what about lazard. depot, but the key is that cree sells to home depot directly. they don't use any intermediaries. stern ag did something different. they checked with lighting agents who account for the other two-thirds to four-fifths of cree's lightbulb sales. so phillips could be squeezing cree out with those agents, but you'd never know it if you only spoke to home depot. that's the flaw. two different methodologies, two different results. that said, let's give lazard some good points here. it's actually about cree's new 40, 50 watt equivalent l.e.d. bulls, $10 without hurting the company's gross margins. these new products were nearly sold out at many stores, in part because they actually look like an old-fashioned lightbulb and not a prop from a low-budget science fiction movie! so who's right? i think it's important to note that even when stern ag says they're worried about the next couple of quarters, they also take great pains to stress that negative impact will be short-term and they still bel

art hogan at lazard capital markets impeach tile arer? >> one of the chip companies that has been helping power is disney. that following a year's worth of steady gains at the house of the mouse. courtney reagan joins us with news that should make disney investors even happier. >> that's right, tyler, it's not just the happiest place on earth for kids. it is also making investors very happy. the world's largest entertainment company reported fiscal second-quarter earnings after the bell beating wall street's expectations on both the top and bottom lines. for the second quarter, disney reports earnings of 79 cents per share. 2 cents above wall street's expectations on revenue of 10.55 billion, better than wall street analyst forecast of 10.49 billion. >> they had a great quarter that was helped a lot by some of our new investments notably in disneyland and in florida and also our cruise ships and our investments in hong kong. our cable networks led by espn also had an exception in the quarter. all in all, a great quarter for the company. >

in the global independent advisory firms, lazard.ciaries of these trends. but those are the categories. some regional banks, if they really retrench back into where they are regional. they could be fine within country. but the aspirations of being a global firm would be a terrible aspiration. would be a terrible business plan. >> who are some of the big firms. what are some of the big firms that have not kept pace surprisingly? >> any of the big ones that still say they want to be a global firm and they're not amongst the top four or five. i guess we'll only be five or six or seven firms that can truly be global. there are some that are exiting rbs are exiting some lines of business. both fringe banks exiting some number of lines, and u.s., as well. but on a number of those, it surprises me that they haven't been more rapid in making their changes. where are their strengths? and what should they be exiting? >> how do you measure your former employer. before you were at lazard, you were at morgan stanley for many, many years. they tra

. >> this is a tug-of-war because also lazard downgrades it. i think the dow can go higher.and we should split the stock. pacific crest on sandisk. this is the first time we're hearing capacity increases and that's what i've been waiting to be careful on those stocks. >> ray jay, hold the sales. >> this is a company that does the mass testing. mice. and there's not enough new researching done. >> let's talk about what's on mad tonight? >> tonight i've got two spec biotechs. bioteches have been working and working and working, and i've been trying to just dig them up and find the ones that got the big approvals and were all over them and i have an oil company that's been breaking up. teasing. >> that's not bad. got about 15 seconds until we get to rick santelli, the data has been mixed today. consumer spending income not so hot, but the pmi was a shift. >> there are a lot of places in the federal reserve, where baltimore, maryland came out not that strong. texas, very strong and i still believe the oil and gas renaissance is driving a lot of the industrial numbers. >> rick's

. >> tomorrow on "squawk box" lazard vice chairman gary paar will be our guest host, we'll ask him aboute's report before the bell. "squawk box" tomorrow at 6:00 a.m. eastern. ♪music plays continually music plays continually♪ for over 125 years, we've been bringing people together. today, we'd like people to come together on something that concerns all of us... obesity. and as the nation's leading beverage company, we can play an important role. that includes continually providing more options. giving people easy ways to help make informed choices. and offering portion controlled versions of our most popular drinks. it also means working with our industry to voluntarily change what's offered in schools. but beating obesity will take continued action by all of us, based on one simple common sense fact: all calories count. and if you eat and drink more calories than you burn off, you'll gain weight. that goes for coca cola, and everything else with calories. finding a solution will take all of us, but at coca cola, we know when people come together, good things happen. to learn more, visit

economist with b of a merrill lynch and art hogan is managing director of lazard capital markets andr you to join us, guys. good morning. >> good morning. we have the dow up almost 200. what are you thinking? >> we have a marketplace here that seems different than it did last wednesday and one of the things you have to contemplate is what's really changed and what's with really change side the perception of what we learned on wednesday. we learned that the fed at some point in time will taper their quantitative easing and i don't think that's new. we spent the long weekend digesting that and the fed's data dependent and they're probably not going do it any time soon and that might be good news and that might be that the economy is doing better enough that they'll step back from the 85 billion a month in purchases. the dow is up 200. michelle, we just got the confidence number of the week. we'll get an important revision to gdp later in the week, as well. >> is the market reflecting a real upturn in the recovery? >> the sentiment figures have been quite encouraging. the conference boa