Falling short yesterday. Adp helps, up 281,000, above estimates, strongest number in almost two years. Tenyear yield crept up to 26, two days in a row now, the fed may fall behind, and yellen speaks at 11 00 a. M. , and u. K. Home prices surpassing the 2007 peak. Road map begins with dow 17,000, index closer to the landmark. Will that better than expected adp number get us there . Dimon diagnosed with throat cancer plans to run the bank as normal during treatment. Google buying songs for an unus closed amount. Gopro going negative. Stocks setting up for the first down session since going public. Dow inches closer to 17,000, new record, and s p and nasdaq at new highs, adp surpassed expectations ahead of jobs thursday, tomorrow. Improving by 281,000, estimate was 205. May unrevised. Economists do not tweak models on adp anymore because of new methodology, but its better than the alternative. The surface jobs, well, where were they created . I dont see them in retail. I dont see them in restaurants. I dont see them in insurance. I dont see them in banks. It was a good nonresidential construction number, and, again, oil and gas oil and gas. A lot of oil and gas. When it comes to figuring out where we are in this economy, there are still people puzzling over that negative 2. 9 gdp number we got and trying to figure out how that measures up and where to be right now. I think a lot of people said it was a weird number, forget about it. I assume this adds to that, at least to that thinking, that were just cant think about whats that is going to mean. Five stocks led us from dow 16,000 to dow 17,000. Talk about caterpillar, disney, merck, and cisco. I can make a case on a fundamental basis on every single one of those even though with had a big run. You know what . Its not like the market is completely crazed, caterpillar not back to where it was from 2011, 2012, disney with star wars coming up, and merck a buy back, selling the 14 billion from consumer products, and cisco, had a first good quarter. I sit back and say, well, those are the dow leaders, 16,000 to 17,000. I dont know. They can go higher. How much do you worry about . See what yellen speaks about at the imf conference, taking q a, but some argue this number this morning shows the rate hike might be an early 2015. What i hope that she does is stick by the script that she set out because i think that one of the things we dont want to see is her say, you know, what i said recently, thats not right. Thats where we get nervous about a fed chief. I think inconsistency, all remember last year when we finally had a head fake, rates go to three, almost to three i think we did briefly. Right. Thats one of the things where its just be consistent, ms. Yellen. Stick with the script because you dont know one month to another. Look at, it would be terrific to think we bounce back entirely from q1, i deal with owens corning, they dont make it up. Walmart is one of the most acting stocks and went negative in the period of the last quarter, and, you know, i mean, from dow 16,000, dow 17,000. David, its still the u. S. Economy. It is, about 20 , over 20 of all publicly traded retailer sales. Think about that. Its like why do we bother with the rest . You need to look at walmart. You dont think Restoration Hardware and Lumber Liquidators are to focus on . They make up two. Who has the catalog . Restoration hardware weigh in heavier than a hamptons real estate catalog. Wow. I put two catalogs explains the gun. I couldnt, l5 is a problem. Solve l5, and thats why i like celjene. All the artificial parts we need, it will be good. Suddenly saying that. I saw an article today, blew me away, a directv and dish in talks. Right, i know. I know. Incredible. That was yesterdays story. I know. The fact that david says something, and the next smith is still out there, potential inversion too. I think were we see the inversions. Im going to speak to jack lew at delivering alpha, and its still the question that pops up all the time. How do you keep allowing this . Republicans want comprehensive tax reform. Its almost funny. Is this 1980 . Are you reagan . He did tax reform. Yes, he was. Squawk box called the code an abomination in his words. It was a different era. Bill bradley, you had cooperation. What i was asked, what do you think about the kemp ross bill . Pay it. That was before i got involved. On now to jpmorgan and the ceo jamie dimo who told shareholders hes been diagnosed with throat cancer saying the condition is curable and proknow sis is excellent. He plans to run the company as normal as possible during treatment. That being said, no small things, of course, to fight throat cancer, to go through chemotherapy and radiation. I want to offer my best to him and hope it passes as easily as possible as we have hoped for anybody suffering from that. All that said, it points to, well, what is the plan for succession . You always think about that. Im not sure what it is these days. You know, i would know departure of Mike Cavanaugh months back was a big deal at the time and looms larger now. I think the expectation proves correct, no doubt, dimon, comes back to work and and even through this. Its not easy. Whats distinguished between those executives with a form of cancer thats incurable and those who came out and said its curable. Talk about ben cancer is curable, that was 1029, 2010, you have warren buffet with Prostate Cancer, came out 4 17 2012, the stock was 7981. The big most unfortunate was we didnt think Prostate Cancer was easily cured in 1995 saying, listen, i can beat this cancer, wrote a lot a treaties about it, and them there was a double in one year. As he came back. When the company responsively says its curable and it was. I did not get to steve ross, the prostate time warner a long time ago keeping records where Prostate Cancer was much more uncurable. Unfortunately. Something they did not catch early. This is not prostate. Its throat. Good luck. As we said, prognosis is excellent. Well see how it goes for him. Points to succession and the importance, of course, at the board level, and something mr. Dimon talked about a number of times and the host of candidates that would proceed him. First to stefanie, works with me, see her all the time on a lot of shows, and she just said, wow, where is mike when you need him . I said, is this the beginning of is there anyone from the outside . Ed clark from dt come in there . A temporary play from wells fargo . Is that just ridiculous . Always in term in. If its just a period of a number intense weeks, no. Lets hope. Funny, reactions when you read it. Last thing i said about jamie dimon is thanks for nothing for that quarter, and then you see that and wish you didnt say that. Life is real. Meantime after weeks of speculation, google is buying streaming services songs for an undisclosed amount, integrating them in google play and youtube. Pandora is lower premarket, which, by the way, has 75 million users versus songzas 5 million. It says 35 million, unbelievably low figure. I dont think it was a big win for songza. I love it because ill say, okay, i want to learn about mozart. Put it in, learn, five hours, and the ring when i was in vienna, and was trying to explain to people why i like them, and, no, songza. Not politically. Yeah. It does so point to the idea of cureation, part of the beats deal from apple. As was said at the code conference, its about having a selection of music not computer generated. Its different somehow. Interesting. I never heard of spotify until you mentioned it on air. Now im like what was i thinking . The services i like sirius downloading music, now, of course, streaming now, spotify, pandora, you name it. One expects google will make this a larger service, no doubt. I wonder if its beneficial to the Music Companies . I believe it may well be who are paid more in royaltieroyalties, again. Right, hasnt thought of that. Universal music is out there. Warner music, again, maybe who owns that thing is going to have wandered into something that will be a positive, but dont forget that as streaming becomes more and more ubiquitous and downloading stops and illegal downloading stops. Would be a change. Who made the greatest call to sell out before apple itunes . Good trivia question for you. Herb albert. Sold out at the absolute last moment. Had a vision. Yeah. How do you do that . Had a vision that they were going to wreck, there was a digital wrecking of the industry, and the am records sold at the top, did one of these yahoo conversations, and i was on as people dont realize theres some geniuses, not just geniuses that associate with music, but he was would have been a great choice for knowing where the music industrys going. The songs of guys going to be employees of google, and well see if google play gets traction. A long way to go to catch up. They do. But, again, amazon, moving into streaming recently, prime service, not a huge catalog available, but they are going to build. Look its going to be youre going to pay your electric bill and your song bill every like a cable bill. That is so good. Its auto pay. The only thing yesterday, i got an email from the nfl saying, listen, you paid for next years f nlk. Thank you very much. Sunday ticket . No, but i listen on the radio so i have everything going. The ceo of at t, and i did not know what he said about sunday ticket and whether the deal is done. Wide ranging discussion, by the way. Twenty minutes, a lot there. When we come back, a land mark session for gopro this morning, more details on that. Its down on premarket. Oil nears the highest point in six years, talking to gulf oil on whats in store for the industry and for you. Hes joining us live a little later on. Look at the futures. Moderate green arrows as we had the best start to the second half since 2011 yesterday. A lot more squawk on the street coming up in just a minute. Ugh. Heartburn. Did someone say burn . Try alka seltzer reliefchews. They work just as fast and taste better than tums smoothies assorted fruit. Mmm. Amazing. Yeah, i get that a lot. Alka seltzer heartburn reliefchews. Enjoy the relief. Gopro setting up for a down sigs, would be the first since it we want public last thursday. The stock, at least in the premarket trading, is down, but its still nearly double since initial public offering. Thats not a lot of trading days either. Brought public at 24. As we pointed out, 30 times over subscribed. Listen, you hear the numbers, sometimes it does not mean the stock will double over three trading days, but in this case, thats been the case. The multiples up there, although you quoted me a number yesterday for 20 16 making that not cheap if that number is achievable. Three bucks or small . These guys may not realize that the broad nature of what is really an ecosystem that gopro has, not yet apple, but people think of it as just one thing, that bradley, i think he was wearing one in the last 20 minutes of the thats me. I didnt mean that. That was mean. I love the u. S. Team. Came alive in 20 minutes. He did. Everybody did. Not quite enough. Gopro is not a one product thing. Its a pan plea, and people are excited. Will it be twitter, going up and crashing . I think it has two or three or four quarters where you are fine, but hard to justify, to me, buying it on evaluation basis, but, no, institutions that were late on the deal, come in, buy a at 29, and get the average. Nick woodman, familys own 49 , made a billion on top of what he made on the day of the ipo. We laughed yesterday at the market cap being above u. S. Steels, but they are closing in now on nikons cap. What can i say . Listening in this morning, caught from bloomberg, credit whoever i get it, about a blah blah, the french modernization of your own car where you can pick up people and hundred days race, hundred million dollars. You know what . Were going to see air being beat back, youll get evaluations and hear once again about uber and how people are insta insta insta instant oligarchs. First advertisement i had seen. Can i use your apartment when you go away . Yes, but you dont have to pay. Really . Yeah. Youre a pal. For friends, you can just stay. Pick wherever you want. Like you dont have enough places to live on planet earth. Can i use yeah. Because i dont know which of the seven homes i want to be in, so id rather sleep in your living room. Sure. When we return, cramers mad dash, and a look at futures keeping 17,000 in our sights. More squawk on the street from the nyse straight ahead. Who dont have electricity and i just figured that its time i do something about it. What were doing right now, along with ibm, is to actually transfer data through a satellite from our wind farms directly onto the cloud. I think we could create a far more efficient system across the whole network where we could actually draw down different kinds of energy based on when its needed by the consumer. A smarter Energy System is made with the ibm cloud. At every ford dealership, youll find the works its a complete checkup of the services your vehicle needs. So prepare your car for any road trip by taking it to an expert ford technician. 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So if youre ready to see opportunities and see them through, we say lets get to work. Because the future belongs to those who challenge the present. All right. We have seven and a half minutes before the opening bell, time for the mad dash. Were going airlines and booze. Not necessarily connected. No, not together. Delta this morning, guiding different metrics for different companies. Past revenue receipt mile. Delta saying they could do 5 to 7 , came in at 4. 5 , disappointing to people. The stock had a great run. 22 this year. A good performance, takes a breather, i love the airlines very much, and im not fretting one particular month. The reason im not american is my favorite is because this is an industry that got blessed by the justice department. That is what connects delta with constellation. Both beneficiaries of antitrust. Or protus . In the case of antitrust, the authorities came and said, wait a second, in terms of modello, they were the beneficiary. Yeah, thats the biggest seller, a 17table restaurant in brooklyn, and whats amazing to me is you just didnt know how powerful the combination would be. The reason why molsoncoors was a top ten gainer in the previous quarter has people believing that anbev is going to buy miller. Theres rumors of more consolidation to come in an industry thats consolidated massively over the last decade, lets call it. People feel in the end the loser is consumer because beer is one of the most its a universally drunk beverage, but theres not price increases yet because boston, you know, sam, ipa, theres a lot more than just the old days. Brooklyn brewery, but watch mol sorks. Reported nice numbers. Yes, watch molson. Consolation is doing well, they sail they get miller, sab miller, they have to be divested. One of the top ten performers in the last quarter, could be higher still because the ceo has not rule out what constellation did, buying a piece they otherwise didnt have a chance to get because of justice. Stocks incredible. This is not rough justice. This is easy justice, not rough justice. No, a key them as well. All right, opening bell five and a half minutes away, and a lot more squawk on the street coming right back after this. Radio announcer its mattress discounters 4th of july sale. Bulldog that cloud reminds me of. Radio announcer a queen size serta pillow top mattress. Bulldog thats it radio announcer now on sale for just 597. Bulldog thats a ringer of a deal radio announcer mattress discounters 4th of july sale ends sunday. But were not in the business of naming names. The fact is, it comes standard with an engine thats been called the benchmark of its class. Really, guys, i thought. It also has more rear legroom than other midsize sedans. 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It does not have the peaks and valleys we associate with it. Its steady. I always think i wish more people were involved. This is the rally that makes you feel like, you know what . I can sleep at night owning good quality companies, and people arent. We know from the numbers its shocking. Theres not a lot of liquidity either. True. Thats the time of this year, this week, before the long holiday weekend, but theres not, if you run a portfolio, take risks down or generally take positions down. If a big seller comes in, i have to below it takes it down. Tomorrow, we have a day that is, i think, historically one or two big buyers or sellers determines things, and i dont think people realize that can happen. See what yellen says at 11 00 a. M. , and well get the jobs number tomorrow instead of friday. Couple of reports or rumors moving a couple names, thinking of a shutterfly today. How many times they tell you, listen, were interested, hiring, might be able to get a deal. A story fr