The big monthtomonth handoff in the markets. Major indices looking to tack on another month of games for june. July opens with data intensive week, ending with jobs one day early. Ken feinberg set to announce details of the General MotorsCompensation Plan for Crash Victims. Well bring it to you live. Outrageous, facebook conducted a largescale psychological experiment on more than 500,000 users. And the u. S. Expected to unveil a near 9 billion fine for francis bnp paribas. Futures pointing to a lower open nasdaq on pace for two months of gains. S p and dow shoot for five months of consecutive gains and data over the next few days. Chicago pmi, pending homes also out today. Auto sales, june jobs coming later in the week, adp challenger. A good time as always to take stock of what the First Six Months have meant. Not good news for actively managed funds, as the journal points out today. Were in this business where theres a deal that happened this morning that really does in many ways capture whats going on. Ppg, a buy comex, paint company. The ceo who is terrific, at ppg, came on mad money, what happened if you buy comex. He said were always open to m a. No one thought it was not going to happen after sherwinwilliams, not a surprise. But the stock goes up big. Mannkind, see that stock going up on the tape this morning. Yep. Everybody knew the fda would approve this insulin dispensary. When it happens, it goes up, where we are the good news is not correctly discounted because people, i think too skeptical. I come back, you know, charged up, very engaged, and i feel im happy to hear that. More engaged than ever. Than ever, yes. Than ever. Thats fire. I feel whats happened the skeptics never stop. All bad all news is interpreted as negatively. I come out, watch the headlines when im away, its like Central Banks to blame for big rally. Blame . Blame . I mean, why is there blame . So when i come back and say, as long as we get deals, as long as we still have a lot of stocks selling at 17, 18, as long as Interest Rates stay low and obviously were in a situation where our rates are low because of worldwide rates, enjoy yourself. Enjoy yourself. I had to go i had to go to buddapes budapest, vienna, prague, to enjoy myself. Im saying im on wall street and im going to enjoy mois and revel in the. Pgs, in the gw pharmas in the mannkinds and say good news is not factored into the market. All right. Enjoy yourself. Its later than you think. Thanks a lot. Sure. There was a song from a woody allen movie. Better late than ever there on the other hand im not saying suspend skepticism. I am saying that the fact that good news never seems to get in the stock price is different. Thats very 1990s. Then this morning what do you make of bis, bank of International Settlements over the weekend arguing that the stock markets around the world are not reflective of whats happening in real economy. Rationally detached from underlying economic conditions. Gdp was down, companies managed to make money. Did they make money with buybacks, by firing people . Yes. Can you look through that and decide that you should sell stocks . I slard tihard time doing that i see companies doing selfhelp, the broader time for things like sandisic, relational takes a stake and did what they did to timkin which i have on mad money. We see if they if its sustainable. Stock reacted positively. Selfhappen transcended gdp. Do i think that europe with their rates where they are, is that artificial . Ive got to tell you, coming back from europe, theyre pretty depressed. I think our country has certain areas that are literally, because of the internet, technology, are not inflated. Inflation, which everyone seems to fear, i think is weatherrelated. I like yellen. When she says noisy, i agree with her. What im saying is, stop saying that its the feds fault that the market goes up and say the selfhelp is working. Before we move on, market dynamics, its traditionally a slow time of the year, volume is weak, can move stocks up and down. Another story today that buybacks and basically some individual demand are the only demand for stocks. You dont have a lot of institutional demand for stocks at all. Without that you dont have the underpinning for any buying in the stock market. Companies are buying and shrinking the float. Until ali baba comes we get a new deluge until gopro, which is not a deluge of stock, i say if you pick a stock where management, once stock goes higher they see the play book, go buy comex, buy another company, that actually causes an inversion, if you dont do it, if you dont selfhelp, stock doesnt go higher. Individual stocks are going higher because management says ive got the Balance Sheet and Interest Rates to do something. Im going to do it. But cbs last week, i saw that one, i was watchi this aereo thing, did anyone think that the Supreme Court was going to say yes to that . Yes, apparently some people believed that. Some, yes. If you look at the Supreme Court as it is, then you would recognize that theyre procorporate rights. You know, i just think that people people think ever end of the government is anticorporation. Airlines, phenomenal story for the first half, that was obama blessing. The Justice Department blessing higher air fares. The governments not the governments doing a lot of stuff that doesnt help the economy, but does help individual companies. Larger companies do better in the environment when Smart Companies are lets move on to an individual company. General motors, attorney ken feinberg will announce details of the Compensation Plan for Crash Victims 10 00 a. M. Eastern. Federal prosecutors and congressional investigators are quick to say, however, that gm could still face a number of criminal probes related to those crashes. Ken feinberg is going to join us live first on cnbc, right after the announcement. Of course, mr. Feinberg has carved out an expertise in this arcane area of amassing funds to then be distributed to victims, whether its bp or Boston Marathon victims. The political dance that goes with that. Yes. No less a skill, right . Its not just about tables. Not at all. The idea and the times today has a long article that still a lot more to come and the use of the word criminal in the Southern District, the u. S. Attorney, getting involved. Does this just continue this overhang on gm despite what many people saw today as perhaps the day where daylight starts to break out . Feinberg, when he got involved with bp changed things a bit. Thats when the bottom was put in. You have to churn through all of this. The government was more involved than realized. Breaking news. Devon sells 2. 3 billion in assets to lyn energy. Devon trying to change its Balance Sheet. Look how its done to be able to make it so its stronger, move into shale areas. Two Companies Helping themselves. I dont know whether linn will get the right message. Look where devon is selling. Look at oil and gas, continue positive. I look at gm, i see the stock bottomed at 34. Im stuck with stocks that react positively to news that we may even in turn think is not positive and then react wildly positive to anything involving takeover, acquisition, taking action. Ands that ha to do, to me, some degree of lethargy on the part of individual managers. They feel like, lets buy etfs, the s p. Its not etfs or s p. 9. 3 million shares of ny melon. Does pelts come and Start Talking about im saying, this is activive . Activism, selfhelp, m a, all of the things in the toolbox were seeing a great deal of, tax inversions. Weve hit all of our themes. But this is the era where Companies Just dont like all we need now is Consumer Spending money and housing that, i cant give you. That, i cant give you. Another one, micron, focus list credit suisse, it was eight bucks a year and a half. Micron bought this Japanese Business which then consolida d consolidated, d ran prices have gone up when historically gone down. Allergan maybe undervalued. An update on r d prospects. Allergans one the best performing stocks of the first half, its undervalued . They want you to set the floor higher in terms where the value is based on a stronger pipeline now with the latest release. By the way 10 30 a. M. , Conference Call on that. When allergan was at 80 bucks, the ceo came on mad money and said everybodys forgetting one drug for glaucoma. No ones thinking about what we can do. There was a patent issue they had a problem with. He came on the show, a quiet, mildmannered man, he said my stock is too cheap. You know what . Its doubled. Maybe it was too cheap. Well, maybe valeant recognized that. Hand it to them, they obviously didnt they picked a company that had r d. More to go in that longrunning battle. Look whats happened since 9 00, sense i got back from prague. True. Its not me. I traced this thing down. This happened on thursday when i was in budapest. I like the way you say budapest. They tell you to do that. Budapest. All right. They got this drier beer, someone had a note saying beer isnt doing well. Look at beer stocks since they decided to let them consolidate. Try getting a corona in prague. Forget about it. Its all pilsner. Finally, facebook users are angry following news the social network conducted a big psychological experiment on hundreds of thousands of users manipulating content trying to gauge emotional response. Some shown positive posts, others shown negative ones. The researcher has apologized. But talking 500,000 people. Basically, victim to the algorithms that filter out what you see and dont see. My Charitable Trust owns facebook. You never want to see this stuff but at the same time, facebooks a monopoly in yourself, its what you use to find out about yourself and tell people. People say, that was unfortunate but glad its over. I dont think someones going to say, facebook spied, im going to sell facebook. No, but i think it goes to this larger concern about privacy that were only going to hear more and more about as the tools for invading your privacy, if you believe you have in, only accelerate. Look whats going on in europe. Look how many people are asking google to say move my search results. I will tell you, in the end, there is no expectation of privacy. Theres never been one really in this country. No ones forcing you to open an account. Always think you send an email its on the front pages. Maybe the Supreme Court did rule 90 your cell phone is not allowed to be searched without a warrant than goes to something different. 4th amendment rights preserved. At same time, expectation that there could be a this glaxo sex tape, the bribery. I think that you should expect that you could be exposed. Its not like nsa. Its not like anyone said what the nsa was doing was the enemys lisp i remember the nixons enemy lisp one of my partners was on the list and it was shocking weep had an irs enemies list, nsa enemies list, a lot of bad guys out there its like jack bauer, listen, ill do whatevers necessary. Shoot him in the knee. Throw him out the window, whatever works. Good to have you back. Oh, man. Frances biggest bank could be facing a record fine. 11 00 a. M. Eastern, roger mcname. Whats on his mind when it comes to technology. Premarket on the final day of the first half of the year. More from squawk on the street in a minute. Bnp paribas is potentially facing record breaking 8. 9 billion fine from u. S. Authorities over alleged u. S. Sanction violation. The Justice Department expected to announce the fine sometime most likely this morning. We shall see. Of course weve been waiting for this for quite some time. Unknown, i believe, whether this will include some sort of temporary ban on some of their dollar clearing business. Its never been an easy time well, it has not been an easy time to be a Financial Institution it would seem, over the last couple of years, when it comes to the regulatory side of things. What im amazed here is that there is a process that you get when you get the call from the Justice Department. And that is recordkeeping, freeze. Whatever youre doing, stop it. In terms of what the Justice Department doesnt like. Sit down with your lawyers, go over compliance, decide what youre doing wrong before you even get involved in some sort of plea. They didnt do this. They just kept doing what the Justice Department didnt like. I mean, thats extraordinary. Just dont do that. Everyone ive ever met in the trial, the securities regulation knows, that when the government calls you and says, listen, were investigating you, you stop whatever the heck youre doing or else im surprised that the government doesnt indictment everybody, just doesnt indictment individuals because whoever is doing this is doing it directly while being investigated imagine all of the people we know that have been investigated, all of the companies and continue. Okay, here, i know this is financial versus life, but gm, lets say they say, lets keep producing these ignition things, what the heck . That is or bp, saying you know what . What the heck . You know, little oil in the gulf, i mean, just dont tell anybody. Right. It is, if youre the Justice Department like this, are you kidding me . You kept doing this . Have you no respect for the u. S. . None . Whether its that or barclays dark pools or b of as recalculations, anyone scared of buying a bank stock. I said, you know what, this group, unless youre in a Regional Bank or. Or wells fargo, up 16. 5 this year. Completely differentiated itself from the group. John stumf said were good at mortgages and redoing mortgages. Crossselling, too getting somebody a mortgage and getting them to be in Wells Fargo Asset Management or personal wealth management. When wells fargo buys the loan, they follow up. They are like they are like good salespeople. Everybody. I sat down with john, whats your business, its just about being a business person. Its not about trying to make extra money somewhere. You know . Wells is wells is good. One that u. S. Bank, by the way, wouldnt of my Charitable Trust funds, youll find theyre similarly profiled. Both Warren Buffett banks. Dont you think buffett isolated banks that know what to do . Good point. Right. Well get cramers mad dash, count down to the opening bell. One more look at the premarket. Squawk on the street back in a few. Seven minutes until the opening bell on monday. Mad dash. Its been a while. A summer of ali baba guessing. Guessing the impact on yahoo . Team monster goes hold buy. Piper saying that the alibaba valuation is not priced in. David this is two parts. One youve got, one ive got. My part is, will Marissa Mayer be a good steward of the capital . How much capital will there be . We dont know specifically, although of course its 22. 6 of the company, fully diluted that yahoo owns. Theyve moved around a bit but we can assume theyll sell 10 of the stake, if not more in alibaba. Figure somewhere in there. You fax tax effect it. They could keep the is it over there . I dont know. I dont know. Whats interesting, david new york ones talking about what shes done. Thats the question. Youll have a lot of this. Were entering july. Road shows going to begin towards end of july. Probably going to get priced. Guess on the 8th of august. As the road show goes on. Also get another quarter, most likely from alibi bob ba. That being the quarter ending today. That was a slowdown in the rate of growth last time. They say, maybe it was because that Fourth Quarter took from both the Third Quarter and the First Quarter in terms of advertising. My advice, be long yahoo yeah . Into the guessing game, be long. I like that. Opening bell coming up two minutes from now. Squawk on the street, coming right back at you. [ male announcer ] what if a Small Company became big business overnight . Like, really big. Then expanded . Or their new product tanked . Or not . What if they embrace new technology instead . Imagine a companys future with the future of trading. Company profile. A Research Tool on thinkorswim. From td ameritrade. Youre watching cnbcs squawk on the street monday, live from the Financial Capital of the world. Opening bell in about two minutes, as you probably know, holiday shortened week. Closing out month, quarter, first half of the year. Want to guess what the s p winners and losers are yeartodate . Weve got a couple of companies that have been taken over. Yeartodate on s p, best, new field and neighbors. Worst, coach, whole foods, staples and bed bath beyond. These are companies that are either impacted by the internet or have a strategy that has been left behind. Well, bed bath beyond, weve talked about a lot here. The report last week, not a good quarter. No. The stock suffered significantly. I mean, im coming around to the idea that amazon is hurting them. Executing poorly. Coach is executing poorly. The focus on the good one, oil and gas, newfield has done remarkable job. These companies, look at this linn, i dont know whats going to happen with linn because its controversial, big short position. But companies had asset, you see all over, look at the restructuring with freeport, anything oil and gas, nabors a terrible stock, onshore driller. Guess what . On shores drilling as hot as it gets. They all make sense. You mentioned amazon. If anyones missed amazon risi rising. Tonight a nice reaftair. Those of us in prague get a chance. I expect your full review in an email form. Abs