tv Power Lunch CNBC August 21, 2017 1:00pm-3:00pm EDT
oregon, idaho, wyoming, nebraska, missouri, illinois, kentucky, tennessee, georgia, the carolinas before it's all finished later this afternoon. don't forget, get your glasses ready. keep them handy because you're going to need them speaki speaking of that, "power lunch" picks up next and so much more. >> that's right. i'm michelle caruso-cabrera. grab those glasses president trump is getting ready to address the nation for his plans on afghanistan still, the market waits for news on what is next on corporate taxes. stocks slightly higher today but our investors are running out of good excuse to buy stocks the warning signs out there right now. >> and it's eclipse euphoria it's not one but two and we have them all covered without a shadow of the doubt.
"power lunch" starts right now ♪ >> good afternoon, everybody welcome to "power lunch. i'm tyler mathisen the dow, s&p and nasdaq trying to avoid a third day of declines look at the russell 2000 it's not there there it is. it was blocked out by the shadow of the moon for a moment it is the russell 2000 fiat and chrysler and the container store. the container store getting slammed. retailer cutting its full year earnings outlook brian? >>. >> i love the shades i'm starting to feel like the blues brothers we've used every eclipse pun except this one. you won't be overshadowed by
this majestic occurrence we're going to be with you the entire step of the way this is for fun. this is for actual viewing we have our jane wells in madras, oregon it's not quite dark there yet, jane what are you seeing? how is the actual viewing thing going? >> reporter: amazing brian, we're about 17, 18 minutes away from the moment that everybody, the thousands and thousands and hundreds of thousands of people who have come to this area have waited for when the eclipse reaches totality, it is, if i look around here, you have more people starting to gather in here they have their glasses on it looks a little darker here but certainly not the sort of darkness we're going to see in a bit. temperatures have dropped a little bit
i did speak with the faa if you're flying, you may be in the path of the eclipse. if you don't have glasses like these, be careful. i've asked if pilots were warned about eye safety they should have read that before they took off today and they are aware of extra traffic as certain flights try to get in the path of the eclipse. again, 10:19 local 1:19 where you are we go dark and at that moment, i will be able to take these off, but not until then back to you. >> our thanks very much, jane. now to the other major event happening today. president trump expected to address the nation at 9:00 p.m. eastern tonight to give an update on afghanistan and south asia aeamon javers is live from the white house. >> reporter: the president will travel to ft. myer to speak.
he's been spending time with his top military advisers. take a look at the tweet after his trip to camp david "important day spent at camp david with our very talented generals and military leaders. many divisions made, including on afghanistan." the expectation, tyler, is that the president will announce some sort of troop increase for afghanistan this evening, although exactly how many and where and what configuration of troops remains to be seen. take a look at this tweet from 2013 we should leave afghanistan immediately. no more wasted lives if we had to go back in, we should go in hard and quick. rebuild the u.s. first that's how the president campaigned for office, more as an isolationist who was inclined to bring u.s. military force back to the united states and
out of all of the countries around the world and may have had a change of heart we'll wait and see whether the president has changed his mind back to you. >> thanks very much, eamon. >> joining us is mike murphy, former adviser to jeb bush, mitt romney and john mccain let me start with you, mr. murphy tonight is about afghanistan the markets are interested as well as far as what is happening with secretary mnuchin and mitch mcconnell and the discussion beginning about tax reform how successful will the president be in changing the narrative? >> the big question is can he stay on the teleprompter, which is what the staff is praying for
or will he ad lib and break into the confederate anthem and then we're back to where we were last week not an easy thing like tax reform. >> jared, it looks like they are trying to get beyond this when it comes to secretary mnuchin meeting with mitch mcconnell today in a very high-profile event. >> that's how make pence was describing it. this would be a great week for those guys to shift from the chaos, madness and divisiveness of last week by the way, let's not forget because we were talking about it a great deal, the extent to which the business community bailed on them i guess i'm -- first of all, i
agree with everything mike said. he put it correctly. i'm not that confident that all of a sudden everybody looks at donald trump tonight talking about foreign policy and by the way, a very difficult foreign policy which is the middle east and afghanistan. >> 16 years in afghanistan. >> exactly by the way, i'm not a foreign policy expert. but afghanistan never ends well. >> but jared, earlier you were talking about being able to move on to something else and the business community appeared to be in trump. they haven't abandoned tax reform they are keenly interested in tax reform i can't imagine that they haven't gotten something achieved there. >> what do you mean by tax reform there is no plan there's a set of ideas about tax cut. certainly nothing comprehensive. these folks are far away from a i agreeing on what they want to legislate. as mike suggested, of course you need an actively engaged white house in there mnuchin is actively engaged but
you need a president who's got more interest and credibility than trump has on the issue. >> mike, as michelle points out, we've been in afghanistan 16 years. the soviets were there in the 1980s. afghanistan has been in one form of war or another for a generation, basically. so we have this speech tonight is this the kind of speech that would typically be delivered to the nation at 9:00 from the white house oval office or is it being done because the white house wants so desperately to change the narrative >> i think it's an incredible reason to do a national speech there's no doubt that they want to change the narrative. there's one speech that doesn't have to be like this but you can defend that it was i think the big risk that the foreign policy guys are going to have tonight is will the president ad lib and go into what the president wants to do which is overpromise afghanistan is all about controlling expectations
we are trying to prop up nuclear arm pakistan, a state which we're worried about. less is promising more you think he's going to have to be very careful and we'll see if he can do it. >> let's go back domestically to michelle's point there is a big difference between supporting the president and supporting the president's agenda business may have dissolved these councils but every ceo hasn't changed their view on tax reform and infrastructure and everything else. i feel like we're putting too much onus on the president and executive branch congress writes the laws congress hasn't changed its tune won't congress be able to get something done >> first of all, let me get these going here so we can just be ready for anything that is coming at me
sorry. >> at least you're falling all safety protocols. >> thank you. >> stick with your day job. >> it's you're blazing insights that i have to be careful about hurting my irises. yes, of course it's up to congress to write the law. i'd like you to show me one successful tax reform that didn't involve significant engagement by the president. you won't be able to do so in fact, ronald reagan played a critical role involving tax reform and when i was with the obama administration, any tax changes made were participated in by that white house now, again, steve mnuchin is engaged but republicans are not even on the same page. at the end of the day there might not be something they don't know if they want it to be revenue or payroll
questions. it's remarkable that there is a plan >> once in a blue moon or once an eclipse, we may have a surprise thank you very much, guys. despite everything else that's going on, significant market downturns have been as rare as the eclipse. but is that about to change? chief investment strategist, scott, i'll begin with you we've had two triple digit down days which wouldn't be a lot but we had none for a year do you think the market is starting to crack? >> i don't think so. i think the fundamental case still looks pretty good. the economy is expanding at a 3% pay from the third quarter transports are underperforming and small caps are
underperforming but concerns about politics to the fed upending the rally are misplaced. the fundamental case is not there. we're overdue for a 5 or 10% correction what happens in the next few months, who knows. it still looks good for stocks. >> that's my point you expect a 5 or 10% correction >> i don't necessarily expect it i think that if you look at the math, we're about seven times as long without one as you would historically take for a 5% correction if you have a portfolio that's built to not with stand a 5% correction, you need to speak with your portfolio manager. this is the way the markets work >> mark, what do you think, are the markets expensive here how do you feel about valuations >> i think they are all afoul and that's a worrisome sign given the market's ability to shrug off the news that is thrown at it whether we're talking about something significant or a
conflict in north korea or another political gaffe in the administration. >> thank you very much we're on eclipse watch it's shorter than normal still ahead, madras, oregon, has had to call in the national guard to deal with the influx of lunars >> reporter: tyler, we're minutes away from a total eclipse here on the west coast people have been waiting decades. this is the first time we've had this since 1979 when jimmy carter was president what that's like live when we come back. ronoh really?g's going on at schwab. thank you clients? well jd power did just rank them highest in investor satisfaction with full service brokerage firms... again. and online equity trades are only $4.95... i mean you can't have low cost
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welcome back excitement in madras, oregon this is a live picture from madras, oregon, right now. we cannot see jane at all because it's pitch black let's go to jane jane, are people getting excited? what do you see? >> reporter: not yet the roar is starting to build here as we get closer and closer we are approximately three minutes away from total eclipse. before that happens, you'll start to see the edge of the
moon shimmer what what is called bailey beads after that happens, the sun will be fully blocked by the moon what we should see and we're feeling the temperature go way down, my goodness, i would say we've dropped at least ten degrees from a while ago we will have a 360-door sort of sunset around us as this happens. we are now two minutes away from the first total solar eclipse in the united states since 1979 the first coast-to-coast one since 1918 people here -- i'm going to take my glasses off to look around. it is getting dark it's sort of dousk-like people are getting their glasses on and i don't want to miss this myself either. they are expecting during the day -- people are howling at the
moon they're expecting productivity could drop $700 million because everyone is going to want to stop and go outside but unless you're in the view of the total eclipse, you cannot view it without glasses without damaging your eyes. when this happens, when totality happens in the next minute -- >> you should know that our viewers can see on the right-hand side the corona it's just amazing to see we don't have glasses. we're not in the studio. >> here we go. >> wow >> you are almost -- in total darkness. >> it's not quite here >> the corona that you see on the right is not normally visible because the sun itself is so bright but these are the moments when scientists can take very clear pictures of it with
tell l telescopes of it >> it's getting pitch black. it's getting dark. it's not quite i'm waiting for other people to take off their glasses first i don't want to be first >> how do you know, jane how do you know if they do >> reporter: well, i still see a little sliver. >> it's complete darkness. >> jane, you are gone. >> reporter: okay, 10:19 we're coming within this minute. >> oh, wow >> is it dark? >> reporter: it's getting dark. >> i don't want to talk over this magic moment. how are you feeling right now? are you turning into a wearewol? >> the temperature is cool and the sun is like a star there goes the sun
oh, my god wow. i'm sorry, guys. just give me a moment. >> wow >> all i could think of was the beatles song, "here comes the sun. >> reporter: guys, i always wanted to go into space. that won't happen. this is the closest thing right now. >> is that live music around you or are we playing that >> reporter: you're playing that >> i can see venus it's 10:20 in the morning and i can see a planet in the sky. it's so beautiful here listen to the crowd. in the distance, mt. hood is starting to come out of the
eclipse. it is full on. after it leaves here, the next big place is going to be -- after it leaves here, casper, wyoming, will have total eclipse. then lincoln is after that it will go on and on and on through charleston, south carolina for you folks in new york, it peaks at 2:44 eastern. this is so beautiful i just kind of want to stop talking. the sun is going to be more than half covered i'm afraid it will be nothing like this. this is a once-in-a-lifetime for me >> i see facebook live is going to be showing this is this the first lunar eclipse since live facebook? it happens every 18 months but -- >> reporter: well, certainly nothing like this across america
where we have the cellular technology here comes the sun here comes the sun listen to the crowd. and the light comes back on. wow, somebody turned on a light. >> can you imagine 5,000 years ago what people thought when something like this happened >> i guess they were terrified. >> i've got to tell you, tyler, there are a few people here who still think the same thing >> jane, it is oregon. there may have been things smoked or taken or otherwise dispensed. >> for medicinal purposes, i'm sure. >> that's the thing, it will
slow down and all a version because of how fast the -- the moon is moving, the earth is spinning and the earth is moving guys, back to you. >> to me, the most amazing thing is not only jane's coverage which is always spectacular and rare, but that we knew so perfectly 38 years ago the day in time. august 20th, 2017. >> i remember one was near total in northern virginia when i was a boy and the thing i remember most about it, animals were spooked. dogs would go under the bed. bees stopped flying.
it was the middle of the summer and i remember how distinctly it was for the animals to disappear for five or ten minutes. >> it is beautiful and it's not over yet we'll take you to illinois and south carolina i'm jealous, guys, of everybody in the path. we'll see 80% of it here >> yes. coming up, safety first. on the east coast, what you need to know to protect your eyes do not look at it. we'll tell you exactly what you need to do, what you need to have we'll separate fact from fiction trrdarmontaoiny me we'll be right back. [pony neighing] what? hey gary. oh. what's with the dog-sized horse? i'm crazy stressed trying to figure out this complex trade so i brought in my comfort pony, warren, to help me deal. isn't that right warren? well, you could get support from thinkorswim's in-app chat. it lets you chat and share your screen directly with a live person right from the app, so you don't need a comfort pony.
and cabriolet. the thrills keep getting better. lease the c300 sedan for $399 a month at your local mercedes-benz dealer. mercedes-benz. the best or nothing. well, each time an eclipse occurs, no matter where or when, people will attempt to violate the first rule and that is to stare directly at the sun. don't do it. let's bring in a doctor chair of o opthamology. why is looking at an eclipse so dangerous? what is the damage -- where is the damage coming from. >> the sun is incredibly dangerous and can cause
irreversible damage to your vision, distortions or blind spots. you can imagine a flat television screen missing a lot of pixels in the center. you have to be very, very careful to protect your eyes >> is the greatest danger at the point before total eclipse or is it at the moment of totality >> the images right before or after, it was a spectacular reflection and that will be quite, quite dangerous, if looking without the proper eclipse glasses. at totality, you may have a couple minutes to look without glasses but anytime the sun is showing, you have to be wearing your eclipse glasses. >> bodies usually have pain for a reason but it's my understanding you won't necessarily feel pain until it's too late if you look directly at the sun. why is that? >> that's correct.
there's not very many pain receptors in the receptors you so want to view it and keep looking at it that you can cause harm to your eye >> i have my eclipse glasses on for a reason and the computer screen may not exist what is the lens that we're looking through that enables us to see the sun but literally no other light source i mean, it's complete -- it's like somebody had just put duct tape over my eyes. >> that's correct. these eclipse glasses will block 99% of all of the rays coming in ordinary glasses will block 60%. these have a coating it's a special filler coating made to block the sun's rays it's important to get the right eclipse glasses. the ones that are nasa vert fied. >> certified. >> thank you
>> we'll have the latest of trump's fund-raiser properties straight ahead. and sue herera has a news update. >> thank you, michelle police in the catalan region of spain say they have shotted and killed barcelona van driver suspect younes abouyaaqoub in a town about 28 miles west of barcelona. he was wearing an explosive belt police bombed disposal robot has now removed that belt. south korean peace activists gathering in front of the presidential office and u.s. embassy in seoul to protest the country's decisions to go ahead with the annual military exercises. north korea denouncing the joint military drills claiming the aim is to unite a nuclear war on the korean peninsula. army sergeant beau bergdahl
has decided to be charged by a judge. his trial is scheduled for october. and no one held the winning powerball ticket of $535 million over the weekend and so the grand prize for wednesday night's drawing currently sits at 650 million but they expect it to go up. it's the second largest in the history of the game. you've got to be in it to win it at t nth'sheews update at this hour "power lunch" is back in two minutes time
all right. this is nasa's picture of the total eclipse of the sun a 90-minute span across the entire united states city to city to city we're going to carry all of them here on "power lunch." >> and back to our core subject matter, that is that two of the most important players in tax reform making a joint appearance
today elon is live where they gathered ylan >> they want to buckle down and get the tax reform going but there is plenty of unresolved issues secretary mnuchin was asked about his position on this issue. >> we will close the loophole for hedge funds and carried interest what we are focused on, though, is there are many other types of funds that do create jobs. and we want to make sure that we don't discourage investments, particularly long-term investments that will create jobs in this country >> senate majority leader mitch mcconnell, however, was very clear that carried interest is
one loophole that remains firmly on the table >> there's no point in doing tax reform unless we look at all of these preferences and carried interest would be among them >> and this is just one example of the hard negotiations that lie ahead when lawmakers return to washington this fall. both secretary treasury steven mnuchin and mitch mcconnell went out of their way to show they have a strong working relationship mcconnell called mnuchin by his first name, steven, complimented his wife and called the treasury secretary an extraordinary individual back over to you guys. >> ylan, thank you very much what happens to the economy if tax reform and other key legislation stall? joining us is mark zandi, chief economist at moody's analytics good to see you. how important is all of this obviously things are more important than others but how important is this to the functioning of the economy
>> you mean tax reform specifically >> yeah. >> well, tax reform doesn't mean anything for the economy, you know, next quarter or even next year, but it is very important to the economy's long-term growth prospect. the tax code is obviously -- it needs a lot of work and could use a reform of lower rates and that would be very good for the economy in the longer run. it's not a big issue but ten years from now it's a big deal >> so what do you expect let's talk about this quarter, next quarter the economy seems to be doing reasonably well. what do you think? >> the economy is find lawmakers, the administration and congress have to sign two pieces of legislation. one is funding the government so by the end of the fiscal year, if they don't have a budget in
place, the government will shut down more importantly, the treasury debt limit, they need legislation to increase it if they don't that would be a big deal they have to do something to make sure they get the growth rate that you just articulated. >> if nothing else gets done -- let's hope it does if it does not, how strong is the economy in terms of how long this can go on can we stay where we are for a few more years >> the economy is fundamentally strong ground. there's since the president took office and the economy is growing and this economy is in
good shape so, no, if lawmakers -- if all they do is fund the government, raise the debt limit, we're good for the foreseeable future we don't absolutely positively need it. >> getting a budget passed and debt ceiling raise, how do you look at that what kind of damage would happen if those things -- those would be immediate effects >> we may see a government shutdown a day or two. that wouldn't be a big deal. we had a 16-day shutdown but it was manageable much longer than that would be a problem. a couple weeks, no big deal. the big deal is the treasury debt limit if we don't raise that and somebody doesn't get paid early october, whether that be bondholders or social security recipients or military contractors, that's a big deal i think global financial markets
would respond to that. it would mean higher interest rates for a long time to come because investors firmly believe these guys will pass down the legislation and if they breach it, that will have a major cost long run. >> mark, thank you very much mark zandi, appreciate it. >> thank you. the president's recent comments and actions not only are hurting his approval rating but hurting his company's business as well a number of charities and organizations moving planned events away from the florida's mar-a-lago resort. joining me now is drew do we know why these companies are pulling out? is it in direct response to charlottesville? >> i think charlottesville was probably the straw that broke the camel's back for a lot of these folks. and they've been there every year and every winter. they have been a reliable
customer for trump's business and yet this time they said no more they've had enough calls from people and enough times where they are having to defend the president's comments and maybe they just feel like enough is enough let's do something different. >> did anybody you speak with suggest we don't want to move away from mar-a-lago, it's a nice place >> yes i think that's a lot of it they've been there a while and have relationships with the staffers there it's a beautiful resort. some feel like they can get something from having a connection to the trump name and this goes against everything that we stand for people would be offended by it. this is a time when we want to try something new. >> it seems like most of the groups that have pulled away,
doing a very nice business of hosting political events and the like or his doral golf course in florida or others of a similar scale to mar-a-lago but may cater to a different crowd. >> that's a great question and something we're watching to see how the presidency really affects the trump business the d.c. hotel is doing great. the last couple of months were extremely profitable and made more money than they expected. >> so sorry to interrupt you there's a total eclipse today. you're looking at it now happening in casper, wyoming it will total from 1:42 to 1:45 p.m. eastern time. >> former vice president dick cheney and nbc's pete williams, home of the thunderbirds different eclipses last
different lengths of time because the moon travels at the same speed but its shadow does not. so depending on where you are in the country, the eclipse could be longer or shorter this is the nasa live camera nasa has three jets in the air they've got 50 balloons, high-altitude balloons to take pictures the jets have telescopes on the noses to take pictures, what they call a corona graph photo, the graph lenses. >> it's not the beer. >> no. andrew made that joke on "squawk box. the only time you can do certain kinds of science examinations of the corona of the moon -- of the sun are during these eclipses. you can put a disk in front of a telescope and get some effect and study the corona that way but truly if you want to do science on certain parts of the
corona, it's only now during eclipses >> beautiful we'll see more here. drew thank you for joining us. it wouldn't be a true american eclipse without the animal spirits of capitalism coming out of the dark a number of businesses cashing in hotels and airbnbs and probably some psych kims. this is charleston, south carolina contessa brewer is there we'll take youthere.
welcome back, everybody. many people have seen a total eclipse already. was it worth the money spent for the three minutes of totality? let's bring in our jane wells from madras, oregon. jane >> reporter: we're still in the eclipse here, tyler, although the totality has passed. people are already trying to leave, by the way. we spoke with laurel and amber our last hour. worth it >> absolutely. so glad we came. >> reporter: what was the most surprising part? >> i don't know if it was surprising because i knew it was going to happen but you can know what it's going to happen but seeing it in person is a completely different experience. >> i saw the timer on my watch and i was like, no, a few more seconds. >> reporter: how much did you
spend to be here >> probably 500 bucks. most of it boarding our dogs not too bad. >> reporter: thank you very much have a safe trip home. you're from seattle and you're from massachusetts first timers >> not at all. >> not at all. >> 38 years ago we did this in goldendale. >> reporter: what was it like now compared to then >> i tell you, you see something different every time you see an eclipse and the corona this time, the diamond ring effect as the eclipse was ending and the shadow coming over mt. jefferson was just stunning. >> it was the most surprising thing. >> how different compared to the crowd and technology and everything 38 years ago? >> the crowd wasn't very big at the time there wasn't maybe 100 people around us at the time. >> reporter: wow. >> but it was just as fascinating. >> reporter: and no selfie sticks. >> no. no drones, no internet >> reporter: how much did you
spend to be here >> it will be about -- with a rental suv, a couple thousand dollars. >> reporter: worth it? >> worth every penny of it i flew in from massachusetts. >> reporter: what will you do in 2024 >> we're going to mexico >> reporter: that's sooner >> 2024 is the next one and goes to mexico and then tax sas. >> reporter: and then north to maine? >> yes. >> reporter: thank you very much one last thing, i just want to show you here, guys, it's like going to a ball game in los angeles. people leave long before it's over i'm telling you, the eclipse is still going on and the moon's still covering part of the sun here but people want to make sure they get a jump on traffic. back to you. >> we want people to know that what you're talking about is on the right-hand side of the screen that's the view that jane has right now, the partial eclipse that is ongoing. thanks, jane. >> reporter: yes and it's not going to be completed until 11:40 local,
2:40 your time >> we are looking forward to it. so you just heard jane interviewing all of those folks about how much money they have spent -- >> how much time do we get here? >> about 85%. >> there's cloud cover right now. >> is that right >> that's our camera? our camer our place? >> pacman. >> look at that. >> very cool >> jane was talking to folks of how much money they spent and hotel on airlines are cashing in we'll take a look at what is offered today. >> the solar eclipse is a big opportunity for travel the total eclipse crews of a mobility of the crew to offer passengers the perfect viewpoint. hotels like hilton and marriott and enticing customers with deals. it seems to be working
it is seeing strong double visihote and 66% of wyndham hotel were sold out sunday night. last night over 62,000 guests of air bnb they earned a total of $11 million of supplement income what about travel? >> prices have gone up completely a 45% verses august average, nashville of a whopping 75%. i can tell you speaking having to be from oregon of my hometown, many of my friends are using camping ground sites this is a national phenomenal. they want an intimate
experience that's the air bnb for camping ground >> exactly how much more can it get >> it is an opportunity to market for deals that's a specializing experience that you are looging for >> it is an eclipse total, guys. sema >> thank you eclipse aside, there is a lot of serious news out there the president will address the nation about his plan for military strategy in afghanistan. it comes as another naval ship involved in a bizarre and deadly collision with a commercial vess vessel, come up, why this is now happening twice in a month
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mccla mccain off the coast of singapore. the fourth times this year that a u.s. warship has been involved in the accident of asian waters. it is the second time that destroyed the ship fitzgerald deadly crash of the coast of japan the navy's top admiral ordered a fleet wide review in the pacific. these two cases. we are talking about clash d destroyer. they are made by general dynamics they are equipped with lockheed martin they are stocked with raytheo tomahawk missiles.
according to a number of other shipping companies in recent weeks and months, we have seen that traffic pick up significantly so as all of this unfolds, eyes are turning to the korea peninsula where the u.s. just kicked off military drills with south korea this will be taking place the next ten days. tonight, when we have president trump taking to television talking about his much anticipated long away of afghanist afghanistan. >> morgan, thank you very much the great american eclipse, nebraska and missouri, getting ready for their total eclipses we are ready for eclipse right here in new jersey it will not be a full eclipse but we'll get 70% roughly of coverage it happens around 2:44 eastern time we'll have it for you in the co hr of "power lunch" which we'll get to a couple of minutes. ♪
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hospital that accepts medicare patients. whether you're on medicare now or turning 65 soon, it's a good time to get your ducks in a row. duck: quack! call to request your free decision guide now. because the time to think about tomorrow is today. welcome everybody, the second hour of "power lunch. here is what's on the menu the administration is focusing on the attention on policy
small caps, big worries, what the decline is tempting us of the trump's agenda and how the eclipse i ampacts businesses around the country and depending on the sun keep things running "power lunch" starts right now ♪ nothing i can do total eclipse of the heart ♪ >> i hope your heart is never eclipsed >> lets get a check at your money. right now we are seeing a little bit of a move. the dow is down .8 foot locker continues to slide taking down under armor and nike with it. and sneaker sales and air jordan of a big concern
macy's by the way is trending at its lowest level in serven year. johnson controls the leading s & p 500. we are counting down on the eclipse here, lets head outside tomichelle caruso-cabrera. >> it is really cool, i can see the partial eclipse beginning. the maximum eclipse that we are going to get these things really work it is fantastic. we are going to bring you live coverage of all the nasa cameras that's set up all over the country. they got them in the sky and jet planes and high altitude balloons don't move >> trump is set to give a primetime speech tonight for his plan in afghanistan. this comes after a rough week
for the president. steve bannon was fired and his manufactur manufacturing counsel was disup and down -- dispanded. what does the total eclipse mean for the trump's agenda [ laughter ] >> i am just kidding we spent a lot of time talking about taxes. the other one, where mr. bannon may have been the most influential was on trade and with respect to china. on friday, the president took some steps to begin investigation on china's use of intellectual property. where does that stand? >> maybe not as much protectionism. that maybe the case, however, as
you alluded to the administration took steps towards investigating chinese treatment of america of intellectual property. this could be, not necessarily going to be, this could be an opening greater trade war with china. the assumption with bannon out, we are not going to see anymore protectionism and economicism. does does it create more stability? the white hou in the white house >> it depends on how you look at it from report of bannon and causing some tension internally. >> tyler's point that the president is inconsistent. >> there is some instability in the white house, however, you can say that potentially banno
as an outside influencer can be just as disruptive >> let me pair that thought with another thought. the idea that of this banding of strategic and policy councils and high level ceos and the manufacturing councils i suspect had voices were far more protrade, free trade then against it and the counter wait is gone. those executives, most of them were not highly protections. >> well, you still have gary cohn and steve mnuchin and those influencers so to speak in the white house. this is something that we have talked to our clients about. if you look at the policy that the administration pull unilaterally that don't nee need -- the section 301, this is
a perfect example of that. if the administration wanted to, they can impose tariffs because this is red meat for the base >> what's your intelligence on nafta? >> well, nafta, the opening rounds of the nafta re-negotiation have begun. it is incremental than evolutionary at this point there is still several rounds to come how much of that is there is worrie worries? >> making chavez -- if they'll bring the hammer down, they'll increase the rise of hard communists down there. >> certainly the political
dynamics and mexico and the midterm election here in the united states. a lot of republicans are worried of what the midterm elections looked like for them they're trying to nafta re-negotiations concluded ideally by the end of the year, that maybe too ambitious >> by the end of this year congress will have to go to improve them that's subject to congressional authority and approval i think both sides want this to be sort of so not before of these politicals >> on tax reform i was going to ask, is it going to be tax reform or a tax cut? >> well so, if you take a step back, members of congress and on the republican side wanted august to be all about tax reform they wanted to be a pivot to their growth agenda. they are answering questions of charlottesville and steve bannon and business council so those intentions are trying to pivot the narratives to tax reform and
probably have not been effective as they wanted to. tax reforms are difficult. it took reagan three years to do in the 1980s and includes winners and losers at the end of the day, if we see any actions on tax, it will be tax reform and some components of tax reforms but all intensive purposes of more of a tax cut than full reform it probably won't impact economic growth in 2018. >> lib bby, thank you very much, wear these as you go outside >> the latest dc drones have had impact on the market steve bannon's exit from the white house led to recovery. the next major headlines out of washington lets bring in bruce mccain of private banks and charles, how
much do you think of investment in washington dc right now charles bobrinskoy >> the big wild card is people having opinions on tax reform and you can do simple math on reforms. this is something that could have 20 % or 25% impact. weighing the probability that tax rate will go something like 25% or 26% ta it is a driving part of the market we have seen small cap under performing is that partly a realization that we are not going to get tax cuts or reform or whatever you want to call it and since they were the ones that's most leverage to it, they're under performed. >> well, i think the markets are sobering up to the prospect that there won't be any tax reforms
any time soon. i am not sure that a lot of it is priced in the market. clearly the problems of washington, eliminates some of the upside that we see if you get tax reforms but i don't think it drives as much downside as people's expectations >> why >> pardon? >> why >> again, i think the markets have come to realize that whatever they get out of washington is going to be a lot harder to achieve and difficult to get the compromises and requiring to get meaningful legislation. while we are getting some regulatory reforms that can be done by the executive branch the factors on the legislative side bog down to the point they don't expect any time soon and larger numbers held out immediately after the election >> so what do you do now >> well, the good news is while we may bog down in terms of
growth prospect in the united states, gross is getting better over seas and getting their economic cycles going, they're beginning to show progress to the point that some of the economy are growing faster to the united states and given the faster growth is having some influence in bringing the dollar down for investors for the first time in several years, they need to take a serious look of the international market and put more money to work >> do you agree? do you agree that we'll be putting money because of what we are seeing or companies that have a lot of exposure over seas >> no, that's right. the market thinks that the prospect for tax cuts have been reduced dramatically it is gone way too far right after the election e you have all the talk of 15% or 18% that was never going to happen we have it go way too far the other way. this is one thing republicans
agree on there is a lot of decent in the republican party, the one thing that republicans basically all agree on is we need a lot lower corporate tax rate is in the u.s when that happens, we'll get a significant increase in valuing. >> charles and bruce, thank you very much for joining us >> thanks for having us. >> still ahead in the program. we have not forgotten our core mission on this eclipse on monday your money and on deck, the one group of stock that's finally going on sale. the ceo of one other stock, 90% on infrastructure hopes, he still thinks whether infrastructure is done we'll leave you a shot of missouri, that should be in full eclipse in minutes that's spectacular index investing for that low? that's three times less than fidelity...
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small ca-caps stock. joining us eric marshal, the manager of the small-caps fund overall, small-caps focusing on the market's expressed concerns. does that merit of the 5% or so that we have seen recently >> everybody has been waiting for 5% correction in the s&p 500. i think it is an entire year now since we had one we had a little over 6% since
the highs of the 2000s last month. there are opportunities and certainly small cap discounted the possibility of tax reform which probably had the biggest impact on small-caps stocks you can find stocks that are traded low multiples and buying them >> lets make some money. eagle materials, that's a structure play, why so confident on it? >> it is not just a structural play they do have benefit on spending they have our ties to construction and residential and non residential construction which is doing very well they have a business that's exhibiting good pricing power.
we think we are still in the early innings of some of the things that's driving that business that's misunderstood over the energy exposure. we think this is a great opportunity. at about eight times >> you cannot see it there we are showing our viewers the total eclipse in st. louis, missouri, that's spectacular it is slowing down as it goes across middle of america the moon shadow actually -- it moves slowly your other pick by the way, power semiconductor, why this name and why now >> this is a stock that trades at a low multiple and almost near its high now for the year tl there is a semi conductor fad. we think they're in demand for
their products will be driven by the internet of things as well as relatively healthy demand in the semiconductor space. we think it is a stock that's very much underneath the radar and trades about 12/13 times here we have seen significant upside, probably in the mid-30s. we think of the fundamental merit. we appreciate it >> enjoy the eclipse thank you very much. >> still ahead, what happens to solar power at home and businesses during a solar eclipse. california has been prepping for it here is a shot of nashville tennessee. they'll get totaled around 2:27. hi. hi. you guys going to the company picnic this weekend? picnics are delightful.
oh, wish we could. but we're stuck here catching up on claims. but we just compared historical claims to coverages. but we have those new audits. my natural language api can help us score those by noon. great. see you guys there. we would not miss it. watson, you gotta learn how to take a hint. i love to learn.
show you these eclipses are happening across the country as the moon's shadow covers the sun. there is no way you can be inside >> you cannot miss this. >> tyler and i are not wearing our eclipse glasses. we do have our eclipse glasses >> interesting >> some people say what happens to solar power at home and solar power plants when the sun is blacken out by the moon. >> i don't know. >> we'll put this on it is disor yentiienting becaus cannot see anything else basically during the eclipse, the amount of solar energy generated of 75% to 90%
depending on where you situate in california. officials of the state power grid tells me the time frame they are worried of between 9:00 and noon so basically right now. during the window, they're losing up to 6 million homes of solar power. the main concern is in solar power and how quickly it will ramp backup when the sun comes back out it is not just in california and north carolina the news is folks tell me they have it under control and they'll be relying heavily on other types of power like hydro electric and wind power. they have been preparing for this for months. they don't have any blackouts or telling people not to make any drastic changes. >> is it normal sun glasses? >> you cannot see anything >> much cooler >> i like it >> all right >> kyle, it is much harder to
look at these big stage than it is at the sun. those things are awful >> they have so bright >> there is been a lot of discussions of infrastructure and we'll talk to the ceo of a big construction equipment of what he would like to see from the white house. we'll learn that nasa is seeing as they look at the eclipse across the country and what they are doing about it that and more. eclipse edition of power lunch continues.
talking about coming out to see the eclipse at the white house >> by the way, if you hear random noises? all of cnbc is standing outside right now. we have cnbc here and we are looking at nashville tennessee which is one of the most spectacular shot we are going to get jifed. 75% to 80% is all that you see here >> great people and great food and great eclipse. that's spectacular meantime, it looks like a fire drill here we got most of our producers and staff coming out there they are everybody is excited >> we can see a partial eclipse here we'll get at 2:42 about 70% of the sun will be covered. that's megan is coming to bring me my glasses. >> i hope the clouds go away, we
got some clouds coming we'll go to sue herrera for a quick update >> here is what's happening. we begin with the u.s. strategic command meeting with south korea defense minister in seoul. >> u.s. joins south korea drills which begins today >> mattis is meeting king abdullah >> bill cosby hired michael jackson's lawyer to represent him on his sexual charges. a new study comparing three of the most common recommend recommend -- early screening of age 40 would reduce the number
of cancer death 40%. you are up to date, that's the news update. brian, i am sending it back outside to you >> we'll see you in a minute >> business goes on. it is happening now. >> you can see we are still negative of this session all sessions low are around $47 a barrel it is going to role through october tomorrow this creates extra volatility and it goes to the direction right now it is to the downside. it is still stuck in the recent rain though. we could be here through labor day. we'll keep this price over 45. things to watch this week, inventory on wednesday and u.s.
production number inside the report as well as friday the market did not run away on seasonal strengths very measured here the trends were not as bull issue this year. many traders say there is enough key reasons that we could drop again after the holidays keeping prices on check after 50 back to you. all right, jackie, get out here so you can see. there is a little bit of cloud coff cover right now but still very cool we are outside for "power lunch. depending on where you are in the country, total eclipse here. we are seeing a partial eclipse of the sun hence, i have these glasses on joining us now is a nasa scientist, he's an astro biologist. >> great to be here. >> tell us why we need to wear these glasses. >> it can damage your eyes we worry a lot about this.
>> where is the sun? >> we don't want to damage kwlour eyyour eyes >> come on jim >> we are live >> it is getting cooler here i have to say, how much does the temperature drop when you have everyone a partial eclipse >> it can be a degree of 10 to 15 so it is straight to high noon to the middle of the night in terms of the amount of solar radiation that you get do you have a thermometer there? we are measuring the effect across the country >> cloud cover here. >> a bummer. >> what is an astro biologist. >> i look on ways to look for life, planet beyond earth.
>> we'll be talking about that instead of the eclipse >> have you found life on earth? >> we found a lot and teaches us a lot of what we want to look elsewhere. >> sorry >> why do you have big jets in the air chasing the eclipse, what kind of science are they doing up there >> why have you mounted telescopes on those jets >> for many reasons, one you said is cloudy and the shadow of the eclipse is moving across the country right now and the planes are following the shadow and extending the amount of time we are able to observe it the moon blocks a lot of the light of the sun we are able to see close to the service of the sun and there is physics that we trooy to understand >> it is been great to have you
on >> shawn domagal-goldman, helping us understanding this in front of our eyes. >> look at this. i looked up and i realized it is a vulture. >> i think we all need to move these clouds out of the way so we here can see it there you can see some of the clouds >> it is completely dark >> cramer, you have your sunglasses on. >> you are a powerful guy. can you make the clouds -- >> i mean yeah, it is like connecticut yankees in king mar macarthur's court and he makes it dark. >> it is darker and cooler than it was and not just the clouds. we are going to stick with our
con at the present ti content and interrupt as we go through it last week, press conference on tuesday and supposed to be a major infrastructure and sort of got derailed discussion over the charlottesville. discussions remains for this administration and the next guest of the ceo of a major construction of a company more than 1.6 billions in annual sales. welcome and good to have you with us. forgive us in advance if there is an ambient noise and if we have to break away to show more of this eclipse. >> no problem. >> i was thinking last week that a lot of businesses have been focused on the two turmoil in the white house certainly people in the media have been c you are based out in the country. businesses see turmoil of the white house in a different way
>> i don't believe they see it in a different way we have the tendency of not paying attention to it in the east coast follow up on that. barry, you are in philly but you are based in northern wisconsin and south of green bay >> that's correct. >> i drop by your headquarter. we did "power lunch" from wisconsin. i know you had some lay offs a couple of years ago. we heard it out west a shortage of them, are you able to find the people that you need >> yes, we are we have no issues as business continue to recover. recently we had to close the plant in wisconsin and due to
the economic struggle of the industry and the downturn, however, we have been able to rebound here in the recent path and getting the worker that is we need and change the growth of pennsylvania >> one of the questions, from jim cramer >> i see a real turn here. >> we had a lot of good quarters substantial recovery in austria and we are starting to see some things in south korea and also indonesia and actually singapore. >> yes >> cool. >> all right, barry pennypacker, continue many success to you as we watch the eclipse >> it is cloudy. you know where it is not cloudy?
columbia, where we find contessa >> you are getting ready for the moment taking apart and the game play now everyone is turning towards this eclipse right now we are at a tiny crescent of the moon we'll take you a quick break we'll bring you to talotity after this one on cnbc ♪ there's nothing more important than your health. so if you're on medicare or will be soon, you may want more than parts a and b here's why. medicare only covers about 80% of your part b medical expenses. the rest is up to you.
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welcome back, a live picture where i am told that president trump is there i only see ivanka trump and there is jeff sessions and wilbur ross. >> is president trump out there? oh, he stepped behind the column i assume that's who ivanka trump is talking to at this moment maybe we'll see him coming out with the glasses any moment now president trump at the white house of an unsteady shot. >> oh, there he is he's put on the glasses and taking a look at --
>> for them would be a partial eclipse. >> we are outside and these are all the men and women making this happen everyday guys, can i get your attention can we all get a -- go away clouds go away clouds, go away clouds contessa, give us the eclipse right now. >> it is dark outside. the cheers that you are hearing and the moon is fully covering the sun. we are looking how we can see the ring around the edge of the sun. people have their phones out and they're taking a picture the excitement out here is comparable and a massive cheer when we just saw this. we are at the point where we can
no longer see it just the way that we have it here our glasses here, you do not need it now. you can turn and see the camera. we want to make sure that we don't show you the eclipse when we need you to be wearing glasses. the clouds are off the big question of the day is columbia has been whether the weather would pull out there are a lot of clouds in the sky. now, we see a perfectly clear shot of the sun. we are waiting for this moment of totality. this is the moment that nasa told us they are getting so much information as it streams of the surface of the sun and carona. and why the carona is so much hotter than the surface. a lot of these kids want to pursue careers in science because of this event. it made so many people excited about this moment.
guys, can you see this it is one of the most magical and amazing experiences that i ever had covering an event live. >> we can see it contessa. we are showing the live, nasa picture. you guys are showing us what happens when the filter is put in front we can see it? >> it is so loud where you are and loud where we are. >> right >> this is our camera man putting a special lens on the camera, radcorrect? >> the camera does not neat the special lens we can look at it with the naked eyes >> andthe moment of totality has ended. now, we'll put the lens back on so we can see what's happening >> this is the part where parents are covering their
children's eyes with these special glasses again making sure they're not damaged what an amazing unbelievable opportunity to see this. so many people drove so many hour to get here hotel rooms and air bnb. oscar is giving you that shot as we e moermerge from totality. very cool stuff. we are approaching our moment of maximum eclipse that we are going to get last eclipse, in south carolina, they are a minute away from 2:46 to 2:48 p.m. as well >> that's when royal caribbean has their ship positioned out there so they can see the path of maximum totality as well >> lets enjoy the moment
>> this is now a picture in charleston they are moving to east from columbia we have been watching for the last hour or so. spectacular once in a lifetime moment for the continental of the united states. they got the timing perfect. thanks to nasa, they have positioned cameras all over the country in the air and everywhere we can show this continuously throughout the day here. all right here in new jersey it is cloudy out >> yeah. >> this is a lesson if you travel and spend a lot of money and there is cloud cover boy, you are mad >> you will be bummed. >> we did not make eclipse this great again. [ laughter ] >> i will tell you -- >> it is just cloudy >> that's true
you would have to say it is darker and cooler than it was 45 minutes ago. when we came out it was full sun and it was hot right now it is 5 to 8 least degrees cooler and darker than you expect contessa it is such a big deal. both of our bosses are outside to watch >> it is amazing >> it brought the bosses out and they came out and saw their shadows. >> when you are planning their workday, i think a lot of bosses thought it is going to be business as usual. what i found when i came out, i talked to the ceo they were planning a big party of sunkists and moon pies. a million extra people in south carolina was going to keep their employees with overtime running. two, their lawyers said if their people get their eyes damaged from a sun at a company's
sponsor event, the company will have full liability so the ceo says all right, everybody gets a day off. this is a day well spent hookie. we got what where he wanted and clear skies at least where the eclipse was. the clouds held off. it can open up and pouring rain and everyone would feel like it is not worth it. >> we have not had this kind of eclipse since 1978, i think. >> was i even alive then >> no matter how big or small should give the employers a chance to go outside ours did and unfortunately, the weather here contessa, you are lucky you are not at -- a giant of storm clouds rolling through. >> disappointing >> very disappointing. >> i am sad. >> i am too. >> we have seen amazing images there of the sun being included
by the moon shadows. stunning stuff >> we have to go back to regular work now >> we still got a few minutes outside and hopefully the clouds will pass. coming up after the break. no clouds for this company we got a company that we'll show you. they're topping the ink 5,000 list they are broke over three years. it is 50,000 percent growers, they're in the video game space but not in the way you may think. we'll introduce you to skills. that's it. get away from there clouds, we 'lgo t able to see something wel o break and have our moment, stick around ba
all right. welcome back this next company's growth was so fast that we actually did double takes i thought there was a typo when we look at the growth rate here because inc has them as number one and top of the list and growth rate of 50,000%, 60% higher than the next company let bring in with two members of skillz, effectively first off, welcome. congratulations.
i hope you got to see the eclipse. like everything else in new jersey we got gypped in plain sort of non-gamer english, tell us what you do do you convert games on phones and apps to i guess e-sports how does it work, and who are your customers >> sk li lz is a leader in mobile e-sports. we're building a network where people compete to earn a living. there's 2.6 billion mobile gamers worldwide, and we're powering hundreds of thousands of competitions per day where people are competing online for fun or just for prizes and making a living. the fifth highest paid bowler in the world wasn't in the pba tour last year, they were playing on skillz. >> how much did they make? >> in the hundreds of thousands. >> 320,000 to be exact. >> there you go. >> a tournament
operator just like offline sports like the new york marathon we collect money from entry fees and make money through brand sponsorships and advertising i think earlier in the segment they were showing some clips of video game footage we broadcast tens of millions of minutes of video game footage per year. >> and people watch that >> people love watching it. >> a lot. >> just one competition alone in march we had 140,000 people watching for six hours. >> did you advertise >> yes we advertise both inside the spectator experience and the player experience. >> and quickly, to all the cnbcers who went back inside, the clouds went away can you come outside and intermittent cloud cover so if you're inside come back out, everybody guys, how much more growth do you think that this business actually has in it it's grown spectacularly well.
what's the next leg? >> when we started the business in e-sports, e-sports wasn't even a term. the first company to pioneer mobile e-sports so playing competitive games on phones and tablet, and in the past four years since we've founded the business the market and the word e-sports has gone from basically not known to being projected to be a $5 billion industry by 2020, and i can tell you that we're on track this year to maintain that growth rate for this year, so certainly see a lot of opportunity to continue to expand and capture that market as it grows. >> and there's almost 3 billion mobile gamers in the world so we've got 12 million of them signed up right now. suffice it to say we've got a ways to go. >> less than 1% capture so far. >> are there tons of other competitors doing what you're doing? are you trying to take market share from somebody else you can grow a lot if you can capture that. >> we really pioneered the technology we've kind of gone through a lot of different patent filings and a lot of technology development so there aren't major
competitors building a competitive gaming network like skillz there are game developers building e-sports that's not a one-off but not platform plays that are out there. >> great to have you, adam paradis with his co-founder. thanks for being patient during our obsession with the eclipse. >> i told everybody to come back out. cramer comes back out and now the clouds have come back out. it's not my fault. it's not fake news 'somg bahe eclipse, jim. it cinck, and we're coming back right after this
all right. we're very excited because the cloud cover has gone away so we can see once again this partial eclipse in new jersey. all very excited jim cramer has come back outside. my check, please total eclipse of the heart by bonnie tyler "billboard" reported four hours ago. downloads up 500% in anticipation of the total eclipse of the sun that's making a lot of money good for her. >> good for her. good for her. >> right now it's about half, as you see there. the sun is about half eclipsed here in new jersey more than that down in -- in charleston within the past few minutes the president, first lady, members of his family came out on to the south or truman porch at the white house and they took in the
eclipse on this very historic day. it's a very moody kind of experience. >> and my check, please, is i'm putting in right now april 8, it 2024, i'm taking off and going to mexico to see the full eclipse. >> that is cool. i don't know why it was so exciting but it was. great "power lunch" today. we hope you have a great show on "closing bell. ♪ blinded by the light ♪ wrapped up like a deuce, like a roller in the night ♪ >> that is very cool looking, i have to say. welcome to "closing bell," everybody. i'm kelly evans at the new york stock exchange. >> and i'm scott wapner in for bill griffeth today who is in the carolinas somewhere, in an undisclosed location taking in the eclipse for himself. that is bill's dome passing in front of the sun today. >> he's taken many a good photo, but this might be his best one yet. enjoy yourself, mr. griff et. >> i hope he's