i spoke to marc lore. this is when the company was six months old. listen to what he had to say.do not see amazon or anyone else as a direct competitor. we see a $300 billion market in the u.s. growing. we think this space plays to multiple players. emily: david, i want to bring you into this. amazon is far and away the leader in e-commerce, is this a play for number two? can walmart ever be number one? david: the simple answer to that is no. i do not think there is any near-term scenario where walmart will be number one in e-commerce. i cannot imagine that. if you listen to what we say here, it is for talent. $3 billion worth of talent. it is to get a better pricing methodology. they are paying $300 billion to reduce their margins and maybe increase their market share. i mean i do agree, and doug , macmillan is obsessed with this issue that they have to become a more digital player. it just shows how hard it is for some of these lumbering behemoths to make the pivot they have to make. it seems like a costly way to achieve a desired result. emily: how much can jet really turbocha

marc lore is a cyber space retailing pioneer. who built the parent company of diapers.com and then sold it to amazon back in 2010 for over half a billion dollars. he's been able to do this a few times. he's going to be running both jet.com and walmart.com and the two of them talked a lot about the ideas they have back and forth. of course the big question from the street is what does this mean to guidance? when are we going to get an update on that? and the answer is not yet. next week the company is reporting earnings on august 18th. they are in a quiet period right now so can't talk a lot about what comes out of that. but we did get the chance to talk to doug mcmillon generally about what he's seeing in the economy. we know consumers have been the one bright point that we've been seeing time and time again. doug talked to us a little bit about the pros and cons, what they're getting out of this. and here's what he had to say. >> we've got currency pressure now. we've got help from fuel. food is deflating. i think first quarter

. >> he says marc lore will lead both jet.com and walmart.com when the deal closes. walmart is also not updating any guidance at this point. now, nearly everyone i've spoken to believes it's likely about lore and the senior team. one of the brightest minds in e-commerce and walmart lost him once and walmart reportedly out bid by amazon for qidzi in 2010. he's not happy with walmart's slowing growth rate and far behind amazon. wall administrator's total online sales less than one sixth of amazons and churning out weekly innovations like the king of the online jungle does to be a viable alternative. jet hasn't given a total customer number but the site's consumers tend to be urban, millennial and likely incomes greater than $150,000. only a fifth of jet.com buyers have also purchased from walmart.com in the most recent six-month period and could be some value there, of course. but there's still a lot of questions. how will jet.com help walmart.com if they remain distinct even for a period of time? back to you guys. >> they're not going to be integrating it right away.

setcom founder marc lore is to head walmart's online division. -- will buy mattress firm holdings ofium. this would create the world's largest bed seller. its bankinganding business. deal to buy florida's bank -- it is florida's largest lender by deposit. tiaa is led by roger ferguson. vonnie: the latest china trade figures are raising concerns chinese exports -- the latest china trade figures are raising concerns. imports dropped more than 12%, a sign that domestic conditions could be weakening. vonnie: time for our bloomberg quick take, where we provide context and background on issues of interest. america's have changed their minds about pot. in four u.s. states and the district of columbia, it is legal for recreational use. in the debate about how it should best be consumed and situation.'s a maine, massachusetts, nevada, and california have referendums foregalizing weed recreational use scheduled for this year. florida will consider medical legalization. legalizing weed has generated more than $3 million in sales last year. washington, oregon, and colorado were the first to appr