tv Power Lunch CNBC April 15, 2019 2:00pm-3:00pm EDT
i think it's a healthy thing. >> thank you for joining me. good to hear from this new jersey, maybe not so much. jonathan williams is with alec that does it for "the exchange" everyone thank you for joining me i'll join tyler in a moment for "power lunch" which begins right now. >> kelly, thank you very much. we will see you in just a moment welcome, everybody i'm tyler mathisen and new at 2:00 today, the president keeps hammering away at the fed and now, there are new warnings about the impact this constant pounding may be having chip stocks on a tear up 30% so far this year but is there a lurking fear factor that could stop the chip charge and speaking of charge, tiger woods historic charge at the masters. we'll talk to one company that's been cashing in. "power lunch" starts right now let's bring you up to date on how the markets are doing right now and lower across the board as you see right there the dow industrials down about
21 points. goldman sachs and boeing on the dow accounting for nearly all the losses you see right there kelly? >> fire is tearing through notre dame cathedral in paris. let's get to sue herera with the latest, sue. >> reporter: that is a shot from bfm television, wider shot from further back in the city we, last hour, were talking about whether or not the spire had fallen reuters is reporting it has, but we are seeing it on some video we don't know whether that's a live feed from them or tape but we're still working on that. the spire certainly was completely engulfed the last time we looked french president macron was scheduled to address the nation on a completely separate issue tonight. he has cancelled that and there are reports that he is headed to the scene. they've evacuated the entire neighborhood around notre dame the ceiling and the roof of the cathedral pretty much completely
engulfed at this point we know some of the artifacts outside of the cathedral were removed just last week because this is a $12.5 million renovation project that the french state has been financing and so they wanted to repair and restore some of the artifacts. if there is a little bit of good news in such a tragic situation, it is that some of the artifacts when you go to visit the cathedral, you would be seeing, they've been removed offsite, but it is an extensive fire and pretty much burning. >> holy week too >> very crowded. other than christmas, this is the busiest time for notre dame. we just had palm sunday. yesterday and easter, of course, is coming up next sunday and as a result of that, basically, they had their hands full and
evacuate around the cathedral as well you can see on some of the live shots, we're taking their live coverage, bfm's live coverage, so we basically have to take the shot they give us but there are huge crowds around the cathedral and trying to do some crowd management on top of all of that >> on an island as well. we'll key you poep you posted o. there was an exclusive interview earlier today. he was thinking economics are pretty good and you've made some headlines, steve. >> pretty interesting interview. chicago fed president said the fed should not be cutting rates in the near future evans sees an extended period where the fed is on hold through the fall of 2020 >> for me, that's to help support the inflation outlook and make sure that it's
sustainable. so a little bit above, that would be fine too. >> get ready for a fed for a long time. gdp this year in round 1.75. president trump doesn't agree. criticized the fed over the weekend. if the fed had done its job properly which it has not, the stock market would have been up 5,000 to 10,000 additional points we assume those are dow points, not s&p points and well over 4% instead of 3% with almost no inflation. quantitative titlening w tight inflation. quantitative titlening w tigeni killer all he can do is watch the data and work towards the dual mandate of maximum and price stability. >> people will criticize but as long as we continue to look at the data, can explain it relative to what we're supposed to be doing, we just have to accept criticism and if you're in this and you don't have a
thick skin, then you have to consider how to get or grow a thicker skin >> mario dragi weighed in saying trump's criticism concerns him and might undermine the fed's independence >> i was just going to say, fall of 2020 is a long time off and now part of the conversation >> the fed may not be doing things it doesn't want to do because it can't be seen >> it's the number one tool, even more so than the interest rate policy.
>> i just went off kelly kelly is a smart, the fed, you think it's okay the president say these things >> no. but i'm not sure they've suffered any loss of independence from it >> i think if it's a close call, i think it gets into a very tricky place for the federal reserve. >> yeah. >> and i think december was potentially a close call >> all right steve, thanks. >> what will the impact be on the market as the fed's independence may be called into question sharika mar, global strategy and strategist with national securities good as always to say. does it concern you and is it blu
blunt. >> repeatedly from 1948 on ward and had the martin, lyndon johnson and in 1971 to '73, with my economics department chairman, ottaw otto burns. the president will do what he would have done and it is up >> do you see a set of circumstances under which the fed chair would resign >> i can see a situation when he would resign, yes. if he gets browbeaten two or three times a week on a regular basis, especially if they were ever to increase interest rates, god forbid by 2020 elections, i think that the drum beat to try to get him out of office would be great not as if the president can fire
the fed chairman, he cannot. but he can make it extremely uncomfortable to occupy that position that is it in the other point here is that chicago president charles evans told steve earlier today also that the fed did not make any mistake with the december 19th move part of the reason why the fed loses credibility is that it never accepts error. never makes a single mistake >> the fed thinks that >> the fed thinks that and if you do and december 19, he wants to have two rate increases in 2019, and with the balance sheet being on automatic move, january 4th, he pivots >> the presidential pressure he
was under. >> i don't think so at all i think he brings up pretty interesting points there's never been a president that's really loved what the president is doing under their tenor and that's the case. when he talks about this and the way it manifests now is social media, so the president doesn't have an unexpressed thought on every topic and unfortunately, the fed is one of those topics i think we need to sit back and say, what did trump say before he was president and how were his feelings about monetary policy then and how do those change this is more political than anything else. move on to the next issue. i think the december pivot in january had a lot to do with economic conditions around the the globe. we saw significant slowdown in chinese economy and we saw financial conditions get worse not better a market that sold off precipitously in the month of december think back to how we felt about the world in december and how we think about it now and certainly are in a different place the fed has done a good job of
being transparent but clearly neutral. >> going back to your point, you're saying, look, they changed their minds and in two weeks, say, maybe we made a mistake. we misread the situation but since we're not hearing that, they're kind of going through these gyrations to kind of justify it. is it fair to say they listen to markets, leaving the politics out of it for now and if so, what is the message for markets right now? you still cannot raise rates at all, what happens if the stock market goes up another 10% or 15%, will they take it as a signal that it's all clear again? >> great questions, kelly. let me answer you in two parts yes, they responded to the markets, especially from december 19 through the end of the month. and that is what caused the pivot. but the fed's mandate is supposed to be employment and inflation. it is not responding to the markets. second, if you are going to give up on your rate increases and then help the market go up, it creates moral hazard it tells me that the fed is
going to be providing me and i can keep pushing up equity prices because if there is a correction, the fed is going to support me and those, that is the risk that they are running those to me are a lot more important than president trump beating up on them on a weekly basis. this is the more important risk the fed is running today >> art, you could argue, i guess, that the reason why they listen to markets is because they have some information about the economy. so if the message is, hey, there's no inflation as we've continued to see in these readings, not picking up, not accelerating, overreacting, snuff out the recovery are they listening to that as a data point and a cue that they don't take the policy? >> i think that's a really good point and at the end of the day, we like to think the fed listens to the market more than it does and the fed listens to the economy and that's what it's supposed to be doing economic conditions got worse and the beginning of the first quarter of this year
i think one of the points to get back to, we talk about them taking rate hikes off the table. that forward guidance, that needs to go away in and of itself so when we look back at the cycle of this current cycle, the fed, the only time the fed ever hit was last year and now we're talking about, oh, i can't believe they've taken rate hikes off the table when they really haven't meant anything to us until last year. i think we take that too seriously and should really think about what the fed is working on no rate hikes or cuts on the horizon for this year because they're neutral but they're data-dependent if the data improves and that's what the market likes to see they have to raise rates sooner or later >> thank you very much good to see you and art hogan, thank you as well. another airline announcing plan for the boeing 737 max. and just like you told us, phil. >> we were waiting for united to make some type of announcement we thought perhaps tomorrow when earnings come up, take a look at shares the company saying it will cancel its flights that were
scheduled for the 737 max. 14 of them they're cancelled through early july they did not give a definitive date but in making this announcement, united putting out a statement saying, essentially, we won't put our customers and employees on that plane until regulators make their own independent assessment that it's safe to do so. so united cancelling plans to fly the 737 max at least through early july remember, we already heard from american and southwest they are not going to be planning on flying the plane until after august 1st don't be surprised, guys, that this, you know, could be edged out a little bit further as we wait to see how long it takes for this plane to be cleared by the faa and ultimately return to service. >> phil, thank you very much philip lebeau. coming up, tiger woods making one of the greatest comebacks in the history of gulf with the masters victory that winning ball could fetch upwards of $200,000. the ball that he pulled out of the 18th hole. 200 grand on the auction block
a massive fire is tearing through noter dam cathedral in paris. sue herera has the latest for us sue? >> as you look at that live coverage from bfm television, we can tell you now and we will be showing you the footage in just a moment that the spire has indeed collapsed and there are reports on reuters that the entire roof has collapsed of noter dame cathedral. the paris prosecutors office started an inquiry into the fire luckily, at this point, no injuries have been reported according to authorities the junior interior minister at this point we do know that the cathedral was under renovation that's some of the first shots we've seen of the fire brigade there. we do know they have called almost every fire brigade in paris out there. they've evacuated the area they've evacuated the neighborhood they're trying to do some crowd control, but the fire is still uncontained. it did crawl up the spire and
the spire did collapse now the question is whether or not that caused th collapse that reuters is reporting or not there also is a church spokesman on the wires saying the entire frame is engulfed. it doesn't look like that in the video. a lot of comments from different people, kelly. still watching it. >> just so sad there goes the spire it's horrible. >> there goes the spire on the right as you see it there. toppling over. it was about a 300 foot tall spire. this cathedral dates back, opened in the mid 1300s and was known, the roof was known famously for the flying buttresses and vaulted arches that it used which were a real breakthrough at the time but obviously under the pressure of the fire >> ty, what you're looking at there, there are two rows, windows that the cathedral is famous for >> correct. >> they're trying to protect
those. the question is whether or not they'll be able to remain in tact if the fire does indeed get inside the main portion of the cathedral. so they're trying to protect both of those windows so that they don't blow out. it is still an incredibly active situation and tragic one it just is tragic. >> yeah, it's an iconic piece of french gothic architecture and one of the points of pride of central paris there in downtown paris. sue, keep us posted. >> we'll be back as soon as we get more video, new information and the news update at the bottom of the hour will be devoted to this. >> thank you semiconductor stocks have been soaring this year the etf that tracks them, the smh up nearly 30% and hitting the highest level in 13 months before backing off a bit today our next guest is increasingly nervous about the back half. here to tell us why is bernstein's stacy, the number one chip analyst on the street and he joins us now in the news
line stacy, welcome >> hi, good to be here, thank you. >> it's interesting you think the optimism is getting ahead of itself what are you concerns about the second half of the year? >> the back half, the concept of the snap back kind of emerged from the last earnings season and most companies are now looking for pretty significant back half recovery i think it's important to note, the semiconductor back of the supply chain, as much as they have visibility, they tend to not have much visibility so i don't know if there will be a snap back or not frankly, neither do they but it's in the numbers. the estimates are considerably above seasonal for q2, q3 and q4 basically going for the rest of the year and valuations have sharply snapped back multiples in the sector up 25% versus in december that when the sector bottoms soy fe so i feel like whether we get a snap back or not, it's already in the numbers and whether or not we're going to get one
remains considerably open to debate at this point >> which stocks do you like and which, and i know, i think it's intel is one that you don't. why? >> yes you know, intel someone is one companies looking for a considerable back half they're basically looking for a repeat of 2018 2018 was a year when they upgraded their revenue guidance through the year by about $6.5 billion, so they have above seasonal growth through 2018 but all of the drivers that took that growth up whether it was massive cloud spending or anything else, i don't think those drivers are set to repeat but looking for the same year. that's the tactical. i think intel has a number of structural issues we've written about and talked about at length, increasing competition, margins under pressure that make me want to spend my time elsewhere. i think within the space, i would prefer to look for stocks that have a structural story around them. free cash flow or the like and
numbers unaggressive in my coverage, i would advocate especially for the broad comment and xp that both trade cheaply 10 to 12 times earnings and appears 20 times plus. both of which have very strong unappreciated free cash flow stories and unaggressive estimates into the back half where i think the estimates are achievable >> stastacy, thanks very much. stacy from labor negotiations broke down last week the latest this this hollywood standoff and a look at the big changes it could have on the entertainment industry that's next and chevron, getting set to acquire anadarko for $33 billion. why this deal would be the start of the csodaonlition trend in energy "power lunch" returns after this
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a labor fight has hollywood at war as union writers take on talent agents with a major impact on the structure of the entertainment industry julia boorstin with the latest details on this brew ha-ha hi, julia. >> reporter: writers are firing their agents after the writers in the association of talent
agencies failed to reach a new agreement. stephan king is one of the writers tweeting out the letters sent to their agents with patton oswald and the creator of the wire david simon they're at war over packaging fees that agents earn for putting together writers, directors, actors for a project. the writers guild wants the fees eliminating saying align more with studios and writers also saying that agencies affiliated production companies pose a conflict of interest. until this is resolved, that means no new writers fees or packaging fees including caa and wme and the parent endeavor is looking to go public this year the agent's association saying the move will hurt artists especially mid level and the writers guild saying that a big change was necessary now though this does not impact any current writers' contracts, the battle could make things challenging for studios looking to staff writers on new shows
ahead of the fall tv season or to help develop new projects so guys, it's going to be really interesting to see what transpires because this will determine how valuable agents really are in hollywood. >> it's dramatic julia, thanks so much. julia boorstin ahead on "power lunch," the latest on the devastating fire in paris at the notre dame cathedral. we're back in two. how do you gauge the greatness of an suv? is it to carry cargo... or to carry on a legacy? its show of strength... or its sign of intelligence? in crossing harsh terrain... or breaking new ground? this is the mercedes-benz suv family. if you've never seen yourself in a mercedes, you've never seen these offers. lease the gla 250 for just $379 a month at the mercedes-benz spring event.
a fire is really basically devastating notre dame cathedral in paris sue herera has been following the story of this tragic event in the center of paris sue? >> it is indeed a tragic event and at this point, we know that the spire on the cathedral was completely engulfed in flame it was made of lead. it collapsed and authorities believe that that collapse, part of it fell on the roof of the cathedral, which according to several news sources has now collapsed completely the fire is still going on it began about a quarter to 7 paris time there were people in the church. this church sees between 30,000 and 50,000 visitors per day.
this is the second highest season for it because, of course, it's going into easter week and holy week and right now, they do not have that fire contained, but the deputy mayor that so far there are no injuries which is a miracle in and of itself given how many people are in that cathedral and in the area, in front of the cathedral and around the cathedral there you can see the spire collapsing and the fire just basically gaining more oxygen and taking more of the cathedral out with it. they are trying to salvage some works of art reportedly according to the deputy mayor that are in the cathedral but in the back of the cathedral, so their focus right now is obviously containment, but also, get some of the priceless works of art out of the cathedral, if they can, and guard what's called the north rose window which is the beautiful window when you first walk into the cathedral. there are two. they're trying to keep water on that to keep them from blowing
out. you can just see it there in the center of your screen. so that's the latest that we have we're going to keep updating this throughout the rest of the day. and french president macron tweeting how terrible this situation is. shares down 2% for occidental petrol. it was ready to bid in the mid 70s to acquire anadarko petroleum until chevron came in and announced friday morning they've struck a deal. what's it mean for the occidental petroleum and deal making in the sector roger reed, securities welcome. >> thanks, kelly good to be here. >> why do you think this chevron was so interested in anadarko's assets >> coming straight off the value, obviously matters synergy is a huge part of that what you pay for the company and then the other thing is the nice overlap they have.
good overlap and also in the gulf of mexico some other project in their port foal wroe. >> anadarko shares trading around $62 occidental reportedly willing to offer the mid 70s, roger why should anadarko shareholders not consider that a superior offer and what would that have done for occidental? >> well, first, let me just say, you know, no confirmation from occi any sort of bid was made. number one, a little careful on that front but if you were to look at the opportunity for a company the size of anadarko and the size of occi relative to the size of chevron and anadarko, delusi dilution could be a bigger issue for occi and they're not an
off-shore by design and what would they have done a new growth area and certainly not going to be a source of synergies as it is for the chevron anadarko merger and the facility as well, sort of a complicating question. so i would say it's a less clear easy transaction for a company like an occi relative to what chevron and anadarko bring together >> i'm curious let's assume that occidental had an offer and assume it was in the mid 70s and more cash than chevron was willing to pay do you see a set of circumstances under which occidental could go over the board's head and take a bid straight to shareholders get back in the game >> sure. i mean, anything is possible in this business. as we've written in our notes and commentary after this was it's there's a lot of fish in the sea here on the enp side and so rather than picking a fight
with a company five times your size, if you're really serious about building your position, it probably makes sense to look a little wider rather than, you know, kind of fall in love with your first object in the mirror. >> all right >> roger, thanks very much roger read joining us. >> good advice there just generally i agree. very well said. >> i agree. in the last month, there have been two major industrial accidents at a separate refinery fire around houston. all this as president trump seeks to eliminate the agency responsible for investigating theseaccidents brian sullivan is in crosby, texas, looking at the trend no one wants to see brian? >> reporter: it's tough on a day like this where all eyes on the world on notre dame with a big fire there but guys were focused on fires here and there have been a number if it seems like the amount is increasing lately, it certainly
has. in the last 30 days, two major incidents. behind us in crosby, you had the itc terminal fire which closed the chip channel that's where we're going to be tomorrow to talk about the economic toll. that was about a month ago as well and if you look back, there have been a lot of incidents but talk about the major ones, guys you have the west fertilizer fire in west, texas, in 2013 and then you had the torrence fire in california and a mining accident in wisconsin which cost people their lives and three more in texas as well and countless others there have been a huge number of these industrial accidents that have taken place and people lost their lives, had evacuations schools locked down. not to mention the billions in economic toll that has taken as wellful all th wellf wellful. there's a little agency called t chemical inspections board that been trying to defund but
congress kept them alive the latest budget aproverprovedt as we speak, they go in expose fac facto. if you've got an aging infrastructure with often owned by private equity firms as this one is, you wonder where the safety regulations are going to go it's a big topic people lose their lives and be here all day tomorrow to talk more about the economic toll on this very important industry as well >> perhaps, brian, at a couple of the reasons behind this trend in the last paragraph, you said there, what do people say is the reason this is happening >> not one reason, tyler a number of reasons. you talk about aging infrastructure we talk about roads and bridges. this industry is old i mean, just trying to get a new refinery built there's been a couple the the last few years but some of the
plants are 30, 40, 50 years old. regulations in some cases like the storage tanks that burn the itc one, those regulations, tyler, are over 50 years old you've got hurricane harvey, the akema plant, down 3 minutes from where we are and concern about the, how you doing, about the lack of inspectors not one reason a lot of reasons very important industry. the ship channel, by the way, still backed up a month later. we're going to be there, on the water, showing you more about the economic toll, if you think accidents or safety is expensive, try the cost of accidents. >> brian sullivan, in texas. crosby, texas. thank you very much. to the bond market we go let's go to chicago. cme. rick santelli. rick >> reporter: yes, come on down you know, you look at two-day charts today, everything comes out at you you need to know. two day chart of twos. the reason i do two days to
isolate the scaling. you can see exactly how narrow the range is along the curve two day of tens. no different and if you look at a two day of boons overseas, scaling is different. six basis points versus 255 of them but basically, very similar pattern. what's going on? equities, not only domestically but globally are acting pretty well they're at key spots so are interest rates relative to the last four weeks in the year finally, let's look at the euro versus the dollar. it starts in september it held 112 again. dollar index back in '08 thank you. tiger woods donning the green jacket once again to win the masters for the first time in nearly 15 years the ratings were huge and his sponsors are smiling today we'll speak with the ceo of bridgestone golf about what this win means for their bottom line. next ♪
of the masters final round was the highest rated morning golf broadcast in 34 years. a big win for sponsors by yesterday afternoon, some of tiger's apparel and accessories sold out on nike's web site. first is dan murphy, the ceo of bridgestone golf another one of tiger's sponsors. bridgestone made the winning ball congratulations to you, mr. murphy for supplying the golf ball that tiger won with way to go. >> we couldn't be happier. a huge day for us. thank you for having me on. >> as i was watching yesterday and i saw him hit his next to last putt, the camera lingered there and i said to myself, he's playing a bridgestone ball that's the kind of exposure you guys are looking for what have you seen in your business, on your web site, from your retailers today >> well, you know, in the equipment business, we have an old saying it's win on sunday and sell on monday and that's what we're doing.
here we are on monday. we're able to see some of the early statistics, the web site traffic through the roof, about 200% and social media being what it is these days is up, up, up about 250% with twitter and instagram and facebook early indications are it's working. >> dan, you signed him back in december 2016. your predecessor to a multiyear deal you got to tell us was that less than a million bucks? what kind of money was tiger back then? you probably are feeling, have you made that money back already? >> oh, yeah. it's been a good investment. we obviously have bet on tiger this is the whole sponsorship game is a very sophisticated wager. so i was reading in the social media, some guy went to vegas and put down 85 grand on tiger to win 14-1 and won 1.2 million and our bet and return is bigger hard to say exactly. >> bigger than 14-1 return that's pretty good
let me ask you a question here my notes say that the particular ball he plays a bxss would have been your third or fourth best selling ball prior to tiger using it what is special about that one why does he like that one as opposed to some of the others which were more of your headliners >> well, you know, it's interesting. what he said when he slipped on the green jacket, he said something to me that recalled what he said when he put our ball into play and put the green jacket on and said it fits that's what our whole brand story is getting the right fit for the right player and that particular ball has a lot of spin and that's what fits tiger's game he likes a lot of spin he can control a lot of spin he uses it when he wants it and lay off the spin when he wants it so it's all about getting the right fit and that ball fit his game so he's happy with it, obviously. >> dan, how happy were you to see him win yesterday? describe to me your reaction
where were you how did that all what was your experience >> i have three children and i was pretty emotional at their birth but equally emotional yesterday at the end of that last putt on 18. i actually shed a tear and it was such a long time coming and such a great cry and comeback story. i've gotten to know him personally he's a wonderful person and nobody works harder or deserves it more than tyler. >> you were not alone in shedding tears i'm sure across the country. thank you for being with us. we appreciate it >> thank you so much thanks for the opportunity >> you bet >> good day for him. >> nice day for him. levi strauss having good days too up more than 34% since last month's ipo and climbing higher today after several coverage firms with buy ratings we'll speak to an analyst about his vote of confidence next.
what do advisors look for in an etf? i tell clients, etfs can follow an index, but which ones target your goals? it's not about quantity. it's about quality. no trendy stuff. i want etfs backed by research. is it built for the long-term? my reputation depends on it. flexshares etfs are designed and managed around investor objectives. so you can advise with confidence. before investing, consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully.
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>> thank you for having me. >> there's a ceo been there about six or seven years now chip burg, i think his name. what has he done to turn this brand around and make it hip again and how much of it is thed luck that now it seems denim is back >> well, i think chip joined the company after 28 years at procter & gamble he's really good with brands when you think about that background he joined in 2011. one of the first things they did was dig into the product itself. what can they do to make the product better they've added with the marketing, distribution has been a focus. they've done a great job to this point. >> so what's driving it in other words and how fast is it growing in light of the fact that there are a lot of retailers, a lot of stores that they might have sold through that have just disappeared over the past few years? i imagine they've got a lot
fewer points of sale than they did. >> so in last year 2018, they lost i think 300 points of distribution and they still grew their wholesale business in north america double digits. and in our numbers for this year, you know, we're forecasting an additional 300 doors. you know, we think they can comfortably hit that mid-single digit target but they have tremendous momentum in north america despite a lot of the wholesale -- >> and what's giving them that momentum, bob? where is it coming new fabrics, new styles? what >> i think generally, i think the brand is as strong -- this brand has heritage of 165 years. and i think that the brand itself is as strong combined with the marketing they've really done with the brand, you know, fresh off coachella this weekend and a lot of their lab rations. they've done stuff off white with kith and supreme and justin
timberlake they've done a tremendous job of creating brand heat. >> is amazon a factor for them a positive or negative i assume positive. >> it's a big customer very big customer for them amazon has -- they do a very solid business in amazon it's one of their -- i think it's one of their top five customers. they've had tremendous success selling through amazon.com >> tell us you have a price target on this >> $26 >> $26 a share bob, thank you very much we appreciate it >> thanks for having me. >> bob drbul of guggenheim >> correct let's get the latest on the fire at notre dame cathedral in paris. >> what we now know is that the roof has collapsed of that iconic, beautiful cathedral. this is, indeed, a tragedy they have not been able to contain the fire french president macron is on site he is making some comments which
we will bring you at the top of the 3:00 we're getting them translated right now. the spire fell a short while ago. and a church spokesperson not authorities but a church spokesperson says that he believes the cathedral will burn to the ground. he says that the wooden structures inside the cathedral are now on fire. we cannot get that confirmed by authorities, but that is according to a church spokesperson a short while ago, president trump who as you know is in minnesota today made these comments >> some of you have not because you've been here, but i will tell you the fire that they're having at the notre dame cathedral is something like few people have witnessed. when we left, we had a whole group of your great representatives and when we left the plane, it was burning at a level that you rarely see a fire burn it's one of the great treasures
of the world the greatest artists in the world. probably if you think about it, i would say it might be greater than almost any museum in the world and it's burning very badly. looks like it's burning to the ground >> that was the president just a short while ago. we do expect a briefing from authorities in a short while that's obviously very fluid because the situation here is not under control yet. the island that the cathedral sits upon is now being evacuated. thousands of people are on the bridges surrounding the cathedral. they are just simply watching in shock. it is an unbelievable story. it is an unbelievable structure that unfortunately i don't know how much is going to survive but we are following the situation closely for you. kelly, back to you >> 300 years call it from start to finish. >> to build it
>> yeah. i was amazed having seen it and been inside it, when you said as some of the reports are saying, you look at this stone gothic thing and it is -- it looks as sturdy as can be but apparently a lot of the interior structure is wood >> that is correct and obviously very old wood, very dry wood. it was well overdue for renovation there had been some discussion among french officials for some time there was also some bureaucratic gridlock that went on. they have not determined the cause of the fire. the speculation is that it is related to the renovation because it started in the spire. that's what they're now saying, anyway but again, it is a situation where we are getting a lot of local officials commenting we're trying to confirm those comments before we bring them to you. but now as night falls in paris, unfortunately the night sky is being lit up orange from this massive fire that is consumering
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consumed in flames it collapsed apparently falling off to the side or through the roof which reports say has now also collapsed. priceless artworks inside. some presumably have been -- there you see the spire going down some of those artworks presumably have been rescued others presumably have perished. part of the story is no human injuries or fatalities have been reported as you look there, that is really -- that is the only spire there. on the other side of the west front of the cathedral which opens onto a large plaza are two tall, i believe 60 meter tall towers which flank a window for which notre dame is famous >> and this is holy week, to state the obvious. the holiest week in the catholic calendar when they have tons of visitors coming. when the -- you know, the focal point will be this cathedral
this weekend it will be effectively gone. >> yeah. by morning >> 300 years to complete. >> by morning. a million visitors a month go to notre dame what a tragedy for the country of france. >> makes you -- and thank you, everyone for tuning in today >> "closing bell" continues right now. welcome to "the closing bell." the final hour of trade. it's a big day for the banks earnings we'll break down how they did, where they stand, and what's coming up next as we head into the close. plus bank of japan governor occ kuroda, what he says is the biggest risk to the global economy. and we're counting down to netflix earnings tomorrow. what every investor needs to anyway ahe know ahead of the results. "the closing bell" starts right now. ♪ welcome to