paychex ceo marty mucci brings us the story. let's look at u.s.wer open across the board. hello. i am here to offer sophisticated investing strategies. my technology can help you choose the right portfolio. monitor it. and automatically rebalance it. all without charging advisory fees, account service fees or commissions. that may be hard to compute. but i'm a computer. so trust me. it computes. say hello at intelligent.schwab.com xçó0 >>> welcome back to "squawk box." on cnbc first in business worldwide, here's what's making headlines this morning. a record first quarter profit for toyota despite slightly weaker vehicle sales. toyota was helped by cost cutting measures and a weaker yen. community health spinning off 38 hospitals and its consulting business into a separate publicly traded company that will be called quorum health the second largest hospital operator. >>> check out shares of sprint in the premarket. they lost one cent per share for its latest quarter, smaller than the 9 cent loss wall street was expecting, did raise 2015 earnings g

in the case of paychex, a 3.7% yield.e case of the others, you had companies trading for cash flow multiples two and three points below what they were trading for two weeks ago. >> peter, thank you very much for joining us. p enjoy your weekend. i'm sure a lot of people out there are quite relieved that it is friday already. >> i am, mandy. >>> metals and mining stocks bouncing back today. katie stockton, gina sanchez, katie, first what are charts telling us? >> when you look at the metals and mining etf, gdx, it was a nice rally, about 24% off of its low. yet the relief rally followed a big break down. it was a breakdown below support not only at the 2014 low but also at the 2008 low. that's a testament to the long-term down trend. when you look at that move within the broader context, gdx has been trending lower really for years and it doesn't really show any early signs of reversing that trend especially with gold meeting resistance after its own relief rally this month. >> in line with katie's analysis, would buying t

devaluation kills middle class, kills value of their savings and value of their paychex. this really retards the development of the middle class. therefore if you're betting on that development you lose? >> there is no doubt that this china devaluation will hurt the global economies and u.s. markets as well. that is the big question, david. which just don't know how this will all play out. because china embraces capitalism, doesn't mean it will help their society or the global middle class. the bottom line, investors should be prepared for with defensive portfolio. in my opinion. what we're doing is incrementally buying on the dips and adding to the portfolio with allocation. david: you have to be specific, jonathan. i would think you avoid the stocks that do have big exposure in china because, i don't think it is over in china. this drip, drip of slow devaluations eventually ends up in one big devaluation. >> you are right. in fact, look at some of the stocks that have been getting killed for the last few days. it is luxury-oriented retailers, those big brands which depe