The biggest drop in 11 months ahead of cpi tomorrow. Our retail map with slipping all out with earnings, most of them down in the premarket. Plus detail from facebook to take on tv with original video content. This is a day after disney added fuel to the content battle as it partially splits over time from netflix. And day of ipo report cards blue apron is dropping in the premarket. Busy day for retail earnings this morning we heard from macys and kohls. They both beat the street. Dillards reported. That stock down after it missed estimates and same store sales fell by 1 well hear from nordstrom today. Theyve sort of been all over the place. Up and down. People are being stupid theyre being stupid kohls is a good quarter the concern is the 5. 5 yield. Not a problem. Macys, really, really good. Why . Because they reaffirm. This is a company that has not reaffirmed in ages i think thatthe new management there is energized theyre spending on the stores to make them look better cash flow still good theyve got that unbelievable cfo whos going to tell us whats really going on to be able to be sure about the dividend but so far so good dillards is a disaster i havent been there since 1978. I didnt like it then. But i think that kohls, only because it ran, is not down a lot. Remember kohls is not a true mall store its a strip mall store. See what they had to say about order ahead, that kind of stuff that everybodys so excited about. Transactions were down for the quarter but they said up in july good momentum comps down 0. 4 but down 1. 8 a year ago this is the trajectory im talking about. These places are not going to go from zero to 60. Theyre not teslas but what they are are companies that could be survivors. It is not an existential crisis as it is at kohls as it is at macys amazon is like macys except for cheaper. But if they could make the place more hospitable like not be overwhelmed by guards when you go to the brooklyn store not be overrun by cheap plastic hangers. I think those plastic hangers are emblematic of what was wrong. I think theyre going to whats right. Loyalty program in the fall will matter macys it will matter why why because they have no loyalty wait. So which way is it going to matter no, im saying okay, look. The larger customers are loyal i was one of the largest customers macys had when i dropped off, no one contacted me management tells me thats not going to happen. I may have been the biggest may have been in the top 100 i quit and its like, hey because what i did, i had a macys personal shopper. I give presents to everybody so i just got the list when she retired all right, not everybody. Because you didnt shop with me. Had you shopped with me. You were in high frequency. Yeah. I didnt buy those handbags that are 30,000. You know those things . Yes birkin you cant get them. You know why why because theres a list. Its like getting into a club that doesnt want me i dont want one. How does all this fit from what we heard earlier in the week coors, digital. They went digital. During a good time google, thats going to matter ralph with supply Chain Management and a spiritual bond between the new ceo and ralph. What you need to do and thats not just going to the polo bar, david. Thats followup i think that ralph lauren has closed a lot of bad stores i think they are also back suppliers are doing better vf was fantastic dont rule out pvh suppliers are doing well here. They figured out that amazon is not the enemy. Its a friend. Really . Yeah. Until when . I dont know. Always your friend until theyre not. Hey, listen you know, its i think that they use the channel theyre not just mystified by the channel. Kind of like disney used netflix as a channel, right . Until they decided we can do this on our own. Theyre like north korea there. Using the channel then do it on their own. You dont like that . North koreas got the whole world in a standoff. Yeah. Kind of upsetting the whole world. Tough segue there. I was going to say sometimes i feel that disney upset the world. That was the segue into it right now. But i think we have other things, though, then well talk about it all right all right. I was trying to get it going youre good well cover you know how to do it i learn from the best. I just look, i got shot down immediately. Lets go maybe to blue apron lets do blue apron we have production elements wider than expected loss, but revenue did come in ahead. A key metric investors were keeping an eye on. Customer growth. Registered growth of 23 from a year earlier its almost a million active customers, jim. Im not going to say it was horrible not really horrible. And what im look at is lets go over this. This is 18 Revenue Growth look at this average Revenue Growth, two years ago 250 dlsh they were going they went from 338 revenue. First quarter 42 and now i was looking for a much, much bigger number. I was looking for loss of 30 cents. They gave me loss of 47 cents. This remains mr. Travesty when it comes to ipl. Im glad you said that. Kwhie because i was about to. This should never have been taken public never underwriters should have said no they jammed everybody where they almost did say no in terms of pulling it but that was a sign right there. Remember the Price Expectations came down, down, down. Yet they still brought it to market and we have lots of questions for the ceo when he joined us that day i think we asked a lot of those tough questions. And they havent been answered all the way to the back well, i mean you know, the exits are overdone here. They didnt sell that much stock and most of what they own is still on the table of course is suffering significant declines everyones in net business. The entry there is nil i do like grubb hub and the way they shuffled it with groupon. Do they shuck oysters . Blue apron im not i did not order any oysters with the service i was going to say, so long shuckers got it. All right meanwhile, canada goose, 13 cent canadian lost. Good quarter. A lot more than the 18 we got out those guys really have it going. And for those of you who think they hurt animals, go to the website please this was a quarter which was a nonconsequential quarter and they got it going. Good quarter ive liked it from the get go. And its ban good performer and Columbia Sportswear was good too this is a company, canada goose came in, everyone just thought it was kind of a one off versus blue apron where everyone was so excited. Snap, they were all so excited canada goose, nobody cares i dont right. Okay i dont think people were that excited about blue apron i mean initially the you know, they used to run all those well, they got they got people excited it was a marketing push there was a marketing push. And it was interesting. It was interesting. People were like, okay. Was means just past tense canada goose, nobody cared about. Companies are able to get it together and come up with the pivot. They pivot sometimes. Youre telling me that blue apron i should trust the process . Im not saying that im saying theres always a possibility theyll pivot. Yeah. They can pivot yeah theyre the big man. Speaking of pivot, lets pivot briefly here to north korea. Firing back at the president s threats of fire and fury calling them a quote, load of nonsense it is the latest in a growing war of words between the United States and north korea chery lang is live with the latest reporter thank you very much, carl so north korea upping the ante once again and this time actually following up on the threat that it made yesterday. So the staterun media talking about how putting out a lot of details about this, the planning of preemptive strike against guam, pyongyang says it will launch four intermediate range missiles that will land 30 to 40 kilometers away from guam. So a lot of factors at work here it threatens japan along the way and also guam has a lot of key military assets of the United States and also in terms of the distance, it doesnt exactly violate the u. S. Waters, but its close enough to be threatening. And also the level of this specific details that we are getting, this is quite unprecedented even for north korea. And when it talks about how long these missiles will travel in terms of time and distance, its certainly showing off this Technological Advancement its made with its weapons. And now against this backdrop, cnbc did reach out to governor eddie calvo of guam. This is what he had to say about why he thinks north korea does not want to follow up with this with these threats take a listen. I think its important to point out that with the territory of guam, there is enough hardware to, you know, again, cause great harm to north korea. Its important that the United States, japan, south korea, and its allies and together with china which is very critical to this make it clear to north korea that the direction theyre going is the wrong direction and it could lead to serious consequences but we feel confident here in guam we believe theres a defense umbrella that can protect this island community, this american community. Reporter and i do want to end with highlights on these two factors. One is that the sustainment from state run media is saying that the military will be ready by midaugust, but it will be waiting for its leader kim jongun to order and to go ahead or not and this timeline of midaugust i think a lot of observers a lot of north korea experts that ive been speaking to all day today seem to have this consensus that thats actually giving washington some time some days to respond. Back to you. Chery, we appreciate that everyone has to read mark bowdens piece in the atlantic he wrote down black hawk down. He is to me the great reporter of this era. He says this is going to be appeasement. He says were going to have to accept it. This idea that china is somehow in on china is behind this. I wish wed stop being stupid about this china is behind this it is in chinas interest to do this stuff we keep thinking china is a member of the nations and theyre our buds are you kidding . Watch manchurian candidate. Thatll tell you what to do. But boddens piece is good when we come back this morning, the content wars are heating up as facebook unveils a new video platform well continue to follow netflix and disney pluls adp nominating to the board. Carlos rodriguez the ceo will join for an interview. Look at the premarket. Golds near a twomonth high t puthe markets on the worst week in six. Were back in a moment more valu. And at 4. 95, you can trade with a clear advantage. Fidelity, where smarter investors will always be. And at 4. 95, you can trade with a clear advantage. For years, centurylink has been promising fast internet to Small Businesses. But for many businesses, its out of reach. Why promise something you cant deliver . Comcast business is different. We deliver superfast internet with speeds of 250 megabits per second across our entire network, to more companies, in more locations, than centurylink. We do business where you do business. Continued fallout from that decision by disney announced on its Earnings Call along with its Earnings Call on tuesday night to effectively create the new world that is already, of course, in the sense being created by those who are offering their programming direct to consumers. Speaking with a number of high level executives, other Media Companies yesterday, there was shared frustration and anger with bob igers decision to create two direct to consumer offerings at disney. The common refrain was as follows, that the cost is forth programming has made the bundle too expensive. Without working within the ecosystem to fix that problem, disney is beginning its exit one likening it to a passenger on a small row boat who in jumping off, capsizes the boat throwing everyone else in the water with them. A number of the Senior Executives ive spoken with who declined to allow me to use their names said it will have a hard time becoming meaningfully profitable it will forego the profits from the netflix deal and still be dealing with erosion of the espn subscriber base. So will a direct to consumer offerings of entertainment be enough to stem those declines . Well, even a service priced at ten bucks a month, if it were to garner 20 million subscribers, may not replace lost revenue from netflix and the espn subs by the time this plan is implemented, mr. Iger will likely have left the company he has so successfully presided over for these last 12 years of course he and disneys board have targeted july 2019 as his retirement i was able to speak with mr. Iger this morning in general terms. He did respond on the record saying, quote, any intellectual Property Company should be careful about being lulled into supporting a platform that may not serve the Company Effectively in a disrupted world. Jim and carl, his point is pretty simple. First ofr all, espn is not going away from the bundle in fact, the bundle is in part held together because of sports programming. He would make the point that espn is part of it but he also says you know what when the world starts changing, youve got to change with it im paraphrasing here. But that people in this industry are refusing to more or less admit that the world has changed. And that younger people simply dont want to view things the way they did and that disney is getting ahead of that and responding to it in an incremental way. But i tell you, this announcement from disney i cannot recall a time when ive been on the phone with people who run other Media Companies who are just angry really . They would have had him do what right . Try to figure out a way to lower the cost of sports programming to a certain extent or bring subfees down or work with them to make the bundle a more attractive from a price perspective i think is one way to live within the ecosystem to certain extent for people. We talk about it breaking completely apart, but we came to that that theyre going to constantly be doing there is a benefit, perhaps, to having bundled programming the question right now is that so many people dont necessarily want to pay as much for that sports part of it as they currently do now, theyll be offering, you know, the acquisition of the Major League Baseball platform will allow them to stream things in a way that are not being done or cannot be done. Itll be interesting to see how this evolves i said the stock has to go down because the economics arent clear at all. You know, maybe they i think millennials are driving it theyll watch sports programming on this. They may pay for it or not theyre very cheap but i dont get. If you found a lock for programming which they have, youre now being asked to raise the pay for it how many people are going to buy . In the interim in this wilderness that i think is this era. They need to be able to offload this whole thing they can do it technologically maybe good l will buy it maybe facebook will buy it but theyve got to make it so all you see is theme park and studio theyve got to get this thing off. When it comes to unbundling and the decisions being made now were not going to have the answers for years to come. May have moved on to who knows running for political officer or Something Else in his storied career no. You just heard david ruben say hed be a great candidate. Its not c were not going to have the answers for many years to com youre saying basically little louis xiv i love when you make those historical references. Got to google that. But this worries me. This worries me because the people who are upset about it can actually, they can play hard ball point b out that mr. Iger helped create what is this Incredible Company through a number of incredibly important deals that made its franchise unassailable sports are too expensive to rent is that your point i guess so. But to get rid of a lot of good people and think that can make up for the cost of contracts i leave that to you. All right all right that was a great faber report. Fabulous segment and then hes got adps ceo. I dont want to hear anymore that i get all the good guests i keep fighting its and uphill battle against you, but i keep fighting i threw him that one. Not true well get cramers mad dash well count down to the opening bell look at the premarket. Were back in a minute with at t you can get your entertainment right here. Right now, when you get the incredible iphone 7 from at t you can get unlimited data and live tv. The channels you love. Your favorite shows and movies. 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Where do millennials go . They dont go to sporting events they go to concerts. Why . In order to instagram. This quarter demonstrated the power of concerts and live music. The numbers are up huge. Ticketmaster numbers are up huge i am just im agog at this quarter. I should have known how good it was when john malone bought 34 million shares back in 2010. Be