With new trade data, exports rose in july and imports up 11 . The nikkei was down by 0. 3 but you did see gains in the hang seng and shanghai composite. In europe, early trading, youre going to see right now, things are pretty flat. Harder to think of things being flatter than this. The dax, cac, and the ftse, slightly gaining crude oil prices down by 19 cents. This morning, rebounding, wti up by 50 centers. Developing overnight, mr. Wonderful called it early yesterday, google firing the engineer yesterday the engineers tenpage manifesto has asserted that women have biological differences that prevent them from being as successful as women in tech. Google did not confirm the firing Software Engineer james demore said he had been dismissed for, quote, perpetuating gender stereotypes. And yesterday, the google kraef su Ceo Sundar Pichai said that the tech crossed and uber telling the employees that Travis Kalanick is not returning theyre intending on hiring a world class leader to lead the Ride Sharing Company the idea that travis is not involved in the future is not the case but i also think that a lot of us may have been scaring off ceos because you dont know if youre in competition with the shares in the company for the job. I think he has to speak on it he has to come out and say, look, i dont want this job anymore and theres a reason he does want the job. He wants to see the job come back its not the time he became famous for busting through walls but today, you want to prepare for an ipo at the end of the day, this is the deal thats going to test the value market maybe it comes in the next 12 months you have to have in place, a rock solid id love to see a woman take this role, ive got to tell you, it would be a great segment with that controversy today i was going to say lets go back to google lets go back to the whacking at google. Theres no chance but to do that i can see the internet blowing up saying, wait a second, its okay to say women are better than men but you cant do the opposite because its sexist in the care and feeding of engineers, this is an engineer, many of them dont come from the planet earth theyre very Difficult People to manage and they dont have social skills dmskil s necessarily. Ive dealt with of them. This is probably a brilliant person right now, getting a good engineer is hard in the valley if this person goes in the Witness Protection Program can come out with a great job but right now this person is radioactive. This person is described as the digital version of larry summers. What do you do usa today came out with something, said congratulation, google, you just found the worst way to build diversity because not allowing people to talk about issues and tamp things down. Im actually surprised that they acted so quickly the reason i thought for sure hed be fired. You have to send a signal right through the organization and saying we dont tolerate this because its wrong you can have a debate as to whether its right or wrong but you have to send a signal. You cant be wishy washy 50 of the people in the workforce are outraged theyre saying wait a second, this is not where i work this is not what the essence of google is. This isnt our culture and it isnt, because this person is toast. Again, though, can you not have these conversations granted these guy stepped in it in a big way can you not have the conversation where you disagree with somebody on an issue like this and not in todays world. It wouldnt be tolerated in any large company. Thats where were at. Might as well call it what it is lets go back to this usa today oped that dom was talking about. David mastio writing someone it violates the working rules of working at google. This is a problem of far wider significance than Silicon Valley were losing our ability to talk about sex, nationality nationwide maybe the benefit is exactly what you said, it brings forth a dialogue maybe thats a healthy thing but is google going to tolerate somebody who writes the same letter the answer is no just one more thing and we have other news to bring you but on this particular issue, not to make it political, but i think there are big parts in this country in terms of this last election that actually feel like they cant have this conversation thats what the usa today writer going 0 t ing on to say,f reason we have donald trump as president is so many people with the wrong ideas have been told to be quiet for so long. I understand that but if this person were working for me, i would have fired that person as soon as i saw that article, gone. I want every woman in my organization to understand theyre equal in every way would you fire somebody who said women are better than men absolutely. What is this why do we do this anyway, its a strange individual which gets me back to planet zetron this guy, pershings squares bill ackman the nominees will be introduced at adp revealed an 8 beneficial stake. Yesterdays on cnbc Halftime Report leon cooperman, ceo and former board member criticizing ackman for pushing Management Changes. I have respect for bill ackman so its difficult for me. Notwithstanding his behavior to be in this instance being between foolish and irresponsible. I think its my responsibility to speak out i dont think he appreciates the fact that the Business Model say hightech, highservice model which costs money. I dont know where hes coming from pershing is going to be holding a webcast with investors later this month to outline research on adp. So mr. Wonderful will get to hear the ideas do you believe the former government or mr. Ackman i was sitting beside leon when that was going on i didnt agree with him at all i dont see why the new kid in town cant bring forth new ideas. To me, whats happening here is, i want to understand how he can increase margins 50 heres my speculation. Hes going to come out and say were going to automate adp. Were going to take these tech support people sitting on the other ends of phones when you call up with payroll questions were going to automate it and fire thousand of people. You know what, im okay with that American Express did it, they took heat for it and now the system gets better i own that stock, ive owned it for six years, start whacking, im okay with that i want to hear the ideas i dont think leon should be squashing it by the way, he didnt disagree he threw him under a bus yesterday. Over and over again. I thought it was abusive so, youre still waiting to hear ackmans plan still waiting look, im not supporting him as an activist. Im supporting him as an idea that owns derivatives and stock in the company let the merits of the idea be judged by the market let us, the shareholder, vote you in or out. Its that simple and to tell you about what to expect on todays wall street agenda, were getting jolts. And for the earning this week, michael kors and disney and ralph lauren and disneys ceo bob iger will be on closing bell in a first on cnbc interview coming up at 4 00 p. M. Eastern time in political news, President Trump taking a working vacation in bedminster, new jersey, kala touch chicago is there reporter the president ewing hours tweeting against a democratic senator critical of him in the morning perhaps, hell do more of that today with only one Public Meeting on his schedule so far that happens at 3 00 a. M. , with tom price, secretary of health and Human Services its billed as a discussion or briefing on the opioid crisis. Although Health Care Reform is going to be looming large in that meeting with a key obamacare deadline prechi iappr very quickly by next week, 2018 participation on the Affordable Care act exchanges. The white house hasnt decided whether its going to be making imbursements to those companies that help lower out of pocket costs to lowerincome participants in the exchanges. Those payments are expected to total up to 10 billion next year and thats led to a lot of uncertainty, as a lot of these Insurance Companies and commissioners and states figure out how to proceed to that end, the head of the National Insurance association, or the National Association of insurance commissioners, julie mix telling them i am very fearful that well have insurers make a decision to leave and behinds them but may not bind the federal government. Well see if any decision results with todays meeting with secretary price meanwhile, beyond bedminster, cabinet members are keel ping busy secretary of state rex tillerson. And mike pence with marco rubio, and the bipartisan part of the House Foreign Affairs committee, unclear what that lunch is going to discuss but well see if we have more details on that later today. Kala, in the background, whats happening with Tax Reform Tax reform, even though theyre working on this through washington, all through all of this august month, we may not expect to see it quickly in september. Because congress has to get through a budget resolution and lifting the debt ceiling, too. You Notice Administration officials when they set expectations for tax reform, the discussion is broadly about the fall its not september, its not october. Theyre very careful not to pin a date on that so, theyre talking about the fall they want to get it in committee by then. And the expectation from senior gop agents that the president will hit the road to talk up the reform but of course, you need tenants of the plan to make that sale effectively. Well check in with you later today. Shes been following all of these issues in fact, were talking more with the centene ceo. The largest obamacare insurer. And joining us now, ahead of the Investment Group bank. And the Portfolio Manager for fed ra federa federated. What do you think about whats going on here well, weve probably been bullish, we remain bullish but we see pullbacks late summer, early fall earnings season which has been such a catalyst is going to start to wind down weve just finished the best six months of earnings since 2011. So that wont be there as a support. Youve got this pivot to tax reform which is going to be messier. Jackson hold is probably the start of that. And were coming offer the great jobs report, usually that job reports that comes out in september is there youre bearish on the pullback yes, choose what you like, we like cyclical rallies and financials does that mean youre sitting there waiting for the moment or still buying . Were long. 8 equities. What do you make of this . Yeah, we actually are having similar constructive use to what steve is espousing generally, were constructive on risk equities through the assets through year end but we do believe theres a chance of consolidation and even a pullback the reasons for that first if you look at valuation, equities are priced to perfection so there really is very little room for error. While earnings have been very good well need to dont see the Economic Data supported as well as the earnings coming through in addition if you look at technical signals theyre pretty john overall but just in the last week or so, weve seen signs of weakening, generally, were got our eyes on the ball the next few weeks. Lisa, the allocation of equities, domestic versus europe at the end of the day, the price ratios are lower why am i taking equities down in the u. S. When i can buy the same sectors, same market cash, same cash flow 20 cheaper . Whats wrong with putting it there instead of here . Yeah, thats a great point. We actually are positive both on u. S. Equities and nonu. S. Equities advocate with our clients that you should actually look at relative overweight positions on both clear as you say, theyve got pretty nice evaluations and theyve got a very nice economic backdrop and monetary backdrop as well. The reason why were still positive on u. S. Equities is that if you look at corporate earning that continue to come through very well. Weve got generally a fed with its eyes on the ball and while theyre moving towards normalization, again they are data and market sensitive. All of the market indicators continue to come through very positive we track global about 180 proprietary and board looking indicators and were we weigh those against different grids of positive and negative momentum, general thrly twothirds are st positives. You said theres a pullback where does the s p end the year . Interim target between 2500 and 3000 by year end you must think the fed is raising at the end of the december for sure . We do weve got one more hike in december the economic guy says 35 chance max thats based on the market. Yes, we see where the market comes but we think that hike comes we think youve got enough Earnings Growth in the u. S we think yellen gets in one more do you think perceptions, too . Modestly. Steve, say hello to mr. Orlando for us li lisa, great to see you dow component disney is set to report at the end of the day. Well tell you what to expect from the lineup, the theme parks and cabling businee businesses,y espn squawk box will be right back. The governor has declared a Winter Weather emergency. Extreme risk of burst pipes and water damage. Soon, Insurance Companies wont pay for damages. That is, not if they can help prevent damages from happening in the first place. At cognizant, were turning the industry known for processing claims into one focused on prevention with predictive analytics, helping them proactively protect the things that matter most. Get ready, because were helping leading companies see it and see it throughwith digital. Yogigspeed internet. Me . You know whats not awesome . When only certain people can get it. Lets fix that. Lets give this guy gig really . And these kids. And these guys. Him. Ah. Oh hello that lady. These houses yes, yes and yes. And dont forget about them. Uh huh. Sure. Still yes you can get it too. Welcome to the party. Introducing gigspeed internet from xfinity. Finally, gig for your neighborhood too. Welcome back, everybody. Disney is reporting quartering results today after the bell joining us right now on what more to expect from the enter daytime giant, executive research thank you tour beinfor being hee were looking for 1. 57. This is going to be a cleanup corner they talked about programming costs, the first year, its going to weigh on the network segment. And the theme park divisions theyve got a bunch of new attractions that just launched, avatar, guardians of the galaxy, expansion in hong kong, disneyland all of this is going to weigh on the results about to be. Because of what theyre spending . Exactly but i think investors can look forward to the next fiscal year which expects disney to continue the extraordinary run which theyve had with the theme parks, the film studio, consumer product. Theres really no sign ever any potential slowdown i think the main question is valuation. Stop trading at where it is at the current time we think as soon as investors can get over concerns with espn, were going to see the shares potentially break out for another level. That could be a bigger hangover than you may be letting on at this point espn is going to have issues and sports programming is going to get more expensive. There was a burn story over the past weekend about how the new entrance into that, looking at an amazon, twitter or google, companies with very deep pockets are going to be bidding for some of those sports rights what do you think about that thats right. I think if you list ton bob iger, hes got a very disciplined record in terms of bidding for sports rights. I dont expect them to overpay if you look at espn, theres underlying momentum. Affiliate group, just coming up on another cycle of affiliate renewals i think the brand is better on espn in terms of monetizing the rights across the various platforms. All of the skinny bundles are launching now, vitually all of them have espn on their packages and appreciating enough the engagement that espn is getting on the global platforms. Whats lacking is the catch upof the Digital Division disney is clearly one of the greatest companies in the history of america but the question i have is whether you think ultimately they can go direct to consumer which is something they wanted to do. This is true of espn and so much of their programming can they actually make that leap i think they are poised to make that leap this year when you talk about potentially launching that by the end of this year. What does that look like . You know, i think every Media Company is really grappling with that question. Theres no doubt a direct consumer is a key threat right now. I dont know if they know exactly what that packet is going to look like at this point. Its going to be espn centric. Its not going to be a full espn service. Theyre not ready to take the full espn service directly to consumer its going to be more or less a customized offering. And if you look at the over the top pack amounts that have launched, you get a espn is part of a core part of that do you care that nobody is going to the movies this summer, by the way thats a good point, andrew but i dont think the reports of the death of the traditional movie watching is exaggerated. These are well positioned because as you know, the films are eventtype films that lend themselves to watching in theaters so were not overly concerned. Im a shareholder of this, a big one. Huge, heres my question for you, with regard to the consumer theres two scenarios, disney buys netflix which is a nightmare from hell for me and iger wont do it the deal that we shareholders talk about a dream and salivate about, apple and disney together what are the chance of that happening, particularly in succession for iger, right right i think i would just say it would be out of character for bob iger to make such a deal i mean for a variety of reasons. You look at the track record of oppositions made thats not an acquisition, thats a merger of greats. Thats the greatest American Company with content delivered all around the world apple buying call it more of a i would argue, in a deal like that, as much as it looks attractive on paper is going to be, you know, a very hard