what a show this morning jonathan gray is going to sit down with david at alpha it is day two of theed share's testimony on capitol hill. we'll take you back to washington shortly as the q&a continues. later on this hour, legendary investor jim chanos will deliver his best idea to the panel at alpha. all that coming up in the next few minutes. the dow is up 39 the big story is the eu, finding google a record $5 billion over android antitrust abuse. we spoke with the eu commissioner earlier on why the fine wasit in place. take a listen. >> the fine reflects the fact that this has been going on for quite some time. this is a strategy that has been into effect since 2011 and two of the three illegal restrictions, they are still in effect this is an ongoing abuse >> sara eisen is here post nine. you said the money itself is not really material, it's the remedy in how that comes about. >> not material to google itself because google has a $100 billion cash pile, they are cash rich, but what the european union is telling google is because you're breaking the antitrust rules, you not only h

. >> acronym alert, irr, invest the rate of return >>> blackstone group's jonathan gray weighing in on a possible trade fight between the u.s. and china. here's what he said last week at our delivering alpha conference. >> what our hope is is that obviously the focus is on national security, which is important. they have to get that right. we also want to make sure capital that creates jobs gets into this country. if the chinese company wanted to bi build a hotel in new york, hire people on the construction side and to work in the hotel, that's a positive we're hopeful policymakers can thread that needle >> watch the full interview on deliveringalpha.com. >>> qualcomm announcing they're terminating their deal to buy nxp and announcing a $30 billio buyback. that stock is up 5.18% right now. 30 billion dollar buyback maybe the headline you will focus on. >>> facebook trying to come back this morning >>> it is not just facebook feeling the pain today, why big beer and barbie are also in the headline thankfully it's not the same story and we have a fe-gelood video you have to see. overwhel

do you think what jonathan gray of blackstone said at the end, we're paying attention to too many littlengs in the economy and not focused on the big picture is accurate? >> to some degree that's probably accurate. the economy is certainly in very good health right now when you look at unemployment rate as low as it is business confidence second highest several since 1983 you look at the global economy, it's stronger than it has been certainly the economy is in good shape and things are firing on all cylinders. >> if you grow to the majority of the newspapers and news sites, you start to see -- trump, trump, trump, trump, trump. how much of that is sort of eating the news v s cycle where american consumers are not exposed to positive stories out there that they should be? >> on a political level, i think that's the focus, trump and the various headline coming out of the administration you're right when you look at the broader economy, though, the headlines are strong they're replaced by more emotional headlines, some more extravagant things so i agree newspapers are probably missing the

speakers include larry kudlow, mary erdoes, marc lay,sr kenneth griffin, jonathan gray, james chanos, rubenstein and howard marks now you can quit cable. switch to directv and now get a $100 reward card. more for your quitting cable thing. that's our thing. call 1 800 directv. at the marine mammal center, the environment is everything. we want to do our very best for each and every animal, and we want to operate a sustainable facility. and pg&e has been a partner helping us to achieve that. we've helped the marine mammal center go solar, install electric vehicle charging stations, and become more energy efficient. pg&e has allowed us to be the most sustainable organization we can be. any time you help a customer, it's a really good feeling. it's especially so when it's a customer that's doing such good and important work for the environment. together, we're building a better california. when it might be time to buy or sell? with fidelity's real-time analytics, you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today. fi

speakers including larry kudlow, mary, mark los angelesry, jonathan gray, jim chenos, howard marks well be there live tomorrow. we'll have jim chenos joining us as well. >> the company has gone through restrictiving. maybe it's not that quarter, but it's going to be the second half of the year. >> have we mentioned your added role yet >> we did not. >> we did not. portfolio manager at tiaa. >> oh, congrats. >> and. >> a fun stock that we have owned. roku it got an upgrade from key bank today, and it's clearly got a lot of momentum. just in the last three months, it's up about 65%. some people may take issue with a value guy owning something like this. they're right at break-even. with the sales gross of 36% that they've got, they're just going to start pumping out earnings here, and i like it here >> knock on wood unusual activity in that one too, judge it's already paying off. i like jimmy's -- where he is going with that where. >> we didn't coordinate on this. >> no, we did not. >> cvs, my final trade cvs has earnings, 8th of august. they're buying august 3rd exp e expiration calls

. >> jonathan gray also said he thinks the economy is stronger than people realize.id he's getting concerned about inflation, but for the economic growth picture he thinks it looks good blackstone deployed about 8$8.4 billion. so they're starting to draw down some of that dry powder, that 8 billion of dry powder. they're starting to see opportunities. one thing they highlighted they're focusing on is gobbling up warehouses as they see more and more online sales, they're seeing more demand for warehouses to store these goods before they go to the final point of sale. these using, i think, being smart in terms of how he's thinking about the macro picture. i think that private equity, you think about potential -- if you think about potential defensive plays, i think private equity plays well into that >> heck, forget defense, let's play offense the last three months we don't talk about these stocks enough kkr, three months up 28% blackstone 11.5% carlyle, 16.5% apollo, 20.2 >> i'm having conversations on the asset management side on asset allocation in terms of how inst

. >> now, jonathan gray, the newly appointed coo of blackstone commented on this saying he does believe there will be a resolution to the trade issue longer term. speaking with david faber just about ten minutes ago on the stage. scott, back to you. >> leslie, thanks so much. jump back to you as necessary, of course. leslie here at delivering alpha. what do you make of the commentary, steve, out of delivering alpha already from some notable speakers? >> trade continues to be the center of everybody's mind, and it should be, because it's potentially very damaging. surprising is kudlow, close as he is to the president, we all know him, that the market traded not just higher, but significantly higher after those comments, because you can only conclude that trump is going forward with the tariffs so i remember the days, long ago, maybe a week, when the market would trade downward. so that, to me, is kind of a surprise that the markets are as strong as it is, but it's a legitimate focus i think everybody should be worried about tariffs and also think it's the right thing to do. >> i take the

. >> black stone's jonathan gray says he hopes lawmakers can strike the right balance here between aocus on national security and the potential for job creation let's listen >> what our hope is that obviously they're focused on national security, which is really important and they've got to get right but we also want to make sure that capital that creates jobs gets into this country so if a chinese company wanted to build a hotel here in new york, hire a bunch of people on the construction side, hire people to work in the hotel, that's a positive. we want that to happen so we're hopeful that policy makers can thread that needle. >> you can now watch the full interview with gray on our website, delivering alpha,.com >>> up next with the closing count down six and a half minutes left of trade. >>> and after the bell a parade of earnings coming your way. keeping it here. you're watching cnbc, first in business worldwide nge of scener? the kayak explore tool shows you the places you can fly on your budget. so you can be confident you're getting the most bang for your buck. alo-ha. kayak.

. >>> and as we head to break, jonathan gray, jim chenos, steve bannon will all be at the deliveringference. for more you can go to deliveringalpha.com. the dow is up 150. eligible for medicare? that's a good thing, but it doesn't cover everything. only about 80% of your part b medical expenses. the rest is up to you. so consider an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like any of these types of plans, they could save you in out-of-pocket medical costs. call unitedhealthcare insurance company today to request a free... ...[decision guide.] with these types of plans... you'll be able to visit any doctor or hospital that accepts medicare patients. join the millions who have already enrolled in the only medicare supplement insurance plans endorsed by aarp... and provided by unitedhealthcare insurance company, which has over 30 years of experience behind it. apply for a medicare supplement insurance plan any time you want. so don't wait. call unitedhealthcare now to request your free [decision guide.] >>> the president arrives in london

stephen: i think the thing that they will be worried about is something that jonathan gray said yesterdayorried about tariffs, worried about the trade war with china. he said, if we do more of this we will be raising the cost of capital in the u.s. and it is a big deal, that could be what is moving the stock more than the little bit light on aum. alix: is it also, is any of it competition? there has been so much money raised in other firms, so how does that play into it? stephen: that is the flipside. they are the hot asset, but the other side is the drive pattern. which, it did go down a little bit, they put some money to work. but at the conference where that was a question, don't you guys have too much cash. a lot of guys said, we could never have too much cash. that sounds like bubble. jason: you raise an interesting point about the drive pattern, because they are putting a lot of money to work, but a question investors will ask is how much of a pain for the deals, because more money leads to more competition, so if they are getting into these situations on the corporate side, valuati

. >>> when we come back, we'll hear from blackstone's president and coo jonathan gray live from deliveringavid has that do not miss it the dow is up 39, the s&p is close to the flat line "squawk alley" starts in a few moments. intelligence, covering virtually every part of your healthcare business. so that if she has a heart problem & the staff needs to know, they will & they'll drop everything can you take a look at her vitals? & share the data with other specialists yeah, i'm looking at them now. & they'll drop everything hey. & take care of this baby yeah, that procedure seems right. & that one too. at&t provides edge to edge intelligence. it can do so much for your business, the list goes on and on. that's the power of &. & when your patient's tests come back... >>> good morning it's 8:00 a.m. at google headquarters in mountain view, california and 11:00 a.m. in new york and "squawk alley" is live. ♪

wayne: "cat gray: superhuman"? jonathan: it's a trip to belize! wayne: perfect. jonathan: true dat.ur! jonathan: it's time for "let's make a deal." now here's tv's big dealer, wayne brady! wayne: hey, america, welcome to "let's make a deal." this is our military episode. everything this week, we're honoring groups of people that are near and dear to my heart. you know, oprah used to have her shows where she gave away millions of dollars of stuff. i've got this. but i get a chance to give love to these groups of people. and today it's the military.

wayne: "cat gray: superhuman"? jonathan: it's a trip to belize! wayne: perfect. jonathan: true dat. tv's big dealer, wayne brady! wayne: hey, america, welcome to "let's make a deal." i'm wayne brady, thank you for tuning in. who wants to ma o ? rithe, in e blue tterighere.th, who nice to meet you. - nice to meet you. wayne: so where are you from, heather, what do you do? - cai have a hug? yne: yes. hey, heather. at dyou do? - i'm a marriage and family therapist. wayne: give her a round of applause.

wayne: "cat gray: superhuman"? jonathan: it's a trip to belize! wayne: perfect. jonathan: true dat.an: it's time for "let's make a deal." now here's tv's big dealer, wayne brady! wayne: hey, america, welcome to "let's make a deal." i'm wayne brady. thank you so much for tuning in. i need one person to make a deal with me right now. "let's make a deal." the flapper. come here, flapper. everyone else, have a seat. let's get the show started. janet, nice to meet you. janet, stand over here, stand over here. hey, janet. - hi. wayne: hey there, nice to meet you. now where are you from and what do you do? i'm sorry, that's a lot of boa up in my face. so stand over here though, stand over here.

wayne: "cat gray: superhuman"? jonathan: it's a trip to belize! wayne: perfect. jonathan: true dat.ke a deal." now here's tv's big dealer, wayne brady! wayne: hey, everybody, welcome to "let's make a deal." thank you so much for tuning in, i'm wayne brady, let's make a deal. who wants to make a deal right now, let's go. (cheers and applause) let's see. rain, come with me. everybody else, have a seat. have a seat, have a seat. hey, rain. - hi. wayne: so what do you do? - i'm a performer at kids' birthday parties. wayne: a performer at kids' birthday parties. i did the same thing at one point.

wayne: "cat gray: superhuman"? jonathan: it's a trip to belize! wayne: perfect. jonathan: true dat.for "let's make a deal." now here's tv's big dealer, wayne brady! wayne: well, hello, america. look at you looking so good. welcome to "let's make a deal." i'm wayne brady. let's make a deal, who wants to make it? you do, come over here. everybody else have a seat. come on over here, speak into the mic. what's your name? - masha. wayne: hey, masha, so what do you do, masha? - i'm a probation officer. wayne: you're a probation officer. - yes. wayne: wow, oaky, so let's see the masha that deals