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tv   Fast Money  CNBC  August 15, 2017 5:00pm-6:00pm EDT

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house. you can't -- and if people like jamie or gary cohn or some of these other folks don't go, then who does go? so what you really have is just like a company that conditiokot good people, it declines so that is a worry >> all right good point that does it for closing bell. "fast money" begins right now. "fast money" does start right now. i'm michelle caruso-cabrera in for in lays is lee our traders are on the e our traders are on the desk. all in white shirts tonight. and we start with the press conference heard round the world. 3rd doub president trump doubling down on race relations in erk in and the ceos who have met his manufacturing council. eamon javers is at trump tower where it all went down he has the latest. >> reporter: we just witnessed here at trump tower was the president making a very dramatic
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political gamble, gambling that going back to the language of saturday is better for him than sticking on the more conciliatory language from yesterday. saturday he was criticized was by saying that there was violence on many sides seeming to spread moral equivalence to people protesting against nazis and white supremacists along with the nazis and white supremacist s themselves and he he wewent back to that bh sides language today here is the president just moments ago. >> i do think there is blame -- yes, i think there is blame on both sides you look at both sides, i think there is blame on both sides and i have no doubt about it and you don't have any doubt about it either. and if you reported it accurately, you would say it >> reporter: the president also conflated george washington and
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robert e. lee mentioning the father of the country in the same breath as a confederate general and seeming to suggest that there was a linkage between the two. that is not rhetoric that you will often hear from the president trump of the united states here is the president again. >> you take a look at some of the groups and you see and you know it if you were honest reporters which in many cases you are not, but many of those people were there to protest the taking down of the statue of robert e. lee. so this week it's rob lert e. le is it george washington next week and thomas jefferson the week after you really go hado have to ask yourself where does it stop. >> reporter: so the president there making comments that will be controversial we've seen a large group of protesters arriving here on fifth avenue just south of trump tower within the past several minutes. and the reepgs ception includinm david duke who put out a
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statement on twitter, he said thank you president trump, your honesty and courage tell the truth about charlottesville and condemn the leftest terrorists in blm ash anitif. so an angry fiery fed up president trump that we saw here at trump tower his comments being well received by the former leader of the clue cleks cluks clan we'll see how ceos react, but there a large group of protesters who are fired up as welch about this political moment is really quite something. >> how did you interpret his comments about steve bannon? i heard we'll see what happens to bannon. >> reporter: yeah, it sounded like he is talking about a person who has already left the white house. he was distancing himself from him. pointing out that he came on late in the campaign saying he likes steve bannon no oig, but not somebody that he necessarily depends on we're told that the president has not been speaking directly
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with steve bannon. oout oourt it's unclear when they last spoke. it did not sound like steve bannon has a long term future in the white house. but we'll have to see how the president decides to handle that issue. firing steve bannon would be something that would be seen as con stiitililicon stiltill concd his critics. firing him would be distancing himself from the alt-right groups.critics firing him would be distancing himself from the alt-right groups should we' so we'll see in the coming days. >> and pointing to the cause of what could be caused dysfunction withins white house. thanks so let's talk more about what this means for the agenda if steve bannon is possibly gone, we won't v. more talk about 44% tax rates on the wealthy. i mean, we get close
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to something that is achieved? >> or maybe is itdivisive. today it was more of the both side stance. and there will be a lot of frustration from the reaction of that so that part will have to be pieced up. steve bannon, yes, i think that actually does open things up a little bit and it sure sounded like when he referred to him as mr. bannon that made it feel like it's past tense he's no longer going to be there. >> not how you talk about friends. but when it comes to getting the agenda done, that is congress, right? >> it is but i don't think that the fiery press conference that he with saw will help get nick done. ic you can write everything offw will help get nick done. ic you can write everything off. i don't think that this will make that any easier
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>> if the market hachbt prisn'te that had in -- >> that's why they went for health care reform first >> i disagree. >> well, you're wrong. >> i'm okay being wrong. >> there is a group on the right that will not do the cuts unless they have cuts on spending that's why they went with health care that didn't work >> what is baked in the market >> it's at an all time high. >> so tax cut possible, that would be upside. >> it's not baked into the stocks that are up 30%, 40%. >> i ask you had if it was baked in you said nothing is baked in.ed in you said nothing is baked in >> we know his agenda is into where. we know that he's the world heavyweight champion of liars. we knee that this weekend and
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then again that he just basically relinquished all moral authority of the office of the president. no one wants to work with him. people are distancing themselves from him that is where the agenda is. it gets further and further and he looks unhinged. just that simple so nothing is getting done this year you may have some sort of tax amnesty or repatriate yags health compare is done there is no tax form coming. >> a tax cut >> no. >> so tax cuts, tax reform is all the table in your opinion? >> it's off. his approval rating will get worse. and then we have the midterm elections. republicans will be running from him.
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i pointed out a long-standing republican in the senate he didn't talk about the democrat for the failure so i think it's done >> hey, welcome to the show. >> thanks for being with us. long day for you it's great that you're here. my opinion on the press conference is irrelevant, but i think the most damming ig thi n getting an endorsement from david duke is not good what does that mean for the market do more ceos step down from this group of leaders >> what does that mean to the agenda if ceos lead councils >> republicans stoort ba s star off, so i think it does have a bell tear yus effect on his agenda moving forward given that david duke basically gave him his endorsement. >> but these guys need to have a win in the midterm it ensent advises them even more
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to do something with taxes maybe it's not tax reform, but maybe it's what you initially said, just tax cuts. ashd if and isn't that good for a market >> and you sell that rally look at the uncertainty. ceos are leaving if you are a ceo, how will you make a decision when what you will do with your company when you have absolutely no idea what the regulations and what the legislative agenda will be maybe we get a tax cut, that will be good for the stock market repatriation and sell it with all your might. >> but will deregulation be worse or will it change at all are the part that you're saying if this then they won't see anything happening on the other side >> i'm just saying at some point the uncertainty that is being created on everywhere, the uncertain uncertainty -- i don't want to get myself in trouble but i'm saying that if i'm a ceo, all ceos want to know what are the
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rules. >> but they won't get more regulation right? i would expect no. i'm very confident of that >> okay. >> i don't thinkthere is anywa you get more regulation. >> but i don't know what the rules are going to be. but do you probably know i think we know that it's not going to be more regulation might not be less, but it won't more >> you're getting less every day because of what is called the cra, congressional review act, which clou allows congress to l back regulations without the white house and they ever he been doing it. you have to wait 60 days, but they have done 10 or 11 vote already and vrolled a back hundreds so that is happening >> and that press conference, the name for example didn't even come up. understandably so because it was supposedly an infrastructure thing. >> and they back ed down on
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bombing guam >> but the chinese are trying to help which is somewhat of a win for the trump administration but i don't think that the final chapter in this whole north korea sgag has plsaga has playe itself out you have him talking about venezuela and charlottesville. so many fronts we are fighting battles on which just should-some should -- should -- add to the uncertainty of the market. >> so why is the market able to drown out all this talk? scott is joining us. >> you are having a pretty lively debate. >> weigh in, what do you think >> the press conference today, i try to break it down and say what does it mean for the economy and i would agree with a number of your panel in which is nothing get being done certainly not going to get much done here in washington in 20178. i think maybe you see some tax things in 2018.2017. i think maybe you see some tax things in 2018 but a mistake to tie individual
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and corporate together so i think what is running the market or at least keeping it up right now is economic news that has been below expectations which means maybe the fed won't do three rate increases next year you've got a little bit weak dollar and then really these international economies are looking amounts bi little bit br but other than that, we're in the pullback camp. we think at the end of the year we'll be 5%, 6% lower than where we are right now, but i don't think the cycle is over. >> so basic question bh what is baked in in terms of taxes? nothing? >> i don't think anything at all is braked in on taxes. nothing at all >> so if there were to be some kind of tax package, the market could go higher? >> you know, you could make an argument that if it was not revenue neutral, that -- and we had tax cuts that the market could work its way hirks bhighe
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think anything that passes is revenue neutral and that takes steam out of things. >> so what do you do here? >> i think what you have to do is for one, you need to stay invest the because as i said, i don't think the cycle is over. you want to really see let's call it a 5% to 8% pullback, i think that is an opportunity to buy because retail clients many of them have way too much cash at least in our opinion. and want to lean towardthose cyclical sectors so industrials, financials, consumer discretionary, you also want to be overweight health care you don't want to get defensive here yet and i do believe that to really get beyond 2018 and into 2019, you need some kind of fiscal push out of washington but not sure we're going to get it so we will look at things roomiroom i rolling 15, 18 months. and at some point the cycle will come to an
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rolling 15, 18 months. and at some point the cycle will come to an end.oom rolling 15, 18 months. and at some point the cycle will come to an end.m rolling 15, 18 months. and at some point the cycle will come to an end.m rolling 15, 18 months. and at some point the cycle will come to an end. rolling 15, 18 months. and at some point the cycle will come to an end.rolling 15, 18 ms and at some point the cycle will come to an end >> all right scott, thanks. what did you buy today >> well, we talked about my croon yesterday and some names i still think some of these chip stocks are put in the short term bottom.names i still think some of these chip stocks are put in the short term bottom.yesterday and some names. i still think some of these chip stocks are put in the short term bottom i think my croicron is an enterg play >> nothing i'm on the market and i tried to trade stocks and i'm long the market but scott said there is no reason right now to be out of the market and so i understand that when you think about the conditions that are positive for equity returns, low rates, weak dollar, low commodity prices, a market that just doesn't care, the economy is plugging along, we know that there is global growth there, it all makes sense. and is that one of the reasons why we've traded for months with low volatility, but with a kind
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of slight movement to the upper right. so to me, i get it no panic but let me tell you this, two years ago on this very date, i think the whom -- most investors were pretty komt police acom pl then a massive downdraft and nothing different.placent an a massive downdraft. and nothing different. i'm not buying anything.pretty a massive downdraft. and nothing different. i'm not buying anything. >> for me the action was in the currency markets retail sales number got the dollar going so i think that ultimate can buy something like the dollar, uup is like a hedge because to me the biggest risk to this market is everything that dan just said is driving mart ket. we had a weak dollar if the dollar starts to get stronger and the fed is back on tap, if you get that type of momentum going, then that will be a headwind to the market.
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so as a hedge, why not buy dollar >> i'm long in the market. it's not overheated. is the world growth strong yes. he mentioned all the names he like most of which have great -- when you look at them fundamentally those are strong companies. micron, western digital, facebook there is a lot of very impre impressive stocks on that list valuations are not very high today i had an opportunity on a koou couple of things i jumpged back in to coke. i think that is a took that is breaking to the up side. and lululemon. i think that is one of those survivors in this retail market. >> that is a perfect tease for what we'll talk about. still ahead, the retail wreck is raging on and there is something happening with the group of
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stocks today that could spell even more stubb trouble ahead. plus bitcoin hitting a record high before taking a hit what level is safe to get into this crypto currency brian kelly breaks it down plus, a very different year for boeing and general electric. the two dow titans heading in opposite directions and traders say one of the names is a screaming buy. much more "fast money" right after this break when this bell rings... starts a chain reaction... ...that's heard throughout the connected business world. at&t network security helps protect business, from the largest financial markets to the smallest transactions, by sensing cyber-attacks in near real time and automatically deploying countermeasures. keeping the world of business connected and protected. that's the power of and.
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it all adds up to our most reliable network ever. one that keeps you connected to what matters most. check out the retail wreck today. the retatail etf getting whacked and december sigspite a beat, ht shares are sinking so is this a sign of a crack in the so-called fortress retail stocks did you hear what happened on dick's sporting goods call the ceo says his competitors are in panic mode, they are doinger ration at al pricing sounds horrendous. >> sounds like a bottom.t al prg
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sounds horrendous. >> sounds like a bottom. al pri. sounds horrendous. >> sounds like a pricg sounds horrendous. >> sounds like a pricg sounds horrendous. >> sounds like a bottom. when people are panicking, that's what i want to go in. so who can buy it cheap? who can benefit from the fact that you will have everything coming on market tjx, i think that is the place you go look at how it performed it's held unfairly well. they will get a lot of merchandise for cheap. and all these other companies will drive themselves into the ground >> last time sentiment got this bad, if you bought at that moment, you made 20% eefr the next -- >> so don't rush this. i know you don't watch the show that often nor should you you're a very busy woman but dan for quite some time now has been saying correctly i might add that the xrt is the worst looking chart i think he said that he's ever seen
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dan to you >> there are obviously pockets that have acted well walmart is up 17% on the year. costco before the whole foods-am ston deal was trading at an all-time high. so now we're seeing things that are supposedly amazon proof with cracks and the xrt trading at multiyear lows so i think you sell every rally and if walmarts report as good number and it conditions go knct up, it can't go lower. >> xrt, there was a point that if you bought it at this level, you made a quick 20%.can't go l. >> xrt, there was a point that if you bought it at this level, you made a quick 20%.go lower. >> xrt, there was a point that if you bought it at this level, you made a quick 20%
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>> guidance like dick's for a while, i think that stock is grim death and we've discussed that so i won't foul fall for that >> but there are retailers that may have longevity >> i will tell you this, you mentioned -- is there is a level to trade the xrt $38 was the low give or take beginning of 2016. that's effectively where we are now. but you'll really a guy named napoleon >> a little bguy. >> and it will end badly >> and i think the trade is look at some of the off priced retailers. i'm in walmart, i will be out of walmart because my concern is exactly what dan said. they reported a great number and the stock goes down. >> what if that stock continues to move to the up side i still think there are other names that are proven that are
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amazon proof one is best buy. just off of the 52 week high still hanging right there. here's what is great about them. they price match 24e6 t they have the geek squad they continue to grow their online presence, as well that is a company that has taken on amazon and others will do the same i think walmart is in the same position they are doing what needed to do, but they have been building this for a while was a huge acquisition because it put them square into be able to attack. >> okay. still ahead, just moments ago, amc slamming netflix co-founder movie pass announcement saying that the $10 a month program is, quote, not welcome here. we'll tell you what it means for the struggling theater chain what is this good news/bad news
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>> well, tom, a little bit of both boeing is soaring. while general electric is getting left in the dust the traders weigh in on which is the best buy now plus, it's bitcoin boom week each day fast money is talking to top investors and taking all your bitcoin questions even the ones you're too afraid to ask so tweet us at cnbc fast money and we'll try to answer it when "fast money" returns
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come on, fcc
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come on, get with it move it. bring it ♪
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welcome back to "fast
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money. traders are betting on a huge move for one dow stock reporting earnings we'll give you the family and name and how to play it. and goldman sachs says briitcoin could plunge back. what should you do first boeing and general electric boeing adding 45 brmd in m$45 bn market cap and general electric shedding nearly 60 w$60 billion in marke cap. phil lebeau is in renton, washington phil, tell us about this ramp
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up >> east all about the execution. and we'll talk about the 737 in a little bit but first there a trifecta of good news. the company said that it was going to have operating margins north of 10% at the same time, it's expecting to grove its cash flow not just for this year, but over the next couple of years and it raised its earnings guidance for awful 2017 thousand abo now about the 37 they are in the midst of a dramatic increase in monthly production of it's monday popular plane. earlier they were building 42 a month. now they are building 47 a month. and next year they will go up to 52 per month and then in 2019, it will be at 57 per month how are they doing that? a little bit by trimming their payroll, getting greater efficiency from their workers, and adding in more automation. in fact we talked with one of the executives here, he said if
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we didn't have that all the nation, we wouldn't be able to build 57 a month or at least plan to build 57 per month by 2019 so again, it's about the execution, consider this, profit per worker other revenue per worker i should say up 11% in the last year. think about that, 11%. how many manufacturers can say that that tells you what kind of efficiencies they are driving out of their commercial production lines right now >> certainly impresident sif metrme press sif metrics. thanks can boeing get more out of this efficiency >> sound ts like they may be ab to up 50% year to date. and i think this is probably really good risk/reward. you have 230 as your low as a couple days ago, buy at 240, i have $10 at risk and i can make a new high so i think given this tail wind you buy.
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>> we haven't wavered for quite some time since trump talked about the f-35 and thousand they will ghow they will get the pric way down and people say at 22 times forward earnings, it's too expensive. i disagree you look at the last 8 to 12 quarters, each has been better than the previous one. and it's not just an aerospace defense company. so i caution you who think it's a one trick pony to look good. >> and we have breaking news on well fargo wilfred frost just spoke to liz best duke over the phone >> indeed. thanks very much.lizbest duke oe >> indeed. thanks very much just spoke to elizabeth duke and the main point in terms of the timing of the recent changes, it is not related to the filings that revealed the sale practice scandal time line
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nor the announcement of the auto lending issue that is we've seen recently they say the typing is purely down to the recent atm where some members of the board fair poorly in shareholders in fact i asked elizabeth duke current member of the board also if she was satisfied with her own 75% vote she got which is better than money and she said no, if it's not higher next year, she would consider it unacceptable but perhaps the main takeaway of the conversation is that i asked whether she was confident that the worth of the recent turmoil that we also far golls fargo hae was behind the company and she said, quote, it's hard to say what we're finding is that the -- >> are we going to trade this? >> the better we get at risk management the more issues we might identify over time new information revealed will lesson so it is not the time to say that we have found everything and it is all behind us.
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and i said are you at least halfway through the turmoil. and she said i honestly don't know so quite a big revelation from the incomie ining chair lady and she mentioned that these type of positions she felt would exist in companies of all sizes. so we'll see if that turns out as well. but a significant revelation from the incoming chair lady >> all right thank you very much about what do you guys think? >> a tough stock to buy at thi >> and she said i honestly don't know when this is over >> and so i think u.s. bank if you want to be in which sort of in that specific area and it's a wau warren buffett name, that's where you go >> it's a no touch first of all, i don't think it's that cheap in the first place.
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the headline risk is substantial. the roll backs go from 2011 to 2016 and in terms of what they are trying to identify as wrongdoings, i mean if you have a ten year horizon, is that fine maybe. i got no clue. but if you have a ten minute horizon, i'd stay away >> all right back to ge falling nearly 1% as buffett jumps his stock. morgan brennan has more. >> that's right, so general electric is now trading in bear market territory, down 22% from its december high. it is the dow's worst performer and it came under pressure today on news that berkshire hathaway sold its stake now, remember, warren buffett invested $3 billion during the financial crisis this was a special deal. and it resulted in a roughly $1.5 billion plus profit that stake accounted for less than a quarter% of outstanding shares so small but the move was interpreted as one fewer vote of confidence for this beaten down stock and just
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as john flannery takeses he the. so what will it take for ge to reverse course for starters, investors and analysts want to see more stable cash flow. that has been an issue all year long there is also skepticism that it can hit its 2017 forecast and some are concerned that the power business which is ge eechlt largest is showing signs of softening but the biggest thing to watch, going to come in november. new 2018 eps guidance after flannery's review of the company. the street limits that ge will miss its $2 per share target the question now, by how much. so until november, analysts expect the stock to be stuck too much uncertainty especially since it's arguably trading close to fair value particularly when compared to united technology and honeywell which are trading at 17 and 18 times forward earnings that is versusge's 15 times.
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and you just had fim phil lebea talking about the 737. ge along with its partners are make jet engine that will go into that new plane. huge unprecedented production ramp but one of those stories that is getting overshadowed by the financials back to you. >> all right thank you. let's play "fast money's" favorite game. >> what's the game >> which would you rather. ge or boeing >> probably ge i think that morgan said something really important she said that the buy side or the whisper number is 2 bucks. consensus is a buck 70 she also said that there is not a lot of confidence in the 2017 estimates. so that is likely to come down and then if the new ceo has a brain in his head, he is going to guide down 2018 so he can make that number so i think that you will get an opportunity in the fall to probably buy this stock a little lower if you draw a line from
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the 2009 financial crisis low and you touch in august, it gets you somewhere with about 23 e$2e trend yield. so you may have an opportunity to bihooi the booif the thing >> maybe a chance in the fall. it's a show me stock >> all right coming up, just moments ago, amc slamming netflix co-founder mitch lowe's $10 a month unlimited movie plan will it help or hurt a special report plus, it's bitcoin week and brian kelly will break down the crypto currency move and answer all your questions ♪
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ooirtit's still bits quoin k by now just everybody everybody has heard of the boom.cs quoin .
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by now just everybody everybody has heard of the boom. quoin we. by now just everybody everybody has heard of the boom.quoin week by now just everybody everybody has heard of the boom.uoin week. by now just everybody everybody has heard of the boom.oin week by now just everybody everybody has heard of the boom. i'm one of those folks who has been stunned by the moves. a few years back i acquired one just to see how digital wallets functioned and today it's a market value of around $68 billion. almost half that market cap has been gained in the last month alone. that is $34 billion in a month to put that in perspective, we looked at how many companies in the zch s&p have market caps have up to $34 billion that is the one month $34 billion market gain. it's larger than the market cap of luxury retailer tiffany, which is worth around larger than the value of uhe night airlines which is around $20 billion. and about the same size as railroad operator authorize folk southern for more context, the $34 billion market cap gain in bitcoin is roughly bigger than the market caps of two-thirds of the s&p 500 companies on out
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there. as for the $68 billion total market cap, that is more than the $67 billion that caterpillar is worth of course the surge in value has made a lot of investors more than a little skeptical especially in light of today's move momentum indicators still show prices have moved in to unlikely level which is begs the question, how much higher can it really go? for now the momentum is with the bulls but yes the bears are getting more vocal back to you. >> thank you very much, dom. note by goldman sachs this week says that the crypto currency could fall back to 3,000 so if you want to buy bitcoin, chen when should you get in? pk is at the plasma for the new segment called the more you know >> so awesome. i love it. so great eggmesegment by dom but bitcoin is not a company,
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it's a current citcy and it's less than 1% of the market cap of gold so let's look here no matter what asset class it is, bk gets concerned when you start to see a parabolic move. so let's put it in perspective this goes back to july let's take a look. we have a trending move, we have a flat type of corrective move and now another trending move here pay attention to this flat correcting move because i'll come back to it. goldman sachs is talking about a one, two, three and possibly fourth, fifth wave and then possibly getting back down to 3,000. let's see how they get there this is a shorter term chart short he ter chart here we are now. the rule of alter nation would suggesther chart here we are now. the rule of alter nation would suggester chart. here we are now. the rule of alter nation would suggest that flat correction is followed by a steep correction
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looks as though we've stasbilize td around the 4,000 range. potentially we could get a move back up to let's call it 4200, 4300 and if you add another 400 point drop, that would constitute a steep sharp correction, you would get to about 3600. so that's how i'm thinking about bitcoin right now. i'm looking 46 -- i'm still in, but looking to add positions >> and we have a question from debra. is there an ease way to buy and sell bitcoin for on those of us who don't trade currencies >> if you have an ira, you can buy an investment trust. be aware it trades at a very steep premium to the actual bitcoin spot right you can also gee to a company called coin and that is a real easy way to buy bitcoin
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>> fast money boom series will continue all week. we'll hear from venture capitalists. what do you guys think >> bk got me into bitcoin in april, so i'm happy with bk. it's interesting, because this kind of -- it reminds me of 20 years ago when no one knew what the technology was behind it but some people got it and i think what bk is try doing say, this is just one of those tickers. it's not a company and if you want to be involved, you may want to understand the technology behind it which is the block team technology and start thinking about the whole crypto space >> you got in at 1700. are you staying with it? >> i'm never going to sell it i
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think. bk has convinced me that this could go to -- >> really? wow. >> it would be disingenuous to offer a guess where it was going up or down but what i will say is brian kelly is at the forefront. if there are three leading people on the plaennet, he is u there. >> it's definitely crashing now. >> this guy wrote a book he's been on this forever. and he's talking about a pullback if we see a pullback to 3600, that is the time to probably look at it again. >> thank you, bk we should be plugging the book >> definitely. still ahead, traders are betting on i big earnings move o one stock stuck in the mud much more "fast money" still ahead. fees. fees?
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what did you have in mind? i don't know. $4.95 per trade? uhhh and i was wondering if your brokerage offers some sort of guarantee? guarantee? where we can get our fees and commissions back if we're not happy. so can you offer me what schwab is offering? what's with all the questions? ask your broker if they're offering $4.95 online equity trades and a satisfaction guarantee. if you don't like their answer, ask again at schwab. won't replace the full value of your totaled new car. the guy says you picked the wrong insurance plan. no, i picked the wrong insurance company. with liberty mutual new car replacement™, you won't have to worry about replacing your car because you'll get the full value back including depreciation. switch and you could save $782 on home and auto insurance. call for a free quote today. liberty stands with you™. liberty mutual insurance.
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that's why at comcast we're continuing to make4/7. our services more reliable than ever. like technology that can update itself. an advanced fiber-network infrustructure. new, more reliable equipment for your home. and a new culture built around customer service. it all adds up to our most reliable network ever. one that keeps you connected to what matters most. welcome back we've just received a statement here from richard trump president of the afl-cio labor
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union who says he is withdrawing from the press's council thumka had said that he was as saysing the situation and now he says i can't sit on a council for a president who tolerates bigotry and domestic terrorism i resign effective immediately he says it's clear that president trump's manufacturing council was never an effective means for delivering real policy that lifts working families and his remarks daitd wetoday were draw so dramatic reaction should be pointed out that the afl-cio not always going to be president trump's political back water or support the labor unions in this country tend to side toward the democrats. but nonetheless, richard trumka is withdrawing back to you. >> but they were very pleased with the whole message ever
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bringing jobs back to america once the election did happen i mean, that was something core to the unions. >> president trump had a political opportunity earlier this year to reach out to the union community and presumably many of the people in that community voted for him in the election talking about infrastructure, manufacturing and jobs and that is a message that resonates with many in the union base but today union leadership decided they simply can't stay on a council with president trump after the angry press conference that we saw here at trump tower an hour or so ago. >> all right thank you so much. this clear city ly in reaction news conference. >> i think you have to remember that months ago travis kalanick of uber stepped off this council. if travis kalanick stepped off it, i don't really see how it is much of a decision for some of the multinational companies. what just said about bringing jobs back, that was optimism, no reason not to be optimistic at that time. >> certainly a message that
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coincided with what they wanted. and now to a developing story, amc slamming netflix's movie pass julia boorstin has the details >> it slashesed price from $30 to $10 a month but now the nation's largest movie theater chain amc saying in a statement to cnbc that movie pass is not welcome here quote, the reselling of movie tickets is not in the best interests of movie goers, movie theaters and movie studios accordingly amc is consulting with its attorneys to determine if or how amc can prevent a subscription program being used at amc theaters in the u.s movie pass announced that it sold it's majority stake giving consumers access to 30 movies a month for the price of a single ticket sounds unprofitable
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move have i pass pays theaters the full price but they say it could be profitable with one million subscribers by generating revenue from advertisers and securing discounted tickets from theaters amc criticized the model's unsustainable saying it the not known how to turn lead into gold over to you. >> julia, thanks let's trade it is there any stock move to make based on this? >> amc made a 52 week low. closed down 2.5% i don't see any compelling reason -- xhechblwhebts comment. people are hanging out at home and those stocks zulgtded th esuggested this is t happened >> if it got people to go to the movies, they were buying tickets at full price. >> and making money on food and beverage that's where the real money is. >> all right, the music means i
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have to tease. up next the final trade. i'm here at the td ameritrade trader offices. steve, other than making me move stuff, what are you working on? let me show you. okay. our thinkorswim trading platform aggregates all the options data you need in one place and lets you visualize that information for any options series. okay, cool. hang on a second. you can even see the anticipated range of a stock expecting earnings. impressive... what's up, tim. see options data like never before. with thinkorswim only at td ameritrade.
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time for the time trade. let's go around the horn >> ge or boeing? boeing cash flows >> and you know what they say buy when there is
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blood. buy gtx. >> walmart, take the profits >> and geboeing, makes sense. we don't have time time. >> jim cramer begins in four, three, two, one. my mission is simple to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere, and i promise to help you find it. "mad money" starts now hey, i'm cramer. welcome to "mad money. welcome to cramerica other people want to make friends. i'm just trying to make you some money. my job is not just to entertain but to educate and teach you so call me at 1-800-743-cnbc or tweet me @jimcramer. well, the big-time chief executive officers of this


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