. >> last but not least we've got procter & gamble reporting friday morning courtney, the biggest consumerroducts company of them all, i guess. >> yeah, and i would actually trade this one head winds that have been a problem are higher commodity prices and a strong dollar, and you're starting to see that come down, which i think could benefit them. >> guy, what do you think of procter and gamble and its manly products >> love their products not sure about the stock valuation is rich. margins are going to start to contract i'm not sure they can pass on their price to the consumer anymore. fails from the all-time high, if memory serves, december of 2021. >> all right, my memory never serves these days. >>> coming up, the temperature is is rising but so the one company's stock price. the chart of the summer, that name is next when we return. old school hard work meets bold new thinking. ♪♪ at 87 years old, we still see the world with the wonder of new eyes, helping you discover untapped possibilities and relentlessly working with you to make them real. old school grit. new world ideas. morgan

leave the market, and i do not from what i saw, no , i do not think that there is such a company as procter money money compared to all the profits that they have around the world, but they somehow rationalized for some reason, decided that it is either not profitable for them or sometimes they come up with an excuse that well, we do not invest anything new, no investments we do . taxes to the russian treasury . and there may be money for everyone, not so much, but considering how much iranian drones cost, it may be for everyone. what company can you provide for the purchase of a large number of iranian drones? well, as an example they don't understand it, or they don't want to understand, maybe, well, in the end, they probably don't want to terrorize money, and that's about the companies that left the market, yes, they probably lost a little . well, they didn't suffer seriously , i don't know a single story where they baskalyovyaem we there we found ourselves in a serious financial hole. i have never heard of such a thing, that is, it is simply not enough . it seems to me that moral and et

i saw procter & gamble, they came out with their results. demand for the products, right? volume is down for almost all the things they sell, but the prices, beauty were up 8%, grooming up 9%, health care up 6%. baby and family care up 8%. so these folks that madison talked about who aren't participating in this great economy, they've still got to pay the same for tide detergent. >> yeah. procter & gamble is a great company to pay attention to because they're selling what? the necessities. if you've got a baby, you've got to buy diapers. so procter & gamble is hiking their prices by 8% in the most recent quarter which is what they did across the board, it impacts all of us across the spectrum including those of us that are on the margins. and what's really troubling here that they still did well even though consumers pulled back. they actually saw a shrink in the number of products they sold. the volume slumped by about 1%. but they were still able to make that -- make up the difference because prices were high. charles: but people are boxed

dave: before "the opening bell" some companies reporting, procter & gamble.ng at the stock, up 2%. still committed to our brands. bounty towels, customers are not trading down. it wasn't the best report but it is a brand name and people are committed to that. dave: we heard from big oil companies. lauren: colgate-palmolive, exxon and chevron. exxon profits fell 56% from last year. revenue fell 30%. no one is crying for exxon mobil which we are talking $83 million in three months in revenue. they are cutting costs. they are committed to returning $8 million in cash to shareholders but i suppose shareholders are disappointed today. chevron production was a record quarterly high for chevron. profits down, cut in half. revenue cut by a third and this is because oil and gas prices are lower than they were this year. in the permian basin for chevron. dave: we should mention they are up, oil is up $80 a barrel today so if it keeps going in that direction might be better fortune for the oil company, not so much for the consumer. squeak green, the sabbath people takin

procter & gamble is not an outlier so j.p. morgan and wells fargo are not going to put up blockbuster numbers this quarter, something that can't be reconciled with what big time strategists were bloviating about when it comes to russian short rigs and how can they explain the market resurgence of something like alphabet? and the youthful youtube which might be worth far more than anyone thought? adsense supposed to be coming back in the scenario that analysts are talking about. it would be one thing if i were just cherry picking, picking the best ones, but we get those macro defiant quarters on almost on a daily basis. how can homebuyers all report extraordinary numbers when the fed is doing all it can to bring down the price of housing? they are saying this can't possibly be happening, but it is. we don't have enough houses. interest rates stayed low for so long that people got cheap mortgages they are not willing to surrender. they see the same top-down analysis you do and i do so in the end you get this bizarre situation wh

here is the latest from procter & gamble.olume is down, how do you achieve revenue growth? put prices up. they have the pricing power to do it. procter & gamble up 1.7%. pricing power is back. it looks like the consumer is still tolerating it. lisa: have you ever bought tide pods? they are pretty expensive. jonathan: do them on prime day. lisa: you load up? in a new york city apartment where do you store them? jonathan: we've got storage. lisa: in the local drugstore they are locked up because they're that valuable. my point is they do have pricing power and you see gross margins increasing as input prices come down. they're not having to spend as much to make tide pods. jonathan: i've the luxury of having the washing machine and drier in the apartment and i know it is luxury. in the united kingdom that is a luxury for a new york apartment to have a washing machine and drier in the apartment and pile up the tide pods down the side. lisa: that is so in character. you just have them stacked up perfectly? it is like building blo

that's after a preannounced number on sunday hearing from exxon/mobil and procter & gamble bring you interviews ceos of both companies in the seven hour. and on the agenda, a fed inflation gauge due at 8:30 a.m. set your alarm, we should say. probably watching now. get the june report on personal income and spending. forecasters expecting to see inflation rise by 0.2 percents from prior month at noon eastern time, ecb publishing its results of the latest round of european bank stress tests all quite important. >> and in the latest edition of how good it can feel when you stop hitting your head against the wall, intel shares js jumpi. return to profitability after two record losses. looking for another loss posting earnings of 13 cents a share. expectations for a 3-cent loss revenues 12ds.9 billion beat estimates of $12.1 billion it was above last quarter. sequentially above 15% below last year. current quarter guidance beating also wall street expectations. sequentially flat. analyst call ceo pat gelsinger, seeing weakness in all segments of its business through the year-end server c

you've got intel up 4% procter & gamble up 2% largely a lot of green on the screen for those names the chevron, which has david pointed out, preannounced, and is down only about 0.74%, so nothing crazy. but yeah a lot of green on the screen for a friday of course, we've got that pce data what the bank of japan did market's really distilling that and how it interplays with u.s. markets. >> i want to talk to you about financials we got these new capital requirements, questions about what you're going to have the same degree of buybacks that you've gotten as well. financials have done next to nothing this week. now, over a month, they've been one of the best performing sectors, up 7% the best-performing sector over a one-month period of time, financials because the stocks reacted very positively in a way in prior quarters they haven't. >> it was the banks within the financials, which i think people were surprised about, because talking about negative earnings revisions, the bank saw a lot of those revisions come down over the last few months in the wake of what happened in march and april

the only people who can stop procter are costco and walmart last night, i talked about -- >> the ceodst of trying to buy albertson's. that has gotten a lot of opposition, as you might imagine. that one, i get a lot fewer people questioning the ftc's judgment >> right because you know, the law of our country is that -- is the p&b bank standard, which is when p&b bank tried to buy number one and two in philadelphia, this is according to jonathan kanter, who's really rigorous, this company is combining the number four and number five, so theoretically, they should be blessed, but lina khan is so anti-merger that even though it's created a hundred thousand union jobs in the last dozen years, it might be blocked but they need to do it just to keep up with costco and walmart and amazon, although amazon -- >> i mean, i know he's positive on the prospects for the deal, but he seems to be alone in that, jim. >> yes >> okay. you agree. >> yes i happen to like him very much because i think if they walk away from the deal, the stock goes up, or if they get the deal, the stock goes up. i think th

remember, procter used to be -- >> is that bad for procter & gamble is that what you're seeing >> theyon't give a darn. china is an afterthought, that's what i'm saying. >> oh. glad we got that clarified >>> when we come back, say good-bye to the bluebird we'll have a closer look at elon musk's rebranding of twit twitter. it is now x. >>> last d othayf e month of july more "squawk on the street" straight ahead ahhh! icy hot pro starts working instantly. with two max-strength pain relievers, so you can rise from pain like a pro. icy hot pro. >>> elon musk making good on that promise to rebrand twitter. it's now known as x, the new logo replacing the famous bluebird a giant "x" was installed on top of the building in san francisco. apparently it flarshes at night. city officials claim the sign is illegal. some neighbors may be upset with the flashing x it is now an x on my phone still an app that i use numerous times a day, jim i don't know about you >> i do too. >> or for consumption, of course, not as much sharing anything that i have to say. >> i find it invaluable. >> it's still valu

so meghan took pen in hand and wrote a letter to procter and gamble and just look at that penmanship.was wondering if you would be able to change your commercial to people all over america. here's the shocker. the company actually changed the commercial to say people, not women . to say people, not women. >> okay. so she's been on this a long time. so what do you think, harry and meghan, right. that global advertising bans should eradicate male and female stereotypes doing battle on this. now, the socialite and royal expert lady victoria harvey and the social commentator and a big sussex squad supporter , amy anzel . the squad supporter, amy anzel. the issue i have about this , issue i have about this, victoria, is that actually it's just not really the business case of harry and meghan and their foundation. on how corporates want to advertise because actually if they want to advertise products that for example, appeal to mothers, then they have every right to do so for commercial reasons. this is capitalism, right? >> yeah. i mean, look, i mean, she's been campaigning on this sort of

so meghan took pen in hand and wrote a letter to procter and gamble and just look at that penmanship.was wondering if you would be able to change your commercial to people all over america. here's the shocker. the company actually changed the commercial to say people, not women . to say people, not women. >> okay. so she's been on this a long time. so what do you think, harry and meghan, right. that global advertising bans should eradicate male and female stereotypes doing battle on this. now, the socialite and royal expert lady victoria harvey and the social commentator and a big sussex squad supporter , amy anzel . the squad supporter, amy anzel. the issue i have about this , issue i have about this, victoria, is that actually it's just not really the business case of harry and meghan and their foundation. on how corporates want to advertise because actually if they want to advertise products that for example, appeal to mothers, then they have every right to do so for commercial reasons. this is capitalism, right? >> yeah. i mean, look, i mean, she's been campaigning on this sort of

procter & gamble is a great company. can sacrifice them because i don't like this market >> you've been pretty clear on that 4,402 this morning >> i'm going to go on threads. right now, i'm on twitter. i'm going to do it nicely on threads. on twitter, it's going to be attack mode. on threads, it will be kinder, gentler. >> let's get to the ism services and j.o.l.t.s. at the top of the hour first, u.s. services pmi let's get to rick santelli hey, rick. >> yes, carl, lots of numbers still yet to come out. this round is s&p global services pmi, a june final replacing mid-month read, mid-month read was 54.1. well, it increased to 54.4 and it remains the fifth consecutive month above 50 in expansion territory, same is true for the composite pmi by s&p global 53.0 is mid-month read a bit of an improved, also the fifth month above 50 in expansion mode we still have j.o.l.t.s. to come along. we see that interest rates are toying with cycle-high yield closes, 5.07 for twos. now testing and above 4% for tens "squawk on the street"

. >> procter & gamble is about to report. we had a report last night that was very positive.ise prices on a lot of things. and the sales did not go down. i think proctor is in the same unique situation. one of my absolute favorites. we can follow up if you just become a member of the cnbc investing club, which we cover wall-to-wall. it is not time to wave the red flag with credit right here. it is just worth keeping an eye on. there is much more "mad money" ahead. kind of like,. the next spot is staying power is the market coming back? i will give a close up to the story. a high-profile analyst, why is this so sniffing i will give you my take. stay with cramer. ♪ ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪ ♪ i was told my small business wouldn't qualify for an erc tax refund. you should get a second opinion from innovation refunds at no upfront cost. sometimes you need a second opinion. [coughs] good to go. yeah, i think i'll get a second opinion. all

straight ahead >>> got more earnings still on the docket hearing from chevron, exxon and procter & gamblenext hour. >>> plus, don't throw this tea in the harbor. sam adams maker boston beer getting a boost this morning from its twisted tea brand. >>> it is friday friday let me repeat that friday. >> yeah! >> fri-yea and july 28th. i don't know if that's a yeah. 2023 i don't know if that's a yeah either time's flying. "squawk box" begins right now. >>> good morning bp welcome to "squawk box" here on cnbc. live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. it's a friday. it's the summer. we're already all a little punchy here we go let's look at u.s. equity futures at this hour you see now there are some green arrows and significant advances. nasdaq indicated up by about 132. dow up by 95 the s&p up by 22 again, dow indicated up by almost

i think procter & gamble supports it. you can see the prices are up. monster worldwide. and chipotle, they are not going to get a lot of credit. fourth is the return of enterprise software as a favorite sector of the stock market. from here, to here. the group is on fire. and has more room to run. my favorite, mongo db, confluent, monday.com and cloud player. before the fed started, these are my crib -- market values with great growth. the appendages strong growth with profitability which is what wall street wants. incredibly strong post covid. longer money and shorter time is the obvious thing. cruise line. caribbean, norwegian. i like the airlines. that will be delta and airbnb. the last one is so good. destinations worldwide. let's not forget. we just reported a good quarter. now joining boeing with a multiyear move with the market and airspace. what is interesting with dave calhoun, the ceo of boeing, i think the stock has much further to run then it has. six, no need for the service here he. decent numbers. my favorite is palo alto networks. the superior offering. p

can't control that are very volatile there and big mega cap names, amazon, apple, johnson & johnson, procter, names that have done very well. charles: a great story of a guy who was a sanitation worker and his name escapes me but he never made minimum wage and he retired with five or $6 million that he left a local library. we've been talking about the fed all day. central banks around the world their balance sheets in the stock market have moved in tandem, the bigger the balance sheet, the higher the stock market as about the balance sheet go down the stock market has been going up even as balance sheets have gone down. is this a new paradigm can we expect this for the rest of the year? >> i think there will be a coming together especially over the summer into the fall typically the fall i suspect as the fed continues to raise rates and as they try to shrink the balance sheet i think you will see stocks start to come in. i don't think they will crash but i think they will common so it's going to trade with the fed to no such point that we get out of this. we've been in this for 14 years it'

if you can imagine, you can offer procter & gamble a particular series of ads around the world, and nowhey're showing you exactly where people are watching and why and you can target those people. why would you ever put a linear ad in anywhere if you have 37% of the people are streaming, it was an amazing call now, they don't have read anymore, and i think reed's voice needed to be on the call >> well, they have him still he's still involved in the company. >> they have great people. i happen to love ted >> ted sarandos. >> i think he's fantastic, but i think the main people, the undercurrent that people are missing is they're going to drive people to the ad tier and make a ton of money in the ad tier it just didn't happen this quarter. >> let's take a listen, actually, to what peters had to say about password sharing on the call greg peters. >> we anticipate pulling both linear and digital dollars but where we are today, we're much more targeted at that linear brand-focused tv advertising that's a sweet spot that we can speak to right now we're definitely building capabilities and have

more earnings on tap this morning as well, chevron, exxon, procter & gamble out before the opening bell this morning. we'll get you the numbers as soon as they hit the tape and show you market reaction. european markets this morning trading this way, take a look, mixed performances in the eurozone. the ft 100 in london, the cac quarante in paris mixed with the dax index lower by 12 points. the asian indices overnight, the biggest mover in china, shanghai composite up almost 2%. then biden administration tries to change the conversation away from hunter biden crime as a super seeding indictment is filed against president trump. special counsel jack alleging trump asked an aide to delete surveillance video from his mar-a-lago system. the former president slamming the charges says there is no case. chris wecker is here later this morning. joining us this morning, krysia lenzo along with john lonski. "mornings with maria" is live right now. ♪ put me in, coach. ♪ i'm ready to play today. ♪ put me in, coach. ♪ i'm ready to play today. ♪ look at me. ♪ i can be. ♪ center field. maria: all right

the down now, you have things like procter & gamble, johnson & johnson, a big one, we are getting more broad-based areas coming on. we 've seen airlines and cruise lines go vertical, industrials, you name it. it's in the works right now, i will say this. if there's an area that is due to 5% or 10% correction it is the technology area, it has been overleveraged and usually you get some pool backs but trend is up. i don't think the trend gets broken in a big way anytime soon. julie: always remind me the market can climb the wall of worry but what is interesting in the latest rally that has been going on, buoyed by banks that were not nearly looking as disastrous as some feared and a good number of regional banks going on that is discernible, is that crisis which riveted us behind us? >> it to become, jpmorgan did the yearly high and the regional banks, you watch them with the kr e, it has bottomed and is coming up now trying to win back the losses, some really big losses. that is some added fuel. when the market gains confidence the financials is over the market is in good stead. that's

ford and procter. procter and gamble .wo of the companies reporting strong quarters thanks to an increase in sales and prices. also this morning, a key inflation gauge that measures consumer spending dropped to its lowest annual rate in nearly two years. combine that with as the opening bell rang this morning, a couple of bay area stocks doing well. intel reports a very strong q up about 2 expected, en though there is a drop in ad prices advertising, especially for digital and streaming. but revenue good at roku and as we take a live look at the numbers that's helping the nasdaq gain this morning, more than 200 points, 1.5. you can see a live look at the big board with the dow jones up close to 200 points, half of a percent. and the s&p 500 also up about three quarters of a percent. so a good strong day today for, though, is recalling more than 870,000 of its f-150 pickup trucks due to an unexpected parking brake activation. ford says it has received 900 warranty claims for the brake condition in north america. 300 of thos

procter & gamble do that inilevec did that.account as to what your multiples are going to be down the road the other part that people aren't paying attention to are commodities. the whole commodity cycle has been put aside, and i know we talked about energy before the show, but you look at copper and a whole bunch of other things, there's potential there for price increases and also for investors to look and see how you can make money there >> how are you feeling about the markets, given the huge runs we've seen this year it's been a phenomenal year for equities are the valuations getting stretched, or is momentum working, and the economy looks better than anybody was anticipating at this point >> i think the valuations have been stretched in certain stocks we talk about that all the time. the earnings have to meet them google did it. meta didit so, the question is, can apple and amazon do it as well if they can get the earnings to be commensurate to their valuation, i think you're okay but if you see something where, hey, you

look at procter & gamble this morning, the stock is up, look at meta last night. look at intel this morning. returning to profitability. tech is on deck next week. apple, amazon, out on thursday. yesterday intel reported better than expected numbers, returning to profitability after two straight quarters of losses. the stock is up this morning, strongly, it's up almost 7%, ray. your take on earnings season so far? >> earnings season has been amazing, right. earnings are up. a.i.'s powering all the growth conversations. and more importantly the cloud revenues are still there and so people are beating expectations and in some cases beating expectations but what's more important is the a.i. rally is here and it's happening in the enterprise tech stocks as well as consumer tech, big tech stocks. maria: what do you want to do there? >> one of the interesting things, really to look at the enterprise tech stocks which might be undervalued compared to other big tech stocks like adobe, oracle and service nows of the world, those are the ones that are powering the next set

that's more than people who sit on the biggest boards in america at amazon, procter & gamble, pfizer.one makes a fraction of that for just sitting on a board. he made that much money. but this is in addition to that, what is alleged in the fbi form. and, look, there's wire transfers all over the place. there's shell companies the bidens created. there is a pattern of behavior that we've seen in romania and china that is consistent with what is alleged in this fbi document. and the fact that the u.s. attorney would not share this with the irs international tax crimes division who was investigating the bidens for, guess what? ukrainian wire transfers. i mean, it is unbelievable. not only are we investigating the biden criminal activity, we're also having to investigate the cover-up. and, yes, there's a cover-up. that's why we released this fbi form. liz, when we first asked christopher wray about the fbi form, he tried to act like it didn't even exist if even though senator grassley and i had already seen it. he acted like it didn't exist. i mean, why is the government doing this? if wh

lisa: i mentioned procter & gamble earlier taking given corporate.ou have priced down and corporate landscape. is this a tendency where you load the boat on size or are you more sophisticated about duration as you ladder into corporate bonds? brad: i think what we're seeing right now in terms of corporate's is people taking a comparison and saying you can get risk-free or full facing credit, as you mentioned, at the front end for a lot of yield. if you look at the shape of the curve, you have to want duration , to not have the reinvestment risk, and feel really comfortable if you are going to buy longer dated credit. lisa: you said you wouldn't necessarily look in credit for risk signals, you would look elsewhere. where is elsewhere? is it the private markets that are created almost a buffer for the public credit markets that used to be a frontier for a lot of this investing? brad: i think you have more risk there. do i think it is a systemic problem? no. i don't thing the size of those markets are big enough to have any systemic problem like we had

great value brand is doing well we are at the crux of what i think is going to be a battle royal for procteramble when they report on the 28th. where do you think it comes out? price or have they been beaten by great value >> how it's been going, we saw this from kimberly, they're continuing to get price but warning that there are some shifts in the consumer it's nothing like the great financial crisis where everybody traded down to private label not seeing that at all. >> when you go into a walmart, it's really incredible how they push the great value and they are the same i've sampled everything. i don't want to get too far afield with what's going on with raytheon, but i think the crux of what's going on right now, unilever bucked the trade down because of good brands but the trade down is here and the price between -- between walmart and another company you cover well kroger is dramatic. >> you got to it we didn't get to it in our hour, but you managed to hit it here i wouldn't let him talk about unilever i don't know why. >> it happens overnight. he doesn't care about overnight. >> one

aggressive, but as bullish as i was about raw costs, because i do think raw costs are coming down for procterbut i don't know it's good. it's really good number. the algorithm's good it's a growth company like you wouldn't believe but this is a serious growth company that nobody saw coming at the same time, you should have had that margin expansion we didn't have that one. we have some if you include celsius, which is hot. celsius is the hottest thing not to quip -- that's the wrong celsius. not that >> different set of headlines. >> you can't drink that stuff. but i have myfour or five celsius this morning untrue it's like having a 5-hour energy send me one of those again, throw that over. but i think that pepsico had really good numbers. it's just that i want to see deflation everywhere, and you didn't see it. >> we did get some deflation in airfares yesterday, and that brings us to delta with a beat >> what a number >> raised guidance, bastian even suggests that corporate travel could come back in the fall >> i continue to say, and i know that conagra wouldn't disagree, we are long on mone

it is not like procter & gamble. jonathan: the stock is down 3% before earnings yesterday. tom: netflix human shot. jonathan: that's going to be a big struggle for tech. next week, alphabet alongside christophe. on wednesday met a. -- meta. these are big names that have seen big gains year today. how do you validate those after you have seen such massive moves here today? tom: yesterday moving apple with a moonshot. the stock came back down. i think it is above $3 trillion right now. you can look at that in the bloomberg terminal. the des screen. smart people like mark gurman are looking -- and this is something absolutely new for natural tv and radio -- they are actually looking at their business plans. it is the business plan of tesla? could you see jon ferro in a tesla -- what is it called, a cyber truck? jonathan: yeah. tom: when will it make money? jonathan: they are going to get rolled out in the next 18 months. a huge demand for them, tom. massive. they look equal. you don't think they look pretty cool? i remember when they were first rolled out. do you remember that

ford and procter and gamble both report a strong quarter thanks to an increase in sales and prices and a key inflation gauge that measures consumer spending drop to its lowest annual rate in nearly two years. and maybe taylor swift bringing some good karma, maybe two. wall street. we'll have all your business news coming up as the sun rises. thank you for joining us here on morning sun two. i'm pam cook. i can feel that getting hot in my shoulder. good morning. i'm dave clark. it is a friday. it's july 28th. and i'm ready to hear from roberta gonzales. roberta, that little soft breeze outside our studio right now. perfect perfect. dave clark. my humid weather station went outside again. yes. to get a firsthand account of what you can anticipate as you're heading on out the door this morning. hi, everybody. yeah, we have a soft breeze right now, but it will be increasing out of the west 10 to 20mph later today. this is the scene looking out from looks like monument peak. and you see a little haze there. we do have some fog right now in santa rosa. quarter mile visibility there. looks li