and could make it harder for schulze to secure financing. and don't forget schulze was elbowed out as chairman in the spring, after an internal audit found he knew former c.e.o. brian dunn was having an inappropriate relationship with a female employee. that alone is unlikely to be a dealbreaker. but it may mean some board member resistance to putting him back in charge. >> tom: why does shultz make this offer in public? why not negotiate privately with the board? >> in his lerlt shultz said he would prefer private noerkdss but the board was dragging feet, so he had no choice but to take the campaign public and hope best buy shareholders would support him. >> tom: it caused a ruckus in the stock. what's the next step? when will we hear from the board? >> it's unclear at this point. all we know is best buy hasn't confirmed the offer, and don't know when it will respond. >> a key time. holidays around the corner. turnarounds with easier said than done this time of year. what is needed to do to discourage the showrooming and turn the shopping i

charles schulz -- george and charlotte shultz. this afternoon, we are doing something that, frankly, should have been done a long time ago. in this city, when the concept of a memorial for veterans what spurs done, they said it would be right here. of course, we have finally, after many, many tries, got this right. in 1936, the construction produced it, and then there was six or seven additional times from the original time, and it does not to work, but finally, about two or three years ago, we got it right. the board of trustees decided in their wisdom to say thank-you to two incredible san franciscans in making the horseshoe circle named in their honor. all of you have come for this occasion. the man who presides over this city, for purposes of everything, is, of course, the mayor. directly across the street is where he journeys from on this occasion. ladies and gentlemen, let me present to you, the mayor of the city and county of san francisco, would just celebrated his 60th birthday, mayor ed lee. mayor lee: thank you, and the

but is schulze's deal for real?et's bring in michael packer senior analyst at web bush securities. glad to have you on the show today. does the debt finance get done? is that the biggest hurdle here? >> yes, i think the price implies that they need to raise about $8 billion total. just at the low end of the range. schulze is talking about putting in a billion. so he needs to raise $7 billion in equity and debt. there ebitda is about $3 billion and declining. so i would guess maybe a stretch if he could raise $6 billion in debt. and that means he needs another billion in equity. i think more than likely $5 billion in debt he needs $2 billion more in equity. you notice he talked about conversations with private equity firms but he didn't say that any were committed. that's the reason he mentions due diligence in his letter. obviously schulze was chairman just a couple of months ago so he probably doesn't need a lot of due diligence himself. but his prospective equity and creditor partners are going to have to do a lot

addressed to best buy's board, richard schulze says quote, "bold and extensive changes are needed for best buy to return to market leadership." he is proposing to buy out the company, using his own money, private equity funds and some debt. so would going private be the right strategy for best buy? >> it may make sense for best buy to be a privately held company, especially if you have the backing of private equity. with retail and turnaround experience. frankly, this company has a lot of work ahead of them to stay

it is bill schulz. and if hilarity was a race horse i would try to finish first every time i road him. next to him, dan sodor. let's do some stories. pinch is no longer here. how did that happen? >> they came for the talking papers. >> i had nothing to do with that. >> is a fact-finding trip a great way to strip? while visiting israel, a bunch of members of congress and staff decided to take a late night swim in the see of galilee with one shedding his clothes. he went skinny dipping before being joined by some others some fully clothed and otherred partially clothed. on monday he spoke about what happened. >> it is not an incident that i am proud of. it happened over a year ago, and it is something that was obviously a mistake on my part. i want folks in the district to know i am apologetic for it, to the eke tent -- to the extent if they are embarrassed i feel regret. >> for more let's go to the senior congressional correspondent, steven san cloud. dash steven? >> i guess we got him at a bad moment. i

and my repulsive sidekick, bill schulz. and balloons have a restraining order against him. fyi, balloons is the name of his stripper exgirl end from. girlfriend. sitting next to me, a combination of sitting right is michael moynahan. let's get to the story, shall we? >> amidst growing shouts he is not dropping out. yes, todd aiken, if that's his real name doesn't seem to be bowing to pressure from republicans like mitt romney to quit the missouri senate they have one there. the race for the good of the party, destroyed that sentence. on tuesday, hours before a significant campaign deadline, he released an ad apologizing for his comments on, quote, legitimate rape, unquote. that if jeopardized, gop chances of reclaiming this so-called senate in november, roll tape, roll tapers. >> rape is an evil act. i used the wrong words in the wrong way. for that i apologize. the fact is rape can lead to pregnancy. the truth is rape has many victims. the mistake i made was in the words i said, not in the heart i hold. i ask for your forgiveness. >> i think it is great they loaned him the

schulze said he was disappointed buyout takes have ended. meantime, it's slow going for the renovation at home improvement retailer lowe's. the company has been working to better compete with home depot. quarterly earnings were a nickel less than the average analyst estimate, and they were down from a year ago. the results were held down by fewer promotions in may, slower shopper traffic on memorial day weekend, leading to bigger price cuts to move merchandise. that hurt profit margins. shares fell 5.8% on heavy volume. lowe's cut its financial outlook for the rest of the year, even as august sales have picked up. healthcare continues seeing merger activity as the insurance industry looks to diversify and grow. health insurance provider aetna is the buyer, offering to purchase coventry health for $5.7 billion in cash and stock. based upon tonight's closing prices, coventry shareholders would get $42.08 per share based upon friday's closing prices. both stocks found buyers. the target, coventry shot up more than 20%, closing just below the im

he is my repulsive sidekick, bill schulz. and if musical genius was a genie lamp i would rub him with both hands until my dream came true. next to me, andrew wk. >> i like that. that was fun. >> i always wondered what a lead man was. >> and it is spelled incorrectly. i never understood that. it is a plea from dee. twisted sister asked the vp nominee to stop playing the disco classic "we're not gonna take it anymore" at his event. ?ieder and his geriatric band may oppose them with guitarist jj french saying, quote, we understand it is a protest song, but the use of our particular version of the song caw notes our support. we are absolutely opposed to the republican ticket and a social agenda we find particularly disturbing. ryan's campaign said it would comply e-mailing, quote, we're not gonna play it anymore. those cards. in other music news, miles davis' ease stap sent a cease and assist to this door. >> the door won a grammy dana, i go to you first, and you were married briefly to dee snyder in the 1980s. what do you make o

best buy founder richard schulze wants his company back. on the tweet question. what does schulze see in the company that shoppers and short sellers do not? tweet us @cnbcsquawkst. we'll get some answers in a moment. this is new york state. we built the first railway, the first trade route to the west, the greatest empires. then, some said, we lost our edge. well today, there's a new new york state. one that's working to attract businesses and create jobs. a place where innovation meets determination... and businesses lead the world. the new new york works for business. find out how it can work for yours at thenewny.com. >>> squawk on the tweet on this monday morning. best buy founder richard schulze wants his company back, offering to take it private. what does he see in the company that shoppers and short sellers do not? he might finally get a tv at a price less than amazons with his owner discount versus employee discount. benjamin writes the founder sees a way to monetize people using the store as amazon's show room. and ernest tweets h

he is my repulsive sidekick, bill schulz. and if musical genius was a genie lamp i would rub him with both hands until my dream came true. next to me, andrew wk. >> i like that. that was fun. >> i always wondered what a lead man was. >> and it is spelled incorrectly. i never understood that. it is a plea from dee. twisted sister asked the vp nominee to stop playing the disco classic "we're not gonna take it anymore" at his event. ?ieder and his geriatric band may oppose them with guitarist jj french saying, quote, we understand it is a protest song, but the use of our particular version of the song caw notes our support. we are absolutely opposed to the republican ticket and a social agenda we find particularly disturbing. ryan's campaign said it would comply e-mailing, quote, we're not gonna play it anymore. those cards. in other music news, miles davis' ease stap sent a cease and assist to this door. >> the door won a grammy dana, i go to you first, and you were married briefly to dee snyder in the 1980s. what do you make o

one day after best buy founder richard schulze proposed a plan to take the big box private.p. amazon already taking on the likes of apple, netflix, best buy and now zynga. so with amazon no longer going the route of everything but the farm is the quest to take on zynga a good move for the e-commerce jaegiant. and apple looking to clock in with yet another new all-time high as the tick titan just yesterday announced it's dropping youtube from its standard ios6 and charging ahead with the battle against samsung. how much longer can it hold the reign at the top? plus you hear all the hype about the excitement over the olympic games. but what about the economic drawbacks? we're going to take you live to london for an inside look at the downside to hosting the olympics. in just a few moments. first a quick market flash. brian sullivan is back at hq. >> a developing story out of new skin enterprises. nus is the ticker. the stock is down 10%. here's the story. ll known short selling firm cintron research essentially saying that it thinks that nu skin's china business could be compl

and my repulsive sidekick, bill schulz. and if he was an air guitar i would do him in the shower where know one could see me, comedian tom shalou. >> a-block. sets up first story. >> that's new. cool. >> i liked that. >> you did. >>> is the vp choice wrong if he has never touched a bong? paul ryan has yet to address if he ever smoked pot, and it has one scribe up in arms. nobody is up in arms, but they should be. luke zaleski has been nominating the campaign for a yay or nay on rolling a j, but no response-ay. it has not stopped the hack from drawing his own conclusions, namely that paul never puffed, and shockingly that is not a good thing making him a dork. he says being a pot virgin is like being an actual virgin. it is like you are disconnected. when you are running as a gen-x candidate, not having smoked will make it seem like anything but a guy who stood apart from his generation. i guess he is the expert. for more let's go to the ganja loving goat. >> you know, i was going to say i hated that video, but it is making

a state where there is a concern i'm sure about medicare that is something that debbie wasserman-schulz talked about on fox news sunday. how important was florida and how are they poised to take florida. florida is a huge state and a big prize and a lot of electric for rail votes. and it is an expensive state to run a campaign. the one thing about the ryan pick, it was a political savy decision for governor romney, but the one thing about the ryan pick is the budget. it proposed mead changes to medicare. this would affect florida obviously very old population. we can tell you what the polling shows. it shows this is unpopular of -- with seniors. florida may be a new problem for that time right now. >> would marco rubio made a big difference? if you get wisconsin because he is a hometown guy, and some of the other states where they are obviously going to spend time and attention, will that make up a difference? >> that's what is so interesting about the ryan pick when you look at the map. governor romney has essentially shifted the battleground from the south, from florida to these midwe

applause] and now, everyone, please join the san francisco symphony and our chief of protocol, charlotte schulz, here on stage in welcoming our host, mayor edwin m. lee and first lady anita lee, and the man of the our, our special guest, mr. tony bennett. [applause] -- the man of the our -- the man of the hour, our special guest, mr. tony bennett. [applause] [applause] [applause] [applause] that is the way you make an entrance, right? [applause] well, mayor lee, mrs. lee, and honored guests, for 50 years, the sounds of tony bennett and his rendition of "i left my heart in san francisco" has said to the world that this city by the bay is the capital of love, beauty, and a unique style that made it one of the plan its tourist destinations. mr. bennett, your voice is the voice of san francisco, and this is your day. [applause] we have a fantastic program for you today. we have some local singers inspired by mr. bennett's career, and they will pay tribute to mr. bennett in song. tony bennett, your dedication to young people is known through countless projects such as your exploring the arts foundat

hours ago the response of schulze saying best buy continues to face enormous challenges and needs a clear plan with proven leadership team with deep retail experience and knowledge of best buy to win back customers, inspire employees and reinvigorate the company. he said he's disappointed by the best buy board's abrupt public termination of our private discussions. the saga seems very far from over. >> that's an understatement, court. thank you so much. >>> let's go to herb greenberg. there are a lot of layers to this story. >> right. >> one of which is customer service. >> yeah, look. getting a guy from the hospit hospitality industry, what about customer service? >> exactly. >> will he do that? does it matter? i don't think it matters because some people want to look at this saying go to an apple store, walk through, take you. but remember. best buy is so many products and again we get back to the same old issue that's facing the industry. shy of having some great new product or platform out there, you have to have good pricing and if they have to really compete with an amazon, you end

richard schulze offered between $24 and $26 per share.est buy is trying to avoid the state of rival at prominent retailer circuit city, which went bankrupt in 2009. >>> gibson guitar will pay a $300,000 fine for illegally importing wood from overseas. federal agents raided the last year. by agreeing to the settlement, gibson will avoid criminal prosecution. >>> and if you ever need a cupcake on the run, an illinois bakery can certainly help you out. sprinkles cupcake shop installed a cupcake atm on the patio of its bakery. anyone with a sweet tooth can swipe their credit card and grab a cupcake of their choice. the machine can hold up to 500 cupcakes at a time. that sounds like an idea that needs to make its way here. >> to cbs, i know. you know, they always find a way to give us more of exactly what we don't need, right? >> i know, right? >> love to see the fight at that machine. >> especially in this building. >> boom! ashley morrison here in new york. ashley, good to see you. thank you so much. >>> when we come back, we'll have your we

and debbie wasserman schulz has hit the campaign trail. and now peter has the other side of the trial. >> oat bough ma campaign has had -- the obama campaign has had a full day to contemplate the full ticket romney-ryan. and axle rod thinks the congressman is a good person, but his ideas are very harsh. jay you know, it is a pick -- >> you know, it is a pick meant to thrill the most stria dent voices in the republican party, but one that should trouble the middle class, the seniors, students. because of ryan's record, he is a right wing ideolog. >> about four hours after ryan was revealed, we saw president obama on the south lawn of the white house heading to chicago, but he kept his opinion about the vice presidential candidate to himself. his campaign manager though wasn't so show saying "as a member of congress ryan rubber stamped the reckless bush economic policies that exploded our deficit and crashed our economy. now the romney-ryan ticket would take us back by repeating the same catastrophic mistakes." the obama campaign rolled out

earlier this month, the founder of the firm, richard schulze made a public bid to take the company private. now, best buy's board is asking him to reveal the names of private equity firms that would back the buyout. there could also be a buyout in the works for video game publisher electronic arts. the company makes the popular "sim city" and "battlefield" games, and is reportedly in early-stage talks with several private equity firms. shares of the company rose 72 cents to $13.81, providing some relief for investors who've watched the stock tumble to historic lows in recent weeks. now, let's switch from retail to some other sector movers. cisco systems was the biggest gainer in the dow today, up nearly 10%. as we reported last night, the networking company reported better than expected sales and profits, and a big dividend hike. cisco's upbeat comments helped lift shares of other networking stocks like f-5 networks, riverbed technology, and alcatel-lucent. all jumped more than 4%. home-building stocks also rallied today on that news that building permits surged in july. pulte group rose t