tv Power Lunch CNBC September 24, 2019 2:00pm-3:00pm EDT
convinced me that we can learn from france when it comes to competition but perhaps they are doing it better than we are right now. >> the irony if you look at everything, almost all of it is the u.s. play book from the 1990s. >> thank you very much good to have you hear. the book is called the great reversal that does it for the exchange. i'll join melissa on "power lunch. ". thanks see you in just a moment here is what's new at 2:00 the drama in d.c. hitting the markets. stocks falling sharply as impeachment gains steam among the democrats. just how bad could things get. wework ceo adam neumann is out. is ipo now off the table lawmakers in wa w about to kick off a hearing to address concerns around the dominance of google and facebook.
we have full coverage. we're down almost a percent right now and the small cap is down by 1.6% take a look at the stock netflix down 4%. we'll have much more on these moves later this hour. kelly. >> let's begin this hour at the united nations where president trump talked tough on china seemed to turn markets and the headlines about impeachment sending us lower e eamon has the details. >> reporter: the president taking a tough line on china today suggesting that they're guilty of intellectual property theft and putting that in the
context of a deglobalization of the overall world economy saying leaders for too long have participated in globalization that hurts their own citizens. the president has been ticking the opportunity throughout the day to defend himself on this burgeoning ukraine scandal even as democrats are talking up the idea of impeaching him here is what the president had to say earlier today >> they have no idea how they stop me. the only way they can try is through impeachment. this has never happened to a president before there's never been a thing like there before it's nonsense and when you see the call, when you see the read out of the call, which i assume you'll see at some point you'll understand that call was perfect. even the ukrainian government put out a statement that was a perfect call there was no pressure put on them >> reporter: a forceful defense there from the president of y t united states. we have been learning that nancy pelosi expects to make an announcement at 5:00 p.m. after
she meets with her conference to discuss impeaching the president. whether we'll get a road map for a way forward at that point is unclear. an announcement is coming at 5:00 back over to you >> it's going to be a long three hours. thanks very much the march to new record highs taking a detour today. starting with the president's speech at the u.n. and continuing with that talk of impeachment. let's get to a rundown of the new york stock exchange. >> we sort of had three strike hit to stock today we started positive but began weakening after the open we had weaker consumer confidence the u.s. consumer is helping prop up the world economy. president trump emphasized the negatives on china trade at his speech he said china did not promise reforms. consistently stole intellectual property finally an hour ago impeachment talk got louder. speaker pelosi said there will
be an announcement made later today. we had a very narrow trading range the last three weeks the s&p is not moving to 1% range and predictably stocks lagging today. stocks like goldman sachs and jpmorgan back to you. >> how much more pain could be ahead? let's bring in cnbc contributor. there's things out there that are bugging the market high pressu pressure how much do you adistribute these things or concerns about
impeachment announcement from speaker pelosi >> i think today's moves you can largely attribute to those factors. if you look beyond one day there's good reasons to be more bullish and cyclically positioned i think every one is worried about a recession. every one is worried about some of the geo political they are hiding out in treasury bonds. i think there's a much bigger payoff than there is from honkering down and staying defensive. i know rich disagrees with that. i look forward to hearing what he has to say. >> what are your thoughts and is the political risk one the markets have not yet priced and especially as the odds of the
house passing some sort of impeachment movement that's now at 42%. it's basically doubled over the past couple of weeks or so is this the risk that the market has not put in it doesn't have to be that you believe that the president will be impeached but it could be you believe that president trump enters the 2020 election cycle in a more weakened state >> right there's a lot packed into what you just said. i think the important part is that we've seen ridiculous events occur for the past two and a half or three years. one day up, one day down the market for most of that peer went up. now the question is why is the market now very shaky when we're getting more of the same what's changed the answer i would argue is the fundamentals in the background are weakening. when the fundamentals are strong, the market can shrug off
a lot of these events. when the fundamentals are weakening, they can't. there's no counter balance to the issues going on in washington i think that's what people are missing. it's in the background, fundamentals are weakening they are not weak in an absolute sense but they are weakening and our expectations will continue to weaken. >> that's a source of much debate the economic index went back up to recent highs. we know well that the manufacturering stuff is lo inig worse than the consumer side i'm wonder because your point of view, if you're concerned about how valuations have gotten this year >> cyclical pes have contracted.
therefore the rest of the market looks expensive. itd signals you're at the peak of a cycle i think that's what we're seeing now. >> not just the economic ba backdrop but what is priced into the securities i agree with richard's point you want to buy them on earnings but many of these companies have seen significant earnings downgrades i'm not sure they are trading on peak earnings. they look considerably cheaper versus the defense of stocks but
the secular gross stocks you have some sort of steady growth companies that you find and the better retail companies, for example. some of the consumer staples that have some growth. you have banks i don't think they are over earning by a significant margin. >> all right thank you both adam neumann vowing to pressure and agreeing to step down as the ceo of wework.
>> he's officially stepping down he will be replaced by two ceos that will be taking his place who are currently at the company. he will be seating majority of control from super voting shares all of these moves preparing wework for an ipo down the road. there's a line if there saying they will look hard at balancing weworks profitability and high growth the information coming out with the story saying wework is look at thousands of job cuts
it's had to make the company realize we need to get our ship in order here. it will allow the company to continue in a private way for longer >> it's not one to one like any other share holder >> how does id shake out over all? >> i think the general idea is he will have to listen to others more than he would have which was a huge reason that so many of these public investors were look at the company were hesitant on investing in the company. at three to one, you have to be cognizant of not only what softbank thinks, but even down
the road after an ipo you've got to listen to what your next institutional shareholder thinks. t to your point he will still have some control he's still the largest share holder in the company from an economical standpoint. three to one that's still a god amou -- good amount of control it's not like he's going to be in the shadows obviously, the perception here needs to be he's giving up control. that's the whole purpose in doing this you have to imagine this wasn't adam nuemann's idea. he was likely advised or pressured to do this
>> quite a turn of events. >> it's been a world wind that sort of culminated in wework if it was the fist out of the gate to ipo, things were different and they ipoed before uber and slack and a variety of other ipos that didn't do well, would this chain of events have happened or is this because we've seen such poor reception on the other ones and this company was sort of even a bigger stretch on the valuation. >> they would have just felt hood wiwinked in the end. it would have been much higher than 15. >> that assumes it went public unless you're talk about private investors being hoodwinked
so softbank was the only one that invested >> has there been any other reporting on why activities that weren't that horrifying to anybody who knows this guy >> transporting marijuana overseas >> we're practically legalizing marijuana in this country. what is it that really changed softbank's mind about going from backing him to wanting him out and all of these changes in matter of days >> that will be the story that every one will need focus on in the next coming days obviously the major part of that was the reception of the ipo
which was there was obviously push back among public investors saying we are uncomfortable investing in this company as its currently set up here are the things we're uncomfortable with one of them was that adam neumann has too much control and was the ceo and chairman and had all these side deals and his family members are involved. these are more of your professional managers. >> grown ups in the room thank you. >> thank you markets are climbing back and some headlines >> reporter: president trump just tweeted he is going to authorize the release of the
transcript of his conversation with the president of the ukraine that's at the center of this scandal that now has democrats
talking about the possibility of impeaching the president. here is the tweet from a couple of seconds ago the president saying i'm at the united nations representing the country but have authorized the release tomorrow of the complete, fully declassified conversation you'll see it was a very friendly and totally appropriate call no president and unlike joe biden and his son no quid pro quo. this is nothing more than the continuation of the greatest witch hunt no indication if he will release the full whistleblower complaint that involves him and his behavior relating to the ukraine. did the president threaten to withhold military aid from the ukrainian government in exchange
for an investigation into joe biden and his son. the idea he is releasing the transcript tomorrow is interesting because nancy pelosi's staff said she's going to make an announcement in the wake of their impeachment meeting on capitol hill at 5:00 p.m. today she will make that announcement without having seen this full transcript not clear when capitol hill will get the transcript that could put the democrats in an awkward position as they are deciding about impeachment >> you would think the democrats would be forced fo ed postpone announcement auout of fairness. >> reporter: the train seems to be moving pretty quickly on capitol hill they could modify what they announce they don't have to announce an impeachment effort they could announce the beginning of an impeachment inquiry and gathering that whistlebloer report and the transcript would be part of such an inquiry
it does present a wrinkle for democrats who seem to be moving full speed ahead up on capitol hill >> tactical wrinkle is the way to put it. markets trying to gain this out. thanks for now we're continue to follow this. the dow down about 87 points. a pretty wild day here on wall street well off the lows of the session. we'll have full coverage as the hour continues bernie sanders says billionaires shouldn't exist. details of his plan to get rid of them are coming up. dominos made its name by delivering businepizza to your i 30 minutes or less has the competition taken a bite out of their business? we'll have the ceo, next
let's get over to kate rogers in chicago where she is sitting down with domino's ceo kate >> thanks so much. rich, thank you for being here with us today. >> my pleasure >> kelly just mentioned all the competition we're seeing in the restaurant space when it comes to delivery and third party apps you're adamant using these apps is not the way for growth for dominos. why have you chosen to go this route? >> we've had a strong and profitable delivery business unlike a lot of the other restaurant brand, we don't have to decide to get in or not or try to figure out which of these third parties is going to be the winner at the end of this shake out. we're really focused on building, continuing to build that tlidelivery business with r franchise and doing it in a profitable way we believe that means doing it on our own >> the broader story in the space is technology. we have seen of your
competitors, mcdonald's, starbucks make these big splashy tech in order to help build out that part of the business. are you keeping your eyes open for any partnerships or acquisitions >> we look at all the options. do we build it, do we go out and buy something. there are other times we'll go out and partner with someone >> dominos is undergoing a big exchange you do use a lot of steel and aluminum i'm curious have tariffs have impacted you we talked about supply chains but the actual terms, the costs have gone up, right? >> most certainly construction costs have gone up
we're in a really robust labor market so wages have risen in construction as well the good news is we have such a terrific four wall economic model that even with some of those rising costs we're still able to deliver to our franchisees a great investment two and a half year average pay backs for dominos pizza today in the u.s. >> we mentioned international expansion. you're doing business in places like china i'm curious how international tensions and trade tensions are impacting the business is it showing up anywhere outside the u.s. >> we're not seeing it in our business with respect to trade tensions the great thing about our business model we have international master franchisees. they are locally owned and we buy almost all of our ingredients locally as well. we're building businesses that are benefitting the economies of
the international markets. places we're growing rapidly, we're an merging part of the economy. >> we talk a ton about delivery on cnbc. you hear it every day. analysts say is two and a half the opportunity that delivery presents for the restaurant business i'm curious what dominos is doing. >> we have groan our business over the last ten years. a big part of that is having a great value offer for our customers. it's about having the stores we now have 85 plus percent of our global gofootprint. the number one criteria when consumers choose is convenience with carry out we're going to continue to build more units and get closer to them >> thank you so much for joining us we really appreciate it. >> my pleasure >> back over the you
>> thank you coming up, netflix was one of the hottest stocks but it's lost 30% of its value in the past three months. with all the streaming competition are netflix's best days behind it the nasdaq still picking the brunt by more than a pceernt right now. power lunch will be right back ♪ keeping the night interesting, is all about setting the right tone. ♪ lower carbs. lower calories. higher expectations. ♪ the light beer you've been waiting for has arrived. corona premier. has arrived.
when i lost my sight, my biggest fear was losing my independence. mmm... good. so i've spent my life developing technology to help the visually impaired. we are so good. we built a guide that uses ibm watson... to help the blind. it is already working in cities like tokyo. my dream is to help millions more people like me. it is already working in cities like tokyo. through the at&t network, edge-to-edge intelligence gives you the power to see every corner of your growing business. from finding out what's selling best... to managing your fleet... to collaborating remotely with your teams. giving you a nice big edge over your competition. that's the power of edge-to-edge intelligence.
welcome back netflix has entered the upside down stocks falling to its lows of the year disney, apple and comcast crowd into the streaming space let's bring in your trading nation team today. really a dramatic ride this stock has been on. really a tremendous out performer up until a year ago then plunged out of its trading range earlier this year. you see any hope it might bottom any time soon? >> it isn't reacting to the conditions and that's an issue for it it has down side momentum. we have seen it accelerate in the last week or so.
there's no support on it until the december of last year low right around 231 i think netflix still has some down side risks. we will expect some kind of relief rally from that support level and that's where over sold conditions are likely to matter. >> it's 10% down from here not a lot has changed but it's not as if subscribers are swinging is this the market waking up to reality? >> we think it's the beginning they have two major issues subscriptions being one of them. for the first time in almost a decade their subscriptions have fell the second problem is the content competition has heated up companies are spending large amounts of money to buy this content for a five year, two
year lease and they don't have as much money to put towards their original content earnings matter more than ever especially for this company going up against companies with strong balance sheets and strong earnings i would say away for the near future >> all right we'll see if anybody can come to the rescue here. obviously sentiment is declining fast we got to leave it there for more trading nation head to our website or follow us on twitter. kelly, back over to you. ahead, the senate is about to kick off a hearing to discuss whether big tech has gotten too big. we'll bring you the details. bernie sanders releasing a tax plan for the wealthy with a firm message billionaires shouldn't exist nike reports earnings after the bell we'll tell you what to expect when power lunch returns
woman: what gives me confidence about investment decisions? rigorous fundamental research. with portfolio managers focused on the long term. who look beyond the spreadsheets to understand companies, from breakroom to boardroom. who know the only way to get a 360 view is to go around the world to get it. can i rely on deep research to help make quality investment decisions? with capital group, i can. talk to your advisor or consultant for investment risks and information.
welcome back president trump says he will release the transcript of his call with the president of ukraine. he will do that tomorrow earlier during his meeting with british prime minister boris johnson he was asked by reporters why aid to ukraine was stopped. >> because i think that other countries should be paying also. why is the united states the only one paying the ukraine. i've been talking about this for a long time. not only with respect to ukraine but a lot of other countries why is it germany -- i just met with the chancellor. >> georgia congressman john lewis says he supports impeachment proceedings against president trump. he made his case in a passionate
speech on the house floor. >> we cannot delay we must not wait now is the time to act i have been patient while we tried every other path and used every other tool the future of our democracy is at stake s >> you're up to date back to you. thank you very much. the markets are coming back from the lows of the session after president trump announced that he will release an unredacted transcript of his conversation with the president of the ukraine. we had seen the s&p 500 down by as much as 1.1% the as soon as the headline crossed, as soon as we knew the transcript we would get the transcript, we paired those losses in half the nasdaq still taking the brunt. we're down by more than 1% and the dow is off by 85 points or a third of a percent
we are awaiting the announcement from nancy pelosi. that is scheduled to take place at 5:00 p.m. eastern time. we'll be closely watching for that the oil market is closing up it's been hit today. let's get the latest >> president trump really drew down the trade gauntlet at the united nations today oil prices are kind of like fragile flowers. they wilt in the heat of the back and forth on the trade war. it's seen as a grim signal about any growth in oil demand and sluggish data in europe and japan. you can see down 2.2%. gas futures off by 1.7%. down on the day we'll be keeping our eye on it as we progress >> thank you we're watching big tech shares under pressure. they are under fire in washington a senate hear about to begin to examine whether acquisition is
hurting. some of big tech critics will be sitting there today. the ranking democrat and presidential candidate amy klobuchar sent us this statement ahead of the hearing quote with virtually no meaningful push back from our government, these companies have reshaped the meaning of american privacy, the purchasing of goods and services and workings of our election and our democracy. also remember last week we heard from another member of this committee. he told mark zuckerberg that he should sell off.
this is likely to be another uncomfortable hearing. back over to you >> thanks very much. head l joking about having a masters program but it reflects how integral these services have become to our day-to-day lives what are you looking for this afternoon? >> i think the big thing is what is going to be the big tech companies response because we kind of have an idea what the government will do it will be a lot of political grand standing, a lot of comments but are they going to put anything into place. are they going to do any regulation i think we're long far off from any kind of trust busting. but what are the tech companie going to promise moving forward to self-regulate
>> it still comes back to facebook acquiring instagram >> facebook can see that instagram is where its growth is right now. facebook users are not spending as much time on the platform i can't see facebook wanting to give away that big product >> when facebook acquired instagram. i remember that headline coming across and not too many people were familiar with what instagram was. facebook took this property and grew it into what it is today. that would be incredibly unfair message to send to companies who are looking to acquire a small
competitor and grow that small company into something big and profitable >> right exactly. as you pointed out when facebook acquired instagram it was much smaller business the viability was unclear even though there was a lot of activity on it you have to give facebook credit for taking look at that and understanding the potential around it. they are able to grow more quickly than otherwise would have on its own. i agree with the other guests. to unwind that would be unfair it's a huge part of facebook business right now and going forward. i do think legislation wants to take a closer look at what that means for future mergers i think every one will get better educated on how silicon valley works a lot of these start ups are not publicly traded. they are small companies or soon to be big companies. like at what happened with the we company, with wework.
it should then be a factor in how you regulate future mergers. >> look at what happened in the past 24 hours. despite all of this facebook out there acquiring a small company once again >> i think that's the other thing too. there's so many things going on in silicon valley that congress really has to get a grip on. there's issues of around privacy. issues around misinformation and issues around competition. then you have the fcc and the doj and state ags going after them in various forms. who knows beyond leveeing fines are we changing how they do their business congress is saying let's clean this up and make this clear. facebook and google want the same thing it will be a question of how far they are willing to go in the meantime, it is grand standing they want this as a political issue going into 2020. you don't want to solve it
before then. this hearing is likely way to sort of set these markers and sort of set some political goal posts. >> are there any signs the marketplace of disruption to facebook and google's core business their dominance of the online advertising space. >> i don't think you're going to see it up with of the big problems is a lot of people still aren't informed about the topic if you think about where people are getting their news, it's from facebook and the tech companies. we don't understand their algorithm in how they're getting the content but they're not going to put that content up high for people to feel worried about and complain to politicians. i think we're still stuck in this position for some time. >> okay. thanks appreciate it. to the bond market are yields are falling sharply what is this, two week lows or so >> absolutely.
it looked like we're really going to take a stand. if you pair that with the s&ps you see how they have been following for the last two days. even though the bounce in equities didn't last long, the bounce in fixed income side didn't last long either. there's the dollar index it has best bounce of all. once again it's backed down. this story might not have legs in the big picture but this market is trigger happy on every front. i will say one thing, we had a b plus auction a very good auction. back to you. >> thank you trigger happy is right take a look at the markets we are heading back for session lows with the nasdaq down by more than a percent right now.
we did see the markets turn lower. rick captured it well with trigger happy. >> this announcement is getting out there before we have the transcript released. meantime, bernie sanders is out with a new wealth tax proposal that could make elizabeth warren's plan seem like cake walk for billionaires. we have the detail, next but we're also a company that controls hiv, fights cancer, repairs shattered bones, relieves depression,
restores heart rhythms, helps you back from strokes, and keeps you healthy your whole life. from the day you're born we never stop taking care of you. the ncome on.y glc. [ cars honking ] it's so late. yay. it fights traffic. no parking. -i told you. oh, a spot! hold on. it fights tension. seriously, did you take my phone? passenger light on. it even fights...fighting. innovation that keeps people together. the 2020 glc. lease the glc 300 suv for just $479 a month at your local mercedes-benz dealer.
we have more details on the impeachment inquiries heating up >> nbc has confirmed that speaker pelosi will announce a formal impeachment inquiry later today. that's according to two democratic sources who are close to her nbc says that no decisions have yet been made on whether they will convene a special select committee. some aides have supported that idea some lawmakers have said that's the way they want to go. still unclear how she will proceed. nbc has learned that speaker
pelosi will announce the launch of a formal impeachment inquiry. back over to you >> thank you we're still awaiting that 5:00 p.m. announcement. we have a sound of speaker pelosi let's go to it right now >> we have to have the facts as soon as we have the facts, we're ready. now we have the facts. we're ready for later today. >> all right again, 5:00 p.m. announcement from speaker pelosi. we have the dow down by 152 points or .6%. the nasdaq is off by 1.4%. the president's tough talk on trade turning sending stocks down further the stock that could impact where the dow heads tomorrow nike is reporting results after e bell everything you need to know, next on power lunch. ♪ limu emu & doug
and now for their service to the community, we present limu emu & doug with this key to the city. [ applause ] it's an honor to tell you that liberty mutual customizes your car insurance so you only pay for what you need. and now we need to get back to work. [ applause and band playing ] only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ what do you look for i want free access to research. yep, td ameritrade's got that. free access to every platform.
yeah, that too. i don't want any trade minimums. yeah, i totally agree, they don't have any of those. i want to know what i'm paying upfront. yes, absolutely. do you just say yes to everything? hm. well i say no to kale. mm. yeah, they say if you blanch it it's better, but that seems like a lot of work. no hidden fees. no platform fees. no trade minimums. and yes, it's all at one low price. td ameritrade. ♪ filmgate is growing really staffing a small bquickly and... is challenging. ...i needed to fill a production coordinator role. i was looking for someone with specific skills. so i posted a job on linkedin. maribel had all the skills i was looking for... and looking at her profile... . ...i saw shared connections. that was a plus. but the most important thing... ...is the ability to connect to people and she had it.
and i knew... ...she was the one. post a job today at linkedin.com/grow nike lacing up for earnings after the bell the stock is higher for the year, but lagging the overall market nike delivered a slight miss last quarter, but sales were strong so with the trade war still in focus, what should investors expect this time around? with us now, jim duffy, analyst at stifel.
great to have you with us. last quarter, surprise to the upside in terms of what the company said about china what are you expecting this time around >> thanks for having me. yeah, that's a great question. that's one of our key watch points is the china marketplace. china's a high teens percent of revenue for nike, but a mid-20s percent of operating profit and a larger portion of incremental growth nike's a third of incremental growth planned for the business. last quarter, they reported 24% constant currency revenue growth in china, which was a surprise to the upside. we think they, again, have strong results this is going to be a key watch point for the market we think the market will be looking for high teens or better constant currency growth and we think nike delivers. nike is -- >> i'm sorry, go ahead, jim. >> i was just going to say, nike is a $6.5 billion business in china and a bellwether for chinese consumer demand. that's going to be a focus not just for nike but for other stocks >> sure. in terms of north america, what are you looking at to be convinced that nike is still strong here? you mentioned in your note that you thought back to school
favored nike i mean, how is the direct-to-consumer business, for instance and if we see that strong, what stocks could we see sell off on the back of that >> sure. so, all signs point to nike's business being very strong right now. and that's because they're in a very strong product cycle. for over a decade, stifel has conducted an annual back-to-school survey, and nike's year-to-year gains this year were the strongest we've seen in the history of this survey, and nike is winning at higher price points, which we think is a leading indicator of overall brand demand and momentum and we think that translates globally. that should definitely be represented in their direct-to-consumer numbers nike's digital business has been growing at a better than 30% rate we think nike's taken share from adidas, that's what our survey shows. while nike was showing strong year-to-year gains, adidas was falling off and some of adidas
higher price point products don't seem to be resonating. >> i wonder if they'retaking share from under armour, as well but they have not shied at all from some of their political involvements is that unaffecting them or is that actually a tailwind as you mentioned, those back-to-school numbers are incredibly strong. >> they are. and i think that's more a function of product strength than it is, necessarily, political stance but nike's always going to stand for tree trade and they're always going to stand behind the free speech of their athletes and, you know, the rights of their athletes and so that's some of what they've seen with the colin kaepernick situation, for instance >> are they taking share from under armour, real quickly >> i believe they are growing faster than under armour in the footwear category. what you're seeing from both of the brands is a focus on quality of revenue, not quantity of revenue. and so under armour's pace of growth has been not as strong, but they are seeing really strong margin improvement, because they're better matching supply with demand under armour is trying to
rebuild a foundation upon which they can grow taller in coming years. >> all right jim, appreciate it thank you, again jim duffy, there with a preview of what to expect from nike this afternoon. it's bernie versus the billionaires next on "power lunch. ♪ ♪ ♪ i've been a caregiver for 20 years. no two patients are the same. predicting the next step for them can be challenging. today we're using the ibm cloud to run new analytics tools that help us better predict and plan a patient's recovery. ♪ ♪ ultimately, it's helping thousands of patients return home. ♪ ♪ (classical music playing throughout)
and cut them in half over the next 15 years. as he tweeted this morning, there should be no billionaires. we're going to tax their extreme wealth about 180,000 households in the u.s. it's a sliding scale starting at 1%, rising to 8% for those with over $10 billion jeff bezos would pay $9 billion in wealth taxes this year, along with his income property tax, capital gains. bill gaetes, $8.5 billion the top ten would pay $60 billion in wealth taxes. he plans to rise $4.5 trillion over the next ten years. that's about twice the amount of elizabeth warren, which is clear he wanted to outdo >> to pay for medicare for all >> for all the things hep wants. >> but i figured the headline, what did he really say the tweet literally said, billionaires should not exist. >> we went from pay your fair share to elimination, there should be no billionaires, which is extreme, but we're in the democratic primary >> that's exactly what he's going to get, because if this happens, the billionaires will
move out of the united states. >> they would find ways around it so it wouldn't raise revenue or we would lose them, absolutely >> wonderful >> robert, thank you >> robert frank. >> what an outrageous tweet. keep it to myself. thanks for watching "power lunch" >> tune into "fast money" for more "closing bell" starts now. >> welcome to the "closing bell." i'm wilfred frost. it's been a volatile day here at the new york stock exchange. we opened higher, then we were down 1% at the lows. we've recovered a bit, but still down three quarters of 1%. politics the driving force behind that. stock-specific stories, too. all of which coming up in the next 59 minutes. >> i'm sara eisen. welcome, everyone. look at what's driving the action in the final hour it's the white house and momentum for impeachment today president trump promising to release new details of his call with ukraine while speaker pelosi will have a formal announcement this afternoon. the president also taking a somewhat hawkish tone on china at the u.n., potentially underminin