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  • Tony Wible, Janney Capital Markets, has downgraded Facebook citing valuation headwinds, but maintains his price target at $82.50. Wible says Facebook's payments opportunity is unappreciated and could be as big as its ad market.

  • The "Squawk on the Street" news team discusses Tiffany's Q2 earnings beat. The retailer cited an increase in worldwide net sales largely in the Americas and Asia-Pacific regions.

  • Discussing market momentum and where the markets go from here, with Stephen Wood, Russell Investments chief market strategist, and Chad Morganlander, Stifel portfolio manager.