kotick questions? >> sure.od to see you microsoft, in attempting to get this deal through, has offered assurances there will be nothing like exclusivity on their platform or anything of the sort, so in that calls, what are the advantages where will it be a better competitor what kinds of things will you be able to do as part of that company? >> look, one of the great things about the business combination is, microsoft as a console manufacturing, doesn't have the same advantages that sony and nintendo have with deep, rich libraries of intellectual property they don't have a movie studio they don't have a tv studio. they don't have a music company. they don't have 40 years of franchise success with mario and so with a company like ours, they get three franchises, candy crush, call of duty, warcraft. we have access to better technology, more talent, and in a world that's increasingly competitive where you have so many people entering the video game industry, it gives us an opportunity to have access to more resour

lina khan , bobby kotick, 4573 new high for the ye. ar don't go away.gainst the nazis. they have a 12 month head start. 18. we've got one hope. our nations best scientists working together. here, secret laboratory. keep everyone there until it's done. you're the great improvisor. but this, you can't do in your head. this is the most important thing to ever happen in the history of the world. - 5. 4. they just fired a starting gun. - 3. the president needs to know what's next. - 2. what's next? -1. you founded your kayak company because you love the ocean- not spreadsheets. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire i remember being on aau trips, high school games. my mom would always say, "you need to fuel the body and you need salt." i would always be the kid not cramping, ready to go. fast forward 20 years and i go from eating salt out of my palm to drinking lmnt. >> good wednesday morning and welcome to another hour of squawk on the st

kotick with julia did not really discuss that part of it, but that's a key part of it.his merger agreement expires next week. so, you want to extend it, you're going to have to pay. >> look, i know -- look, some of the people -- look, kanter at the justice department, in truth, this is a vertical deal the clayton, the antitrust act does not -- is not against those. and the delta has agreed to keep this thing open. more people are going to be able to receive "call of duty" more than ever. the rebuke of the expert witness was so painful to read i don't get it i don't know what britain wants. this is not exxon. you know >> they're worried -- listen, jim, you do know if you listen, you know. they want, you know, they're worried about the cloud business that's -- which is a nascent business, so they're making predictions in terms of microsoft's ability to potentially, through xbox, dominate that business a lot of this has been about protecting sony, which seems odd to some people >> protecting sony >> so devoted to defending a japanese company take a listen to what kotick ha

. >> and interesting coincidence, i had bobby kotick almost directly after he's the ceo of activisione did an interview as well, and i did ask him, well, take a listen to what i asked him and his answer regarding the ftc >> she doesn't seem to be backing off in terms of wanting that administrative law judge proceeding does that surprise you >> it does surprise me i think at this point, you know, they've seen what the courts have said. they know the facts. they know the law. it seems like probably prioritizing other things is a -- is the best opportunity for the ftc. >> kotick got what he had asked for there. so, they do back off of course, the key here continues to be the continued negotiations between microsoft and the cma in the uk, trying to get approval for a deal that has now been extended to october 18th in terms of the termination of the agreement between the parties. >> the other piece of it, assuming it happens, activision comes out of the s&p today, jpmorgan downgraded blackstone shares. they're saying fund-raising is going to slow down, the stock has run a fair bit, it's ha

and fed tightening comes into view we'll unpack today's market action >>> plus, activision bobby kotickrtly. inflation in retreat leaving the bulls in charge.

th thanks very much. >>> do not miss bobby kotick on the closing bell today, live from sun valley's mediaonference a lot of questions for bobby moowand bob iger sits down torr 8:00 a.m. eastern time with david faber another interview you do not want to miss stay with us >>> dow up 207 meta ceo and founder mark zuckerberg making headlines this time for photos posted after a w workout with two ufc fighters everyone is talking about his muscles and how good he looks and how elon musk is screwed if they event up in the ring. i can't believe that's where we're headed. >> we've been talking about what board members are say right now, do you want to do this is this a good idea? what positive comes out on the other side >> like threads v. twitter >> right. >> i don't know. this is like -- this would never happen with female ceos. so ridiculous. >>> still to come, art cashen with his take on this morning's cpi print as the broader market is holding gains grsis know, it waan agesve target for the year going into the year. we're back in two. >>> welcome back to "squawk on the street" i'm pippa steve

bobby kotick, if he was trying to sell activision to take two that's a no-no, but what they're doinge is not really competition as you had in that conversation yesterday. so we think it is a great way to make $2.80 own on the stock and we think the deal gets done. liz: tell me what you think about the nasdaq. it has had an incredible run through the year. now it is down 2%age points. name like alphabet google is very close to session lows here? is it just a matter of let's take some profits off the table? >> yeah, this is a profit-taking opportunity for people in the summer, right? we know historically the market can be more volatile during the end much of the summer where you have got end of july and august. jackson hole will be coming up at the end of august as well. we've seen heightened volatility into those events which are very macro so this cobe a great way to take profits especially on companies that have done so well. don't forget, liz, earnings are coming up. you will see a lot more tech earnings next week and the first week of august. so if people want to check their profi

. >> steve, thanks a lot >>> don't miss the interview with bobby kotick, live tomorrow at 3:00 p.m.tern on "closing bell." >>> speaking of microsoft, it's become so lopsided in the nasdaq 100, the index is doing a special rebound on july 24th how lopsided have the mega caps become the toxic names now account for more than 50% of the entire nasdaq 100 after the rebound, that will fall just to 39% and the nasdaq 100 is being overly driven by these names as yuck see there, it's outperforming. nick wells crunched the numbers. let's bring in jeff killberg who says this is causing some anxiety with tech investors. and bob is here, as well, watching the situation bob, some of the names, we're talking honeywell, pepsi, comcast. >> yeah. this highlights how important index funds have become, because so much money is attached to them that's why we're watching this now. so in this case, this is the nasdaq 100, the triple q would be the etf it's the fifth largest etf in the united states with over $200 billion in assets. the other big ones are the s&p 500, that's the code qqq this nasdaq 100 is

injunction to stop microsoft's activision blizzard deal today, activision blizzard's chief, pobobby kotickll" 3:00 p.m. eastern time wo h pain relievers, so you can rise from pain like a pro. icy hot pro. you founded your kayak company because you love the ocean- not spreadsheets. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. >>> we are about two hours into trading. we're off the highs of the session, but a nice rally. post-to-post with bob pisani for a look at what's moving. bob? >> still up and off of the highs, 44.67 on the s&p. would be enough for a new closing high remember, we use cl

. >>> by the way, do not miss activision blizzard ceo bobby kotick right here on closing bell live fromalley at 3:00 p.m. eastern time. the tech rally is taking a breather this week. xl k ontrack for its fifth down day. just being selective when it comes to tech. let's bring in amy kong of cfi, welcome to our show. big tech, let's start there first. you are apple, alphabet, microsoft, and nvidia. where do you think the bar is, now, into earnings season for these companies? >> it is certainly high, or at least higher, scott. we are cautious into the earnings season, where, with new money, we are getting a little uncomfortable buying into this market rally that we have seen. i think earnings will be okay. but, in terms of adding money to the new market we are seeing a bit of a pause. >> how do you address valuations when you look across the board from what they were at the beginning of the year, to where they are now? are you comfortable? are you getting a little concerned that maybe some of them are over there skis? >> as an investor, you never say no to a rally. but, when we look under

liz: bobby kotick. >> i asked adena, this is my wheelhouse i cover big financial firms.k with him a lot and that he actually gives amazingly good guidance and i think that is why the stock turned around. he gave very good guidance to the street. the street is starting to believe his story he is getting some of these charges out of the way and that there is more clear skies coming for goldman and, this is like a one-off thing. they had to write down some real estate and some other things. that is the bullish view. that is what she said. take it for her word, adena knows her stuff, right? the more sort of pessimistic view, i'm not saying i ascribe to either view is this, the business model is a two-trick pony, right? they trade. they do investment banking and they don't do much else okay? they're locked into something that's very much tied to the vicissitudes of the market if there is a commercial real estate problem out there they're going to get hit because it could be in their portfolio and they don't have ways to make it up. not like morgan stanley. liz: jam the thing

i think they just sit here and play the market or they play "call of duty," thank you, bobby kotick orhey garden. they ain't working >> we mentioned the treasury secretary this morning, beginning her four-day visit to china. she did arrive in beijing. eunice yoon is on the ground with what to expect. >> the treasury secretary, as you said, has arrived in beijing, and it looks as though she's going to have a very long day ahead of her on friday a senior treasury official said for her first day of meetings, she's going to be sitting down with the former vice premier, lui he, a familiar face to the west, as he is the one who helped negotiate the u.s. trade deal for the chinese under the trump administration she's going to attend a business round table hosted by the american chamber of commerce here, and she was also going to have a bilateral with the premier, li qiang, and end her day with a dinner hosted by the former central bank governor, zhou xiaochuan, another familiar face to the west the overarching goal, according to the senior treasury official, is that she's going to hope to imp

. >> video game industry by the way, bobby kotick will stay on. this deal does close as soon as tomorrow. >> after the break, yet another day in the green for speaking of a.i., nvidia, as wall street continues to raise the price target on that name. xtesrseetonod kw, ne with your hearing, if you start having a little trouble, you're concerned that it's going to cost you money. to this day i only paid what i had to pay for the device... when i go back everything is covered. there's so much you're missing by not having hearing aids. we'll find you a hearing aid that fits your lifestyle and budget at one of our over fifteen hundred locations. call miracle ear at 1-800-miracle and schedule your free, no obligation hearing evaluation today. >>> check hour out shares of apellis pharma down after a safety report on the new eye drug showed inflation in six patients. >>> nvidia today, two big firms raising their tarts. raising their targets. we turn to dominic chu. >> they're raising the prices for maybe different reasons. one is making catch up calls afte

if in fact we go beyond the 18th, they will have to renegotiate with bobby kotick and activision to extendt stands given it will expire then. what's that going to cost microsoft? very little question here as to whether that man mr. kotek will be willing to extend, he will, but he's not going to walk away from the deal. what will he ask for it won't be a higher price consideration because then you have to refile and get a new merger agreement and all that stuff. what you probably have microsoft do is say we'll let you pay a dividend to your shareholders of some significant as much as $5, who knows, that's the expectation or hope of shareholders if we go beyond that date of july 18th so watching it closely, of course big victories for microsoft earlier in the week but still the cma stands out there frankly hard to fully understand what the state of play is between the cma and microsoft. >> you almost sounded like a lawyer there that was good. >> thank you. >> but also, i feel -- >> i'm not one but play one on tv. >> do you think you're going to be as an m&a reporter, which you are, busier no

his call when he talked about the macro economic environment and then from my interview with bobby kotick activision, both talking about a hard economic environment, as sara indicated, to predict take a listen. >> one day it seems like the world economy is falling apart and the next day everything is fine i don't know what the hell is going on to be totally frank. i wish i did. >> we think there's a lot of economic uncertainty and i think you've heard the fed say that they are focused on a 2% inflation rate next year i think that we haven't seen the last of interest rate increases and, you know, i think we have a lot of concern about the economy, whether or not people have the ability to pay for software. >> it depends where you sit. if you're a video game maker and your sales boomed during the pandemic, they saw people at home playing video games, demand like they've never seen before and it's coming off and there's a give back. you're in recession and your industry is different and musk is right it's hard to tell what hell is going on because one indicator is good an the next shows that