you searched joe kernen and regular pictures came up. came up. this is visual content worth $3.4 billion. >> it's huge. it's bigger than that. >> and everybody needs these pictures. and you can look at the bottom, courtesy of getty images. >> target 11 cents above expected revenues. and staples is reporting quarterly profit of 18 cents a share. that was below estimates by 4 cents. the company blames north america and europe. just weakness in both key areas. >> let's talk europe this morning. eu officials have committed to do "whatever it takes" to stabilize the eurozone. growth is likely to be crimped by austerity measures. let's go to new york where gillian tett is. it has looked like the eurozone is contracting but this doesn't seem to be top of mind right now. for the past couple weeks we've been floating along. nobody seems to be talk about it. i don't know if that's what mario draghi's comments two weeks ago reflect. what do you think is about to happen. >> the good news is we have moved away from heart attack mode. >> why is that?

>> this guy joe kernen's hair is funny.ras turn off, scott and the crew drink beer and throw the football around the beach." couldn't you see cohn down there the minute we get done. he says things that i would like to say i'm afraid to say. >> that's why it's someone who knows you or watches the show religiously. >> i'm going to retweet him, joe kernen's hair. he is funny and he says, he's your baby, you discovered him. >> i was his 13th follower. >> you ran in on the ground floor like a facebook person. >> i'm an investor. >>> coming up tropical storm isaac threatening the gulf coast. how the oil industry could be affected. >>> plus how further fed action could impact commodities and natural resources and talk to rick ruehl, chairman of sprott u.s. holdings, in two minutes. [ male announcer ] while many automakers are just beginning to dabble with the idea of hybrid technology, it's already engrained in our dna. during the golden opportunity sales event, get great values on some of our newest models. this is the pursuit of

i'm joe kernen along with becky quick.wo stop stories, one, hurricane isaac, two, the republican national convention. paul ryan will speak tonight. we'll head to tampa and talk with "times" deputy washington bureau chief michael crowley in a minute. first, let's focus on isaac. last night it made initial landfall and produced a dangerous storm surge along the northern gulf coast. then it went back out to sea at 3:15 eastern time this morning and hit land again west of port fourchon in louisiana with maximum sustained winds of 80 miles an hour. 18 miles of levee overtopped in louisiana. let's go down to brian shactman. lights go on and off. but we know it's you. >> reporter: there it is. our camera guy has his head lamp on me. we had to move positions, obviously. the storm behind me is no different in term of the power of the wind. we're basically at a cruise ship terminal behind the convention center so we have a huge, huge concrete wall right next to us now. we're much more protected from the wind. wung thi i don't think

i'm becky quick along with joe kernen.ndrew ross sorkin is off today and be back on tuesday when we come back after labor day. we'll head down to tampa to talk about rnc's festivities. here's your other top business lines. ben bernanke will speak to the annual fed symposium at 10:00 eastern time. few economists are expecting the chairman to signal the central bank will take major new action to boost the economy. we'll listen for any hints that action may be coming sooner than later. steve liesman will join us from jackson hole. david lipton will be joining him. sharp has fallen behind schedule on screens for apple as latest iphone. sharp is struggling with high cost that it says have cut into its margin and this news raises the question of whether apple may provide financial incentives. jpmorgan facing uncertainty in resolving the libor probe. the transatlantic nature of the situation could come ply indicate things for regulators. jpmorgan's own internal investigation is still on going. joe, back over to you. >> thanks, be

i'm joe kernen along with andrew ross sorkin. becky is off today. >> you're going 100 miles per hour. >> i want to get through the headlines so we can do something else. knight capital set to enter into a $400 million financing deal. david faber first reported the news yesterday. official announcement is expected this morning. the investment is expected to be made through convertible preferred stock. conversion price of $1.50 and a coupon of 2%. mitt romney says fresh round of monetary stimulus from the fed would not help the fragile u.s. economy. >> should the fed intervene at some point? >> well i think the fed's first action in quantitative easing was effective to a certain degree. the qe2, second round of easing didn't have the impact. the fed is watching and trying to encourage the economy. i don't think a massive new qe3 will help this economy. >> joining us now, jared bernstein. a dr. fellow at the budget and tony fratto now managing director of hamilton place strategies both are here for a reason this early because they a

i'm becky quick along with joe kernen. andrew ross sorkin is on vacation. we're following to number of stories including reaction to paul ryan's speech last night. we're still watching isaac. that storm soaking the gulf coast. and it is forecast to become a tropical depression by tonight. scott cohen and brian shactman will bring us reports. before we get to those two stories a few other headlines. first up barclays selecting antony jenkins as its new ceo. he's currently running the firm's retail and business banking unit. today's announcement comes just hours after barclays is under investigation by the uk serious fraud office over payments made to the bank's biggest shareholder during the 2008 capital raising. more from ross westgate in a few minutes. u.s. retailers will be reporting august sales this morning. costco is first out of the gate coming in with better than expected same store sales. fed officials and leading economists are gathering in jackson hole, wyoming. chairman ben bernanke will deliver a widely anticipated speech tomorrow morning. for w

i'm joe kernen along with andrew ross sorkin.t away. >> i'm not there any more. >> you're not getting a free ipad. you can't accept it anyway. >> if i was the hunt dreadth thousandth visitor. >> no. >> why not? worth $500 or something. >> you can't accept things. when you signed on to be journalist here you signed away those rights. >> die take a vow of poverty. >> in headlines this morning -- you know that. retailers sears is reporting a second quarter loss of 76 cents a share. revenue was slightly short of what analysts were looking for at 9.5 billion. bankruptcy judge denied a request by american airlines parent company amr to cancel a contract it has with its pilots. american sought that move as it works its way out of bankruptcy. who are they merging with. u.s. air eventually. unless you live in michigan you should probably get up and go to work today that's where a $337 million winning powerball ticket was sold yesterday. no details on the winner just yet. >> get that money from goldman sachs? >> yeah. the check they wrote

i'm andrew ross sorkin along with joe kernen. becky quick continues her time off but we'll have her back in a week or so. let's get you to up speed. disney quarterly earnings, 31%. results were helped by higher spending at theme parks and the blockbuster movie "the avengers." disney's ceo bob iger talked to us last night. >> we're willing to step up and pay for product that they believe in, they'll get good value in, they basically see as high quality product. when we invest in that, the cruise ship business, the recent expansion and additions to our theme park, we see increased business. >> the entertainment giant also announcing it signed a deal for avenger sequel and mavble based tv series for abc. morgan stanley reportedly considering closing brokage office, laying off support staff and requiring some branch managers to generate revenue as advisers, part of a cost-cutting drive as the company comes under pressure to boost profits. morgan spokesman declining to comment. and ni capital regaining some profit. nyse saying it will

i'm joe kernen in business news, along with andrew ross sorkin.t, you know, someone similar and we ended up with wilbur ross, who it's the first thing you said when you sat down, it's tough to replace becky. >> it really is. >> but in the looks department let's just forget that right away but in other ways you can at least try. >> well that's true but i can't go on maternity leave. >> but she's not, she's on vacation and with her baby. not a baby anymore. >> nope. >> he's cute. wilbur ross with us. u.s. equity futures are looking for a little bit of a comeback from yesterday, up about 33 points on the session. >> we'll be getting key economic readings this morning, among them july retail sales will be coming out at 8:30 a.m. eastern with the commerce looking for an increase of 0.2%, following a 0.5% decline in june. the producer price index is seeing a rise of 0.3% after previous 0.1%. >>> home depot reporting earnings of $1.01 per share for the second quarter, four cents above estimates. sales slightly short of the $27 billion consensus. home dep

joe kernen? >> newsmakers finding their way to "squawk box." analyst, controversial analyst meredith whitney? >> she's not controversial. >> i guess outspoken. >> outspoken. >> talked about the changing makeup of the banks. >> i think the banks, the big banks will get a lot smaller but that's not because someone forces this emto break up, it's because shareholders forced them to get more profitable. >> joining us with more, if i was going to say it correctly it would be olivier. >> yes. >> call you oliver in. >> yes. >> oliver sarkozy from carlyle financial group. you said you think glass-steagall should come back, that may be overstating it but you agree with meredith, the banks need to be more streamline? >> listen, banking is a xh commoditized business and in an environment where the yield curve isn't allowing banks to make any money you have to focus on the cost of your business system. >> you say there will be a debate, you say it's a fair debate but not one that, i guess we decided yesterday the toothpaste can't be put back into the tube

i'm becky quick along with joe kernen. andrew ross sorkin is off this weekend. we'll head to london for more of draghi's change of plans. first our top story this morning isaac. it's continuing to head for the northern gulf coast at this point. there have been significant storm surge and flood threats that are expected. energy companies have evacuated offshore oil rigs and shut down gulf coast refingeries. the region accounts for about a fourth of the nation's oil out put and 70% of the natural gas out put. let's turn to alex wallace who is standing by at the weather channel for the latest. >> tropical storm isaac still a tropical storm, the last advisory coming in from the national hurricane center. 70 mile-per-hour winds shy of that category 1 hurricane status and it may strengthen to that as we work our way throughout the day. moving to the northwest at 12 miles per hour. a little over 200 miles south-southeast of biloxi, mississippi. we're already starting to feel some of the impacts there across the gulf coast in terms of those winds picking up a little bit

i'm andrew ross sorkin and joe kernen. there you have it. let's talk about our top stories this morning, it is without a doubt mitt romney's pick of congressman paul ryan. the political pundits have been very busy. the ryan choice brings the issues we talk about here on cnbc every day to the forefront of the political debate, topics such as the budget, the looming fiscal clip, taxes and jobs and we're going to continue to bring you in-depth analysis as the campaign continues. among our guests this morning on squawk, george p. bush, a member of an american republican die nasty, the son of former florida jeb bush is a small businessman. entrepreneurship has become a hot issue on the campaign trail and we're going to talk to him. then at 6:50 eastern, a man who knows paul ryan very well, senator pat toomey. then at 7:00 eastern, congressman chris van holen who has gone toe to toe with ryan on economic issues more than just about anybody else out there. and and then we have wisconsin governor scott walker joining us at 7:30 a.m. eastern. plus, w

i'm joe kernen along with andrew ross sorkin.ecky continues off today making headlines a massive fire at chevron's large refinery in richmond, california is now contained, but not out yet. richmond, i asked where, what city this was in. it's up near san francisco. denly populated industrial suburb off the bay, off san francisco. smoke can be seen billowing over the entire bay area. a number of train stations were shut. residents were ordered indoors. the plant produces 245,000 barrels a day accounting for one eighth of california's refining capacity. >> tough markets are taking a toll on u.s. brokers. the number of financial advisors fell for the third straight year. thin yields eroding earnings and prompting more brokers to leave the business. always a tough business. the spread are so much narrower than they are. on a $1,000 bond you could make anywhere from $10 to $20 on commission. you're making a dollar now at most much let's check the markets this morning. we have seen a little bit of an indicated opening higher after some

i'm becky quick along with joe kernen and andrew ross sorkin.this is morning and they have sharply higher through much of the morning. they are up triple digits. dow is up 110 points after a 90-point loss yesterday at the end of the day. we do have the jobs report coming up, and that is going to set the direction. in our headlines this morning, of course, that july jobs report, that is the key, out at 8:30 eastern time and economists are looking for non-farm payrolls to increase by 95,000 and looking for unemployment rate to remain steady at 8.2%. night capital remains in the spotlight with the firm fighting for survival after a trading glitch that resulted in a $440 million loss. fidelity, vanguard and td ameritrade stopped running orders through knight which is pursuing financial and strategic alternatives. >>> and samsung is trying to get the jump on apple by releasing its new galaxy smartphone on august 29th, that comes two weeks before an apple event in september in which it's expected to unveil its new iphone. >>> let's get to procter & ga

i'm joe kernen along with andrew ross sorkin. back next week. >> on monday. >> on monday, i won't be and then you're leaving on wednesday. i'll give you $100 -- >> i didn't give you $100. >> i gave you $170 and it was a total west a. the futures are last time i saw them they were up less than a point, now down two points. few more economic reports finish off a busy week of numbers, we'll get the university of michigan on the latest reading on consumer sentiment at 9:55 eastern time, followed by the latest index of leading economic indicators and that comes at 10:00 eastern. we'll also watch oil prices today currently posting modest losses on word the white house is considering the release of more crude from the strategic petroleum reserve. japanese officials are predicting something its economy hasn't seen in years, inflation. the government is forecasting a mild increase in prices in 2012-2013, it would be good news for japan, japanese consumer prices have been mostly flat to negative since the early 1990s and if you've read any

i'm joe kernen along with andrew ross sorkin. is off today. >>> making headlines, sales of video game hardware, software and accessories falling for the eighth straight month. analysts say the industry is looking towards the release of new equipment to cure the sector's woes. private equity firms tpg capital and others are in the running to buy nike's leather handbag and shoemaker coal hann. the businesses seem to be worth $500 million and the auction is in the second round with several parties involved. and we're watching shares of retailer jcpenney and hoping and praying things will be okay. the company just reported -- >> we're going to be praying? >> we're just going to be hoping they make it. we're going to be hoping that in the future that they're able to turn the ship around. >> that would be great if they could, and to revolutionize retail, but if they do it right, fine, if they don't get them going -- >> they'll go, that's okay. one or the other. >> either run a factory, learn how to do it. >> you should want people to s

i'm joe kernen along with becky quick and andrew ross sorkin.states is raising pressure on eurozone leaders to take decisive action to clean up those rest rooms -- no, to solve -- we were talking about that earlier. >> yes. >> you knew what i was going to say. solve the region's debt crisis. tim geithner and european central bank said they must lower troubled members' lowering costs. whether that means buying actual sovereign debt, which is what we thought was going to happen last week, i don't know if it was close or how quickly they can do it -- >> some people say it will take at least five weeks. necessity have to have a german court that rules, that isn't expected for some time to come. we'll see what we get on thursday, if they can maybe keep us pulled along, believing it's going to happen. >> it's a very scary, vicious cycle that you've got no employment really in spain, and you're borrowing -- how do you possibly have an economy that can fund those borrowing costs? one thing lead to another. sooner or later -- you know, in greece -- >> vi

joe kernen is off this week.a look at the futures, they're up this morning, not by much but a little bit, dow looks like it's up about 12 points, nasdaq 3.5 points and the s&p 500 close to two points there. let's get you caught up on some of the morning headlines. we're awaiting the latest quarterly numbers from best buy. investors will be watching those numbers closely given declining sales, management changes and yes the controversy surrounding founder richard schulze buyout proposal. >>> computermaker dell and software company intuit release their numbers. >>> and urban outfitters earned 42 cents a share in the latest quarter, nine cents above estimates with its sales rising as well, becky. >>> we've been talking about facebook's peter thiel selling the majority of his shares, the sale was planned before facebook's ipo. thiel is a board member, he sold 20.1 million shares after the ipo lockup period expired and distributed another 2.2 million shares to investors. he still holds a stake but only 5.6 million sha

i'm andrew ross sorkin along with joe kernen. let's get you caught up on what happened overnight in

i'm andrew ross sorkin along with joe kernen. becky quick is off

joe kernen has the day off today. apple now

weekend ♪ >>> good morning and welcome to "squawk box" here on cnbc, andrew ross sorkin along with joe kernen

there's a new twitter account created yesterday that's called joe kernen's hair. s is someone who is pretending he's joe's hair, sending things in and it's kind of cracking me up. he's funny, he's been up today. he said who gave sorkin the day off? that kid is going to have it when i get back. and they're tossing soft balls to john harwood. he's kind of funny. >> just what we need. it's not like there's enough stuff coming in. >> we got to go. >> when we come back, another two powerful hours of "squawk box." mario gabelli giving us his picks along with ron baron and boone pickens after this message. next. that's genius! we knew you needed a platform that could really help you elevate your trading. so we built it. chances of making this? it's a lot easier to find out if a trade is potentially profitable. just use our trade & probability calculator. and there it is. for all the reasons you trade options-- from income to risk management to diversification-- you'll have the tools to get it done. strategies. chains. positions. we put 'em all on one screen! could we make

joe kernen is off this week. let's get you caught up on the headlines happening overnight. it's a bit of a merger monday. aetna reportedly struck a deal to buy coventry health for $7.5 billion. aetna is paying about $42 a share for coventry, roughly a 20% premium to friday's closing price. the deal will be announced today while "squawk" is on the air. it will create one of the largest u.s. health insurers and become a major provider of medicare health plans and expects the deal to add to both 2013 and 2014 earnings. >>> caterpillar ceo warning the global economic outlook is much more uncertain now than at the start of the financial crisis back in 2008. he tells the "financial times" it may take another five years for europe's economy to start growing. he said there's never been a more unpredictable set of tea leaves out there. some of groupon's earliest backers are getting out of the company. "wall street journal report"ing four pre-ipo investors have sold or significantly cut their stakes in reason months. take a look at that stock at $4.77. that's assad state of affairs.

joe kernen and a couple friends will be there. fabulous tie. thanks for coming by. looking great.nks for coming by. the important thing, guys, i want to get in what i have to say about mario draghi here. the important thing is the german constitutional court is going to rule in the following week on the constitutionality of the bailout fund. mr. draghi can't say anything about what they're going to do. he's not going to make any comments. instead we're down to very nerdy little things. all sorts of notes flying around this morning about revamped collateral frameworks. like basically the ecb is going to say we'll take anything collateral from the banks from now on as a way to pave the grounds for a new ltro. third ltro out there. basically make it easier to put in collateral and get cash for it. never mind that's not been the problem with europe. lack of demand is the problem. not actual access to cash. the important thing here is they're probably going to get the third ltro within the next couple months. meantime big story spanish ltro is deepening -- excuse me. spanish recession