Our road map begins with the earnings deluge. The busiest day yet with 3m, comcast, dow crossing the tape plus, tesla shares tanking this morning despite record deliveries of its electric cars. The automaker did report a larger than expected loss. And max pressures southwest shares falling sharply ahead of the bell. Loves gary kelly will join us exclusively this hour. Stocks set to make new record highs with two big movers today. Tesla, a larger than expected loss for q2 margins down despite record deliveries of course, facebook beating on both the top and the bottom lines, but with that warning that growth will slow. Results include a 2 billion charge as part of the 5 billion settlement with the ftc as facebook resolves one probe, disclosing yet another, saying the ftc began an antitrust review in june, which is separate from the antitrust review of Big Tech CompaniesJust Launched by the doj theres plenty to choose from this morning, jim. Whats on your mind . I love the facebook call. I did. 28 Revenue Growth for a huge company that is under fire well, constant currency, looking here, 32 incredible. First revenue acceleration in three years. And it really was beautiful the thing thats most interesting is there are people who are chiding them for saying theyre going to have to spend a lot more money on privacy. Let me ask you, was that the day to say youre going to scrimp on privacy . This would be like a hotel chain saying, listen, we got to start cutting back on fire prevention. Suboptimal so this was the day to be basically just saying, look, its going to take time. Its going to take space there was everything that he threw. Zuckerberg basically said, were going to spend a lot of money, put a lot of people in this is the thing we take most seriously. Then everybody else said it. Whenever they came back to it, it was always, this is what were going to do. You could ask them, how about the ad units how are they doing well, were concerned about privacy. So they had the mantra they stayed on message, and the stock is up. They did everything theyre supposed to do great revenues, talked about how they had to spend more money on privacy. Libra, listen, its a work in progress its early with libra. Im almost going to say theres no flaws in that quarter what about daus in the u. S. And canada year on year, 187 versus 185 the rest of the world i mean, facebook ought to if i were facebook wow if i were king id move i would actually move the company. Out of the United States . Yeah, because if theyre going to i mean, what no ones ever done this. I asked citi to move to mexico city at one point. Many of our companies did do it we had a craze for a while to avoid taxes. It was a mail drop in an irish hotel. No, of course theyre not going to theyre not going to. My wife is an irish citizen. It was easy to change. Up in of thats going to happen will you listen to me for a second i listen to you every day doesnt mean i believe you good. I listen to you. Big interview with sprint. I think facebook is right now instagram. There was a moment where they were off their message of how were going to be the greatest privacy people were privacy, privacy, privacy. Sheryl sandberg talks about how mcdonalds, which reports tomorrow, had a huge lift when they did a campaign. Huge lift. Now, thats what i want. Mcdonalds it was the best. And to the point that weve made numerous times, its not as though despite all of the problems that theyve run into that the customers are leaving customers love instagram more whether or not it is the advertisers who obviously are paying them or the people who are using the service. Daus, of course, carl referenced it, but were talking overall 2. 1 billion people now use facebook, instagram, whatsapp, or messenger every day every day theyre fixated on it. I just think that was the story. That and the fact its very interesting. They did not show a lot of leg when it comes to advertising, but their advertising units, as they said, are killing what what do you think theyre killing now . Us, tv tv is doing all right the up fronts were great david people still want a tv buy. If i were kraftheinz oh, god, no. Im not kraftheinz. Clorox. Clorox. The cmo just gave an interview this week about why targeting on facebook remains so effective. And its an alltime high, even though they didnt do that great on quarter if i were a Consumer Packaged Goods Company, if i were james quincy, i would just say, okay, listen, for every ad unit by the way, she even talked about how the ad units, where you have to put the surprise. She talked about how to make an internet ad that works she shined on that quarter she shined on the Conference Call she was a bright shining light really . Yes, she was. Like that great vietnam book. John paul van shes gone from bright shining lie to bright shining light. I got to tell you, david, that was the takeaway if you want to advertise, mcdonalds, burger king, red lobster their head count goes up. They need another 10,000 just for privacy. They should bug the place. Is it a better quarter than microsofts . Oh, my god. There are people who are upset with me because i said unbelievable things about satya in i didnt use enough superlatives who would those people be satya is, i dont know, hes not george washington. Adams . No, sam adams is doing great because of that sparkling seltzer. There are three people who wear dirty old tshirts to work and theyve all shined who are they john ledger you just interviewed one. Satya nadella well, zuckerberg wears a tee. He wears a hoodie he has to start looking but these three guys are masterful its incredible. Tshirted men. Its the way of the future nobodys ever seen you in a tshirt. I dont wear a tshirt. I sleep in this. Jobs did it first no doubt about that. Turtleneck, but still. You know who wore a turtleneck after who was the greatest pretender of our life . Elizabeth holmes. Wow sartorial analysis per share theres a way to look at things. You see that stock was at 83 yesterday . He fooled everyone i remember him standing here and saying, cramer, cramer, i got to tell you, you are going to be dead wrong were going to prove this deal and the stock is going to go up. So jim, whether its facebook, unilevers growth, inbev, their growth, and why is draghi talking about significant monetary stimulus . German bund goes to minus 41 basis points today, a new record dont we go to 1. 5 . I dont know where we go. Boy, i tell you, youre a Consumer Packaged Goods Company with a decent yield, i revere you. I revere you cocacola, really unbelievable unilever turned in a 9 quarter. Does that mean paul wasnt as good as the new ceo . This is what people say about coe c coe c coe c cocacola i cant even get premium. Thats how hot premium is. The bud numbers coming out of nowhere given what the trend has been they were going ipo asia and pulled it. I think it was an amazing quarter. I think maybe theyre coming back to beer the beer category has been not flat but negative. It does say that the people who were on molson, theyre an illadvised group down there two other moves 3m did beat on top and Bottom Line Health care up 5. 8 ford fell short. Revenue came in above estimates though almost all of the Second Quarter profit did come from north america, thanks to pickups they gave a lower than expected fullyear forecast i was mentioning the week that autos have had between the nissan layoffs announced, ford, obviously tesla. Go read the dow i want jay powell to turn it up right now. He should turn it up housing, not good. Autos, not good. We just spent ten minutes about how companies are crushing it monday, tuesday, i wasnt even here. You were like, no, no. Consumer is strong. Thats what you keep saying over twothirds of the u. S. Economy. Okay. I think most of the companies that are involved in industrial id say half of them blame the president , and the other half blame powell. Those are the demons theyre demonizing those two gentlemen. Im not kidding. Because theyre industrial the industrial economy is weak 3m . Heres 3m i think the headlines are easy to read, but removing all the ongoing noise, the Second Quarter was essentially in line with our below consensus estimate and a bit weaker than normal seasonality two sub yes, even before we hear from 3m i want to hear about ground water. Ground water is the issue. The headlines do not address ground water health care did have a reacceleration youre referring to the potential liability from these mounting cases and the litigation involving the pollution of ground water by what is it pfas its the stuff from like scotch guard its only made in any number of states, but i think its 40someodd states no, not that much david, what, do you work for green peace or something no, fewer states than that georgia is bad my home state of new jersey could be a problem minnesota, they solved lets see on the call if they really, really are gunning before we can we talk tesla briefly . Why not obviously you always listen to, read the call. What do we make of i mean, sometimes you need to step back. Certainly musk wanted to when he said its a mad thing to make as many cars in a year as we made in our entire history. He said its difficult for people to really feel an exponential he used exponential twice we can feel linear. Hes talking about the evolution of the species we dont feel exponentially. We can only sense linear growth. So were not understanding the exponential at a cognitive level. I felt like a nematoad. So theres a real question as opposed to carnut. Com and the other people on the call tony asks, why are you confident . Look at this answer. This is musk in a nutshell he goes, okay, you want to know . I think demand in q3 will exceed q2 it has this far. Well see acceleration i think q4 will be strong we expect quarter over quarter q1 next year will be tough. I think q3 and 4 will be good then i would say q3 and q4 next year will be incredible hes making fun of tony. Hes basically saying, tony, youre a nematode. He called you a simulation. Big deal. Tony asks the most serious question this is one of the great answers of all time. Its going to be incredible. Who says that stuff . Not ford motor, ill tell you that much. No. Were going to watch teslas price action too, which is not good premarket when we come back, obviously a bunch of other movers to get to, including southwest. Airlines results pressured by the max. Getting out of newark. Were going to talk to gary kelly. Well get to comcast, american, paypal, align. Jims got that tonight futures looking still pretty good dow only needs 89 points for a record close back in a minute. Small things. Big things. Too hard to do alone things. Day after day, you need to get it all done. And here to listen and help you through it all is bank of america. With the expertise and knowhow you need to reach that blissful state of doneness. So lets get after it. Everything is all right what would you like the power to do . ® all right what would you like the power to do . ® indistthat was awful. Tering why are you so good at this . Had a coach in high school. Really helped me up my game. I had a coach. Math. Ooh. So, why dont traders have coaches . Who says they dont . Coach mcadoo you know, at td ameritrade, we offer free access to coaches and a full education curriculum just to help you improve your skills. Boom mad skills. Education to take your trading to the next level. Only with td ameritrade. Here, hello starts with hi mple. How can i help . A data plan for everyone. Everyone . Everyone. Lets send to everyone [ camera clicking ] wifi up there . Ahhh. Sure, why not . Howd he get out . a camera might figure it out. That was easy glad i could help. At xfinity, were here to make life simple. Easy. Awesome. So come ask, shop, discover at your xfinity store today. All right. Welcome back we are expecting, as we reported yesterday and weeks past, that a Consent Decree will be entered into by tmobile and sprint in order to get the approval of the Justice Department for their potential deal weve gone over a lot of the details of that Consent Decree, of course, as it will be entered into perhaps as soon as later today unclear at this point, though. The timing can be a bit tricky but its going to allow the deal to potentially move forward, although you still have 13 states and the district of columbia still challenging the deal from an anticompetitive point of view, saying it will not be good for consumers. Very much unclear as to how the states cases are going to fair, if and when we get this Consent Decree from the department of justice. Interesting to note that the doj itself may have been a bit tougher, perhaps, than it otherwise would have been because the states were there, and it felt like it needed to get a strong Consent Decree in order to potentially overcome some of their opposition very rare to see the doj say one thing and then states prevail. I dont think its been done, perhaps since 1940 so we have to wait and see on that, which means of course this deal is not going to close until at least the Fourth Quarter of this year. But you can see the movement in the stocks interesting, dish, guys, which we spoke about yesterday and spent some time on you liked and i understand why but the biggest loser here is dish network, in a note this morning, or rather dish networks investors. Over the next year, dish valuations, which today are universally based on price per pop. Now theyre saying, hey, theyre going to become a Real Wireless company. So youre going to replace that price per pop with a discounted flow valuation of the wireless operating business and guess what, costs a lot of money to do that they say as well, you know, a 20 billion valuation on a dcf for a business that doesnt yet exist, considering sprint has been in business 20 years plus and still doesnt generate positive cash flow the hope is sprint will now generate positive cash flow. Its Parent Company softbank will own 27 of the combined tmobile sprint. They are still talking about 43 billion net present value synergies, roughly 6 billion annually enormous numbers, of course. And theyre talking very aggressively about challenging the incumbents in 5g and bringing 5g to the home, which they say is going to also eventually challenge the likes of comcast and charter in terms of providing broadband well, look, i know he downgrades dish to sell. I was hoping he would talk about deep pocketed partners who could come in. He really just acts as if this is going to do it on its own i dont think thats clear thats a very good point. If amazon shows up as a partner exactly who knows of course, people will then worry that amazon conceivably and again, this is speculation i want to make that clear. Amazon would fund it to no end and ruin pricing across the board. I think hes looking at it as a snapshot the one he says is also a winner is one starting to complicate the whole equation, at t at t is quietly moving up, step by step, inch by inch. Upgrade today, right . Yes Randall Stephenson is starting to look a little more visionaryish. Credit suisse from neutral to underperform to the extent theyre going to do 28 billion in Free Cash Flow, as they got into yesterday. Thats been the concern. Theyre taking debt down from what had been 180 billion to perhaps as slows a 150 billion all of that said, i dont know no. I dont know. What do you mean . They lost 778,000 subs in directv alone in a quarter youre exponential. This is a good deal, at t. And game of thrones, what can i tell you game of thrones is over, my friend done hes wrong. At t is good well, thanks for the note well get cramers mad dash and countdown to the opening bell. Take one more look at the futures as we are still on track for the third positive week in four, although these futures have lost some gains back in a minute oh, wow. You two are going to have such a great trip. Yeah, have fun thanks to you, we will. Aw, stop. This is why voya helps reach todays goals. All while helping you to and through retirement. Um, you guys are just going for a week, right . Yeah thats right. Can you help with these . Oh. Um, were more of the plan, invest and protect kind of help. Sorry, little paws, so. But have fun send a postcard voya. Helping you to and through retirement. Its my special friend, antonio. His luxurious fur calms my nerves when im worried about moving into our new apartment. Why dont we just ask geico for help with renters insurance . I didnt know geico helps with renters insurance. Yeah, and we could save a bunch too. Antonio fetch computer antonio . Ill get it. Get to know geico and see how much you could save on renters insurance. Oh, its so exciting time for mad dash. We only have six minutes you better move fast on this mad dash paypal listen, paypal has been the star of the show in Payment Processing its been amazing. Its a redhot group i dont know if you saw but these are reversed people said it was bad, ridiculous it was good. Last night, dan schulman, some thought cavalierly, said products were going to be delayed. Some were saying dan has become quite arrogant i think theyre wrong. Dan is saying, listen, it wasnt the blowout quarter. We got to guide revenue down then dont worry, its going to come right back. I think thats right david, paypal is the antilibra. It is the revered Payments Processing company again, i know facebook doesnt want to buy anyone i know the stock has become too big to buy this is enormous. Remember when they were splitting it from ebay its 20 times fine. The 5 billion fine. Got it. But paypal is regarded as being the good libra ive been doing a lot of work on libra. Even visa said something positive about libra but this company being down, let it go down today let it go down tomorrow. Some people thought, dan, come on theyre wrong. Theyre small thinkers theyre exponentials theyre not theyre linear theyre linear. The people who dont like paypal all right an opening bell coming your way and lots more earnings tge o t to youre watching cnbc squawk on the street live from the Financial Capital of the world the opening bell in 1 40 the busiest day of earnings season before we move on to movers, though, Pay Attention to durables 2 beats the 0. 7 estimate. I wonder when boeing if boeing takes the max out of production, we should really go xtrans i think the reverberation of boeing not making the max, youre going to feel that all over the country i had no idea as large as it was cited. 0. 6 off