tv Closing Bell CNBC August 28, 2018 3:00pm-5:00pm EDT
coca-cola. you would fiend it with the high end bar keeps making -- >> it's not alcoholic, though, is it? >> no. >> it's medicinal. >> we want to show you this really unbelievable video. this is just outside the nasdaq. >> don't get stung >> thanks for watching power >> and "closing bell" follows right now. it's time for "the closing bell," i'm wilfred frost at the new york stock exchange. jp morgan, what does that mean for robin hood, the commission free trading app the co-founder will join us live i'm julia boorstin in los angeles. president trump says google is rigged against him, claiming conservative voices are being suppressed i'll have google's response to those claims coming up i'm resly picker in grand falls, texas i'll tell you why one steel order placed before the trade
war began is still subject to tariffs and what the company is doing about it and i'm becky quick in for kel kelly evans. the ceo will join us for an exclusive interview coming up right after they report earnings "the closing bell" starts right now. >> a very good afternoon and welcome to "the closing bell," and a special welcome to becky quick. >> thank you very much it's good to see you again after spending the morning together. >> i know. but great to have you here at the stock exchange first of all, let's check in on the markets. the dow was up 72 points at the high, which was right here near the open >> so to speak >> it's not 4:20 yet it's the highest level since february 1st the dow has paired some of those
gain gains up 36 points, so halfway through flat line and its highs of the day nasdaq is up 0.2%. >> in fact, we've been watching all day, the np and nasdaq transports all hitting record highs today. let's get right to cnbc's rob pisani >> hello, becky, what a pleasure to see you down here the big complaint about the rally is it was centered on technology stocks, but the market rally has begun to broaden out. we have the advance decline line at a new high. that's a good sign and now we have indices that measure how the nasdaq is doing. equal weighted industries, like the s&p, equal weight index. and most importantly the value line geometric composite index, broad market that's widely followed as an indicator of the median stock price change.
today it hit historic highs as well broad rally. in the last couple of weeks cyclicales like industrials and consumer discretionary and financials, they have been leading. but health care, classic defensive name, has been strong as well. and even consumer staples have rais risen as well. value versus growth technology has outperformed for several years and they continue to outperform this year by the way, bank stocks have been especially strong in this most recent rally. bottom line here, guys, is we are doing well and the market is broader than it's ever been. don't just say that it's just faang stocks not anymore. >> and the s&p retail sector has climbed 50% this year. we go to another read with
earnings from a number of key names. >> so that retail rebound, the resurgence we've been seeing really started the holiday season of last year continues with today's reports they sell very vastly different merchandise. still all of those names actually beat wall street's estimates when it comes to earnings, guidance, comparable sales. let's take a look at tiffany tiffany again beating there across the board, strength in the u.s. market. white house was very particular this time is it came from sort of domestic buyers that minds not international tourists so potentially that's some good news jeffrey says this looks a bit like the brand adidas.
and you've got dsw, the best comparable sales in seven years. you've got higher in-store and online traffic almost every category saw growth and then you look at best buy. best buy shares are down here today, about 5% or so. the current quarter guidance did fall below analyst expectations. they're continuing to invest in supply chain also online sales growth is slowing. it is the slowest rate in about three years, but now makes up about 15% of total sales so at some point those numbers are going to start to come down and we know best buy has come a really long way from five years ago where many people thought it would not be down today. >> time for the closing bell
exchange let's start with you actually on the retail reports that we heard just from cuourtney. what's your takeover all on the strength of the retail consumer, and is it opmitimistic overall r 2018. >> i think it's optimistic i think the consumer is spending the consumer is strong there's this perceived view that the economy is still strong. we've had good jobs numbers, 4% gdp, we've had stability and some deescalation in terms of the trade war skirmishes what i think what's happening now in retail is that for a while we thought retail might sort of die out, and a lot of these companies are looking at the consumer and saying how do we get their business. you know, we have to invest in
online we have to invest in loyalty programs and discounts and i think a lot of these things are helping hold up these retail names in that sector. >> rick, let's ask you what's happening with bond yields we spoke with secretary steve mnuchin today. he said don't fear the bond yield. does that make sense to you? >> that makes perfect sense. but it is mean and treasury secretary mnuchin we have to worry about. it's investors in general. there is a stigma attached to curve inversions, end of story i agree that central bank gains over the last decades have distorted the yield curve. there's no question long end yields would be higher and even if you use three-month to ten-year which the original research that this whole issue was predicated on, it doesn't
change the faskt banks have impacted long rates, what type of purchase now makes sense. and i think that's what the treasu treasury secretary was getting at but it's really going to fall on the shoulders of j. powell to communicate that should it not be affected by that inversion and keep chugging along. >> at the same time we've hit these new highs in late august on fairly thin volume in a typically attractive month seasonally how do you weigh those two factors off each other in terms of how optimistic you are? >> what the investor has to do now is weigh the potential for future growth versus the need for further valuation tincrease. i think we have increased disposable income, increased
saifbings. outstanding numbers. i do think it's time for the fed to take a step back. i do think chairman powell signaled that on friday. i think i'd like to see them either take a pass in december or hold fast -- the dollar is too strong and that's important. if there was one boogeyman out there that might come and get us, it's the valuation >> rick, it's already softened the last couple of days. i mean i'm prize surprised to see the action today because there were nor further trade headlines and the dollar was kind of flat but the dollar has been weakening off its session. >> absolutely. there was a point intraday we came a couple of whiskers trading 97 now we're briefly under 59
there are pros and cons with a strong dollar. but i like larry kudlow believe a strong dollar is the best interest of the country. and with regard to the tightening of the fed, the inverted curve is one issue. whether the fed should continue or not is another issue. i have mixed feelings whether the fed should continue tightening i think j. powell has it right he should do what he thinks the market can bear, observe the signals and take it one step at a time i don't think j. powell has anything pencilled in permanent marker >> is the dollar impacting your stock position at the moment >> yes, we've seen a lot activity in the etfs oil, gas, and energy off of that news so i think it's there. >> just to go back to that
point, if our economy is doing better than the rest of the globe, you would anticipate that the dollar is going to do better whether the fed raises rates or not. what's the -- >> we're all aware of the italian debt situation the president made a comment to the italian prime minister back in july, which i think was actually poignant. i don't know he should actually go that route, but to throw that fear into the world was
almost positive if he forces them to tighten their -- >> we've got comments from president trump moments ago in the white house. >> the fact that we have won a very important event, the world cup in 2026, and we'll be hoe hosting it along with mexico and canada and it's a very special event. i think it's probably certainly one of the biggest and maybe the
biggest sporting event in the world. and soccer has come such a long way. soccer is a game i guess you call it football it's working very well, either way. but i just want to thank gianni for being here he's the president of fiefa. in fact when my son heard he was going to be here, he said, dad, i'd like to meet him my son baron loves soccer, and soccer has to be one of the fastest growing sports in the world, and the job you've done is really fantastic. so thank you very much, and i want to also pay my respect to carlos coriero as president of this part of soccer has been instrumental in helping us get the world cup. he's worked so hard, so long they were calling me constantly
to try to get me to get onboard, but it only took one call because when i heard world cup i wanted to do it. again, i want to thank you it's all signed up it's going to be a special event and gianni maybe i'd like to ask you to say a few words >> thank you, president, for welcoming us here. it's a great honor and obviously 2026, the world cup, the biggest event -- sporting event for sure, but probably even social event in the world we just had the world cup in russia, over 4 billion viewers in russia we said we'd organize the best welcome ever, and we did organize the best welcome.
and in the u.s. we want to organize the best world cup ever and for this we will work together and make sure this will be a fantastic event >> it's very exciting. everybody's talking about it, and it's very exciting and carlos >> well, mr. president, thank you for hosting us today from my part, for the united bid, we are deeply honored to be hosting this event in 2026
it's right around the corner, but we look forward to working with you and your administration let me also thank you, mr. president, for your help and support throughout the campaign. thank you very much for that >> i also have to thank bob kraft who i know you were working very hard with bob originally called me and he
said what do you think of the idea of trying to get the world windup cup to the united states, and i said i really liked it and we got canada and mexico involved and we're going to have a great partnership. 2026 i will be here -- i won't be here. maybe they'll extend the term. if they don't extend it, it's going to be very boring. we will be there, and i think also having it in the united states is very important for soccer especially in light of the fact soccer has done so well. thank you, my friend appreciate it so much. >> mr. president, i have a little thing for you
>> i have a question for you >> where are you from? >> brazil. >> let me stand up >> you're part of the fifa team. >> that's good >> and if i can get the u.s. jersey >> that's pretty good. that's really very nice. >> one more thing, you know, in soccer we have referees and they have cards the yellow cards and red cards the yellow card is a warning, and when you want to kick out
someone -- >> that's very good. >> so this could be used, i don't know, that's for you the next media session >> i like that thank you very much, everybody yeah, the wall will be paid for ultimately by mexico yeah, i think google has really taken advantage of a lot of people and i think that's a really serious thing and a very serious charge i think what google and what others are doing if you look at what's going on twitter, if you look at what's going on facebook, they better be careful because you can't do that to people we have tremendous -- we have literally thousands and thousands of complaints coming in, and you just can't do that so i think that google and twitter and facebook, they're really treading on very, very
troubled territory and they have to be careful. it's not fair to large portions of the population. thank you very much, everybody >> those comments we just heard from the white house the main reason for this was to announce the news of the fifa world cup for 2026 that's going to be hosted by the united states, canada and mexico. maybe a bigger question for the markets is will nafta till exist and we have the nafta world cup. getting down to business at one point on twitter and google, a point he's been making since this morning on twitter. >> absolutely, saying google is taking advantage of a lot of people and should be careful a very stark comment from the president. >> next week you're going to see the heads of many of these social media companies heading to congress. they'll be speaking there and taking questions and so a lot of
this is probably going to become front and center let's bring in eamon javers. >> his comments about google, i think in particular come from this tweet earlier this morning of which the president talked about doing a search of his own name and being unhappy with the results that turned up in that news search. this morning we saw comments from the president saying google and twitter and others ought to be careful in what they're doing. the president raising the idea they're somehow putting their thums on the scale ideologically of which views we have sarah sanders and larry kudlow saying they are looking into google news, but no specifics from this
administration in terms of what that actually means. e not putting their thumb on the scale ideologically. they want the best quality to come to the top of the search page is there a plan to investigate what's going on behind the scenes at google in terms of the algorithm, etis set raw, no real answers from that coming from the white house. and the president saying there maybe 2026, i won't be in the white house, and maybe we can extend the deadline, who knows >> but, of course, england will be holding champions there having won it in 2022. one serious question, if they do take on the social media giants and internet giants, how will that sit across the political divide clearly the tone in the last 24
hours has been based around political cover age in their new websites taking them more seriously in the news website, is this something concerning >> typically the republicans would say the u.s. should be hands off business and that market forces will fix that. if people aren't happy with the search results on google they'll go to bing or something else that's not skewed. now, though, i think there are a lot of people on the republican party on capitol hill who would follow the president's lead on this and who would be interested in an investigation, who would be interested of getting some answers from the people who put together a google algorithm. google has defend itself publicly here. but behind the scenes you can imagine their lobbyists are going to grind into it this
afternoon. >> thank you also to all of our guests on the closing bell exchange it was a very entertaining presidential -- >> worth the watch with the red card in particular. still to come the ceo at robin hood joins us exclusively to talk about the platform plus he he plans to compete with jp morgan's trading app. >> steven mnuchin laid out the next steps this morning on squawk box >> if not we'll move forward with mexico. this is great move forrailroad for trade. coming up we'll ask a top strategist about the odds of a canada deal coming through and
welcome back, everybody. treasury secretary steven mnuchin joining us on squawk box this morning when asked about trade with china mnuchin said an agreement may not come as easily as it did with mexico. >> if china just signed onto the same mexico agreement we'd have no problem and we'd have a surplus with china so these are not complicated issues these are not complicated issues, but they're not going to do that, but they have to open their markets.
that's what this is about. >> joining us now for more on these trade talks is dan clifton. dan, great to see you. before we get to china let's just address canada. do you think canada follows suit and if they don't, is that a blow to them or to the u.s.? >> so first, i think that canada will june suit, and i think they're going to join relatively quickly. they're kicking the tires around today to see where they could be an agreement they're going to have work out some dicy issues, but we do think canada will join and then congress will have to pass the bill. but if canada doesn't join that really sets up a bunch of sticky issue. does the old agreement we had with canada before nafta kick in, and what needs to get done before that? if that's the case, that wouldn't be so bad but the president would have to initiate it, and he would be
unlikely to initiate it canada walks away from a deal i think the consensus is 50-50 they will, and we're much higher than that. >> why, dan? >> well, first the steel and aluminum tariffs will come off as soon as there's a deal. second, there's a 16-year sunset for nafta. it was originally being talked about at 5 or 10 years which was unacceptable and third and i think is most important trudeau is down in the polls. >> or that he was forced into it, we'll see how that gets spun let's move onto chine wraua, dan how much harder, is it a totally different ball game and how far apart the two sides are. >> i agree we're talking ability structural reforms with chienla
china has tariff rates as high as 9%, 10% on their average goods. the u.s. is trying to bring those tariff rates down more in line with other countries like the united states and the european union that's a very difficult move for china to make since they're trying to create jobs with china. and second we're talking about intellectual property reforms, something that china says they don't steal intellectual property so we can't even agree on the facts. but overall we think we're moving to an overall agreement there's pressure on the china economy starting to build in the chinese were here last week and interestingly the u.s. dollar has softened and the chinese currency has strengthened since discussions have started taking place. overall i don't think we're going to have serious discussion until after the mid-term election these are very difficult issues to work out, and we may not even
solve these issues until 2019. the market is giving trump a very big leash on china. on nafta and european, you know, they're totally fine with the way the systems work if you reintroduce auto tariffs on european markets i think the markets will lose some of the trust that has built-up since the trump administration jaungz he's benefitting with china and solving the market issues, the market will be okay in the direction we're going right now. >> google and the comments the president just doubled down on after tweeting this morning that, look, there's going to be an account that has to come to bear what do you think happens with this is this for real or is this blowing off steam. >> first, the president is trying to put a spotlight on them and cites very interesting, becky, because last month the federal trade commission initiated a review of the fed tax forms and it was like page
16 of the newspaper. there were so many issues out there it didn't really get any attention. so there is an active review going on the federal trade commission is going to be the agency that regulates them they're reviewing it, and they're fact finding will determine the level of regulation but the president is making it very clear where he sees issues developing this is not just a republican issue. you have bernie sanders and elizabeth warren on the left talking about anti-trust issues, corporate power issues and talking about breaking these companies up into different issues it is a left, right populous combination and we think there's just greater -- risk reward enother technology companies rather than a social media platform all right, folks, let's
check in on some individual market movers today. shares of sears cereing on the expansion of the company's ship to store program sears autos nationwide will now offer full-service tire installation from customers who purchase tires from amazon you can see the stock up 13.5% today. >> it's amazing, though, to see the power of amazon first stage because we already go the benefits of it big big boost for them yum china trading higher after reportedly rejecting a buy out offer. "the wall street journal" says it was from an investor that -- the consortium as reported also includes kkr, bearing private
equity asia, and china investment corp. it's not the kind of consor chm that is reported is accurate right now it's time for a cnbc news update for that we get to sue herrera >> here's what's happening at this hour, everyone. hundreds of people in detroit lining up to say good-bye to the queen of soul. aretha franklin will lie in repose at the charles h. wright museum of african-american history today and tomorrow missouri becoming the first state to regulate the word meat. a new law prevents food makers from referring to plant based products or anything other than animal flesh as meat the issue is also being debated on a federal level as well strong storms and up to
6 inches of rain leading to more flooding in wisconsin just one week after a major floogs floas swamped the madison area more rain expected today and also over the holiday weekend. starbucks launching its pumpkin spice latte and frappucino today and nothing says fall-like a 90 degree day in august it marks the earliest beginning yet. i've always thought they should just offer it year round we'll see. >> it smells like fall to me and it's not even labor day. >> and the halloween candy is out. >> and they should have christmas pudding as well. >> oh, i totally agree with you. that is so delicious >> what is it? >> it's like oo sort of
fruity -- but it's basically laced with brandy. >> yeah, don't do it on an empty stomach. >> there's another way around it, which is just drink. sue, thank you very much >> 26 minutes left of trade, and we're sort of in the middle. the high of the day was 73 points, so we're up 0.1% s&p just high, but all four of the indic indices fractionally h new details on the production makers ipo plans the very first stock to list today reports its first public earnings after the bell. the ceo will join us right after
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robinhood raising its gain in the face of competition adding 25 stocks to its trading platform robinhid is also number 38 on cnbc's 2008 destructive 50 list. thank you for joining us >> good afternoon. thank you for having me. >> so the news for your side is you're expanding the number of stocks and the region of stocks people can trade on your platform >> that's right, yes we are adding over 250 global names to the platform to give customers more choices and more opportunities to invest in brands they love and also diversify their portfolios globally >> when you launched your platform and your product in 2013, it was a fairly unique offering, a free trade aspect of it of course that is a lot of competition more broadly in that space.
and the competition rose last week when jp morgan announced their own plans, 100 free trades a year across their platforms. are you fearful of that particularly in your trading space or more broadly because you mentioned a financial firm, does that stop you from doing that yourself snz. >> no, i don't think it stops us our goal is to be the world's best customer financials service company. we look closely at what customers want, try to make sure our customers are ridiculously satisfied with our products and keep adding things over time based on their feedback. we don't look what other companies in the space are doing as a way to drive products, and following the customer feedback has led us to expand the
platform dramatically over the past year. we're now available on all major platforms including not just ios and android but also on web. and with the addition of global stocks including the 250 we're launching today, we continue to add more options and more assets for customers to invest in >> who are your customers? are they millennials or are you going after some of the older folks? >> so it started off being primarily used by customers who are younger, first time investors. but over the past couple of years the platform's expanded dramatically, and we recently announced passing 5 million customers on the platform, which is almost double some of our biggest competitors in the brokerage space. and we've been the fastest growing broker of all-time so we're not only seeing first time investors using the platform, but also increasingly
customers who have started trading elsewhere, and the economic value proposition of being able to trade commission free across multiple assets via one place is so strong they move their activity over to us. >> the commission-free aspect clearly has worked very well for you, but am i right in saying a vast majority of revenue comes from your gold membership, which is a subscription service? >> we have diversified revenue streams. and if you look at the other industry players, other discount brokerages you see that commissions is less than 50% of their overall revenue. so there are other revenue streams in addition to as you mentioned robinhid gold, so as interest on cash and interest on stro stocks that we benefit from as
well >> am i right that on robinhood gold you offer a loan based on their subskrincriptions. is it purely pay the subscription and you can get quite amount a leverage for trading without credit check we do basic checks as part of the account onboarding process there's no additional credit check done when you upgrade to gold there are, however, suitability checks to make sure customers are suitable for margin. and yes, the product has been very, very successful among customers who predominantly have utilized it before at other platforms and are attracted to the competitive pricing. >> okay, vlad, great stuff thank you very much for joining us today co-founder, coceo of robinhood
you can read more about them on cnbc.com still to come this morning -- i forgot, it's not morning. it's afternoon still to comon "e ose thcling bell" airline stocks trying to push transports higher today push transports higher today we're going to break down what's you'll only pay $4.95. fidelity. open an account today. behind that move next on "the closing bell."
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all right, welcome back to "the closing bell," everybody. it's the afternoon check out shares of pot company till tillray. that stock is down today it was up more than 3% yesterday, and it's up about 130% just since the company went public on the nasdaq last month. till hp ray is going to report earnings after the bell, and we will bring you those results, get reaction from the company's ceo coming up just a little later in the show. what time did you say? 4:20 >> it should be around there it's been long overdue for those who have been invested in airline stocks to see a bit of momentum this summer some factors moving in favor of the airlines we're starting to
see some higher fees from some of the airlines. now, people may not like those fees but that's a sign of strong business you wouldn't be charging more for bags or for early boarding if you didn't believe you had the customers who were there who would say, sure, i'll pay for it and near term or business fair book wrr bookings, those are up around 8% the last couple of weeks what they're noticing in terms of the most recent bookings. >> what we've been seeing over the past couple of weeks is a strengthening of the overall business fairs we do a weekly fare tracker and business fares are um8% year over year. we're certainly very encouraged, and we've been talking certainly to airlines as well, and there's really a consistent theme across all the airlines, and that is demand is nicely in balance with
sfl supply >> another factor helping the airlines right now is jet fuel you might look at this and say it's up year over year, yeah it's up year over year but it has moderated over the last several months an example what we're seeing not with all of the airline stocks but a number of them they have moved higher considerably especially over the last few months. airlines for america out with its labor forecast for the weekend and expect to be very bullish in terms of what they're expecting in terms of demand >> all right, phil, we'll see you tomorrow morning in the meantime though, sticking with transports martin is going to announce plans tomorrow for an ipo. >> james bond car of choice is indeed going to go public.
aston martin going to announce tomorrow, the listing would highlight the dramatic turn around from a money losing also brand in the profitability market revenues topping $1 billion, profits around $240 million. the company based in england has succeeded a lot of high powered, high-priced new models like $300,000 dbs super lagara. now, the company filed for bankruptcy seven times since it was founded since 1913 ford took control in the 1980s and then sold it in 2007 to
private investors. its main current shareholders include an italian private equity fund and two kuwaiti funds. they will be happy to finally cash out on this investment. >> it's only a display model it's not even drivable >> no, no, no. they're making 25 of them and they're over $3 million. and they will be drivable but -- >> but not road worthy >> but the guns and the ejection seat and all that stuff probably won't be functioning as they did in gold finger >> anyway, getting back to this ipo, when ferrari ipo, there was a question whether it could be driven with companies so high-priced. what do we expect.
>> it's a great question remember when ferrari went public the big question was whether sergio could convince invests should be valued as a luxury brand that have a much higher multiple. and people were skeptical but over time as you mentioned the stock price has doubled since ferrari went public. it is a margin brand aston martin will have to prove the same thing the problem here is all these companies, they're all launching suvs over $200,000 it's a brand new market. and with so many of these companies piling in including aston martin and pinning their growth on these high-priced suvs, we don't know if that market will be big enough for these countries to grow into
>> do you have one >> no, i'd love to have one, though the great car makers, aston, bentley, land rover they are still made in britain but they are still owned by farmers unless i bought all the stuck up and then it would be owned by a brit, but i don't think i'll be able to afford that. we'll diefbl into one boy, options fees? are you raising your hand? good then it's time for power e*trade the platform, price and service. that gives you the edge you need. alright one quick game of rock, paper, scissors. 1, 2, 3, go. e*trade. the original place to invest online.
it is time for the quote of the day. earlier on squawk alley the author of a new book called "winners take all" laid out his thesis there is something fundamentally wrong with the way americans setout to change the world through philanthropy >> the question i would ask is that philanthropy solving deep problems, or is the philanthropy actually part of keeping people just calm enough, keeping people feeling like elites are helping and actually perpetuating a system that allows the winner to
take all, to monopolize progress >> it argues aggressive government policies to protect workers and make education and health care affordable would bring about real change. >> such a cynical view of people giving their money away. >> listen, that's a wide angle i have an interesting angle on charitable giving in the u.s. and it all stems around the tax break you get, which you don't get in other countries necessarily. and it means if you're super wealthy at least part of the money you're giving is a redirection of capital away from taxes, which could be going to health care, education you could argue how beneficial this has been, and i think if people are giving over and above that level, clearly that's organic capital they're giving away but i do think there are certain causes, and i'm not going to pick and choose them, where you could argue education and health care is more important if you didn't have that tax break then clearly everyone would be getting the amount they
deserve. >> that's a fair argument. but the lot of the wealthiest people that are giving away money don't get anything near that what they're giving and we're going to see how average americans are willing to be generous if they're not itemizing. itemizing. we'l for the most important part of you... your brain. with an ingredient originally discovered in jellyfish, down to improve short-term memory. prevagen. healthier brain. better life. tap one little bumper and up go your rates. what good is your insurance if you get punished for using it? news flash: nobody's perfect. for drivers with accident forgiveness,
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there goes the bell. we didn't have any time to sum it up, but we are just higher on the dow, the close just lower on the s&p. there we go. becky, back to you welcome to "the closing bell," everybody wilf will join us in just a moment but let's talk a little bit how we are finishing the day on wall street you're going to see the dow jones industrial average ending up but ever so slightly. still green arrows after a very strong run wave been watching very closely s&p just up fractionally as well, and the nazdic up higher as well. nasdaq closing above that today, looks like it's closing at
8,030. also the russell 2000 looks like it's at 1728 hpe, box and tillray, the ceo will join us to talk about the company's results on a first cnbc interview, coming up in just a few minutes joining us today the cnbc senior markets commentator mike santoli who's been working a very long day, kerry firestone and neil hennessy from hennessy funds. leading the dow today, wal-mart. that was the biggest gainer. up 1.6%. boeing was the biggest laggard down 0.7%. best buy was the big decliner, and we're going to talk about all of these things in just a moment but obviously best buy, a big
issue wave been watching closely with the retailers mike, you were there when the numbers hit this morning >> that's always the pattern, and i think it doesn't really change the overall take away in terms of field position in what's the expectation was, and of course the guidance i think overall a decent picture. it's interesting, we got kind of used to this familiar pattern with this market, which is it kind of reprices to a higher level and then kind of sits there. what we have are new highs and also round numbers this happened at s&p 2800, 2900, 26,000 for the dow i don't make too much of that, but it's a calm week i think it's the kind of thing just hanging out there at record levels is okay, even if we're a bit stretched in the short-term.
s&p up almost 8% year to date. almost all of that coming in the last two months. >> pausing, but we do have breadth in the market and we do have slightly smaller volumes. sentiment overall? >> i would say it's slightly difficult to gauge the temperature of the market. as i was walking over to the studio and it's 100 degrees out on one of the quietest days of the year but we obviously have had this breadth since the beginning of july where you see seven of the sectors of the market up over 5% and that contrast tuesday the first half of the year where if you took out technology and a couple of other names such as amazon and netflix, you would have a flat to down market so where you're seeing much better response to the strong earnings the second quarter was up 26%, and investors really liked that and they liked the fact that the
consumer is spending more money. >> what do you think we can talk ability the wall of worry that the market is blind, does that make you feel better to have it here? >> i look at the underpinnings of the market are very, very strong are we going to have a correction, probably we've already had 18 to 20 corrections with the most being 15% and 0.75%. they were very short-lived but the underpinnings of the market, you're talking about corporate earnings, the cash on the balance sheets, the dividends being raised, the buy backs, the mma business, low interest rates i mean everything is there for a continuation of a bull market. >> is that an argument to tell people don't wait, go ahead and jump in now because it's here and if you blink you might miss it
>> it's sort of like a small town where if it's quick you say where did it go, and if you hold on, you're going to be fine. >> let's talk about the yield curve. it's been steadily declining and many investors worry it could be a red flag for the economy earlier today treasury secretary steven mnuchin appeared on squawk box saying those fears may be overblown >> i for one am not concerned about the yield curve. i don't think that's a predictor of economic growth i think it's a market condition and for now having a flat yield curve with us issuing long-term debt is something we're perfectly content with >> it was a very good interview there, becky mike, in terms of more and more voices, whether it was jamie dimond recently, whether we're talking to larry kudlow, they're
not that concerned >> not too concerned at least at this point at least knowing all else that we know. i guess it's probably worth mentioning that treasury secretary mnuchin, it's not an alien concept to him to think about the relationship between different yield maturities that have some meaning. i do think it's dangerous to explain it away entirely when we were on the danger of recession most likely the yield w curve will be flat it's a very imperfect signal and there are extenuating circumstances. >> the fed president said because he's worried about the inverted yield curve as a reason, he doesn't think the fed should keep raising rates. i asked mnuchin about that directly he said no, don't interrupt that, he's just making comments about the yield curve itself >> sure, i agree with that i think it's a little bit funny
to say when we get to a point of being at risk of recession, it will be a flat yield curve, therefore i won't do anything to make the yield curve flat. i get where they're coming >> box earnings are out. let's get to josh lipton he has the numbers >> box reporting a loss of 5 cents versus 6 cents that was reported group paying customer base to 87,000 as for the guidance they're looking for q3 here a loss of 7 to 8 cents that's a bit wider than expected on revenue 154 to 155 billion. that's basically in line frch for a year a loss of 18 cents, narrower than the street was looking for on 606 to 6$608
million. the big topic of conversation for these calls is achieving that run rate by a the back half of fiscal '21. asked him about that guidance, and telling us me we expect more of a ramp up for the second half of the year. we do expect billings to be pretty strong in the back half of the year. specifically with drop box and that team and saying we're still in pretty separate markets at this stage, he says. the consumer space they're dominating we don't play there box also this week is going to host its box works conference in san francisco. stay tuned for that. back to you. >> all right, josh, thank you very much. the stock look like it's been bouncing around.
so tag you're it >> yeah, i mean don't know how to read it necessarily cloud and software in general have been strong don't know is this the kind of stuff that trades on billings, top line momentum -- not trading on much of the financials at all. >> these companies, is it competitive in terms of them pushing to get to revenue yet making a loss. is it going to be hard for them to ever make real money? >> well, that's a good question. i think what mike is saying, it's about expectations of revenue growth and how much they're penetrating the market this quarter doesn't give you a lot of certificatisatisfaction they were right in line, i mean almost exactly in line there was one penny difference of all the numbers that we've mentioned, one penny difference. so i would say it's a little
disappointing. and in order to really move into that premier spot, i think that they had to do more. so now it's going to be a wait and see game for the next quarter or two >> we've got some more earnings out. it's hpe now >> and shares of hp are on the rise the company beating street expectations handedly 44 cents adjusted versus street expect asians of 43 cents the company has a new cfo and the stock is up over 2%. but up about 17% so far this year following the big run we've seen in technology back to you. >> seema, thank you very much for that bike, nice jump, and kind of the
story here the company is in that value growth. >> it's a matter of the market's taste for this kind of thing there is a school of thought that says capital spending in this age is about businesses buying computing power i mean theoretically if we're going to have those budgets flush theretsically here, but not sure we can read that ip >> i've always liked value the difference mike was talking ability you're look at box over here everyone wants to hit a billion dollars and lose money that doesn't make any sense to me the problem with a company like hewlett-packard or any of these you can't value them tesla, really, why would you want to own them for the long-term? i think you're just risking way too much
it's not worth it. >> let's move on and talk about some of these retail earnings that we had earlier this morning, which of course came out on squawk box. dsw skyrocketed some 20% or so best buy, though, closed lower mike, i ges fw guess best buy lower because of the guidance. the interesting thing to me when people are chasing after this amazon type ground, the stock has been a strong performer and then it starts to get a bit harder they can't go head of those, and now dsw is going higher. >> i don't know if best buy is just hitting a wall in that
process. >> i was saying those were not easy moves when they made them in hindsight it looked like it was pretty easy, but there were so many people doubting, and i wouldn't write them off just yet. >> and the complexity of the problems have been to our benefit. >> all right, folks, we've got more earnings out. till hp roy out with its first earnings report as a newly public company seema, what's going on becky, that is exactly right. till tillray reporting a sharp revenue up it did see its net loss swell to 17 cents from 1 cent the company is in expansion mode signing an agreement to supply adult used cannabis to consumers
en17 used territories and continues to sell more product a year over year increase of 97%. it's been a high-flying stock, as you guys have been talking ability. the first cannabis trade to trade on the nasdaq last month guise, back to you >> seema, thank you very much for that joining us now to break down the quarter and the recent news for the company is the ceo of the company. thanks for joining us. well, go ahead, what's the headline for you in terms of the direction you're heading and clearly some decent revenue growth but when can you be profitable >> we're thrilled with our second quarter results the fundamentals of our business are strong revenues increased 95% year over
year we're increasing our capacity about 1,500% this year 15 times between the start of the year and the end of the year and our products are now available in 11 countries on five connentinents. >> clearly the stock has moved around today, but moving a lot more around than yesterday and that was news on a stake of being taken by the nova scotia liquor corporation talk us through what they can add to what you have to offer? >> that's a supply agreement we've been signing supply agreements with various province and territories. we've signed one with ontaylor yo, quebec, nova scotia, and the
yukon territories. we plan to sign additional in the coming weeks >> whether it's you or a rival, similarly the traditional tobacco stocks, do you find there's lot of interest and there's a lot of takers at the moment >> cannabis globally is disrupting the to some extent the tobacco industry >> okay, brenden, you might not be able to talk about whether deauggio has approached you or not, but which of your products is your favorite
>> we export a product to australia that is two parts phc to 100 parts cbd, and that product is used for children who suffer from severe pediatric epilepsy that's my favorite product because when i receive notes from mothers and children who suffer from epilepsy it makes me very happy >> just a big question where the industry might pea going a lot of excitement about different aspects of it, the applications of this whole product category i'm wonder, though, as a ceo of a business, how do you prevent essentially just becoming another commodity company or is there intellectual property down the road to save the company from being just an additive or a pure commodity >> once in your lifetime if
you're lucky you'll see an entire industry emerge from scratch seemingly overnight. wheel at first look you might want to judge companies in the industry based on agriculture or growing a commodity of product, i think most products will be informed factors that look more similar to other pharmaceuticals or cpt products. they'll drink a product that has zero to few calorieand no hangover and they'll drink it instead of a beer or a bar at their homes they they eat a product in the form of a consumer edible or chocolate appeal
>> brenden, i wanted to go back to topic of whether you're a take over or whether there might be significant investment. the net loss has widened year over year. so are you in need of that capital and would you welcome it from an outside source if available. >> we're aggressively expanlding like i said earlier, we're expanding our investment 15 times throughout the year. so many companies and so plane ert industries are in desperate need of growth, and this is high growth industry emerging rapidly not only in cannel dubada but ad the world. >> the stock is up 4 perls after
reporting earnings >> he was coy about it, but, look, the key mover on this is deauggi or another major player. you could be looking at where there's a huge emerging market or a crack down on the market and prohibition returns. >> first of all, to some extent it's regulated right now and some more regulations are going to come in if you're going to buy a company like this, you should also hedge your bet and buy mcdonald's because you're going to be eating a lute. >> and talco bell. >> but is it going to drive the black market out of business because regulations, is it going to be cheaper to have that bag -- the real question is can
they make money? and i think the big boys are going to get into it and buy them they're going to have to because like he says it's a new market after prohibition. >> thank you to our closing bell exchange all right, folks, president trump turning his ire. and later one wall street firm says mcconlds could jump nearly 20% it has nothing to do with our last guest, though it has all to do with technology technology "the closing bell" uhhh and i was wondering if your brokerage offers some sort of guarantee? guarantee? where we can get our fees and commissions back this short break
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this is staying connected with xfinity to make moving... simple. easy. awesome. stay connected while you move with the best wifi experience and two-hour appointment windows. click, call or visit a store today. quem back. president trump warning facebook, twitter and now google at a news conference last hour julia boorstin joins us now with all the details. >> that's right. president trump lobbing another attack at google and its peers take a listen. >> google has really taken advantage of a lot of people, and i think that's a very serious thing and it's a very
serious charge i think what google and what others are doing, if you look at what's going on twitter, on facebook, they've got to be careful because you can't do that to people we have tremendous -- we have literally thousands and thousands of complaints coming in >> this after this morning the president tweeted that google and others are suppressing voices of conservatives and, quote, google search results for trump news shows only the viewing reporting of fake news media. now google issuing a statement saying, quote, when users type queries into the google search bar our goal is to make sure they receive the most relevant answers in a matter of seconds, every year we issue hundreds of improvements to our algorithms to make sure they surface high quality content. this comes after on friday president trump lashed out at
silicon valley saying social media giants are silencing millions of people and all of this as google, facebook and twitter prepare to testify on capitol hill next wednesday. wilf >> julia, thank you very much for that meantime we've got a news alert on the fed >> that's right. we're getting some news now from capitol hill where the senate has just approved richard, the president's nominee to be the vice chair of the federal reserve board of governors that approval just happening over the past couple of minutes and comes at a time when the president has been overtly critical of the fed strategy and questioning his own pick for chair of the federal reserve board of governors it comes at a fascinating in the tension between the president danes and the federal reserve, guys >> mike, increasingly as more people get confirmed, are we
going to see a more dovish fed, are they going to listen to the president? >> i think the vice chair role especially with somebody with the experience that for pimco, it's a capital markets expertise. so i don't necessarily know he's stacking the committee in any sense. this in particular is an appointment that's more about kind of know how in the industry >> i thought he was already approved >> all right, folks when we come back the trade war hilting one energy company hard to the tune of $40 million but first shares of mcdonald's trading higher after one analyst says the customer experience revamp is ping f.ayof weigh in on that call and whether the stock is a buy,
welcome back let's have a look how we finished the day on wall street, which was essentially flat slight gains for all four of the major indices. finished up 14 points, the sector that topped the list was tech, and at the bottom was materials after a strong performance yesterday. >> also taking a look at some of the names that have been moving on earnings after the bell, too. hpe, let's take a look at that first. that comes after they beat on both the bottom and top lines.
you can see that stock is down about 2.75%. the real issue there has been deaggio, are they going to be taking a stake in the company or not. the ceo said he does anticipate some interest in the quarters. let's get to some of the other big stories today in our rapid recap. >> the u.s. marnket and the canadian markets are very intertwined. it's important for them to get this deal and it's important for us to get this deal. so i think we'll be successful but again if we don't we'll move forward with mexico and then we'll reach a separate agreement with canada. >> both sides, canada and the
united states agree to really negotiate? mexico is already there. i think we can get there this week, i really do. the company reporting a beat on both the top and the bottom line comparable sales up by 8% compared to the 5.7% analysts had been forecasting tiffany also raising its full year outlook >> google is issuing a statement in response saying in part, quote, search is not used to set a political agenda and we don't bias our results toward any political ideology >> another lofty number. 133.4, big time lofty. that usurps february, which took us back all the way to november of 2000 on a comp. >> youum china has rejected a b out offer. >> google and twitter and facebook, they're really
treading or very troubled territory, and they have to be careful. >> i'd say the story of the day for me still is this issue whether canada or not will fall in line, and how optimistic people think they will, and yet china is still the story >> i think you're right. i think what's happening right now is the united states is kind of lining up all of its partners to see if they can get them in line before they push a harder line when it comes to china. good news yesterday or mexico one day boost. >> i don't think nafta was a point of major anxiety except at individual companies and sectors. if china is really going to be a back burner, i don't know that the trade headlines day to day are going to be the big swing. >> time now for your nbc news update >> here's what's happening at
this hour, everyone. a new study suggests hurricane maria killed twice as many people in puerto rico as the government first initially estimated. george washington university doing that study tracking when thetalities through last year through february the number of almost 3,000 dead should be the new official death toll he said fao shorts is coming back to new york city. the iconic toy store planning to open a new location. the store plans to compete with the online toyretailers creating an in store experience including having employees play that giant piano like tom hanks did in the movie "big. they call it paving for pizzas they ask customers to nominate their towns. dominos donated $5,000 to the town to help in that effort.
and a fan makes a great catch, but then what we did next wasn't so great that's disgusting. he drank the beer with the dirty ball still inside. >> that's all right. the alcohol will kill it >> i was thinking he just had maybe a few too many beers before that beer >> i watched a woman do that a month ago. you guys remember that >> it's the most wriggly field thing you'll see this week but they rub a certain kind of mud on the baseball. >> and sometimes they spit on it >> oh, well. >> we're all germphobes. >> now that i've got you grossed out, i'll let you get back to your show. we're going to talk about mcdonald's the change remodeling efforts along with strong user growth for its modeling app
we've got fast moeny traders brian kelly and tim seamore. tim, do you own this stock >> i've largely stayed long. in fact, i am adding on weakness >> you're adding on weakness the stock is down versus s&p being up 8% year to date what's going on? >> i mean, becky, i think people are concerned about a couple of things first of all, there's no question costs are going higher in the fast food space and i think margins error are being stretched a little bit i think steve easternbrook is doing a great job. the worst part of the mcconled's images are the health images, which haeb been very hip they're refranchising which we talked about in the lead in, the kiosks and then you get into
fresh beef and at 20 times this is not an expensive stock. >> just to add to that, the one thing jeffrey talked about today was the app and getting some traction if you look at the other kind of apps in the quick service restaurants like dominos, when they got some traction on their app the stock really took off. i look at mcdonald's basically on the better side since february that to me means none of this is priced in yet, so i actually like this a lot. >> how can i go from bk initially go to mcconldonald's >> i didn't say i eat there. i said i like the stock.
>> let's discuss, and much more of course to come. now planes all american is on the hook for a new tax on its new pipeline thanks to the trump tariffs. leslie picker is on that story >> that's right. there are thousands of steel pipes in this staging yard each of them is stamped with the same words, made in greece we'll tell you why this imported steel is creating a $40 mill wherein health care for this wherein health care for this american whereithat means poweringhis americmore devices, more video conferencing, and more downloads in seconds, not minutes. get fast internet and add phone and tv "the closing bell. comcast is building america's largest gig-speed network to give small businesses more. call 1-800-501-6000 today.
like a month, tops. oh boy. wi-fi fast enough for the whole family is simple, easy, awesome. in many cultures, young men would stay with their families until their 40's. plains all american it paying a hefty tax on its newest pipeline because of the trump administration's new tariffs leslie picker is in grand falls, texas, with that story >> that's right, plains all american ordered these steel pipes from a greek mill back in december, and yet by the time they arrived on u.s. shores six months later they were subject to a $40 million tariff. plains sought relief by arguing pre-existing contracts should not be penalized and the steel they needed could not be
supplied by domestic manufacturers. tens of thousands of exemptions just like this one have been requested. many are still pending plain's was rejected many in the u.s. energy have raised concerns that u.s. steel manufacturers are not able to provide the necessary supply to keep up with the demand from the energy industry. they also say that the exemptions process needs to be more stream lined. >> we have tremendous needs in this industry. not only for larger diameter pipe, which is not manufactured, not always manufactured here in the united states, but also for the specifications of that steel. the exemptions process can be a lot more transparent, and it's that arbitrariness to the exemptions process that we see as a biggest failing right now >> in a statement to cnbc the commerce department said the exclusion process has been fair, open and transparent, guys >> all right, leslie, thank you
very much. when we come back the u.s. reaching a trade deal with mexico yesterday up next senate finance committee up next senate finance committee senatothat. jj, will you break it down for this gentleman? hey, ian. you know, at td ameritrade, we can walk you through your options trades step by step until you're comfortable. us from wall st. to main st. hey guys, wanna play some pool? eh, i'm not really a pool guy. what's the hesitation? it's just complicated. step-by-step options trading support from td ameritrade
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senator bill cassidy from louisiana. a very good afternoon to you, senator. thanks for joining us. i guess the reaction to this has been somewhat split on capitol hill on a number of issues firstly as to whether it can be approved as things stand, whether canada join or not and whether this is successful deal. what's your take >> we haven't seen the bill yet, so when we see the bill we'll know i personally think trade is better louisiana has a positive balance of trade with mexico and because united states and mexico cooperate on trade, we also have more cooperation on issues such as immigration and illegal drugs. so we'll see, and whether it passes, there's some question as to whether or not a bilateral deal would be different than a trilateral deal. would it be a 50 or 60 vote threshold, i think those are some of the issues to work out if it turns out to be only u.s. and mexico >> more broadly, senator, do you see this as a sign the president's tactics on trade are
working and do you congratulate him? >> again, we have to see the final numbers. but as i see the broad outlines of the plan i think it's good. and both the increased content has to come from north america as one example the preservation of markets for agricultural goods is another example important to my state. i think there are are some goods and we'd like to see the final >> if we could make some sort of agreement with canada, with mexico, perhaps with the eu we could then really focus on china? >> clearly china is the real issue. an important trading partner who will tilt it towards the themselves to the development of our economy and workers clearly that is where our focus needs to be >> and what kind of tough line do you think we should be taking with china are there issues you need to see front and center does it come to protecting ip? >> that, sometimes we hurt
ourselves. i just had a bill introduced that the administration is implementing by executive order. as it turns out the way our postal system works, it was cheaper to send something from shanghai to shreveport, louisiana, than to send it to boughten rouge to shreveport, louisiana, and that was because of postal policies governed by u.n. treaty. that's gone now. that's a good thing it's gone. we're encouraging companies to setup in shanghai than setting up in cleave port or any other city in the united states. i'm pleased to say our effortsoon that have come to fruition >> i mean those types of issues aside which of course seems like a bit of market inefficiency, on the one hand you have a president who's very fixated on the goods based trade deficit.
on the other hand, a lot of people who have looked at this scene for a while say it's really about intellectual policies and technology transfer and structural things are going to take a while to have any big impact on the trade flow >> i think all of that is an issue, but the fact is china will bend any wto regulation to their advantage, and that is a disadvantage to our workers. including subsidized goods and sending them to third countries in an effort to evade direct tariffs against china. now, that is wrong and clearly the president has to have a tough line. by the way, i don't see china as the enemy. i think they're a trading partner, but they're a trading partner to do everything to their advantage. that has to be corrected >> senator, thank you very much for joining us this afternoon. now taylor swift has a reputation as a savvy businesswoman, and one of her biggest career moves is coming in the next few months those details next in today's
time now for the takeaway that could soon be a nasty proxy fight between doeb. the company is expected to announce thursday it will not be selling itself after completing a three-month strategic review lobe's urged campbells to look for buyers in a public filing earlier this month mike, there was always a lot of vested family interests that needed to be convinced for this. >> the founding family trolls about a third of the company and reluctant to sell the company. i think dan lobe may be his approach is there's a buyer willing to pay a premium
it's not clear if you look at the numbers. $10 billion of net debt on campbells. you don't have the likes of kraft heinzton pay 20i something billion dollars all in for a declining business it's not clear how many great options there are at this point besides selling some businesses. >> not the first product company where you've seen an investor get involved let's talk about dish and al tease on the sprint t-mobile merger plans today in a filing, dish network said it would be beneficial for consumers and competitors if sprint stayed separate al tease expressing concern a merger would change the relationships the company has with current wireless partners mike, what do you think? >> not surprising the players would say we would prefer not to see this strong competitor out there. we need to get together to afford the 5g investments for
the next generation of wireless service which could displace cable on some level. if you're al tease, you don't necessarily want to see that happen with a third player i'm not surprised they would like to step in the way. >> the variety reporting taylor swift could make music business history when she becomes a free agenting in the november her reps have started early discussions with other major labels she could get up to $20 million per album as part of her next deal hot property, no doubt there's talk she could go it alone without a label at all which surprising this day and age with all the flexibility how you release your albums someone hadn't done already. >> you wonder if that's under consideration. labels probably need her more than the other way around. distribution still matters it's interesting the free agency analogy, if it holds up, a lot of times a great player like
this becomes a free agent and the labels will overpay. the teams will overpay because of what's happened in the past how many artists have had their best years in their 30s when they've been such a superstar in their 20s? trying to provoke willie. >> i don't know. >> has she peaked? >> no, never going to continue koik this forever. >> taylor swift lover? >> i am indeed went to a concert. it was great i was the only man there not with his kids or under the age of 10. >> and who was taller than 6'5". it was well worth going. we'll see what happens. >> now, when we come back, we'll break down some of the key after hours movers >> thank you it, tune into squawk alley on thursday, i'll have an interview with warren buffett ahead of his lunch with the winner of the glide foundation auction
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nasdaq listed pop company trading higher following the company's first earnings report. it nearly doubled revenues from the year ago quart, up 14 much 5%. >> box following despite a beat on the top and bottom lines. the ceo telling josh lipton he expects billings to to be strong the stock is now down 4%. >> amazon plans to launch a freeh free video service for users of the fire tv devices and shares of roku traded about 2% lower on the back of that. >> another day, another free service that amazon is offering prime members. >> is it even to prime members >> fire, that was the -- roku is considered to be the third party. could be the integrator of all the different apps >> customer after customer. >> amazon was up today google and facebook down on a strong day for the nasdaq. the president's comments didn't
help, touched a raw nerve. >> the trade momentum easing today compared to the day before that is it for "closing bell." becky, thank you for joining us. >> it's been a fun day. >> and the two of you reunited in the morning. >> get to get out of here. >> exactly >> sadly >> liar? >> that does it for "closing bell." "fast money" begins now. >> fast money begins now live from the marketsite overlooking times square, i'm melissa lee. tim seymour, guy adami president trump amping up rhetoric taking on the social media giants, google, facebook and twitter. what does it mean for the stocks the details. check out shares of till ray, the pot stock on fire, smoking hot after its first earnings report the ceo just said something that's got tim seymo