190 plus countries where buyers are located. There is still no word on what the ticker will be or which exchange is getting the listing. The underwriters include swecre suisse, jpmorgan, deutsche bank, goldman sachs, Morgan Stanley and citigroup. As you heard at the top of the show, the Major Driving force behind the earnings for disney was the blockbuster hit frozen. Studio income quadrupled to 74 million. Bob iger says the company is increasing the presence of the characters at their theme park. Iger by the way will be appearing on squawk on the street later on this morning, 10 00 eastern time. Disney shares marching higher once again. Well speak with an analyst about those results and if disney is a good buy for your money in just a few moments. Are you a frozen family . Huge. Elsa, hans, kristoff. He likes the snowman. Olof. We should get a video of olof. We were at the pa, in february. It is amazing. If you ever went to epcot, the norway thing, they have all these characters there. Its been so popular that the theme parks themselves are paying for it, keeping the characters around. When i go to orlando i prefer to go to universal. Thats where im headed in june. Youll love harry potter. I have to say, though, its the rides at universal are spectacular. They have the new harry potter stuff coming out in june. I hadnt been on a roller coaster in 21 years when i went to universal last year. True story. I cant believe the technology improvements. I had a blast. I was at one point i yelled out yay, apparently, actually said yay whenever i do something, my kid goes, daddy, yay. Thanks. Thats nice. We have a couple stocks to watch this morning. Maybe some people will say yay about some things. Whole foods taking a hit, Second Quarter earnings per share of 38 cents on 3. 32 billion in revenue. Both items missing expectations that company also cut its 2014 samestore earnings forecast. I want you to check out shares of gruppou groupon. They tally a First Quarter earnings per share loss of 1 cent. How could you lose 1 cent on 7 757. 6 million in revenue . Also, video gamemaker Activision Blizzard and Electronic Arts both moving higher. Activision reported profits of 19 cents on 772 million in revenue. Both numbers blowing away estimates while Electronic Arts reports a profit of 48 cents on revenue of 914 million, which also topped expectations. Is that a large part of the new xboxes and the new play stations that have come out . Is that whats driving this video game activity . There was a lot of pentup demand, people were holding back on buying games. Before the new consoles came out. Are you a video game guy . Im not, not anymore. Im wondering if the games for the consoles are 49 bucks, 59 bucks. You can get ea apps for the ipad or android for 10 bucks. You wonder if the volume, throwaway games, play them for two months. Activision, Electronic Arts, they make money on the ipad. Thats not the big part of it. I did read it could be a function of the legalization of pot in colorado that are you serious . Somebody said that. It was kind of funny. Youre stretching that. Those benefit the slower moving games, i would imagine, those real highspeed, sort of the driving games not so much. Hey, dude, were going 5 miles an hour, slow down. Lets take a look at the broader markets this morning. Yesterday we did see some weakness in the markets. People have been talking about how tuesday, the last seven tuesdays in a row it had been a winning streak for the s p 500. That was not the case yesterday. The dow down by 129 points. Well get a double dose of fed speak this week. Fed chair janet yellen will be testifying today and tomorrow. Before the Senate Budget committee, shell be doing that. Ahead of all that, after the declines yesterday, things are indicated a little bit higher for the dow and the s p. Dow futures up by 20 points above fair value, s p up by 1. 5. Nasdaq indicated lower again, down by just over 4 points. Take a look at the u. S. Treasury. This is a big deal. The tenyear is yielding below 2. 6 once again, right now, its at 2. 582 , this is about the lowest level weve seen in three months. A lot of concerns about what is doing this, why the tenyear is at those levels at this point. That has been driving just about every other market over the last couple of sessions. Youll see right now the dollar indicated slightly higher against the euro, which is trading at 139. 21. Yesterday the dollar index ended at sessions the session at the lowest level since october of 2012. Take a look at oil prices this morning. Youll see theyre slightly higher. Wti up by 92 cents to just over 100 a barrel. At 100. 42. Gold prices are indicated theyre trading up by 2. 60. 1,311. 10 an ounce. Time now. Ross westgate standing by in london. How are things looking today . You can see decliners outpacing advancers on the Dow Jones Stock 600. The ftse was down 23 points about a third of 1 . The xetra dax, the cac current in france and germany, fairly flat. The ftse mib is currently down nearly a percent. Fiat down heavily. Yesterday, Sergio Marchionne laid out his fiveyear plan, concentrating on alpfa romeo an fiat. The firms ceo, patrick kron saying we are open to some kind of deal with ge. But hes not that interested in the firms rail signaling activity, speaking exclusively to cnbc, he also said that ges other freight business was too niche and u. S. Focus to bring any synergies. Kron said ge hasnt brought in the last few days anything new to the table. I have the offer which is on the table. The board is studying it. It has established a committee of independent directors. Again, if there are new elements in these proposals, should it be an alternative offer or precisions or improvements of existing ones . The board will consider. Its a short while ago, siemens up 1. 6 . The ceo saying they may not be interested in making an offer for some of alstoms Energy Business either. Now, weve been hearing from bank stocks as well today. Hsbc, saw its First Quarter profit drop by 20 . Revenue down at its Investment Banking unit, the stock off about a percent this morning. Said it continued to experience muted customer activity in the month of april. But it has cut operating costs by around 2 in the quarter. Its going to continue to close businesses. And socgen down 1. 45 today. The french bank, its booked a more than 500 Million Dollar write. The ukraine situation having an impact on socgens earnings. Ross westgate, thank you. Disney reporting after the bell, easily beating Second Quarter earnings expectations. Johning us right now is david bank, managing director at Rbc Capital Markets and david, weve been talking about frozen this morning. Obviously those numbers were a blowout. What can you tell us about the rest of the quarter . I think the quarter itself, the studio was the blow away. Results at espn were solid. Results at the parks were solid. Results were solid across the board. What really stood out, you know, what we say to investors is, what you want to avoid in media is content risk. Right . Right. You dont want to take the risk, buy something, they have to do good con ten. What was staggering actually less and less as time goes on. These businesses are cable companies. Theyre cable channel companies, driven by affiliate fees. The studio is the one part of the content risk. What stood out was just the pipeline for the next several years. You know, youve got star wars coming. Youve got the next avengers, age of altron, captain america all of a sudden is a franchise. The quarter itself was outstanding in almost every respect. It was the outlook for that pipeline that was crazy good. Two things that ive read in just sort of the synopsis of their quarter that concerns investors. Number one, valuation, stocks 22. 5 times trailing earnings. Its averaged over ten years. Also, you mentioned espn. Good results but theyll probably have to pay up continually for sports rights. Can you address those concerns . The first is on paying up for the sports rights, again, what are you worried about . Youd be worried about a mismatch between what you have to pay and what youre going to earn. This is a business with a tremendous amount of visibility where youve locked in those affiliate fees. You know where youre going to get paid for the next five to ten years. You know what youre going to spend . And you know what youre going to spend. We have decent visibility into the operating leverage and the business that as the mlb steps up, as the nfl steps up, so do the affiliate fees. The question is more on the advertising side to a lesser extent but theres good visibility. I think on the valuation question, given its historical valuation its high right now. I will say that right now were probably at the point in the capex cycle for this company where we tend to look at earnings but on a Free Cash Flow basis, their Free Cash Flow growth should accelerate because theyre just sat the point where theyre starting to spend less money on a lot of these projects that are starting to pay off. I think your point is a good one. The valuation is whats your target for the stock . Were 90 bucks, 91 bucks, i think this morning. This is so much excitement about frozen. Its going to broadway. Nine of the ten best selling items at the Disney Stores last quarter related to this princess musical. Its still the bestselling album in the u. S. This is all great news but were talking about in terms of chasing content. Does that concern you at all . It would if we were chasing frozen. I think youd be dead on on a bare thesis. Star wars hasnt even i mean, star wars. Thats just in the back pocket, star wars. That could be one of the biggest pieces of the disney franchise. Right. So i think i think the multiple being stretched, right, is probably the biggest concern but the reality is, diversified global general Portfolio Managers will pay that multiple for the certainty to play in this space. You think its a gain of 12 over the next 12 months . Thats right. When you think about this frozen franchise, do you think the numbers could double and triple over the next several years . Because most of these kids, yesterday, im with five 3 1 2yearolds and everybody turns themselves into elsa, kristoff and hans. Everywhere be its an all day, every day thing. Any one movie wouldnt get me that excited, even if it were a fantastic franchise. The reality is, frozen skews more female. On the marvel side they skew more male. I look at the earnings power of the studio overall. Recent bottom, this was a studio that could earn 600 million in ebit, maybe four years ago. That number could be 1. 2 billion, a swing of double the earnings power because of all these different pieces of the portfolio. Frozen is an incredible franchise that came out of nowhere. Whats most interesting to me is the Disney Studio hadnt been lighting it up. It was a pixar movie, a marvel movie. Now, you know, wow, theyre making good movies at disney again. I think that frozen goes a long way to saying the disney label itself is pretty powerful. I think there could be a frozen 2. Kristoff never really gets married at the end to spoiler. To elsa, right . That is true. I think theres an opportunity. A week and a half ago i interviewed bob iger in l. A. Did you talk about that potential . Hes not going to say, you know what, brian, you asked me so im not going to tell you. He talked about the viability of the franchise. He said its one of the top franchises. Not elsa. I think its anna. I have not seen the movie. You can spin something out of the frozen universe in all seriousness. There are ways to they highlighted the maker studios acquisition. Which not really making any money right now. That could be a billion dollar acquisition in an entirely new space for disney. You know what we never talk about, ever, is the online presence. Every other company, what are they doing online . I asked iger about that. He hadnt seen the article. It apparently came out an hour before my producer yelled in my ear, buzz feed, 1 billion. We didnt get anywhere on that. Do you think that was true and if was, do we care . They bought maker. It was a billion dollar acquisition for a Youtube Channel universe. And when i asked on the call last night, you do everything so well. Youre arguably the best content creator on the planet, what do you need to buy anything for . They said what this there are two compliments, the first is shortform video. The world is moving toward short form on tablets. Most interesting to me was the data and the algorithms. Disney, theyre thinking about the algorithms and viewership on youtube. That was forwardthinking of management. Very quickly, theyre wrapping us up on this, is this your favorite stock in the area or is there another one you like better . Truthfully, i think we like another one better. Cbs, our top bet. Thank you, david. They should merge, a new show how i met my maker. You should be the head of a studio. Yeah, right. Thank you. Target, the interim ceo says hes not interested in taking the top job. That story coming up in the executive edge. I am the interim ceo and im not doing anything more. Thats a tease. Tesla will be another stock to watch. That company will roll out Quarterly Results after the bell. Well want to see what mr. Musk says about his numbers. Squawk box back in just a moment. Before we couldnt really allow the consumer to customize their preferred chocolate. We needed the scalable Cloud Solution allowing them to see all 800 products and select what they are looking for. Now there is endless opportunity to indulge. Topping todays executive edge, target interim ceo John Mulligan says he is not interested in becoming the companys permanent chief executive. He made those comments in an interview with reuters the day after the board announced the departure of gregg steinhafel. Mulligan also said that investigators have determined that the data theft was limited to what Company Officials had already disclosed. Some 40 million payment card numbers and other data from about 70 million customers. The company had previously warned the probe might reveal the breach was more extensive than understood at the time. What do you think is going on here . He knows hes not the guy and hes just saying im not the guy. That would be my guess. The board has been fairly clear, youre our cfo, we need you to step in and take this over for a time but they have actively hired a head hunting consulting team. Now why do you think they wouldnt have tried to keep him around longer while they were trying to find another ceo . That im not sure about. Normally if you know theres going to be a move, you come up with a plan rather than come up with an interim situation. Remember the ceo of jcpenney, who was supposed to be the interim ceo michael hunt. He was supposed to be interim, he turned into the permane permanent. This is a different time for target to be looking outside and trying to find somebody to bring in. Right. The company has a lot on its hands. The data breach pushed customer traffic down by 5. 5 last year. The big deal is the move into canada. They overpaid for it. Its been a tricky transition. Over a billion dollars. If youre a shareholder, should you be furious with the board because of the prices at the company, the larger issue, i think a board has one responsibility in life, actually have a successor ready to go. If you dont have a successor, you kind of failed at your job. Youve been doing this a long time. Does something smell funny here . You dont just can a ceo like that without a full successorship and plan. This is a multibillion dollar corporation. They probably said, listen, man, you screwed up with the data breach, fix it. Six months later all of a sudden without warning, hes out. Youre speculating that theres Something Else ill say this. Whenever a ceo is blamed for a companys problems and that ceo is canned or steps down, the stock tends to react positively, right . Okay. Hes gone or shes gone. But the stock tonights to drop. Because there wasnt a backup plan. Its really weird to see somebody stepping aside when you dont have a plan for what youre doing next. I tell you, this guy mulligan, he needs to take one. You have to change your comment. No Third Base Coach is like, actually i dont want to manage. Im just happy waving runners home from the corner hoop here. If somebody says do you want the top job . He says, yes, i do. If you dont get it, you dont get it. If its not on offer, you cant walk around saying you never want it. I think beckys right, that he was told that. You also have to put your hand up, by the way, any other retailers looking for a ceo . Ill take the other side of that argument. You could scare somebody off. If i was a ceo somewhere else or thought id be hired for this job and i knew there was an interim guy desperate for the job and he had an inside track because he knew all these people and i didnt you potentially want him staying around. That would throw me for a loop. Im not sure i would put my hand up so quick. Weve all been there. You have the best looking girl in the school. Somebody says why dont you ask her out. You know shes going to say no. You dont say i dont want to go out with her because youre too embarrassed to ask her and get rejected. I guess thats what youre saying. Im not sure target is the best looking girl at the school. I think being the ceo of any corporation that size wouldnt be too bad of a gig. Ill run a company into the ground for a lot less than that. What i do think its odd that theyll have steinhafel step down without having a backup plan in place. It doesnt quite pass the full smell test. This is a situation where this is different for target. Theyve not looked outside ever before. You have the music on this show when they want you to shut up. You need the big hook like they used to have in vaudeville. When we come back, well put the markets front and center. Getting to know alibaba. If you havent heard about the chinese ecommerce giant yet you will soon. A live report from beijing in the next half hour. And tapping into the cloud. Ceo of Endurance International on the crusade to