10AM Hour: New Coca-Cola CEO’s First Broadcast Interview, UPS CEO on Earnings, Southern Company CEO on Data Center Buildout 7/28/26

**Sara Eisen** (0:00)
The board recommends approving...

**SPEAKER_2** (0:01)
Regarding that seat on the committee, we're promoting...

**Seema Modi** (0:02)
to most quarterly earnings...

**SPEAKER_4** (0:04)
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**Sara Eisen** (1:00)
Good morning and welcome to Squawk on the Street. I'm Sara Eisen, joining live today from Coca-Cola headquarters in Atlanta, Georgia along with Carl Quintanilla and David Faber at the New York Stock Exchange. We've got a big lineup for you here in Atlanta this morning, including an exclusive interview with Coke CEO Henrique Braun. His first since taking the job after posting strong earnings and raising the full year outlook, the stock is soaring. Plus, we'll be joined by the CEOs of Southern Company, Pulte Group and the Atlanta Falcons. Also had this hour UPS CEO, Carol Tomei joins us first on CNBC as that stock turns lower, despite a beat and raise quarter. It's been a big underperformer, Carl.

**Carl Quintanilla** (1:38)
Sara, let's get some conference board first with Rick Santelli. Hey, Rick.

**Rick Santelli** (1:42)
Good morning, Carl. Yes, this is our July reads on consumer confidence from the conference board. Headline number expected to be slightly above 92, comes in on the light side, 90.8. 90.8, that would be the lightest, well, just since May when we were at 90.6. And last month upgraded from 91.2 to 92.2. When you take that in consideration, the number isn't as weak as expected when you look at it over two months. If you look at present situation, expecting 117.5, also light, 114.9. 114.9 follows an upward revision significant from 116.4 to 118.5. And finally, what may lie ahead? Expectations. 74.4 expected. Pretty close. A little better. 74.7. That would actually be the strongest. Equal where we were in August of last year to find a higher number. You're going back to July of last year. Exactly one year. Now, let's look at the manufacturing side of the equation from Richmond Fed. We're expecting a July read of 6 comes in at 5
5 would be the best level, really going back to April. And finally, if we look at the business conditions side, where the service sector comes in weaker than expected. Not good. Minus 5 Minus 5 follows a reading of minus 9 Hasn't been positive going all the way back to March when it was positive too. So, we see a weakness there. Interest rates continue to move lower after hitting the high water march last week. Right now, we're hovering at 4.61% on a 10-year. That's down 4 basis points. 1 o'clock Eastern, the last of Treasury supply comes in with the 7-year at 44 billion. Carl, back to you.

**Carl Quintanilla** (3:29)
Good stuff. Busy couple days ahead. We'll talk soon. Rick Santelli. Let's turn to the broader market as the NASDAQ now lags in early trading. The chip names getting hit hard once again. Joining us this morning at Post 9, JP Morgan, Wealth Management Chief, Investment Strategist, Phil Camperelli is with us. Phil, great to have you back. Thanks for joining us. You think this whole sort of reset is normalization rather than an alarm belt, so to speak?

**Phil Camperelli** (3:51)
Yeah, I think this has more to do with the 493 than the 7 in a way, and then just kind of to zoom out a little bit. If you were lucky enough to invest in this semi-trade in the beginning of last year, for example, it's performed triple the S&P.
Year to date, triple the S&P. So, when things like that happen, they become a little bit vulnerable to profit taking. We saw a lot of retail selling last week, and one of the things about the summer that I always like to remember is a lot of crazy things happen in the summer based on liquidity that don't necessarily play out for the rest of the year. But going back to the 493, I think there's buy-in from investors that non-tech sectors can be profitable, and increasing profitability. Those are sectors like financials, those are sectors like industrials, but make no mistake about it, Carl. We still believe we're in the early stages of what is a generational trade. We write about the AI trade over the next three to five years. We write about the AI trade over the next 10 to 15 years, the positive impact on productivity. But in a high-class problem, the rest of the sectors are catching up in profitability, which over the past couple of years, everybody has wanted. So that premium that the Mag7 has to the 493 is the lowest in a decade. It was a 30% premium, now it's a 10% premium. And I think it has more to do with the 493 than the Mag7.