our top story today takes us inside earnings central. goldman sachs reports second quarter opening results before the opening bell today. the financial powerhouse is s expected to post earnings of $3.50 a share on revenue of $10.7 billion. meredith whitney upgrading shares of goldman early yesterday before joining us on "squawk box" to explain why. >> it's a bearish call, but a bullish call on the stock. >> on the stock. >> just as you were talking about, you'll see a tsunami of debt issuance. where you think goldman would be a pure play equity trade, it's the number one underwriter of build america bonds, a top underwriter in munis, playing heavily in the mortgage-backed market. i think in the fist quarter, they played heavily in the markets. >> whitney thinks goldman sachs will earn well above estimates that the street the looking for. rallying almost 78% since january. guys, her estimate was above $4.20 a share. >> was she talking $to next year? i can't remember what she said about

i'm becky quick along with carl quintanilla and joe kernen.been watching the futures and they are well above fair value, even after five days of gains for the markets last week. dow up by more than 60 point above fair value. >>> the government's bailout, warning banks have misused t.a.r.p. funds. they say out of 360 banks that got money to raise lending levels, 110 of them invested at least some of it. 52 repaid debts with it. 15 actually used money to buy other banks. he is calling on treasury to require regular, more detailed information from recipients about how that money is used. we'll be speaking with him tomorrow right here on "squawk." >>> a rescue for small lender cit. steve liesman is all over this story. he has the details on this last-minute reprieve. >> does that mean right now? >> that means you. >> i thought you were teasing me for later. why are you looking at me, joe? >> someone says to me, steve liesman is here with -- >> he was checking his blackberry. in his defense, he was probably looking for a last height mif update. >>

i'm becky quick along with joe kernen and carl quintanilla. on the agenda today, corporate results ready to hit the tape. we are getting into the heart of earnings season before the before the numbers today, we have nokia, charles schwab, nokia, marriott on the list today. analysts are sfekting the financial giant to earn 4 cents a share on revenue of $25.9 billion. shares were up nor than 6%. >> how about this week? >> after what we heard from goldman sachs. >> it went up with goldman sachs two days ago, but then it went up yesterday and was part of the number, the huge rally that we saw yesterday in the financials. there it is. so these will be, as they always are, so difficult for us at first to figure out what's going on. so many different things to look at, the revenue numbers, and you talk about a profit of 4 cents. you can't put the price on a 16 cent per year profit. >> but this will give us a better idea of the economy than the goldman sachs numbers did. a big bank that has a lot to do with the consumer. >> and you saw these blengt we

i'm joe kernen. carl was here. is not here, but our guest host gary ka men ski is here, former managing director of neuberger. he's a young guy so he probably didn't go into the rest room. we'll see. there are the future. up 15 now. we've had a couple of weeks, two unbelievable weeks in the averages. it looks like at least on the opening so far the result that are in this morning, whether it's from dow component verizon or others, have indicated higher again today. and basically because of earnings. if carl gets back, we'll actually talk to him about earnings at some point. carl? oh, you are -- there you are. i'm sorry. >> that's okay. >> so you did go over there? >> i go to earning central. >> it's yours tomorrow after the punishment i just took. we have movers in earnings central, joe. called lower this hour, the company had too few earnings of 68 cents. that was notably below the company's goid answer which ranged from 76 to 80. analysts were at 78 cents. aetna cutting full-year guidance. all those talks about r

i'm becky quick along with joe kernen and carl quintanilla. after a major selloff, dow futures up 26 points above fair value. let's get to our top stories this morning. google announcing it is developing an operating system on pc based on chrome web browser. it will be available second half of next year. initially aimed at notebooks, compaq computers. will it be given away for free. what does that mean for microsoft. >>> july demand dipping to 5.4 billion worth of loans down from $11.5 billion last month. >>> president obama arriving in italy this morning for the g-8 summit. agenda items include global warming, trade, iran's nuclear ambitions, economic stimulus. steve sedgewick standing by at the summit in l'aquila. steve, good morning again. >> reporter: good morning. see behind me security personnel beefing up presence in what will be three or four hours time a visit to this earthquake zone. behind me the old town, still a ghost town in l'aquila, 307 people killed in an earthquake in early april, still tens of thousands of people living home

i'm joe kernen along with becky quick and carl quintanilla.nd our top story today, of course, the markets, the dow closed above 9,000 for the first time since january 6th. the s&p finishing the day at its best level since november 2008. the nasdaq chalking up its 12th straight session of gains. the blue chips turning in the best values since 2005. in '82, we were still at 800. but that's what they say, you can have these cyclical bulls maybe in a long-term vary. we don't know if that's what we're doing. >> 18-year bear market? >> i said we ended up in '82 at 780. go back to march et when the dow hit a 12-year low. since then, we've watched the index go through. we're at 9,000 and as it states so eloquently here, that because it's at 9,000, that means we've watched it go through seven and eight. >>,000? >> yes, on the way to nine. >> there have been a lot of skeptics along the way. >> i just want to point it out. we didn't go from 6 to 9, which would have been mathematically impossible. we did go through seven first and then eight. the blue chi

. >> i'm joe kernen along with becky quick and carl quintanilla. on today's market jaent, earnings and more earnings. we're going to look like eli littlery right now. before the bell, we've got things like boeing and pfizer. morgan stanley, u.s. bancorp, wells fargo, eli lilly, illinois tool bank of new york mellon. boeing expected to post a increase in profit year over year to $1721. revenue seen rising. as for pfizer, it's expected to earn 47 krentsd a share rove knew of $11.3 billion. how are they often performing during this earnings season? >> i'll tell but lily real fast. this company coming out westernings better than expected. it's now talking about a range of $4.14 to $4.are 25. on earnings per share, leigh at the gas -- >> well, the street is already at the high end of that range for the year at 423. so they're looking at 414 to 424. other than that, we see something coming in -- >> $1.12 is 10 cents a ahead. 4.23 is the estimate for the year and they're talking about, as you say, 420 to 430. >> they say they raised their guidance because

i'm carl quintanilla along with becky quick and joe kernen. vernight. nikkei down 3%, close to 9,000. some worries about exporters there. some of our top stories. the president urging americans to give his economic recovery plan some time to work in an op-ed in "the washington post," the president says the purpose of the package was to kickstart the economy, not return it to full health. the presidents so far is has done that. it was from the start a two-year program and it will steadily save and create jobs as it ramps up over the summer and the fall. there are some reports this morning that kim jong-il has life-threatening pancreatic cancer. picture last week showing him gaunt and ill. it leads to concerns about instability in north korea and the possibility of a power struggle if he dies without naming a successor. his youngest son has often been mentioned as a possible heir. that could probably introduce instability into markets, perhaps, if something happens on that front. >> depending on which way it goes. the markets have been watching n

i'm becky quick along with joe kernen and carl quintanilla. top story this morning is earnings central. intel shares soaring as the chipmaker posts better than expected second quarter profits, the company earning 18 cents a share when you strip out items. that was 10 krerts better than the street was expecting. at more than $8 billion within it handily beat analyst expectations. quarter over quarter, this is the best growth that the company has seen since 1988. stacey smith spoke with jim goldman last night. >> our second quarter results and the outlook we've set for q3 i think is to reinforce the view that we had a quarter ago, which is that we saw the computing markets bottoming in the first quarter, we saw improvement in the second quarter and we expect to be seasonally up in the second half. >> all of that helped intel soar on this news after hours. we'll dig deeper into that story in just a few minutes when jeffries analyst adam benjamin joins us. >> that's right. abbot labs, commerce bank shares and gannett will be reporting before the o

i'm joe kernen along with carl quintanilla. becky will be back tomorrow. out on this show. our guest host today, former new york mayor and republican presidential candidate rudy giuliani. futures at this hour, a little bit weaker. every day, like yesterday i was surprised that after, down a lot of the session and with the vichlt. xich vix, up, we're looking at dow pressure this morning. you would have to say some results we have seen were not as good as the first two weeks. maybe lower than revenue, but viacom and coach were neither -- >> the guidance the first week or two were bright arer than the stuff -- >> you had to characterize it, yeah. >>> a couple names in earnings central this morning, viacom did beat the street by a penny. revenue fell short, dropping amid, slower video game sales and fewer movie releases. mcgraw-hill posted 23% drop in profits, 28 cents a share. revenue was in line. but the company still lowering its full-year outlook hit by weaker demand for textbooks at schools, credit ratings on mortgages and complex debt. also the advertisi

i'm joe kernen. becky quick is here.d a great guest host, don powell, former fdic chairman, one of the newest members of bank of america board. we have that to talk to him about as well. a lot over the next hour. we'll talk about maybe sheila bair, and who should be running the show around here. who would the single regulator be? >> you, joe, you. >> good idea. let's take a look at the markets -- >> i'm moving. >> yeah. let's take a quick look at the markets. not prettiy. looking down. it's gotten a little better. i think it was down 80 which would have been 68, now 71 brings us at about 59 points of downward pressure. thursday and friday the green shoots all withered up and died. lickety split. that happened quickly. those things died on the vine and were gone with one employment report. >> bad employment report. worse than expected. >> no one could see anything in there. no one could see -- people looked. people looked but they didn't see anything there. >> the work week, temp jobs, all the things that would lead us to

i'm becky quick along with joe kernen, who is back at headquarters today, ha ha. carl is not here.s out missing this, as well. but we have a packed show for you this morning. we are live at sag harbor and we're here because this is where the world's most powerful people come every summer. this summer is different because of what we've been watching. what's been happen in the economy and in the markets. we're going to have some of the biggest names joining us today on the show. our lineup includes ron baron. he's going to join us later this morning after he drives over from his hampton's pad. we'll be talking to doug cass. he'll talk financials with us. and our next guest is someone people know well, don peebles. don, thank you for inviting us out here today. >> it's great to have you. >> it's great to be joining us and talking to you. we've been talking about the how the hamptons is different this year. there's a lot of things that happen in the economy that have an impact here.. >> first of all, the real estate market out in the hamptons is very, very quiet. the top end is essenti

i'm joe kernen along with becky quick and carl quintanilla. big story today, the new general motors already ready to officially exit bankruptcy. it could be as early as today. the company is spending the night signing paperwork, authoring the transfer of cash, real estate and technology and other property. the government backed bankruptcy process took just 40 days. yesterday, a court, a bankruptcy court ruling let gm sell most of its assets to a new company. and the automaker will emerge without some of that debt. fritz henderson will join the company in the morning. >>> the treasury department led 1 packages and remember, these warrants are the things that the government still held after banks took money from the tarp? that was the thing that was supposed to allow the taxpayers to make up? but this report says that the taxpayers passed about $10 million of profit from government bailout. today's watchdog report states uncle sam could lose about $1 billion if it accepts similar warpts that gol going to be purchased by other big banks that rece

i'm joe kernen along with becky quick and carl quintanilla. this is like march madness for us or october for a baseball player. this is earnings central when the week when most of -- i thought, you know, you were originally scheduled out. but because of your love and your -- >> i wouldn't miss it. >> no. and today, five dow components. we already have dupont, came out with results in the last half hour. i'm waiting to get an indication about whether the market likes it. still too wide. >> the bid keeps coming up, though. >> yes. 5 krebts versus estimates of 53. however, like we've seen some so many cases, the revenue number was below where the street was and the company continues to talk about cost cutting. to make these better numbers. sales fell 23%. a lot of that was forex related. and the outlook was confirm for the year from $1.20 to $2. they just beat by 11 cents in this quarter, so we have an abdomen list saying probably you'll see the street come up to at least $1.80 or so and still not know about the recht of the year, but come up on

i'm becky quick along with joe kernen and characteristic xk.n the market's agenda today, earnings and more earnings. we have pfizer, u.s. barges corp., wells fargo, glaxo smith line, altria, bank of new york melon and delta air lines. we have plenty of stuff happening today. shares of boeing down about 37% just in the last year even though they have rallied almost 17% since mid april. the aerospace giant is expected to post an increase in profit year over year earning $1.21 a share. revenues expected to rise by 1% to $17.2 billion. as for pfizer, it is expected to earn 47 cents a share on revenue of $11.3 billion. so how about the dow 30? >> let's go to the heat map. >> let's go to the heat map. you will see how they are performing this season. >> versus expectation peps and remember, a lot of these companies reported earnings down from a year ago. there have been a couple who have been a little better than a year ago. but as you can see, every single one of the dow components that have reported so far have been above expectations. so 12 so far

i'm becky quick along with joe kernen and carl quintanilla. thne

i'm becky quick along with joe kernen and carl quintanilla.riday and our top story today, stocks are soaring and knocking down records in the process. let's start things off with the dow. the blue chip turning in the fastest rebound since 1975. i think that's when they strong was out, right? you can go back to 2005. since then, we've watched the index breaks through 7,000, 8,000 and 9,000. by at a, if you do the math on that, you'll see of gain of 38%. we are still below the highs that we reached. the dow finishing its highs yesterday. the blue chips are still down about 36% from the record in 2007. there was strength across the board, though, yesterday. materials leading the way. we had financials up 3%. remember, this is over just the last nine sessions or so that you have seen gains of about 11% for the dow and the s&p. the nax dak, by the way, up 12 days in a row, the lockest winning streak we've seen. >> we have cashin on today? >> we do. >> he was open to this happening, but he still had a negative bend. remember, at first the market had

i'm becky quick along with joe kernen and carl quintanilla.ot awake, you better get there fast. it is thursday, july 23rd and this is the busiest day yet for earnings. we've got earnings and the economy. but on the corporate docket today, listen to this, quarterly results from mcdonald's, at&t, ford, bristol myers, hershey, nor tr northrop grumon, you've got components of the s&p 500. let's talk about some of those components right now. analysts looking for the home of ronald mcdonald to rise by 3%. and here is an impressive statistic. over the last 12 quarters, mcdonald's has never missed expectations. at&t is forecast to earn 51 cents a share. that would be a 33% drop in profits from a year ago. revenue is expected to decline to $30.7 billion. with the market caps. the final dow component on the bell this morning is 3m. consensus is calling for the company to earn 94 cents a share on revenue of $5.4 billion. guys, it is a busy, busy morning. >> is it the busiest day of the season? >> so far. >> which is hard to believe. >> you thought it's b

i'm becky quick along with joe kernen and carl quintanilla.nd our top story this morning takes us to earnings central. we are expecting quarterly results from five dow components before the opening bell. talk about a day. we're ready to go. we're expecting a number of other noteworthy names today. we'll be watching for numbers from dupont, merck, caterpillar, united technologies and coca-cola. over the last 12 quarters, d dupont has surpassed earnings 75% of the time. analysts are forecasting caterpillar will earn 22 cents a share, down 87% from a year ago. shares of the equipmentmaker are down $8 since january. coke, meantime, is expected to post a 12% drop in profits. we have dupont coming out right now. >> i'm seeing dupont. it says the second quarter include net share charge for items. so the 46 cents, i think you may need to add 15 in there to 61 versus expectations of 53 on sales of $6.86 billion which is, like, flat with last quarter sequentially, but below the $7.15 billion that the street was looking for. that's a 22% drop in sales. a

i'm becky quick along with joe kernen and carl quintanilla. earnings season officially opens for play this week. as always, dow component alcoa is kickin

i'm joe kernene ang with becky quk k d carl quintanilla. est host today, davidd roe rosenbnber n nowhief e ecomist and s sategist with gluxken eff. it's's ringo str'r' birthday. wewe'lplpl someeatlessongs and some of his o own -- i knonw it's m micel jackson's morial today. >> andnd h m morial service.8 wewe'rnonot i iororinthat.. >> no.. w wil get plelentof cererag dada >> we're n notakakinany preferercece. choices erere. anand my life, as i've gotten ol i readnn articic on rgogo sang yesterday he'slways bebeenorort the luckyky btltle, they callele him,to accece st in that group. he wasblble play a song wi the d dru itetead of jusus plplayg g e rhyhyth o ckup. >> who is better?? >> i think s see therere a more --- you kn, the guy with dd zpepen, i'm sure they were more proficient,t,ii eses but it doesn't meanthey'rebteter. >> minimalist approach. >> andust grgrt. he's l lee george simpson. i'm going to go arary. sorry. >> we'rere going to talkbobo ththisoday. would like to chehecknn what's happening ininhehe ps right now. anding by at the

i'm joe kernen along with becky quick and carl quintanilla.d is also one of the notable names reporting quarterly results before the opening this morning. our phil lebeau is at the company's headquarters in deerborn. is it going to be earnings or a loss today, phil? >> i think we're going to see a loss, joe. >>er you're going to see a loss. >> we're going to see a loss. they're not quite to the point where they're back in the black. they're moving in that direction. the second quarter earnings were eagerly anticipated by wall street. here is what the street is expecting. a loss of 48 cents a share. revenue coming in a little over $24 billion. that's what the street is expecting. two things will be the focus on the second quarter. liquidity and debt level. it is expected that they're going to see cash on hand, if you will. it doesn't mean ford is running out of money recently. check out what happened of the last three quarters. they have essentially cut the catch rate in half. down to punching to 3.7 last yarer. and then don't miss it, 12:10 to

joe? >> why do you think, erin? what would you do if they said you were going to have to sit with kernen. >> he clearly wants to sit> i like that you said manning. we're manning up here. we are. we're manning the earnings desk. we were working on an intro, it's raining men, music, maybe. if it looks good for stocks, what are we going to do? >> ready, two snaps. >> loved it. fabulous report. we are willing to do this, right? >> you want to talk some numbers? >> do we have to? >> we got a lot going on. financials as erin said are probably going to steal the show, at least the earnings show. goldman is going to kick everything off before the open tomorrow. and i know you guys have been all over it, erin and matt. but meredith whitney, man, did she make some news this morning on "squawk." upgrading the stock from a neutral to a buy. >> it's actually a bearish call. but a bullish call on the stock. >> on the stock? >> because, you know, just as you were talking about the, the ias in california. most of the state under water. where you think goldman would be a an equity trade, it's a top underwriter of munis. playing hea