>> thanks a lot, wilf. i think a lot of people are trying to figure out if in fact this it going to peak in terms of microsoft's operating and financial purchase over the near to intermediate to long-term as kevin alluded to, the results were better than what i think people expected. but i highly doubt that people should be thinking that 17% revenue growth on a largely organic basis is sustainable >> i guess that's the question, hike, when you talk about such an amazing stock purchaserformae >> the question is with a billion dollar market cap company, what does that imply with their ability to grow with these very fast rates? they've accessed totally different markets. it's not unthinkable they can continue to grow above i think that's what's going to have to be sorted out over the next couple of years, if they can deliver that >> kevin, what's your view on the git hub acquisition? >> in one sense if you're just looking at next quarters earnings and next quarters earnings it's largely cosmetic but the core

hey, bill. >> hey, wilf here's what's happening right now.oleman rose family which you know lost nine relatives when that duck boat sank in missouri is filing a lawsuit now. they stood side by side as their attorney explained the legal action they're taking against the duck boat owners and operators, when all 17 people died when that boat capsized during a storm >>> islamic state is now claiming responsibilities for a car and knife attack on western touris tourists, and isis said in a statement several of its soldiers attacked the citizens of crusader coalition as they put it >>> officials are on the scene after a parking garage collapse in irving, texas rescue crews say their primary search for victims is clear now, but they are double-checking just in case with the corresponding office buildings to make sure everyone is accounted for. >>> and the nba is making history announcing a partnership with mgm making the first sports league to align with an official betting partner. it is also mgms first partnership with a major professional sports

it's been a big week for wilf.xcited about this meeting today because there's so much swirling around it. he was so excited. >> about something else. >> china's trade surplus wide at just under $29 billion up from $24.6 billion in may this obviously is amid the ongoing trade dispute between the two countries. and the justice department is going to appeal the court decision that approved the purchase of time warner. at&t expressed surprise at the announcement saying the court has a well reasoned and legally sound decision randall stephenson will join us to discuss the latest developments in this and other things he's out in sun valley with our julia boorstin looking forward to that at 8:15 a.m. eastern time. >> well, we just married frhearm jpmorgan well above wall street forecasts. the fee and market revenue performance for the quarter had a healthy consumer drive to credit card sales and volumes. the stock is higher by 0.7%. we had seen it surge 1.2% but backed off that a little bit let's get more from marty mosby

. >> hi, wilf. fed chairman powell, and he gave a solid out look for the usga econo u.s. economy saying the job outlook was strong >> i think gradually raising rates is the way for us to extend this expansion. nothing hurts working families and people at the margin of the labor markets more than a recession. >> powell also said that wages were not rising fast enough yet to cause an inflation concern, the kind of dovish comment there. and the ultimate effects will be hard to gauge in the fiscal policy, but overall he said that the tax cuts have had a positive impact on the economy. though he tried to steer clear of director comment on the trade controversy because it's politics he did offer something of a generic warning. >> in general countries that have remained open to trade that haven't erected barriers including tariffs have grown faster, had higher productivity, and companies going in a more protectionist direction have done worse i think the empirical result >> he held out hope that better trade agreements could come from the current process. we'll do it all again t

i do worry about things wilf was discussing with jamie. weigh in on the notion that qe and how we end up is an outcome wave got little research and history on banks didn't squawk much when they were the benefactors merchandise and i think the bank of japan tonight is the one to pay closest attention to don't know how it's going to turn out don't know how they can mop up so much liquidity. and i continue to think the big story for 2018 is going to be some divergence. we've had the global expansion although the u.s. economy is galloping here and i think how that turns out and how the tol keepers of how it'll turn out are central banks, it's going to be fascinating to see how it ends up >> we will leave it there on that big question mark rick santelli, thank you nice to see all of you we've only got nine minutes to go before the closing bell, and we are looking at a pretty big sell-off here. information technology by far the biggest loser. the russell which got hammered on friday is down 0.5% so pretty much in line with the other averages thi

>> i'm definitely not, wilf. i'm a big movie person and i'm very careful about how i spend my time i don't watch any broadcast tv i haven't done it for years. >> apart from cnbc. >> apart from cnbc. >> netflix >> what's the value of their head start and did they become essentially kind of the indispensable first one you installed and paid for in. >> it's the quality of the programming. >> that's how they maintained the growth level. >> the other interesting question is all of the m & a potentially happening and it's one of the traditional media companies like comcast developed a netflix-type service would they get that particular level of subscribers >> no. >> not within a larger company where they're just making it >> it will be super interesting about what happened to hulu. i subscribe to hulu and it is live for whoever ends up controlling hulu i'm kind of, like, do i want to pay ten bucks a month now or i've gone through the content. i think that is the way younger people, not just myself will do it going forw

it's good to have you, wilf.se you seem to -- you seem to not mind doing this >> you're finding a nice way to say this. >> yeah. >> i'm a geek at heart i love it. >> we appreciate that. >> geek at heart you're a geek. we know and we love you. >>> coming up, new data on the housing market this morning. details on who's buying and what mortgage rates are getting when "squawk box" comes right back >>> time now for today's aflac trivia question. what major u.s. city declared bankruptcy on this day in 2013 the answer when cnbc "squawk box" continues thanks, dad! break a leg! aflac?! not that kind of break. oooh! that had to hurt. aflac?! not that kind of hurt. yeah, aflac paid us cash in just one day to help with our car payments and mortgage. aflac! perfect timing! see how aflac helps cover everyday expenses at aflac.com. whoooo. tripadvisor makes finding your perfect hotel... relaxing. just enter your destination and dates. tripadvisor searches over 200 booking sites to find the hotel you want for the lowest price.

well worth checking that out time now for a cnbc news update. >>> hello wilf, hi sara.e's what's happening at this hour, everyone the death toll from the greek wildfire is rising it's now at 74 26 of the dead were groups of trapped families or friends found huddled together 164 adults and 23 children are still being treated in hospitals. prime minister alexa cypress declaring three days of national mourning for those victims >>> congress reacting to president trump's idea of pulling security clearances for former intelligence officials. calling it retribution out of banana republic. >> when you're going to start taking retribution against people who are your political enemies in this manner, that's the kind of thing that happens in venezuela where i was just recently so you just don't do that, and i can't believe they even allowed it to be aired just to be honest i mean it's a banana republic kind of thing. >>> hamilton may be coming to movie theaters hollywood studios are currently bidding to the screen rights but the movie won't be a film adaptation instead it'll be a

could be the colors of the many erk -- america. >> we're going to get to wilf.'s up to the people of great britain whether may stays in power. he said i love boris as well after back-to-back resignations in the uk creating more controversy in this process, the brexit process, wilfred frost joins us with more but first, about the soccer. i know how crazy you are about arsenal. >> yeah. >> is this bigger than that for you? >> 100%. this is the whole nation coming behind joking aside, you'd say the nation was coming together instead of brexit. the royal wedding brings people together the world cup brings people together it's the national team all together put it this way. the quarter final match or the round before i forget, 32 million people tuned in. more than half the population tuned in that was for the quarter final if we made it to the final or the semifinal, 75% of the people would. >> you know the other three teams -- are you hopeful, confident, cocky >> definitely not cocky. take each game as it comes i think we are favorites on paper against croatia. so i

wilfred, thank you see you soon >> all right, thank you, wilf.oining us now to talk more about this ivan from the independent institute and also the author of the end of europe. thank you both for being here. james, what have this week's events meant for your view potentially for the a rearrangement of all these relationships? >> well, it's not very nice to see an american president who's so loathed by european pundits it makes it harder for the united states to accomplish goals overseas when european leaders and their nations have to answer to their publics donald trump's approval ratings are not very high across the rest of the continent. if he want our european allies to do things and spend more money on defense, which they should be doing, if he wants germany not to construct this pipeline for russia, which is good headline and russia should not be doing it, it makes it harder to achieve these goals when our president is so dislike. and it makes him harder to cooperate with other leaders in europe when they have to answer to his election trts

tonight -- the wilf the season for a )s... it was also gut wrenching they made a >>> tonight the wildest game of the season for the a's but it was gut wrenching. >> the a's making a ninth inning comeback against xwt defending world series champs. in the 11th, they blow the game. the game tied at five. bregman fouls a ball into the ground. it rolls fair. a's catcher throws the ball into right field. and that's how the game was won for the astros. a freak play. the astros beat the athletics tonight, 5-4. >>> at china basin, giants hosting cubs. this was a great game. scoreless into the seventh inning. that's when the cubs rallied for a couple oruns, an rbi double frub victor carotene knee. >> france is in. who they play in the world cup final? we'll find out tomorrow morning. here's gabrielle from telemundo. >> and down to just three games left. today france against belgium in what many say should have been the world cup final. belgium 14 goals scored so far but today could not beat the goalie. the lone goal of the game scored i

guys >> all right, wilf you've got something coming up, i think. >> i do.e looking forward it to. mike corbat will be with us at 3:00 p.m we're looking forward to him joining us on "closing bell" at the stock exchange >> and cramer has brian moynihan on "mad money." >> i know. perfect time i'll shoot back from "closing bell," crack open a beer, and watch cramer versus moynihan >> won't we all. yeah definitely maybe a couple of brewskis >> it's monday night just the one >> and guac. >> although that's -- >> what's wrong with it? >> fattening >>> let's get back to the broader markets -- >> as opposed to the beer. >> opposed to the beer you can do the ultra or something. 80 calorie i'm not endorsing that anyway, there's the futures up 27.5 the nasdaq up 8 points managing partner at douglas c. lane and associates here i was thinking about trade again, sarat i have a lot of people explain why the markets have not responded. and china's responded, obviously, and the currencies have responded we worry maybe we don't see it here in our numbers, but maybe it's a cur

wilf, we'll talk to you soon thank you.6 minutes left before the bell, the dow is up 210 points, not too far below the highs of the day the s&p 500 up about 0.18%, and russell 2000 lagging at a bit of a change of the recent trend up next shares of l branch which are shares of victoria's secret are plunging today >>> and still to come, we're talking media mergers with liberty globals o.ce he's going to join us exclusively from sun valley. that's coming up later on "the closing bell." you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today. >>> we are here on the floor for post up. you can see l brands down, really a new market kind of abandoning the stock here. it's down by two thirds since the then the catalyst here is disappointing sales trends at victoria's secret. oesh all company comp sales up something like 3% almost entirely because of bath and body works victoria's secret down 3% in terms of comps timing of a big half annual, semiannual sale. it's int

phil lebeau joins us with the latest on that >> wilf, he's not just stepping down remember, he's the ceo of ferrari as well. here are the developments with regard to sergio marchionne. a quick moving weekend in terms of the board taking actions to ensure that the leadership and the transition, especially as they head into earnings later this week is as smooth as possible there's no doubt that this was a crisis brought in within the last couple of days. sergio marchionne replacedas ceo. he will not return to work this is not a case where he's not feeling well and not there for a while. he's not coming back to work the reason, a rapid decline in his health following surgery three weeks ago. he had shoulder surgery. we don't have any details beyond that in terms of what's happened with his health. but the chairman of ex-or who holds large stakes in fiat, chrysler, cnh international. john he will kin who has been by his side the last 14 years as sergio put together fiat chrysler, he issued a statement saying he taught us to think differently and have the courage to change, often in uncon

it wilfe look difrent in a few hours. >> if you're going out of town, go out sooner than later.worst time cross the bay bridge is at 1:00 p.m. gridlock will be at i worse on i-95 south or the beltway. 5:00 p.m. will be the heaviest time for traffic. llions will hit the roads, even though the gas prices are as high a we've seen in four years. >> people want to take vacations. they want to get out of town. they want to enjoy the weather with family and friends. they're going to travel dspite ga prices. >> justin finch will have an update of travel condifrom the beltway. >>> we're following two breaking news stories. a car slamming through a bricka wall aeleven. firefighters say they rescued one person from this car. but the victim is suffering injuries. this happened around 11:00 last night, on eastern avenue, on the maryland/d.c. line. also in that area, d.c. police were investigating a quadruple shooting. the scene was in the 1700 block of benning road. there's a mcdonald's. al four men were conscio breathing. no word on their current conditions. >>> a family i mourning the loss

wilford frost covers the president live in london with the latest hi, wilf. >> as you said we have natoind us. what are the key topics between prime minister may and president trump? likely trade top of the list she will already expressed she was deeply disappointed when tariffs were imposed on all of the eu back in march and will be hoping for some kind of verbal commitment for a future free trade deal with the uk once the uk has left the eu that might be possible if we look at the numbers, the uk is in fact the u.s.'s largest export market within the eu. $121 billion in goods and services annually. and the trade is fairly balanced total trade of $230 billion between the two countries. the other big topping will be russia given president trump's upcoming summit with president putin. earlier i caught up with the new uk foreign secretary jeremy hundred and asked him whether the poisoning of the skripal on the uk soil by russians was an outright attack by russia on the uk >> it was a very aggressive thing to do. and totally unacceptable these were appalling chemicals used and we have alre

today you have croatia and england -- wilf, i don't know where wilf is. >> in england. >> in an airplane, right >> in a field position he has one of those recliner seats. he really wants this he wants it more than -- yesterday he said he doesn't care about brexit. >> imagine -- >> he doesn't even care about breks it. >> imagine france, england and brittain but, boy, when you get onto the pitch you have no idea what's happening -- >> they should change it. >> it's drama, anxiety a lot more goals, right? >> yeah. >> don't you think >> it's too hard to just use your feet. >> it would be rugby if you did that >> it is hard. i played it poorly and it is hard. >> they want to talk trump, nato so i thought we were -- i thought russia was controlling us trump is saying russia's controlling germany? >> reporter: yeah, look, it's a contentious start. at breakfast the are president went after germany here's what the president said at breakfast this morning. >> if you look at it, germany is a captive of russia. they supply -- they got rid of their coal plants, got rid of their nuclear. they're getti

. >> time now for a cnbc news update hey, sue >> hello, wilf hi, sara here's what's happening at this hour everyone the house approving a $716 billion defense bill the bill was negotiated by house and senate lawmakers after competing versions were approved in each chamber. the bill was approved 59-54. it now goes onto the senate. a judge ruled the statement given to investigators should now be publicly released media outlets sought that release while cruz's lawyers wanted it all suppressed >>> the california supreme court says starbucks and other employers in that state must pay workers for minutes they routinely spend off the clock on tasks such as locking up or setting the store alarm. the unanimous ruling is a big victory for hourly workers >>> and take a look at this, the english golfer mark james teeing off in the seener british open when his ball hit a big white bird well, the ball went out of bounds he had to tee off again. james took a triple bogey on the par for 17th hole, and we hope the bird is okay we have no word about the bird, but we'll keep you posted. >> sue, thank yo

h that indeed is correct, wilf. weave 50 states, so if there are top states there have to be bottom states. so who's at the bottom we'll run them down coming up. ♪ a hotel can make or break a trip. and at expedia, we don't think you should be rushed into booking one. that's why we created expedia's add-on advantage. now after booking your flight, you unlock discounts on select hotels right until the day you leave. ♪ add-on advantage. discounted hotel rates when you add on to your trip. only when you book with expedia. no matter how much you clean, does your house still smell stuffy? that's because your home is filled with soft surfaces that trap odors and release them back into the room. so, try febreze fabric refresher. febreze finds odors trapped in fabrics and cleans them away as it dries. use febreze every time you tidy up to keep your whole house smelling fresh air clean. fabric refresher even works for clothes you want to wear another day. make febreze part of your clean routine for whole home freshness. at fi

i -- i know i can sense the disappointment i know you're bummed, wilf, but what do you expect tomorrowthis moment and look ahead to things that are pretty important >> more important. >> listen, absolutely, and i am very excited about the next couple of days of coverage i always love coming back to the uk for the big stories and this is right up there with them. it's the head of state and meeting those two roles and meeting with the prime minister and meeting with her majesty the queen on friday afternoon, and of course, i met 11 of the last 12 presidents and this will be the 12th president she meet which is is a pretty extraordinary statistic and i am very excited about one of the interviews we have tomorrow which is the new foreign secretary who was introduced to president trump today by prime minister theresa may an extraordinary week it's been for british politics starting with the high-profile resignations and jeremy hunter is at the center of it all and his first interview for u.s. television tomorrow on "squawk alley. >> we were analyzing the body language of president trump wit

with prime minister theresa may wilfred frost is live in london where a lot is happening this week wilf >> reporter: hey, tyler, yes, indeed as you said, the president goes from brussels to the united kingdom tomorrow what reception will he get here? two perspectives starting here with the former conservative foreign secretary, william haig >> any president to the united states should have a close and warm relationship with the united kingdom, because our interests as countries in every field, not only in defense and security but in so many commercial fields as well is so strong so a president should always be welcome here but people have the right to protest. this is a free country people have their opinions and president trump i imagine would be the first to acknowledge that he is a very controversial figure internationally with the policies he has on climate change, on trade that we've just discussed, so it wouldn't be surprising if there's opposition and protests. >> reporter: now, as for opposition and protests, here is alster campbell, formerly head of communications for tony blai

wilf, you could say you want to take my chevy silverado for three hours, give me 15 bucks an hour somethingte. >> i want $375 an hour >> right we've done stories with members who have for example bought tesla model s's. and they paid for it by renting it out to people who want to drive one for a weekend or for a week and that's how many people do it >> different than saying drive my chevy phil, i wasn't here yesterday. let me ask you about tesla what's your take on all of this, what's been happening? what's the up side, downside or anybody watching shares. >> you mean on the issue with suppliers? >> yeah. >> poorly worded memo. i have not seen it myself. but those who i have talked with is that have seen the memo have said wouldn't have worded it that way but this is not uncommon when it comes to auto makers >> is it uncommon you're asking for future discounts versus what they were doing with at least one or two suppliers it sounded like they even admitted they were asking for rebates on what they've already done >> you also get into issues such as productivity guarantees and whether or not

wilf, thank you for waking up early. >> pleasure as always. >> have you seen that big angry baby trumptraordinary i can't believe it's been approved in that way >> well, it's a free speech thing according to the mayor >> yeah. well, i'm looking forward to being in london to cover that. >> will you get a selfie of that with me? >> i'm tall, but i don't think i'm that tall. but maybe from afar. >> okay. thank you. >>> when we come back, kevin rudd will join us talking china tariffs. and kfc rolling out an intere interesting ad in south africa quk ehd ll you the story bin thad"sawbox" will be right back. on our planet than people. we're putting ai into everything, and everything into the cloud. it's all so... smart. but how do you work with it? ask this farmer. he's using satellite data to help increase crop yields. that's smart for the food we eat. at this port, supply chains are becoming more transparent with blockchain. that's smart for millions of shipments. in this lab, researchers are working with watson to help them find new treatments. that's smart for medicine. at this bank, the

that's where it comes from it was a big popular song in 1998 do you remember that wilf. >> it was firstut in 1996 and repeated every tournament since. and it's title was exactly three lions. it still brings a tear to the eye even though we're out this song it has so much passion behind it ♪ >> it's not coming home this tournament but it will come home in four years time. >> see what i do for you i found that we're playing it you came home. so if you're an it. >> and president trump is coming to my home country so perhaps we should pivot forward and talk a little bit about that joe. and he arrives here roughly lunchtime. about 5 or 6 hours away. his first significant engagement is going to be this evening. hosted by the prime minister and attended by business leaders and then tomorrow he'll display the military academy he'll have a working meeting and her majesty the queen in windsor before heading to scotland for the weekend and there will be no alliance more important in the years ahead than the u.s. and u.k. one and despite the headlines aman told us about the negative absolute tone f