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tv   Closing Bell  CNBC  March 15, 2018 3:00pm-5:00pm EDT

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another day that begins one way and ends another >> absolutely. good to have you with us >> closing bell starts right now. >> live from the new york stock exchange this is the closing bell i'm kelly evans. >> the white house press briefing started moments ago after mueller subpoenaed the trump organization we'll bring you there live as it continues. >> we'll see if they say anything about kudlow joining as well first we have a story that moved stocks lower a moment ago.
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we were up about 300 we have lost quite a bit of ground >> and we also lost ground about the subpoena of the trump organization let's listen in now paris, you can get your dancing shoes out the president and first lady would love for you, your sister and their parents to be their guests. it is a timeless tradition that dates back to 1878
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this year marks the 140th easter egg roll with you guys in attendance we know it will be an extra special one. to make it even more special i would like to extend an invitation >> she is talkingabout the easter egg roll. when she begins addressing anything about russia or other moves rel vaevant for us we'll p back into it lest gt's get the latest in terms of what's moving for us. go ahead >> let's listen back to the white house. >> reporter: [ inaudible question ] >> as the president has said there was no collusion regarding the trump organization
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i would refer you to them. >> reporter: does that still stand that it would be a red line to be inrevestigating? >> we are not going to comment about the trump organization >> reporter: if i could ask you about the poison attack in great britain. the president says it looks like putin organized it what would be the response will russia pay a price for doing this >> look, the united states as we have said all along stands in solidarity with the closest ally we share the assessment russia is responsible the united states is working together with partners to ensure this does not happen again we'll keep you posted.
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>> reporter: in the past week the president's personal assistance lost his clearance and was escorted out of the 3wi building does this create instable that leaves the u.s. vulnerable as president trump is preparing to sit down with kim jong un. >> i don't think there are any as a rule n vulnerabilities here we have had an incredibly successful year. the results of last year don't lie. as we look at new successes that were focused on the president wants to make sure he has the right people in the right
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places >> reporter: nau [ inaudible question ] >> you may have changes from time to time the president is exitcommitted o making sure he has the right people in the right response >> reporter: [ inaudible question ] >> the president is incredibly proud of his nominee she is highly respected. i would point you to some people that are not usually those that off sing praises of the president where they have publicly shown broad support for his nominee. >> what's the response to democrats on capitol hill who voted for pompeo and are now saying we are rethinking >> i think it sounds like democrats are trying to play
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games with our diplomatic efforts, which would be a sad sad day and a disgrace to this country and a question that every reporter should ask democrats, what made them change their minds. >> i have two questions, one on daca and one on trade. is the president open to a spending bill that would extend daca for a period of time? >> we are continuing to negotiate what it would look like i don't have any specifics at this time. we do want to make a good deal what's currently being thrown out is not support.
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>> reporter: [ inaudible question ] it >> shows sl is a deficit >> are there any economic indicators that come out from the federal government besides this particular economic indicator. you say that's not accurate. what's your number >> i say it's not complete there are plenty of things once you take into account of all of the trade that show there is a deficit between those two. >> i'm sorry the other thing has to do with a story that appeared first about an audio portion from a fundraiser the president had in which he said he was not exactly truthful in the conversation >> it is actually not what he
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said >> reporter: [ inaudible question ] >> the president was accurate. that's the point he was making because he knew there was a trade deficit. there is trade deficit between the two chriountries >> reporter: two questions you talked about democrats playing political games with the nominations rand paul came out against both nominations is nart paul playing political games as well >> i think the point kpekt to the question that is being asked, people that had supported
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pompeo already through the confirmation process, look, we have very hielly qualified individuals that to lead these two agencies, we are very proud and fully expect them to both be confirmed. >> reporter: so his language doesn't disturb? >> yes i said they should be confirmed and we fully expect that they are. i was referencing a specific question about the support for director pompeo.
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>> reporter: [ inaudible question ] it would have to be determined country by country i couldn't speak to those two specifically today >> reporter: [ inaudible question ] >> not at all. the president has said if we can work together to combat world threats on things like north korea then we should the president has shown he has been extremely tough on russia throughout his administration. i think particularly you saw that today in the russia sanctions. >> reporter: is putin a friend or foe of the united states is this. >> i think it's something russia will have to determine if they want to be a good or bad actor i think you can see from the aks we have taken up until this point.
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we'll be tough until they decide to change this behaivior >> reporter: [ inaudible question ] >> that's a determination we would leave up to attorney general sessions we do think that it is well documented that he has had very troubling behave yoior. >> reporter: [ inaudible question ] does the president draw a distinction between a red line on family finances from family finances or business finances
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relating the russia as it pertains to this case? >> they believe there was no collusion between the trump campaign and russia. we'll continue to cooperate with special council and for questions specific to the trump organization i would refer you to them. >> what is the show about the timing and speed and drawn out process of this investigation? are the president's attorneys have repeatedly said it will be over by thanksgiving, christmas, do you believe it has been drawn out too long does the president believe it has been drawn out too long or is he willing to sit back an wait a bit longer? >> we have seen this week the house intelligence committee come out we'll continue to operate and we look forward to them concluding
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soon >> reporter: [ inaudible question ] spe >> speaking that mueller has subpoenaed the trump organization keeping an eye on markets as this continues the dow is up 115 points it was up 300. s and p n-- s&p now turned negative >> haven't movered dramatically. that story movered td the market down here the feeling is now expanding. it is not just the campaign.
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now you're looking at maybe a more political risk associated with this. we did see wall malice aforethought drop a little bit it may have been a little bit of a factor there was a story out that they have filed suit with a federal court alleging that walmart engaged in unlawful conduct. it probably dropped the dow about 10 to 15 points but quickly returned we have had weakness in energy stocks if you take a look at what's moving things we have a little more political risk now that he seems to be expanding that n investigation. this trade war is spinning heads up and down every day depending on whatever the headline is. we have inflation concerns generally lower concerns
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it's good news but effecting bank stocks. we have a lot of other headlines. much more difficult to figure out. back to you. >> thank you peter navarro was there talking tar rifrs. >> joins us now is steve we expected them to dlash significantly but maybe not the case >> just the past two days two of what are now president's leading economic advisers. they have had nice things to say about each other they love each other acoffering to recent excellents >> now let's talk about larry.
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he and i go back i worked at cnbc for many years. i find him to be a smart warm individual he'll come here and be a team player it will be great >> he is a good friend of mine i talked to him at some length he was a regular for many years. he is a good friend. we agree on some things and disagree on some things. if you know me policy disputes are great. >> he was not always present in the past i mean like the past few weeks here is larry the day after president trump announced sweeping tariffs scaled back on imported steel and aluminum. >> peter is on my show repeatedly all of a sudden he is getting a
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promotion. he said he has never ever supported the president on trade and is dead wrong on the economics. it remains to be seen how this odd couple will work together. kudlow is a free marketeer who sees to balance out trade deficits that kudlow doesn't think should market at all >> i would be more reluctant to say there's an objective in all of this. >> he said i like conflict >> he says he likes its after he had conflict >> i want people who have different points of view he knows they have a lot of places where they differ
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>> yeah. maybe. i'm not sure that's always as intentional as it seems. what happened, as i understand it, is an end run. that's one of the reasons cohn is leaving i wonder if it happened how he would react to that? . >> they are probably closer together than cohn and navarro were >> it is a little unclear. i don't find any support among the economic conservators. if you mean on other views like taxes yes, cohn was a big advocate of the president's tax cuts >> thanks very much. >> pleasure. go ahead
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>> we have more from washington. hi >> hi. the senate passed the bill but the senate won't sign it as is hensarling plans to negotiate in a formal process or in formal talks behind closed doors to produce a joint bill he assembled a package of some 30 provisions of those that have already passed the house among them bills that would cut the cost for a small business owner. one expanding the definition and a bill that replaces frank's $50 billion threshold with one determined by the fed. that last one directly contradicts which raises the risk to $250 billion in assets despite the objections the senate bill does have the backing of the white house
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according to people familiar with the matter. he plans to speak with him soon. they will plot next steps but this is stalling shortly before the finish line. >> thanks very much for that all of the numbers are in. jamie was paid the most of america's big bank ceos last year 25.9 million in total. shares up 33% can feel a little hard done by perhaps not the right phrase he came in and equalled $23 million though he was rewarded with a 15% pay raise. sit a 9% rise than morgan stanley's. it is given lackluster earnings.
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wells fargo tim savings and llo the least. >> it has not been as far reaching it is nearly a 50% pay raise. he took a pay cut as well. >> and let's talk more about this bankingregulation
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shares were up last year he still took home over 17 million. >> hard for me to talk ability anybody's individual composition. they do have material issues ahead of them. they are add dreadsing them over the long term. they have had very unfortunate things happen over the last coupleover years my sense is they will ultimately get it right >> if we should focus and talk about goldman sachs what's your hunch first of all on timing but more importantly what it means to the future of the bank? do you think it moves away further from the trading past going forward? >> i think it's a very interesting question i really don't think whether the
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ceo change happens sooner or at the end of the year is the key driver it doesn't have the balance like someone like morgan stanley. invest investments were made to build this high net worth and retail business so i think regardless of who the ceo is those adjustments will have to be made and you can see it in the financials of bank of america, wells fargo, they are more profitable. >> what about the regionals especially with the senate advancing? is it a lot of deal making how is this all going to evolve? >> i think there are two things
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at work. one is the house senate is dynamics is between the two houses as they make law. remember, the original law passed with only the votes of one party. this bill just passed had 67 votes. i had bipartisan support there are big things that are happening. i'll give you a couple of numbers. before the dcrisis the top 20 banks had 50% of the nations deposits today they have 60% of the nation's deposits. the biggest mega banks are getting bigger and this will help make that happen. it is important for economy, i believe. >> all right we'll have to leave it there thanks for joining us. >> thank you all the best to you. >> we are following breaking news of that bridge collapse in florida. let's get to the latest.
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we have word there have been several fatalities what happened was just a short time ago, that is a pedestrian brim bridge it is connecting florida university with the town of sweetwater that bridge was constructed because numerous had been hurt and several had been killed trying to cross the highway. they put in this new pedestrian bridge obviously a tragic event happened a short while ago the 174 foot span, 950 ton bridge collapsed it was only installed on saturday there have been numerous fatalities some estimates up as high as five we only have several from the florida highway patrol we have seen a number of people put onto stretchers and loaded into ambulances going to area hospitals cht the florida
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governor, rick scott, tweeted about it saying he is in contact with the authorities at the university he has spoken with police about the bridge collapse. he will be in constant communication. terrible news coming from miami as a pedestrian bridge has collapsed and we will pray for the victims and entire panther community. we also have the white house saying the president is aware of the situation and following it closely. as we look at that live shot and we pull out keep many mind this bridge was touted by the university as cutting edge
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design >> it is a spring break. there were some but much less than normally we would see there was active construction on the bridge there was traffic going under the bridge we have reports of between 5 and 6 cars that have been crushed. we have several fatalities i'll send it back to you >> yes we have more infrastructure projects it was put in on saturday. >> unbelievable. >> it is not a full school week this week. thank you for that >> let's move on i have more breaking news from the press conference from the white house. we have that >> reporter: yeah.
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just recapping what was said the press briefing happening after mueller's special council offered a subpoena to the trump organizations including documents on russia. the question here is what does the white house want to say about that the white house wants to refer all of those as they have been doing all along. they maintain there was no collusion to emphasize that point several times during the course of the briefing she was also asked about that has been on thin ice here. it is somebody that the parking light -- is not supporting today sanders was asked about
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him. there were other people declining to defend him which may indicate he is on thin ice she was asked about tariffs and asked a question about whether or not any tariff over the past 150 years have done what they wanted it to do. specifically bringing up the tariffs from the 18 hundreds which the president has sited on a couple of occasions as examples of what he is trying to do here. saying instead that the president's own proposed tariffs have already born fruit in the form of negotiations and having brought some of those to the table. so the white house confident that the approach is working already, guys. back over to you >> thank you we have some more news from the trump organization >> we just got a statement which
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was the subject of the new york times report mueller directly related to russia it said it was the first time the special council asked for anything directly from trump's companies. since july of last year they have advised the public that the organization is fully cooperative including special council and is responding to their request. this is old news it remains the same today. to trump organization here saying nothing new to see here we have been cooperating all along and there's nothing new here it is contradictory saying it is the first time with these subpoenas that the trump organizations have been directly subpoenaed or involved in these requests for documents we also have to remember that there is a red line that if the special council crosses into my
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companies then there will be consequences it will be interesting to see how it all plays out the trump organization saying there is nothing new and they are cooperating. >> thank you very much for that. let's have a check back in on what markets are doing it did knock about 100 points or so off the dow the high today was 300 points. we have improved since the start of theshow the big reason they are temporary is because they are really expensive
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keeping that 20% increase would cost roughly 100 pistol dolla$1t were extended the total would be $350 billion for three more yearsover t years of tax cuts. kudlow said he is pushing for a 15% corporate rate as well it is a group of major corp. rags that include lockheed martin they say positioning ourselves would provide more winds for our workers. there is still a lot of work
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that the administration has to do to implement and fine tune the current tax law. right now it looks like a wish list back to you. >> thank you let's get to our closing bell exchange. steve is here. rick is here from chicago >> the middle of the day people get lost in it it dropped significantly >> talk to us about what's been playing today.
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>> if you look at it again the market has taken the lead from the subpoena or trump organization when you look at how the market trades it really has that effect where headline comes out negative to positive it sells off. we talk about a couple of key levels this is how guys program their electronic orders. watch that level it seems as though the worst is over for at least today
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>> you know, the tax reforms, money coming back into the united states, all of this has helped all of our funds. we are seeing an increase in money coming in. so day-to-day we are a lot more long term. this will cost a lot of money. what do you think is immerging
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out of all of this lately if. >> i think we have done a lot of discussion about how the market broke on those trurmp headlines he was talking about policy without rushing towards trade war. the s&p and dow seem to have liked it p i think the market really liked that message the s&p dipped the dow seems to repospond the
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best listen, having larry there will be a great thing i think the focus needs to be on fairness and trade we are wasting things like trade deficits you know, i know it's important and i know that the conversation in many ways years ago started from that vantage point. the reality is that europe has boat loads compared to japan and china. utilities are up again it will be what is usually thought of as a boring sector. is this sentiment? >> it would appear but i think it's more a weighing in on where they think rates are going
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you look at performance and some times they lead in the marketplace where we are still right around all time highs. i think it's more of a reflection they don't see them spiking as high or spooking the overall market but to the point of tax pal pol si it's what they are looking on people and small business owners should be happy. they do have a friendly business environment. >> sorry i don't have more time today. a lot of moving parts here it's past time for a cnbc news update. >> we continue to follow and update you on the newly installed pedestrian bridge in
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miami. the 950 ton span collapsed earlier this afternoon it crushed five or six vehicles. we know there are several fatalities the school is closed for spring break. that perhaps really cut down on the number of fatalities and injuries this bridge was put in place on saturday a lot of questions being asked >> it shows peterson walking towards a room but he is then seen on a golf cart before arriving in a building and taking a position outside. he stayed outside until the shooting was over. a man convicted of manslaughter is sentenced to 30 years in prison.
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>> harper lee's estate is suing over upcoming broadway adaptation of "to kill a mockingbird" you are up to date we are still following florida it looks like they are bringing in a crane to try to lift off some of the materials that have fallen as you look at that live picture you can see the arm moving right now. they trying to get it in position to lift off some of that heavy concrete and other materials. we'll keep you posted. >> thank you for that. i can't believe it only finished on saturday and it's collapsed already. 20 minutes before the close and we are in the middle of the session sort of highs. we are up 150 or so.
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welcome back a whistle blower is claiming a company cheated in order to compete with amazon. >> good afternoon to you the world's largest retailer is getting sued by a former employee claiming they overinflated the e-commerce results and fired the plaintiff for bringing up the concerns walmart shares taking a dive he was director of business development until terminated in january of 2017. the lawsuit says the retailer fired him after raising concerns about the overly aggress ifr push to show growth in the e-commerce business. the suit alleged online results overinflated by putting some third party items into the wrong
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categories it is also failing to process returns correctly. we have yet to get a response. when we do we'll bring it to you. walmart's business has changed dramatically the marketplace has some 75 million skews that hardly existed several years ago. we know they acquired and with all of that change the retailer changed how it reported e-commerce results now it is just gross merchandise value. it used to report as a global e-commerce sales number. we know in the last quarter that it slowed from the quarter prior at 23% prior we had seen 50% and higher growth rates we can't compare it to years ago because of the way that they
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changed reporting it we will bring you more when we get more from walmart. back to you guys >> yeah. and the shares are slightly negative dow is up 141. nasdaq is the lowest r up next we'll hear and closing bell is back in a couple of minutes ♪ ♪ wake up early, o. ♪ slap on some cologne ♪ i'm 85 and i wanna go home ♪
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welcome bachlk. it has been down about 2% this week it is on pace for the worst week since early february hanging in the balance bill
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is here. a factor for why we are seeing a slip is because it softened a litt little bit do you think it impacts your view on the bank sector whether to own it or not >> in the short term the treasury might have peaked out here overt over the course of the next two or three years it is highly likely that the emergence will drive interest rates higher. it is a great investment they had a good last 12 months our view of it is we like owning them we have owned them for a long time we are happy to own them for another five we have set low expectations as
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they go through this corrective process. >> let's get specific. bank of america, is that your kur current favor riite? >> yeah. i believe the stocks is how much their dividends will grow the next three years again, it was mentioned on your show early atoday they have 60% of the deposits. >> you don't think they will lose that? >> that's healthy but remember this stock market has been a stock market where people are like -- investors are like dumb sheep. they sit and graze on the same stocks what happens is they end up eating worms and roots instead of eating grass. and so the biggest problem this
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market has got, this market in amazons and netflix and those kinds of stocks, you know, these are very expensive stocks. there is not a lot of grass in the field anymore. >> bill, the banks have had a good run over the last 18 months as well. we'll have to leave you there i'm afraid >> thank you let's head back to sue for latest breaking news on that tragic bridge lapse. >> thank you very much we'll show you the live picture from that area in miami. they have moved a crane in they are trying to move what is essentially an overpass. the top collapsed on the bottom which collapsed ton roadway.
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it is a local construction company m our families thoughts and prayers go out to everyone effected the new university bridge experienced a catastrophic collapse causing injury and loss of life. we are a family business we are devastated. they say they will conduct a full investigation and cooperate with investigators who are on the scene. there were in the a lot of students on campus as we mentioned. it is spring break there were a number of people who passed under that bridge here is the reaction to an eyewitness of that event let's listen >> what did it sound like? >> it sounded like an earthquake what it looked like was i saw this bridge. i saw a black car right in the
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welcome back to the koclosi bell we are up about 117 points on the dow. the s&p is flat. let's look at the dow. you can see it at about 2:00 p.m. that's when news came out. it took off about 100 points from the high of the day we came back and we are still up around 115 or so if you look at that today you'll see it took a while for markets to get going big factor yesterday for the market it was negative yesterday and started negative today
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it was one of the reasons we did see markets take off late in the morning. let's look at the sector performance. they have had five positive s sessions in a row. so whether or not we'll have it it's interesting it has come from those sort of boring interest rates this is down most doing well. consumer staples having a bad session. this is the best performer one of the big reasons is they have slipped a little bit. looking at down close to 2.8%. you can see that significant slippage in the last couple of days >> it's causing a little bit of damage because the banks have been down recently
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a lot of things have changed in the last couple of weeks today we have a little more political risk this is expanding into trump businesses >> we shrugged off the pull back >> remember something though we dropped a good 8 or 9 point and haven't recovered. i think whether it closes positive or negative it is down four days in a row. we haven't seen that since december the dow is influenced by a few big stocks i think it's a big issue for the market it is a little more political risk we have had economic numbers gdp has been lowered >> and we have also seen of course the lower numbers that's been effecting it's different remember two months ago we were talking about the global economic expansion and what's
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going on with the tax cuts the head it's lines have shifted. we are down more than 1.5% so far. >> the dollar has been slipping this week as well. there goes the bell. we are up 130 points on the dow. flat on the a s&p and lightly lower on the nasdaq. i'm kelly evans. it was up 300. a muted look it is about half a percent higher it does snap a three day losing streak the s&p couldn't turn positive the nasdaq composite down today
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to 7481. russell 2000 giving back some down half a percent to 1576. a lot going on today we have earnings coming our way and more joining me is michael and next to him is stephanie, managing director and michael block welcome. let's check in on the dow. mcdonald's was the biggest winner we have shares up about 2% there. over in the s&p the big winner is dollar general. a lot of volatility. those were down about 5% so i don't know whether to start with the news.
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>> we certainly were not at the highs when that news did hit there was sort of a reflection switch lower i don't really think so. it is a kind of turn the pattern for four days has been the market having these early rallies. we have given upmost if not all. >> this is the fate of the fate of the fate of the fate. >> today looking like it is not going to work. i do think we are really knocking around relatively narrow band to figure out how much that friday rally was justified. it is changing a little bit. >> it is a little squishy lately what do you think of the fact that nasdaq is underperforming they had done really well lately are giving up more than anybody. >> the market is turning i think a lot of it is because we are all so focused on the
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macro. there is always that period in between earning seasons that we obsess about what's happening. there's a lot going on. >> i think the retails sale numbers is a little one offish let's not come to a major conclusion in one month. i think you'll see the economy improve. i think earnings will be very good i totally get while we are sloshing around. i think you just can't do too much those are the runs you pick at
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>> what are your favorites >> i feel like there are other shoes that will drop webetween h united states, china and others. the ones that i like will be things like health care. i think they have a little upside here. we are saying we have the feds next week. it is ton horizon. we talk about the russell 2000 it is pulling back and had a nice run during march. the thing that i'll notice subpoena that it's off its highs. i am looking for it to o out perform. >> okay. he is looking into the
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organization >> yes it sent a subpoena to the trump organization for documents including documents they report on russia. it's not clear exactly when that subpoena was issued. here is how she responded to questions about that breaking news story >> the president has said that numerous times there was no collusion between the campaign and russia we'll continue to fully cooperate. we are not going to comment for any specific questions about the trump organization i would refer you there. >> putting out a statement by robert frank a little while ago. they have saying since july 2017 we have advised that the trump organization is fully cooperative including the special council and is responding to their requests this is old news and our assistance remains the same
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today. so kelly, what this raises is an intriguing possibility here which is that this has been a subpoena that was issued perhaps months ago maybe some of those have already been turned over the mueller team does not seem to leak to the media this may be that they obtained the russia elated documents some time ago and are simply well ahead we are seeing an example of media catching up to what the mueller investigation has been doing. we are in the dark try to go piece together the time line the white house insisting there was no collusion between russia and the trump campaign so there's no reason for mueller to find anything >> yeah. it's an interesting point. you can tell the markets are trying to figure that out as well >> shares on the move on
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broadcom they were prohibited from acquiring qualcomm let's get over for the full results, josh. >> broadcom reporting on revenue of 5 ppt33 billion this is up 10% wireless communications, chips that enable wifi and blue tooth about 2.2 billion.
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this is 251 million. as you noted on the call here there will be a lot of interest on what it has to say about the road map here. how is he thinking about capital return and presumably and wants to maintain the strong pipeline. how does he think now about the targets? that call will start at 5:00 p.m. eastern >> thank you what do you make of the results of the company having to prover itself unless it will come up with another acquisition in. >> we did hear about intel i do think it's more about the context than about this particular quarter it looks like the stock will hold onto this that it had after that deal did go away. >> the multiples are pretty low. >> yes
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13 times earnings. 11 times cash flow it is cheap. it lagged the industry by a mile it is only up 4% year to date. if there are low expectations i think the call is going to be wild we are going hear about what they are doing with their cash. >> i think they are going to carry forward and do what he is
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doing for shareholders this is a must own in that space. wall street was looking for revenue of2.5 billion. one of the most important numbers is annualized recuring revenue. it is up $336 million from the quarter before you know, overall these revenues are up 24% year over year. consistent with the 25% level we saw last quarter
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these continue to chug on. >> thank you a quick kmept. it is kind of clock work honestly it is back up to the all time highs. i doeptd think it's much of a surprise it is pretty steep angle now though in terms of how the stock is moving. >> they are doing a great job in the digital transition it is a great stock. i sold it way too early. >> i'm sure you're not the only one. adobe up
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>> it is in this cyber security space. they do cloud based security they let them monitor their traffic. this is up about 50% from a few days ago much lower the company close to $2 billion they have dell, tpg and liegght speed. this has been hot all year this is up about 14% it includes competitors, check point as well as samanta not a lot of big names this
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year bottom line is we'll start getting fireworks. back to you. >> thank you a report that cisco considered buying. we are live. jim, take it away. >> thank you so much kevin, i will go right to it you get these rumors i couldn't get it. i mean it must be constant because there's so much demand for your product and not a lot of independent companies left. >> we are heads down i truly believe that's ceo's number one job, control your own destiny, execute to it >> you have introduced a total refresh. i can tell it should be going up because the refresh is going well >> yeah. we have major products that were
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started. >> i have to ask you about bitcoin. i think maybe that misplaced confidence >> it's fascinating. i have a great job i can show up any day. i can table it and read forensic reports. i read one yesterday you can have end user machines compromised and have bitcoin i have found it is faster and easier in digital currency than it is real currency at this point. >> people feel confident about the digital currency who do they call when they are hacked? >> i think we own that moment
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quite frankly security breaches are inevitable it is a front row seat to what you need to invent and innovate. we do get a lot of those calls when intrusions take place >> now, these currencies, what are they backed by >> i can tell you it creates a challenge. it used to be if i hacked your machine i could do it if i get a credit card number now i can extort you saying i will post your e-mail or you can't get your data back unless you pay me in bit coin or something. >> yeah. i think a lot of people have a false sense of security. north dokorea, iran. >> no risks or repercussions
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from hacking from china, russia, from iran and maybe even others. >> is law enforcement not smart enough >> not every nation is establishing the same rules. everybody is figuring out how we are in cyber space >> we have a president who talks tough. why is he doing this >> they are talking tough about us the reality is if all russia cyber weapons went against us and all of them win against russia we win. >> your background in the military, how does it help >> you a security mind set you learn they do transcend. there is a lot of other ceo's with military backgrounds. >> served in the air force thank you for what you have
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done kelly, back to you 52 week high i'm not a seller >> thank you very much >> thank you >> jim will be sitting down with more tonight >> we have more details on the bridge collapse to get to in florida. >> we are awaiting a news korns. the governor is on his way to the site there might be a slight delay. they have moved a crane into position it has made a little bit of progress the last word from the site was that they are being very careful because they don't want to move some of that material and then trigger another collapse at another part of that bridge. they estimating as many as six people could be dead
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they are having trouble getting into some of the cars that have been crushed you can see eight cars were crushed. several people did get out alive. there are multiple injuries. they have been taken to several area hospitals this bridge was put in on saturday it was touted as a quick design and construction bridge. it only took them about seven hours to put that bridge in place on saturday. it was not fully completed which is why there were construction workers working on the bridge at the time we have seen local authorities bring in dogs perhaps to help rescue anyone who is still alive under the rubble they have been asked to move their helicopter a little further out as are other news organizations so in case there are people alive they can be
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heard. there is the news conference right now. let's listen in. >> they should be here shortly >> obviously they need a little more time to gather the information. as i understand local officials have been coordinating with hospitals. there is an enormous amount of emergency rescue people on the scene. they don't know how many people they are dweealing with at this point. we'll monitor that as we continue to look at that live picture in miami, florida at florida international university it is spring break so there were far fewer students on campus >> i'm reading some of the local reports on this. this bridge says it only went in on saturday. it is important to fig yaure ou what went wrong here it is an instant bridge. they installed it in a single morning. the effort was to minimize
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traffic and to use this self-propoled. if it is supposed to be a mold they must be considering that now. they are trying to figure out what went wrong here >> absolutely. the construction company put out a statement basically saying their thoughts and prayers are with the people and victims in florida and they are going to coop are rate completely obviously it was a collapse and there was loss of life they are devastated by that. this was a new model for engineering. the question is whether or not that six-hour period was long enough to put it in, whether that was responseible for collapse or were support towers not put in correctly a lot of questions and also
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about the materials used were they traditional materials or were these new materials that were going to allow them to put this bridge together more quickly? we don't know the answer to that those are the questions that are being asked ligright now. >> okay. thank you. we hope to hear from local officials. when we come back we'll bring you some of the kmecomments this is the closing bell on cnbc
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>> welcome back frm we appreciate you join us it will focus everybody's mind since it just went on on saturday on what went wrong
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the new design clearly does not work even though it may not apply to bridges that we need to replace at least it says yes, we need help on infrastructure. we will go to a press conference we did bring you here to talk to you about banking. they did clear legislation
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there. it took a loft effort to get to the point where we did >> what i isn't chuck out there railing against this thing how many democrats supported it? it is dividing the party isn't it >> it really is. on the other hand it helps main street it help those smaller community banks which have dramatically decreased innumber we should all be for it. >> no bill is ever perfect
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what would you change here >> i like more latitude for the smaller banks. right now dramatically decreases ability to tend loans and prospect and have money available for loans. i want it happening in smaller communities. they have suffered i would like more done for the smaller banks. >> it will be ten years since the last financial crisis really started. today people writing about how there are signs another one could be billing up here people will say this deregulation caused the next one. >> i would argue that the amount of money has increased it has increased and judged by concentration of assets.
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the more you spread them out the more stable the system. they suffered and they were hoping for rapid turn around i think it will help them. if the economy is going better we think republicans have a good message. i care deeply ant health care. i think if rchs do more like that it reasonates with voters >> what would that look like it couldn't be less transparent right now.
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wouldn't it be great if you decide what the price is and convince and you know the price exactly. the patient was billed $17,000 the more power we give to the patient the more costs come down the better she will be if republicans and democrats push back >> all right thank you. appreciate your time >> thank you 30 minutes after the bell here we have had earnings already kate rogers joins us with that report >> we are looking at a mixed fourth quarter for ulta beauty it was a slight miss excludeing the impact of tax reform this is a slight mess and in
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line with what they guided e-commerce up whopping 65% also 12 ppt $3 million will be allocated for hourly workers due to tax reform. you can see it is down around 9% for the year back over to you >> thank you miami-dade police are holding a briefing on the bridge collapse let's listen in. >> we have a technical rescue on the scene. we have search dogs working right now. we have all of the heavy equipment we might noeed. we are in full search and rescue mode we'll give you more information as it becomes available. we have multiple victim. the number hasn't been determined yet
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we'll give you more information on that. we'll have more details. thank you. also one last statement. i have been in contact with the mayor. he is watching a live feed and giving us drirections as he sees fit. thank you. good afternoon miami-dade fire rescue at approximately 1:30 this afternoon we receive add call. we found eight trapped vehicles under the bridgeme we transported eight people to hospitals. we are working to try to find viable victims thank you.
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>> good afternoon. i pa 2rtrol here in miami we were notified of a bridge collapse at this location at 109th avenue as our units arrived with police and fire we observed several vehicles that were involved as a result of the collapse at that time shifted to a search and rescue effort. what we are asking the public to do is avoid southwest 8th street indefinitely as this process goes on. thank you. >> good afternoon. my name is juan perez. first and foremost all of our
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thoughts and prayers go to the victims of this tragedy that has occurred here today. we have heard from our partners here many other partners that are out here in law enforcement and firefighters have come to aid. we thank them for their efforts. their police department has been great. our partners and so many others have come. we thank all of the agencies supporting these efforts we are assisting in the efforts. the main focus here by the fire department is to rescue people that is what we are assisting with by controlling traffic for now. we are on standby. as soon as though efforts are over our homicide bureau will take the lead in investigating this tragedy and we'll take the lead from that point on. the state attorney is also on standby and waiting to work this case with us for right now that's all we have as far as this incident.
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a very important message i also have is that we have established with a partnership a reunification center right here. you can contact the number that has been established for family members that are concerned family members are victimized by this incident. if you call that we'll help you out. if you're concerned then contact the number there is an area here please stay out of the area and
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we'll advise you when it will be open again i also need you, the media, to please cooperate with us there should be no information coming out regarding this i incident we will update you we do not need information that is getting out to the public what it does is it complicates things we want to be the ones that contact next of kins we want to notify family members. let us do that we don't want them to know that a love one is involved because somebody puts it out in the media. i ask you to respect those family members please cooperate with us more than ever so that others that are impacted are not impacted by watching it on the news. we definitely do not want that we want it to be controlled. we have victim advocates so that
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we can deliver the news whether it's horrible news or whether it's news that somebody has survived this incident we would like to do that if you can cooperate with that. we would truly appreciate it we'll go in spanish and one thing, please don't ask numbers. nobody here will give you numbers. what we'll do is we'll post it on social media. right now it's 305-348-3481. i'll repeat it later on in spanish. we'll give it to you social media as well. good afternoon everybody as mayor we stand here in solidarity we had a nation nad tragedy here with the collapse of the bridge. what was soon to become an
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iconic staple part of the city has turned out to be a national tragedy. our hearts extended out to the victims transported away as well as those that may not be walking away from the scene. i would like to thank all law enforcement agencies as well as government that have cooperated with us. i have had numerous calls. thank you. those are the true heros here. it was shocking news today that i received a call from a mechanic that works across the street from sweet water and said the bridge just collapsed. i could hear the cracking in his voice as he was telling me this. we are assessing this and working with search and rescue agencies one kudos i would like to give
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out according to his wife because he is too broken up. he worked on a victim for 15 minutes to maintain that thank you to all first responders he was saying try to keep all communications to this establishment. there has been a lot of false messages going out >> you correct some of the calls? >> yes >> hold on >> can you answer -- [ inaudible question ] >> we'll get to questions at the end. >> obviously our hearts are broken over this tragedy that is impacted a good number of
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people had mechanisms in place to provide the highest level of assistance i would like to echo the comments of my colleagues that have been up here. the first responders have been absolutely amazing they have been here in just a matter of minutes to assist those in need. we have and will continue to work with them as well as with the appropriate governmental authorities as this tragedy is investigated thank you
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[ speaking foreign language >> they are responding about the bridge collapse. let's get to sue with more, sue. >> they are not giving us any hard numbers in terms of the number of people who have died and the number of people who were injured however we do have authorities saying quote multiple people have died. eight people taken to hospitals. we should note that they are still looking for people who may be buried under that rubble. as we understand it they are not been able to access all of the cars they did mention there were a number of cars trapped under that bridge. they would not confirm whether or not they were able to get people out of those cars if you notice, if you look at that live picture to the upper left hand corner you'll see a
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dog. they have brought in dogs to try to locate possible victims that bridge was put in place on saturday it was basically an engineering not miracle but certainly an engineering advance f it is or was meant to bridge the university with sweetwater that is a very dangerous highway that students and faculty had crossed. one student died about two years ago trying to cross that particular stretch of highway. so they were trying to put in place some sort of pedestrian bridge so that the students could get from sweetwater to the university it is one of the biggest in the state of florida with upwards of 55,000 students. they have taken one of the cranes from the other side of the road and put it in place they are trying the figure out how to move some of that rubble without making the situation worse. once again, they are trying to
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do that as carefully and as quickly as they can. obviously time is of the esz enen essence. it is working in their favor to a certain extent we'll keep you posted on any further comments we get from authorities. they are being very cautious and not giving any numbers, which is some what unusual. obviously it is early in this situation. they were giving no numbers on the number of fatalities or the number of injuries just that eight people have been taken to the hospital i'll turn it back to you >> all right thank you. >> we have breaking news in the company behind this bridge collapse robert bridges that to us. >> a lot of questions going to be asked in the coming days about who built this, what kieptd of safety record they had to do this they were the main construction firm on this along with big bridge design.
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said in a statement our families thoughts and prayers go out to everyone effected by this terrible tragedy the new bridge experienced a catastrophic collapse causing injuries and loss of life. mcm is a family business and we are all devastated and doing everything we can to assist. we will conduct a full investigation to determine exactly what went wrong and we'll cooperate with investigators on scene in every way. now, mcm is based in south miami. they have done big projects including an expansion of the fiu football stadium which aparticipant apparently went so well that is why they decided to hire them for this project this was about a $9 million bridge it is a company and they too have done a lot of big projects
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including it is a significant bridge so both of these companies, large companies with histories of much bigger projects both in florida and beyond one thing to note about mcm, they come up in headlines recently paul manafort when he was investigated by the fbi and justice department, it was discovered he represented mcm to sell all of part of it to chinese investors. few headlines about the company but one is that they were tied up in the manafort ngs because he was representing them with chinese investors. building a significant school in guantanamo bay that's a $56 million project we don't know much about these companies, thousand contracts were awarded, what kiepnd of
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safety they put in place it is certainly able to tackle a bridge like this which was about a $9 million project back to you. >> we can only imagine if it had been a chinese owned company back to you. andy is former president of sif civil ingengineers. what questions should investigators be asking now? >> using the ak ccelerated brid construction it has been used for many years now. it is very good for maintaining traffic and minimizing delays and detours. basically what you do with the abc type of construction is you build most of the bridge near the site you complete it and you mover it
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into place you swing it and put it into place. one of the problems with this is that you have to take into account all of the stresses for the bridges because the moving stresses can some times be more than the normal in place stresses on the structure. >> without speculating on what happened here what are the main risks? you mentioned there's a delicacy to having moved this, but one of the other maybe tricky aspects of this? >> well, there is always risk in kruk you have to prepare for it there's more calculations because you have different loading conditions you have to have the proper inspection and proper materials. they all have to be inspected to make sure they are what they advertised to be >> you mentioned that actually this type of installation is not
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that new tell us how long it has been used and how different it is >> it is called accelerated bridge construction. basically i believe it started out in utah. it was a quick way of replacing overpasses over the main interstates. basically they would make the bridge, constriuct it close to the final site and then they have self-moving module tractors that will pick up the bridge and basically drive it into place. when you're doing that you're picking up the bridge at different support points than the erected position so those have to be accounted for when you're driving that bridge into the place. there were still a number of things they had to do to finish the bridge and put all of the
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finished touches on it >> did this method have a history of problems as far as you know >> as far as i know it has been quite successful a number of states are using it to minimize the down toime to passing it it has been going quite well >> why would it be the case that the bridge would be finished at the end of the year? what would they be referring to that needs to be done? >> they were probably putting it into place maybe they had to finish another wearing surface. there are a number of things they have to do to finish up >> let's listen back into the press conference.
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>> they can only be answered once we begin the investigation. causes of what occurred here today we will not speak to that right now. it will be days before we could make that assumption this takes and we are not even there yet. the next few hours will be a rescue mission if you can, keep it there and those type of questions. that's the only thing we can do >> it is concerned with a portion of the bridge.
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they are working the north side of the bridge and were actively stabilizing. >> so you're concerned about the part leaning 30 degrees into the road >> did >> that's correct. >> have the dogs helped you locate anybody. >> i can't speak to that because the teams were entering the hot zone as i was walking over here. >> from now on through the rest of the even what is going to be happening, obviously you want peel to stay out of the area walk us through the process. >> this is going to be a long incident we are going to have rescuers here probably through the night if not longer testimony focus at this point is going to remain on search-and-rescue. we will have over 100 technicians work in this area that have many years of experience working on collapses with concrete. so you can expect heavy equipment moving areas of the
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bridge little by little creating safe zones. >> are there still people in every car trapped there. >> i'm sorry i heard so men i can't speak to how many victims in the car. >> are there still people in every car? >> i can't speak the that. we do only see eight from the exterior of the bridge of the collapsed area we are working our way into the pile trying to create holes that we can tooel actually physically see. >> what type of information did you got from the construction site manager about who was working where, who was on the bridge, who did they tell you, what do you know >> we did get reports that there were workers on the bridge when our units arrived they had some surface rescues they facilitated, plus two victims that they were able to cut out and extricate from the debris. that was part of the eight that i mentioned early. >> just one more question, and then we'll move on one more -- >> director, you could not say
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how many people have died here at this point, right, you are not able to say. >> we are not confirming any deaths or anything like that right now. what we are saying is victims or casualties of this incident of that's all we're saying right now. >> senator nelson said six to ten, does that sound right to you. >> i cannot answer to what senator nelson says. >> how many are missing? >> we don't know that. >> of the people take tony the hospital, what condition are they in? >> the fire department is the ones that transported them they are not saying, that they are not confirming anything. obviously, it is a tragedy, a collapsed building so we know at minimum there is a lot of serious injuries with people that were transported. >> is a representative of the construction company here, toer a gentleman from the county, mcm does a lot of business with the county, has over a number of years. can you tell us how many projects at the moment mcm is working on with the county. >> i would have no clue but they
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are here on site. >> they are on site but we need to focus on the tragedy that occurred here not look ahead or behind let us get through this point here and we will have further press conferences. >> the highway patrol said this area is closed indefinitely. are we talking about a week? a month? a day? >> it's obvious, as i said stated earlier, for the public to avoid traveling on sweatt 8th street between 107th avenue and 117th avenue indefinitely. this is going to be a long, arduous process. we asked for the media's assistance getting the word out. we ask for the public's assistance adhering to that. >> all right we are going to go to spanish now. one at a time. andy herman is with us, former president of the american society of civilgies we just heard, unfortunately in the that much more information from local officials about the
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extent of the bridge collapse that happen a couple of hours ago in miami at florida national university we were talking about whether this method of construction, accelerated bridge construction, abc construction is part of the reason why we are seeing this tragic even. i was going to ask you quickly about the cost is the cost of these kinds of installations much cheaper than traditional installations or is it more about minimal traffic interruption >> it's usually a little bit more expensive but when you take into consideration the lack of detours and the lack of disruption of the traffic that's usually how they justify the extra costs for the abc construction >> and you mentioned before that it's been used to replace overpasses on highways now, this was a pedestrian bridge does that make any difference whatsoever sore is this another common way these types of bridges are made? >> i'm not sure it's been used for pedestrian bridges before.
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they are generally much lighter than highway bridge us because they take a lighter load so it might have been more slender or not as robust as a highway bridge. >> do you know anything about the materials? would they be different than traditional construction >> i don't know. the little i've seen on it so far is that it is a first of its kind type of bridge structure. i haven't even had a chance to look into the design or the background material on it yet. >> and we imagine it's going to be difficult for them to try to fix and clear the rest of that while still dealing with the ims have mr. herman thank you for joining us really appreciate it he are going to have more on t tragedy coming up. stay with us world for investin. let's hold ourselves to the highest standards of ethics. as investment management professionals, let's measure up. cfa institute. feel that? that's the beat of global markets,
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the rhythm of the world. but to us, it's the pace of tomorrow. with ingenuity, technologies, and markets expertise we create the possible. and when you do that, you don't chase the pace of tomorrow. you set it. nasdaq. rewrite tomorrow. that i served. of the fact i was a c130 mechanic in the corps,
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let's always put investors' needs above our own. as investment management professionals, let's measure up. cfa institute. welcome back a lot of stocks moving after hours on their earnings. let's get a recap of the act kate rogers going to talk about ultimate at that we start with josh lip ton on broadcom's results >> regarding the fundamentals there, analysts already have questions heading into the call about the wireless up side and the wire downside. aside from the fundamentals frn front and center is how the ceo now feels about m&a post qualcomm now that he has had to
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abandon the bid. he is known in the industry as mr. roll up. analysts expect him to pursuing the m&a targets but they want to know what has changed to make them a good potential man post qualcomm. >> shares down 1%. how about ultimate at that >> a slight miss on eps. revenue on line, $1794 billion ever koss coming in, 8.4% for the quarter. pretty high. they announced a buy back and allocated $12.3 million for a one time bonus for their hourly workers. the stock down by 2.5% because their revenue guidance for the rest of 2018 was conservetive. back to you. >> we also had adobe report. that one was up again. >> adobe hit the bull's eye again. ultimate at that is interesting because the stock is down by a third from its highs it has been a story of
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decelerating sales growth, an exstens spencive stock that is come back into the zone. it's holding up okay after hours. modest losses. >> down 8.5% after its numbers volatile. >> attached to crypto. a lot of things attached to night that does it for "closing bell." "fast money" begins rate now. >> "fast money" starts right now live from the nasdaq market site overlooking new york city's times square i'm melissa lee traders, pete najarian, tim seymour, daan daan, and guy adami. what is wrong with down? the cryptocurrency hovering around $8,000. what are the biggest bitcoin investors doing? they are hanging out in puerto rico we will head there and talk to our crypto baller brian kelly. "mad money" with jim cramer's jim cramer sat down with the ceo of intel which company could he be buying you will not believe what he just cold cramer jim will be here


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