Our road map begins with macys down double digits on the earnings miss. Shares of kohls taking a hit. Shares of snap also plunging more than 20 after its first public Earnings Report. Didnt go too well. But well dig in on the quarter. Fireworks expected on capitol hill later this morning. Acting fbi director Andrew Mccabe will take the stand in place of james comey. But first, comps are below consensus, down 4. 6 on the owned plus licensed basis. Macys says it expects the sales decline for the full year. This is nine straight quarters, jim, they have had comps in the red. Yeah. Ive got to distinguish macys from kohls here. I thought kohls was a decent number. Kohls got better and better and better and they have lean inventories. Macys what can i say . They dont have it. They are the ones when you try to figure out who exactly is in the crosshairs of the moment, i come back to macys. I just feel like that the you could floor by floor. Aisle by aisle and theyre being challenged. And it is really the weakest model out there. Target target may even have a better model than macys. So this was jarring to me. Why though, why . Why . Yeah, why their oh, because target is not in the mall. I like target. So you feel their placement in the mall makes them more susceptible . Yeah. Thats why i like kohls a little more because its in a strip mall. Macys in a prism. What happened to they had gotten religion, they were going to close aggressively stores. I mean, they had closed stores. 66. I think every one makes money, i do. Yeah, well talk about this when we get to whole foods. In the end, theyre making money. But theyre not growing. No. Theyre making money, but each store is being handicapped. I think that what they have is very much more amazonable than people realize. Remember their biggest money being made is in their perfume. In that very expensive area, that is being cooped by a lot of people. People know their size. And they dont they tend not to go. Then i have to tell you, i have a bunch of pictures and i went to a bunch of macys and they look bad. Its the red tag and the plastic hangers. It just looks like youre at a pipe rack store. If i want pipe rack, i will go to burlington or ill go to ross. It just has a bad feel. Macys, i i felt like i do more shopping in macys. I look at their stores all the time. And they just dont look good. Any conversation about macys does take us into that broader conversation about malls and mall traffic. Something we have talked about many times. I do want to add though, guys, when you talk to the larger mall operators, ones on a Simon Property group, or even general growth, they say traffic is really not down. But what they say seemingly is that people are pre are finding what they want on their phones, still going to get it at the mall. But theyre not walking around. Theyre sort of going and leaving. But that the actual traffic is not down. Very focused about whether they go. Yes. Thats true. If you can measure peoples steps that would be down a lot. They go to get cbre was on last night. They own 10 of the businesses retail. If youre experienceal, if theres something exciting to do at the mall, youll stay. Macys is one of the least exciting things i do. I force myself to go in because of this job. Okay . Literally. I mean, i have to go i have to take my wife and say we are going to macys. And she goes, well, thank heavens youre not demanding i go to sears. I was thinking i cant do that. Shes geez, i love her. I dont want to get divorced over sears. Speaking of sears, Eddie Lampert said theyre ahead of jcpenney, ahead of target. All this bankruptcy talk is blame the media. Blame the media. Yeah. He blamed the media. I think you should tweet fake news about how eddie knows i would welcome him any time for a sit down interview to discuss all of these issues. Right. Youd be cordial. I would be fair. Without a doubt. What about the small stocks since i was on that topic. When you look at a Simon Property or a general growth or a or any of the three i happened to mention, but theyre all down sharply. Theyre very well run. They tend to have as these stores go out, they have new stores that come in. And they can reconfigure the stores to be more experienceal so theyre better. If you speak to federal realty which is Shopping Centers thats don wood, their numbers are incredibly good. So its not like theyre vai cant vacant. But theyre getting new kinds of tenants. Right. Its changing. Yes. Of course if you look 30 years ago what was in the mall its different then than it is now. People used to go to shop. Thats now abhorrent. Howard schultz has talked about even teavana, theyre closing those, so the mall h has its a hardship to people and the millennials, i mean, they figure out what the best price is. And bingo. They go to that place. Or of course or go to amazon. Been a lot of traffic numbers that look at the number of stores that a mall customer goes to. And its dropped obviously. People go in, find their target and theyre gone. I wish theyd find target. Yeah. One of the things that id point out, i know that e. L. F. Didnt have the numbers and the one things that i dont have they dont have sephora. Thats truly helped penney. I wont look for a big number from penney. They have a lot of problems. Kohls does not. They have a good Balance Sheet. Kohls has good dividend, the progresship of the quarter progression of the quarter for kohls is very good. If theyre in if theyre in the right kind of mall, the same kind of mall that ross is in and that burlington and burlington is going to blow out the numbers. The only two who transcended is footlocker and childrens place. Margins were up at kohls. They did say that the traffic was different in march and april. Thats why that stock will be up today. The inventories were lean. They were helped by under armour if you want to get into the granular. I look for macys to trade around 26 lets say is where it opens. Okay. Do i think okay, you know what, theyre bottoming things. At this point, you know, down 4. 6. I have an opportunity here to buy this thing. Maybe they do some things in real estate around the edges that could be helpful. And generally speaking, maybe this is the time or is it not . Well, i think the problem is that its the time for what . Its the time to cover your short. I mean, do you want to get long i mean, nordstrom will have a good number and then will guide down for the rest of the year. Do you want why would when they report, what are you laughing about . Because you said that so definitively. I know this. This is what i do. Its true. You hit the phones. I dont pull a favor, but that was very important, well get to another topic. In the end, unless you have a whole foods that the numbers are still bad but you have a janna, you need someone to say, thats it. I want that macys store in her old square, i want that to be condos and i want now. How about making it into penn station. Turn it into the post office . Yeah. Figure something out for those poor commuters. My god. Have the city buy it for 4 billion. We do want to cover snap in the ablock. First quarterly numbers since going public. The Company Misses on revenue. Slower user growth, posts a net loss of 2. 2 billion. Evan spiegel talks about the user Growth Strategy in last nights conference call. As far as growth, well continue to focus on north america and europe where we can deliver if most value for the customers based on their devices in the network and longer term we believe that snapchat is for everyone. Its early days for us so were focused on north america and europe first. So the user growth decelerates but engagement rises to 3 billion snaps a day. Yeah. The problem is with the user growth the revenues, there were a lot of people talk about a billion. The Fourth Quarter would have to be so monster, i dont think they can do it. I think thats the reason why the main reason why the stock is down. A lot of people we went into the ipo knowing that the growth rate was declining. We knew that the company was trying to focus people on this engagement metric. I feel like they i mean, were listening to them. Oh, man, i was going into the positive spin. I dont know if its positive. No. Maybe the stock shouldnt run up to where it was. Based on what we knew going into this ipo. Someone got this 1 billion number wrong. Thats haunting them. Just like that little ghost thing they use, its haunting them. I believe when you look at the engagement 30 minutes is really great. Thats the kind of thing if youre Universal Pictures you want to advertise fast and furious and dead, number 47. Never die. But yes. Fast and furious comes back to life. Yeah. Fast and furious, social security. Yes. Wow. Fast and furious yes. Autonomous cars. Yes. I do think this is one where catalysts can happen. Theyre just getting on android, right . And android is just starting. They have europe, they just hired a manager in germany. They have a lot of users. But heres my thinking. Im against hazing. I think hazing is dangerous. Hazing in college. But evan spiegel, he needs to be hazed. He needs to be hazed like i have never seen. Youve got to put him through some sort of gauntlet because this guy is so arrogant. Hes so arrogant that i mean, honestly, evan spiegel, listen to me and listen to me good. Youre going to introduce your call the next time and then youre going to back off and let your cfo talk. Youre going to say, you know what . I did not do the job id like to, but im going to work harder. And do not relate do not relate facebook to yahoo, okay . And do not make jokes about how were infamously dont talk about new product. Because you see you killed yourself. Now, hes cool as can be. Evan Thomas Spiegel is not listening to you. He is not. Hes not even listening to you right now. No, he is. No, hes listening to me. No. What do you think wait, what is he . Is he in like th the is he i florence . My wife can talk to him there. Youre referring to the answer to which an answer was given to greenfield of whether or not he was afraid of facebook and mark zuckerberg. People are going to copy your product if you make great stuff. I think we have seen this happen a lot in technology. You know, when google came along everyone really felt like they needed a search strategy. You know, when facebook came along, everyone felt like they needed a social strategy and with snap, with our company, we believe that everyone is going to deliver a camera strategy just because yahoo has a search box doesnt mean theyre google. Interesting. Just because yahoo has a search box doesnt mean theyre going. Mike santoli said this morning that shows his youthfulness. At one time, yahoo was as powerful you should read conrad because youth is a great short story. Hes still in school. Hes got an incomplete. Incomplete. This was frightening. Okay . Because this would be like the Cleveland Browns are going to play the pats. And belichick is nothing. Belichick is nothing. He basically said that belichick is nothing. Zuckerberg didnt do that in his call . Remember the first call he had a horrible call. I do remember that one. It was horrible. Because he promised the world. He didnt have mobile, it was pathetic and sheryl talked about then they had the big call that turned it all. Yes, they did. That could still happen, but evan has to go to that carnegie, how to win friends and influence people. Im just giving some advice. I mean, its good if its taken up. It should be if you respect your elders. Humility is a fabulous thing. While were talking speaking of social platforms, twitter is announcing a new partnership with the nfl. Live programming where the league will produce a 30 minute live digital show, it will air five days a week during the regular season. Trying to nail that down. Got started there. Yeah. I think that remember they lost the true nfl. Didnt amazon pay 50 million bucks to stream five nfl games . Thats nothing. Thats a bargain. Theyre still on regular television. They could have bought the whole league. 50 million for five games just to stream them. I think thats fantastic. That was a deal. I think all of these deals only one beneficiary. Yes. The nfl. The nfl. When we come back, the president providing his own definition of trump onomics. We have the senate hearings, and the new acting fbi director will testify. The nasdaq is up five days. Longest stretch since february. But for the most part, s p and dow are slightly down for the week. E infamous traitor. E infamous traitor. And i know a thing or two about trading. So i trade with e trade, where true traders trade on a trademarked trade platform that has all the. Get off the computer traitor i wont. cannon sound mobility is very important to me. Thats why i use e trade mobile. Its on all my mobile devices, so it suits my mobile lifestyle and it keeps my investments fully mobile. Even when im on the move. Sign up at etrade. Com and get up to six hundred dollars. The power of a low volatility investing approach. The power of smart beta. Power your clients portfolio with powershares. Before investing, consider the Funds Investment objectives, risks, charges and expenses. Call 8009830903 for the prospectus containing this information. Read it carefully. Distributed by invesco distributors inc. Containing this information. Read it carefully. Can we at least analyze customer can we push the offer online . Legacy technology can handcuff any company. But yes is here. Youre saying the new app will go live monday . Yeah. With help from hpe, we can finally work the way we want to. With the right mix of hybrid it, everything computes. Did you know slow internet can actually hold your business back . Say goodbye to slow downloads, slow backups, slow everything. Comcast business offers blazing fast and reliable internet thats over 6 times faster than slow internet from the phone company. Say hello to internet speeds up to 250 mbps. And add phone and tv for only 34. 90 more a month. Call today. Comcast business. Built for business. Bund. In about an hour from now, acting fbi director Andrew Mccabe set to testify at the Senate Intelligence hearing two days after the president fired comey. Our Kayla Tausche has more. Good morning. This an annual hearing that since 2015 at least parts of which have been public and have been open sessions for this committee. But this time theres an elephant in the room and that is the firing of former fbi director james comey earlier this week. And the timing of which occurred during Ongoing Investigations into russian interference into the u. S. Intelligence and back channels by the trump associates. Those investigations are happening at this particular Senate Committee. Its a Bipartisan Committee and there was bipartisan concern after that firing on either the rationale or the timing of that firing. Given Everything Else thats going on. In have been some developments there have been some developments on that investigation in the background this week. For instance, the committee has requested documents from treasuries Money Laundering unit and two democrats individual is a if treasury doesnt produce the documents theyre going to hold up President Trumps nominee to lead that division. And then a subpoena sent yesterday to mike flynn in the face of his refusal to cooperate with the request for documents that the committee had made. They had previously said a subpoena was a last resort and they have gone there because general flynn has been requesting immunity and they did not want to grant that. What does this mean for what congress can get done and the white house is seeing as legislative victories this summer . Well, the russian inquiries theyll take up a lot of oxygen from congress. Whatever is left over, they have to put toward some 12 Appropriations Bills that dont really have much republican consensus at present. You have a september 30th funding deadline for the government. Then you have the potential for democrats to provide big opposition. Thats what they want to do and its not going to be that difficult. We dont see any big victories for trump this summer. So far as this hearing, carl, it begins at 10 00 a. M. There will be open remarks from the democratic and the republican chair and from the witnesses the director of National Intelligence dan coats is going to speak on their behalf. So you wont hear from the acting fbi director until he gets questioned by the members of the committee. Well see which direction they choose to go in. Well come back to you for that. Our Kayla Tausche on capitol hill. Well get cramers mad dash. More squawk on the street coming up from the nyse straight ahead. What powers the digital world. Communication. Thats why a cutting Edge University counts on centurylink to keep their global campus connected. And why a Pro Football Team chose us to deliver fiberenabled broadband to more than 65,000 fans. And why a leading car brand counts on us to keep their Dealer Network streamlined and nimble. Businesses count on communication, and communication counts on centurylink. A lot to watch this morning. Snap earnings from last night and then the slew of retailer earnings that we have gotten this morning. Well watch Senate Intelligence later today and get the opening bell in a couple of minutes. It comes to technology, i need someone that understands my unique needs. My dell Small Business advisor has gotten to know our business so well that is feels like hes a part of our team. With one phone call, he sets me up with tailored products and services. And when my advisor is focused on my tech, i can focus on my Small Business. Predictable. The comfort in knowing where things are headed. Because as we live longer. And markets continue to rise and fall. Predictable is one thing you need in retirement to help protect what youve earned and ensure it lasts. Introducing brighthouse financial. A new company established by metlife to specialize in annuities life insurance. Talk to your advisor about a brighter financial future. The opening b