julia, what about les moonves and company and cbs?one key for cbs will be the success of the upfront ad sales period which ceo les moonves told me earlier this month went great. we also expect to hear how cbs's digital content apps are fairing. the company is projected to report revenue that's in line with last year's $3.21 billion and 16% higher earnings of 86 cents per share. cbs shares are up about 15% so far this year. just this morning cbs increased its dividend by 20% and its share repurchase program to $6 billion. we're sure to hear about about that as well. guys, back to you. >> thank you, we'll see all three of you at the top of the hour when those earnings are released. joining us on the floor of the new york stock exchange, gabriella santos from jpmorgan. what's the market waiting for? >> quiet day. to us what's been an interesting trend has been the rotation within the sectors. the whole first half of the year was so defensive. a lot of concerns about growth, looking for equities as yield. since then we've seen a flip and

david: as long as they have les moonves, that guy knows how to steer the ship.ou very much, jim. appreciate you coming in. >> quite welcome. melissa: wynn beating expectations on top and bottom line but shares trading down 6% after hours because revenue from las vegas operations shrunk more than 1%. the company approving a cash dividend of 50 cents a share. david: they're always doing that, trying to boost the stock value with dividends. another look at shares of expedia dropping after-hours. the stock is down more than 4% now. as you can see the travel site beating the street on eps but it did come in short on revenue. the company warning that revenue per room is likely to decrease year-over-year in 2016. melissa: all right, more trouble for the clinton foundation. an investigation of public corruption. why the irs is getting involved. david: plus another busy day for the trump campaign. yes, they are going strong, even with the dnc active in their convention. the gop nominee gearing up for a rally in iowa with his vp pick mike pence. can they steal the spotlig

ceo les moonves buhlish about what's ahead saying they expect a great year for tv advertising which will benefit from higher up-front ad prices as well as political ads. >> we are still in the early stages of what we are very confident will be a record presidential election year. second quarter political sales came in higher than expected thanks in part to primary spending in california and right now we're seeing big activity in many of our major market o & os. as always spending will peak in the fourth quarter. >> moonves is very much traditional on traditional company saying they are benefitting from the fact that digitaled ads work better with broadcast ads and it's hard to duplicate the reach of old-fashioned tv and moonves also revealed the company has 2 million subscribers between cbs all access and its showtime app and even took a potshot at hbo which reported 800,000 subscribers back in february and hasn't updated its numbers since then. >> in the comparison to hbo, i would say when you look at our programming, you know, one would say our programming, we have more major hits than

les moonves gave her a ride on the way to dinner. we have not seen phillipe dumont. drama around disney. really, the viacom drama has been the biggest one here. they all got out of the same car. car, three people getting out of the small car. american made cars. cory: these are powerful business people indeed. you talked about the demeaning nature. i want to ask you about it a little bit. i do not know if it is demeaning, but reporters are separated from the people who actually do business. i don't think we should ever pretend that we are them and they are us, but there is a physical distance but on where reporters may gather but may not participate. david: yeah, you have seen the footage. there are places where we are allowed to film and shoot pictures, but that is very restricted. we are only allowed to approach without microphones and cameras on and it is a very funny dynamic. our colleague who covers him in -- it is like going to cover an nba game from outside the arena having no idea what is going on inside. there were executives who wanted to come over and give

>> well, les moonves would do a terrific job, if they wanted to go that way, in my opinion.e's an excellent operator. sh i have no idea what, what erri has in mind as a strategic direction. i have no idea what kind of estate tax problems they would ultimately face, and what they have to do to satisfy those. >> so i am sure, it's a complicated process. >> just to clarify, earlier when you were talking about europe, talking about itv. is the u.k. an interesting place to spend money? would you buy at the rest of itv? >> i personally think the u.k. will be increasingly interesting for foreign capital. theuess would be that cheaper pound, combined with a more pro-business government, personally a substantial investor in ireland, and i worry the u.k. will start competing with ireland as the most business-friendly player. but, in all seriousness, i think the u.k. is going to be fine. i think the reaction has been way overblown, and i think this will create investment opportunities in the u.k. i think there's also a fair chance that they work out their eu issues and ultimately, if t

in on the sumner redstone drama saying viacom is undervalued and if viacom and cbs merged cbs' les moonvesould be a terrific leader. viacom's felipe dumond is skipping the conference for the first time in years. chairman reid hoffman just sold it to microsoft for 26 billion saying it's harder than ever to compete with the tech giants. >> i think once you get into a public company, if you're not throwing off a lot of r & d, ability to do r & d and progress your technology at a very fast rate then it's difficult to compete with them. i think startups compete with them and private companies compete with them but i think the question is as a public company you're held to, okay, what is your quarterly, you know, earnings? how does that growth look like and what does your ebitda look like? >> hoffman says he's exciting but suggestions so far and is confident that linkedin's team will remain independent. melissa, both interviews up on cnbc.com. >> almost sounds like he's relieved to be out of the public spotlight like that. >> well, you know, hoffman really does enjoy investing in companies. he h

les moonves is considered a genius by the industry.turn around viacom, it is probably him. a merger would re-strengthen the companies negotiating power against pay-tv providers that recently underwent their own mergers and are deciding which channels are crucial to viewers and which can be dropped from certain offerings. a deal would also simple by sumner redstone's empire before he passes, making the future a lot clearer for shareholders who have to endure the left in the dark for months now. scarlet: that was careless of tara from bloomberg gadfly. we're going to head over now to the nasdaq where abigail doolittle's live in checking out tech reporters. abigail: from a more macro standpoint, we're looking at mild selling action. pretty fitting for the action that we have seen for the last several sessions. it is probably ahead of the index's next big directional move. this mild move overall for the index really does not tell us about the bigger movers, including the biotech index down more than 1%. netflix is today's biggest mover, do

. >> i know you know les moonves. i'm probable jumping a report. >> no, i'm not doing cbs. >> he said the web only augments. it extends the reach of tv. alphabet said the same thing talking about a wendy's commercial. how wendy's by giving google money extended the reach. you asked me yesterday, where is the stuff coming from. alphabet was saying, hey, look. people are drawing more money because they're getting a better return. maybe more of a spending pie than i thought. >> facebook takes rest of the digital advertising. everybody is bringing up the rear in a big way. digital becomes a bigger and bigger part of the pie. you're right, moonves will say, i'll still get 20 million people to watch "n.c.i.s." nobody else is. >> it's the best way of reaching customers at the moment of intent. bing, that's when you want it. >> on this ruth porat, ceo, talking about ad strength at goog google. >> once again, the increased youth of mobile search by consumers, benefiting from our ongoing efforts to enhance the mobile search exp

but she seems to be spending time with les moonves among other people. rse she's publicly praised moonves for his leadership of cnbc and she's in the lawsuit. if domane does arrive today, i don't want expect him to be hanging out with redstone. >> i'm sure you'll get a microphone or a camera near him at the least. thanks so much. all right. julia boorstin out in sun valley. >>> stocks to watch this morning, whitewave foods being bought by danone. the deal comes a little over three years after whitewave was spun off from dean foods what? >> didn't know where whitewave was from. dean foods is a big dairy company. so this was like almond milk and that other stuff. like silky and others. >> jpmorgan could be moving thousands of staff out of britain. that's from jamie dimon quoted in an italian newspaper. that would occur if they lose their rights in the eu after the brexit vote. pepsico beat estimates on the top and bottom lines for the second quarter. pepsi cfo hugh johnson will join "squawk on the street" 9:00 a.m. eastern time. >> need tiny little fingers

we saw her with les moonves and bob iger. the bob -- viacom drama is playing out.ama also playing out. tom stacks arrived. the president of espn and ben would of abc -- ben sherwood of abc showed up. there are macro issues playing out, as well. brexit is a big one. here is what michael ovitz had to say about it. michael: all of the people we were talking to, they'll told us the night before the vote that it was going to pass. those people in that community did not know. the people that voted to doubt don't seem to be ready to handle it. players have already resigned. it is really a mess. david g.: those executives who did talk to us saying it is an issue they will be talking about. markets go up, markets go down, but this was a dramatic event. brexit is not all they will be talking about. the presidential election is also on the table and there will be conversations about national security, as well. david w.: it looks like they are all there. you've got them all gathered around you. terrific. congratulations. david g.: canadian prime minister justin trudeau expecte

of course shari redstone is here as is les moonves and no sign of fell leap du monde yet. >> thank youery much. when we come back how to play asia in the wake of the brexit vote. we will talk to goldman's chief asia equity strategist tim mo and later this morning fbi director comey on capitol hill preparing to defend his recommendation not to charge hillary clinton. he will face questions from the house oversight committee and we will take coverage of that later on. this woman owns this house, with new cabinets from this shop, with handles designed here, made here, shipped from here, on this plane flown by this pilot, who owns stock in this company, that builds big things and provides benefits to this woman, with new cabinets. they all have insurance crafted personally for them. not just coverage, craftsmanship. not just insured. chubb insured. >>> the uk's decision to exit the eu has sparked all sorts of contagion fears reaching asia. wide speglation the bank of japan will continue to ease and the continued yuan weakness in china is a concern for investors. how to invest in asia timot

they have so vastly outperformed that it really is in many ways a testament to the leadership of les moonvesa couple of comments that the strategic flexibility and impressive about cbs, the fact that the traditional ad business is doing very well and direct to consumer businesses which moonves referenced when he revealed new subscriber numbers for the showtime products. i think there are a lot of people who think that moonves would be a great leader for the two companies combined but at the same time, viacom's business is struggling so much it would be a mess for cbs investors to have to have those assets as well. >> do you agree with that? >> absolutely, yeah -- >> if there was an announcement tomorrow there was a deal, would you sell the company? >> it depends on the price, right? at some price any deal is a good deal. >> is that the right deal though for cbs? arguably the deal for cbs has always been time warner? >> yes, from an industrial logic perspective that combination makes more sense. time warner doesn't have a major broadcast network, cbs does has the number one broadcast network.