To view this email as a web page, go to the link below, or copy and paste it into your browser's address window. https://view.response.cnbc.com/?qs=7d86b44aff77bf8f163c869fffaac388f770055cfc5e750b5ef83fdd0fcd5387cba6cf57cfa579abf548e30a581b0398e3f1da6d9cf9f39094de3f0787d40c49CNBC | Morning Squawk To view this email as a web page, click https://view.response.cnbc.com/?qs=7d86b44aff77bf8f163c869fffaac388f770055cfc5e750b5ef83fdd0fcd5387cba6cf57cfa579abf548e30a581b0398e3f1da6d9cf9f39094de3f0787d40c49 here. https://click.response.cnbc.com/?qs=900cb8e4b025c3882c6478c1f452750d31c4026c99f0e10156d5fe6908cd2dab2c791b2be68bfa76 https://click.response.cnbc.com/?qs=900cb8e4b025c38810916452395f616c81e07fae215df6ec11e666c6d6b194a0783fbed6254f5124 MARKETS AND EARNINGS U.S. stock futures https://click.response.cnbc.com/?qs=900cb8e4b025c3887ccfacda3b05bc31b040f3f554a82d7827cc0fa97bb9f148f2ce8adcd51af445 were searching for direction this morning, following another record close Monday and the seventh straight session of gains for the Dow. The longest winning streak for the Dow since March 2013 was 10 in a row. Dow stock Microsoft (MSFT) reports earnings after the bell this afternoon. (CNBC)Netflix (NFLX) shares https://click.response.cnbc.com/?qs=900cb8e4b025c3889c547571b9b8e4bd7365658fa2d1b819b939aed235a765d0f5e3ae6a393a056f were under heavy pressure this morning, after seeing a slump in subscriber growth following a May price increase. The video streaming service late Monday did post better-than-expected earnings and revenue that matched estimates. (CNBC)Yahoo (YHOO) missed slightly on earnings but beat on revenue. The earnings report is https://click.response.cnbc.com/?qs=900cb8e4b025c3880bc599fa06ac01607af943070535aed1893c3ed8a99a3a6ef6cb74c398d235d5 likely to be overshadowed by the conclusion of the bidding process for Yahoo's core internet assets, with the winning bidder expected to be announced within days. (Recode)Dow stock IBM (IBM) beat on earnings and revenue, but posted its https://click.response.cnbc.com/?qs=900cb8e4b025c38878c577f7f096a898bfe7b95c0b68ebd177176d9e841ebab4dcd641e08f8b7f54 17th straight quarter of declining sales . However, the strategy shift toward high-growth areas such as cloud and mobile is beginning to show in the top and bottom lines. (CNBC)Dow components UnitedHealth Group (UNH) and Johnson and Johnson this morning both beat estimates with their earnings and revenues. UnitedHealth https://click.response.cnbc.com/?qs=900cb8e4b025c388bc931026c0d41e0eaed6302c7ee4aee917be26e9eb10449e96fafeb8bb224f63 narrowed its full-year outlook , while J&J https://click.response.cnbc.com/?qs=900cb8e4b025c388bc585a64c82fbc41cb303d3105ae0da5e7803e1e4979bb064a31ef4179de3a73 raised its 2016 guidance . Dow stock Goldman Sachs https://click.response.cnbc.com/?qs=900cb8e4b025c38824a3b7ab95eb01ee12ec3899507b0cda52ae4b52266458c30143c535c0df707d also beat on the top and bottom lines. (CNBC) https://click.response.cnbc.com/?qs=900cb8e4b025c38841a7bbd611f44a398b70665f15041e114f0a66d10307cfa4e1ea6969a54938cd https://click.response.cnbc.com/?qs=900cb8e4b025c388376346a5a4d216892d5374279fbaebeda252d232c014bd5285dfdec505cdb148 https://click.response.cnbc.com/?qs=900cb8e4b025c3886fc8d93b0198383aba426cdccb1ce712ed40d96f6d4e2ab638d9e530f16ff933 GOP CONVENTION Donald Trump is set https://click.response.cnbc.com/?qs=900cb8e4b025c3888599507b70e1bd5cadaffb60f1e10f29e95101ae49010b0a9cceb6b441f0a8e1 to officially become the GOP's official presidential nominee tonight. Day two of the convention features also House Speaker Paul Ryan as well as two former Republican candidates Chris Christie and Ben Carson. (USA Today)It didn't take long after Melania Trump finished her convention address https://click.response.cnbc.com/?qs=900cb8e4b025c388894be41965fd06fdb3b95c233c3c24aae026875f31552f335f7db16b1cfbc130 presenting her husband as a family man , before commentators picked up the https://click.response.cnbc.com/?qs=900cb8e4b025c38884c8cab7fb92b108553eb6a0c75b869cb5c6bebee338a1cc62c80fcda30a63d0 remarkable similarities between passages in her speech and those delivered by Michelle Obama at the 2008 Democratic convention. (CNBC)Before Melania Trump took the stage last night, https://click.response.cnbc.com/?qs=900cb8e4b025c388534ef6af5a2dd83755d865ea54d6d1667451063576e0e6bf52ec0e4d2ac76b5f a fiery Rudy Giuliani , formerly mayor of New York City, said Trump would make America safe again. The 2008 Republican presidential candidate said Trump would do for the U.S. what he did to rid New York City of crime. (CNBC)On the first day of the GOP convention https://click.response.cnbc.com/?qs=900cb8e4b025c3884125fbcf8383ba6e47267aee440fa40383d926d95f5597da5d5d0853297c06ed was thrown into disarray as delegates opposing Trump made their final stand. They tried to get a vote to change the rules so they could come up with a new nominee. However, the party passed the rules with a voice vote. (CNBC) https://click.response.cnbc.com/?qs=900cb8e4b025c388505bbab0101186ed50ca02ef7e1c49bd756041aec84ea7b99a22545a5b6dcb9c Addressing John Kasich's absence from the Cleveland convention, Trump said he "probably wouldn't show up either" if he were the Ohio governor. Kasich, who had sought the GOP nomination, told NBC News he can't get behind Trump's positions and rhetoric. IN THE NEWS TODAY The Islamic State terror group https://click.response.cnbc.com/?qs=900cb8e4b025c388cb578660f806c65b69eb6c562e07d37d7a1d4ec349640af559e048475b7d330a claimed responsibility for a rampage on a German commuter train that wounded at least five people. A local official said an https://click.response.cnbc.com/?qs=900cb8e4b025c38896c28faeabdc45233a60e3f9c492cf9c822b8b701959802119085e8ba2d25f91 ISIS flag was found in the room of the 17-year-old Afghan refugee attacker who was killed by police. (USA Today & NBC News)The ex-Marine who killed three Louisiana law enforcement officers and wounded three others Sunday https://click.response.cnbc.com/?qs=900cb8e4b025c388400b7412846c1b37ac55d5d6ee4a93370f3f2179bcc9de1177e36035d0e24ce8 stalked his targets with military-like precision, looking past citizens for cops to shoot. The 29-year-old shooter Gavin Long was killed by police. (NBC News)Volkswagen (VLKAY) is expected to be the https://click.response.cnbc.com/?qs=900cb8e4b025c388fe105c7d497ced3d0c0ab52f04d7b07e62f6265e78eeddfa676c65b96f9cd225 target of new legal action by three states — New York, Maryland, and Massachusetts. The lawsuits involve accusations that the automaker violated environmental laws and defrauded regulators with emissions-cheating diesel vehicles. (Reuters)World Wrestling Entertainment https://click.response.cnbc.com/?qs=900cb8e4b025c38812cdf544e8cd7792587418cbf2a5ae04e41f5c26930a1b9bfeba68d38a9ecbe5 is being sued by Jimmy "Superfly" Snuka and dozens of other retired male and female wrestlers seeking to hold the promotion company responsible for neurological injuries they claimed to have suffered by participating in bouts. (Reuters) BY THE NUMBERS The fate of the stock market's hot streak could rest with today's economic reports and earnings. The government releases June housing starts at 8:30 a.m. ET. Among this afternoon's earnings reports, in addition to Microsoft, are results from United (UAL) and Intuitive Surgical (ISRG). Actively managed U.S. stock funds posted an estimated $21.7 billion in outflows in June, the largest retreat since October 2008, https://click.response.cnbc.com/?qs=900cb8e4b025c3887db14c0f374e6f2e19703e1bb90ca5f7eba8a6dcf78a3fc807880949698bdb0e according to Morningstar . All active groups, except muni bonds, suffered outflows. By contrast, all passive groups, except alternatives, saw inflows. STOCKS TO WATCH Novartis (NVS) said full-year profit may decline due to increased marketing spending by the drug maker for its new heart failure drug Entresto. Novartis did report better than expected earnings for its latest quarter, but initial sales for Entresto were lower than expected.Ericsson (ERIC) announced more cost-cutting moves, following weaker than expected second quarter profit. The telecom equipment maker, looking to increase efficiency, said its latest moves were aimed at doubling its savings in operating expenses.Regulatory filings show Viacom (VIAB) CEO Philippe Dauman and COO Thomas Dooley are reserving their right to resign if a judge approves founder Sumner Redstone's move to remove five directors, including Dauman, but not Dooley. WATERCOOLER Amazon (AMZN) is said to be in talks https://click.response.cnbc.com/?qs=900cb8e4b025c3881d8230a588605d8c83cffd63a17b41e7c465fea078bff5fefb75bef646e8c910 to finance Woody Allen's next movie . The $25 million untitled project is set to star Kate Winslet, Jim Belushi, and Justin Timberlake. (The Hollywood Reporter) Ford (F) and Jose Cuervo https://click.response.cnbc.com/?qs=900cb8e4b025c388f3dcbdb021a56f6a343bc15e038c01a36291653444ad2a7fdafcce7cb4d8cf0e are exploring whether the agave byproduct left over from making tequila could be used in parts that would go into the automaker's vehicles. (CNBC) CONTRIBUTORS https://click.response.cnbc.com/?qs=900cb8e4b025c388ced871a8c7de88568d66d7be5cb654a3ff6c4fcd30d7222b5faf23aebb973db9 https://click.response.cnbc.com/?qs=900cb8e4b025c388ced871a8c7de88568d66d7be5cb654a3ff6c4fcd30d7222b5faf23aebb973db9 Matthew J. BelvedereSenior Producer https://click.response.cnbc.com/?qs=900cb8e4b025c388d596f84ace6662fad3ddb4be484c485ec3c778c36f9ce635eb48db8f79828ed4 @Matt_Belvedere https://click.response.cnbc.com/?qs=900cb8e4b025c388e52242b379a40138f5e89b7ae056372f28484a7b7d401be806a1dd448eeb9a0c https://click.response.cnbc.com/?qs=900cb8e4b025c388e52242b379a40138f5e89b7ae056372f28484a7b7d401be806a1dd448eeb9a0c Peter SchacknowSenior Producer https://click.response.cnbc.com/?qs=900cb8e4b025c388f9d41d8ffbf998a94958b56ab68fdaea939c2d465089adb1514980ca23d808e8 @peterschack https://click.response.cnbc.com/?qs=900cb8e4b025c388d627331cc395e8b89640235f9dabed6ab570804d65ec1da2181007697bbe078d https://click.response.cnbc.com/?qs=900cb8e4b025c388d627331cc395e8b89640235f9dabed6ab570804d65ec1da2181007697bbe078d Tom DiChristopherWeb and TV producer Feedback We value your input—use https://click.response.cnbc.com/?qs=900cb8e4b025c388fa10186a3558e982f275b5eaa167667d049f6619cbbbbd88cf5e4463e6dc48dc our simple form to let us know what you think. 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