>> your reaction. is this a buying opportunity? >> to the extent that google gets hit it is always a buying opportunity. they are always going to have fines. >> all right appreciate it. >> much more on this market selloff coming you have later. thanks for watching. "closing bell" starts right now. ♪ hi everybody. welcome to "closing bell." i'll kelly evans. >> and i'm wilfred frost. stocks taking another leg lower in the last hour. a disappointing quarter for macy's sparking a selloff for retail and a rare miss for disney weighing on the dow. >> and now research shows the odds of hillary clinton winning the white house not as high as many assumed. former head of the economic council for george w. bush joins us to discuss how either one of

them could impact the business world. >> and a new peek at the hyper loop. 0-60 in 1.1 seconds. phil lebeau is there and we'll have the latest del tails. >> holy cow. plus the governor of north carolina will join us to discuss the impact of that controversial bathroom bill that's caused hundreds, from businesses to boycotters to ban his state. >> take a wlook at all of the names being dragged down by macy's. sales missed expectations and also slashed its outlook for the year. that is its fifth straight quarterly sales decline. >> rick snyder who had a hold rating on macy's. we saw this take the whole sector down. is this telling us how the consumer or brick and mortar is doing? >> i'm not sure it is necessarily about either. i think it is about categories.

and i think a lot of it is about weather, kelly. we haven't had seasonal weather now for about a year. and i think if we can get a good cold winter the stocks can pick back up. >> you are telling me that 15% drop is on weather? if that's true that would seem like the biggest buying opportunity in the world. why are investors so spooked? >> i think part is the weather. i think part is they are losing share to online. and kwun of the things macy's talked about on the call today was price transparency online. in other words it is easier to go to a macy's store than go online and buy the item. we call it showrooming. so there are some secular changes going on. >> we see big declines in earnings across lots of sector this is e season. but the key thing wimacy's, yes

though they are still making a profit. they are still in the back. isn't this stale buying opportunity? >> i'm not willing to say we're there yet. i will say they do have good cash flow, even on the lower numbers. >> what is going to start to happen across the retail apparent or whatever you want to call it. if this continues, should we expect further consolidation? other real estate plays? what are the possibilities here? >> i think all of the above. and i think what we are on the verge of and macy's talked about it today with their real estate strategy, we're going to see a huge consolidation in the number of stores that are open. one thing i thought was interesting was that macy's said that some of their smaller market stores are doing the best. so maybe those of us who live in new york and can get next day delivery would rather buy online. but i think we're going to see

real estate spinoffs. i think we are going to see fewer stores and probably further cost cuts as well. >> rick bring back to the consumer as the whole for us. what can we draw from macekies for the rest of the retailers that are still to restaurant is this. >> >> i think we'll receiver it across fashion, the consumer is not buying earl and fashion right now. we just had a very good hand being cycle. those are high price point and high margin items and macy's called out this morning, firstky recall, that handbags underperformed. when you have a big category that produces big average unit retail and good margin dollars, start to roll over, it can show a lot of weakness that might have been there already but was hidden by something like handbags having a strong cycle. >> so people are spending their

money. rick, for now. thank you. >> -- also one of the names dragged down by macy's. the dow the biggest underperformer. >> and after reporting a the rare earnings miss. julia boorstin has before. >> does any shares trading down more than 4% after being down more than 6% yesterday afternoon. disney analysts are for the most part shrugging off the fact that results came in weaker than expected. ceo didn't give any incite into trends in particular but did point to the upside in inclusion in new tv bundles. from sling and population view to other services in the works. analysts saying their long-term outlook is still in tact. unchanged outlook on espn

pointing to potential head winds from that shifting media landscape. and nomura analysts anthony clemente bullish under the property the studio continues to produce and the important step of launching disney's shanghai's park next month. the average analyst price target is 112 dollars. still a 10% premium to today's levels. and over half of analysts still have a buy or equivalent rating on the stock. >> hanging on. no wonder the dow is down about 200 right now. joining us today. keith fitzgerald. steve grasso from stewart frankel at post and rick santelli. rick you come back and look at the trading action, what do you think here? >> you know i think like to think in macro terms. whether it is macy's or a lot of deals that haven't been able to

gel, for a variety of relationships, i just think in the macro, the horse we're riding, meaning the u.s. economy s kind of running out of track. if it was an airplane it is running out of runway. we've ridden the fundamentals of the current economy pretty well. wages are stagnant. we're creating skrobs but there is a lot of asterisks there. the growth has been small. the business cycle is so long in the tooth it makes a dinosaur bone look like a small fossil. i do think it is kind of normal. there knees to be a replenishment. maybe nova elections will do that. but is anybody shocked that brick and mortar is finally starting to show the signs of cracks that we've been talking about for many quarters. >> on a day that the u.s. dollars weak and oil is up, is it particularly worrying we're seeing such a big sol selloff in stocks.

those two factor have supported stocks in recent weeks. >> historically they have. i think there is much bigger macro considerations. that is what's driving markets today. people are looking cautiously and thinking consumers aren't spending as mump as we thought. therefore there is a risk. certainly with regard to consumer it is not playing out the way the government wants. it speaks to more central bank meddling ahead and i think traders are setting up for that. >> any special incite on healthcare here? >> healthcare has always been a quasisafety bet. what's interesting is if you see energy is outperforming and right below it is utilities, that means one of them is wrong. utilities is the safety bet. and i think the inventory numbers are skewed due to a lom of imports or imports

decreasing. and i do think this is interesting we weren't thinking about china today. commodities sort of off the table a bit. we all know the macro concerns. canadian fires. china bets. but i think as you see china pull back from fiscal stimulus, which is what they have telegraphed, you should see that complex come in just a bit. probably takes the overall market with it. >> the last trading days, the volumes are up and quite significantly. what do you draw from that? >> well listen, i almost to hate to say it. but going back to my trading days we had an axiom and that is you see the best volume on tops and bottoms so that doesn't necessarily bode well for stocks but i always have an asterisk. in today's auction i go guess goes along with that. if you are nervous about equities, you are nervous about the business cycle. maybe it is time to load up on debt. as we are getting close to

the --. but the other side of the coin is we've stheenz cycles before and invariably they all seem to only back home and a roost in the equity markets. will it be different this time? are we starting to see effects of many countries running close to empty? i think it is possible. but i wouldn't draw a lot of conclusions until we are at least 5% in all equity indices below this level last year. >> 50% over the last year, does that beckon to you? all? >> i think you are going to see a continued flush, especially if the efrl market comes in. but i will suggest take a look at specialty retailers. look at ulta cosmetics. up 10% year to date. the specialty section, you can find hidden gems. >> we talked with mike before about whether the social media

play. with ulta cosmetics for all the selfies people are taking along with some of the -- so that's where maybe the consumer is these days. any comments there? how is your selfie game? >> i don't think i've ever taken a selfie in my entire life. >> i'm going take one of kelly whilst we finish off these segment. sending off to twitter. there we go. it's on. off to twitter there we go. got to get it done. >> all these millennial. how many older am i than you? >> only slighter. we're both millennial. >> we have a little less than 50 minutes to go in the hour. and the dow is doing stuff. >> still to come on "closing bell" the race is on. hyper loop one is testing its

high speed transportation technology with an eye on building a fully operational system by 2020. live to the test site in a few minutes. >> and larry lindsay weighs in on the economic policies of donald trump and hillary clinton. and who would be better for business in wall street. you're watching nbc first in business.

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to learn how you can save energy and money with solar, go to pge.com/solar. together, we're building a better california. welcome back. a tough market today. pretty much the reverse of what we saw yesterday. the dow giving up almost 200 points. better than a 1% drop. we mentioned what was happening with disney. the s&p down 16 today, the nasdaq down 36. tyke a look at staples and office depot. staples down 18%. office depot down 39%. trading under $4 a share. a federal judge blocking the deal late yesterday saying the federal trade commission met its burden of showing the merger would hurt competition in the supplies market. >> and don for a market flash. >> we're watching shares of

google because over the course of the past half hour we did see an drop in shares. this reason why just around 2:38 eastern time this afternoon politico put out a report citing sources that said the ftc or members of the ftc may be asking some questions about internet search dominance by the likes of alphabet's google division. that report sending their shares lower towards the end of the day. as you can see google shares have recovered much of the losses on the heels of that report. also to add color the report for politico said they reached out to the ftc but the ftc saying they don't comment on investigations or even the existence of an investigation. and still we want to call your attention to shares of google

because they are one of the biggest tech companies out there and tech an underperforming sector in 2016. we'll see if it stays lower for the rest of the session. back to you conveys. >> thank you dom. let's shift to politics. despite bernie sanders democratic primary victory in west virginia. larry lindsay says the presidential race will come down to hillary clinton versus donald trump. he also believes a win for hillary is also priced into the market. however a according to his new research odds for her are 45%. >> what it could mean for the economy and wall street. welcome to post nine. >> thank you. >> fascinating. says hillary and donald and neck and neck and that is a big change already from previous inception. >> sure and we saw some polls yesterday that said ohio. pennsylvania and florida are tied as well.

that is ourceps of t sense of t. the conventional wisdom is it is hillary all the way. i think it is more likely you are going to toe see a very tight november 8. >> why is it the republican party seems to be so upset if their candidate looks like he's neck and neck with someone what's entire pedigree is set up for this position, then what is the problem. >> well the eight year cycle in american politics is pretty well em barded. generally we throw our parties out after two terms. a generic r should be a generic d. hillary is about as generic as you get. no one would ever call donald trump generic. so the fact that they are actually tied suggests the concern in the republican party than what thought should have been there year. >> why is it in your analysis that donald trump is in fact more even with hillary clinton

as -- >> one thing we factored into our analysis that actually produced almost a tied result was the extra enthusiasm. there is some debate whether people are enthusiastically turning up for him or against him. but in the end generally parties come home in november. it looks like that is in the process of happening now. and when you pull in all the extra votes that the republican primary got this year compared to the democrats, it suggests there is something to the enthusiasm plan. >> who do you think would actually be the better candidate for business, broadly speaking at this point? >> i think we have to learn more about both candidates. there is a political way of answering the question. but, you know, when you look at mrs. clinton there is a lot of detail there. she's got a program for every constituent she wants to win. there is no arching theme. it is all detail.

no vision. mr. trump is all vision, make america great again. no detail. and until we see the details it is very hard to make that kind of judgment. >> for wall street or the bank, either candidate is a bad outcome. the rhetoric remains as feverish as eff ever. >> you are absolutely right. big banks are not particular. i know please clinton will continue that policy. i think the most likely outcome for trump will be that he'll favor small banks and easing up on the burdens on small banks. but the return more that might be going tough or even tougher on big banks. >> thinking again about the staples/office depot deal being blocked. many deals have been plokd. there have been a dun of abandoned mergers. efforts to tax eversions and that kind of thing. does this theme of protecting

the status quo continue into the new administration or if it's donald trump do you think it e it would be very different. >> mrs. clinton is as generic as you get. we'll continue with the bureaucracy, doing things the way they are. no one knows exactly what mr. trump will do but he's promised to change things and that would mean having the bureaucracy get less power. probably why he did so bad in the washington d.c. area in the primaries. >> do you think the rest of this stays off the table? >> i think business business has a lot of trouble for the rest of the kmings. mrs. clinton has said she's going to continue the obama administration. run okay four more years. >> who fills scalia's vacation? and merrick garland, what is the latest read on the best course of action here? >> merrick garland, his record

is he's one of the most pro bureaucracy judges. everyone to the left of most of his democratic colleagues in backing up the ruling against business or ruling against individuals on property rights and things like that. i understand why they are blocking him but the public should have a say. >> larry lindsay. yuk read more about the lindsay group's view on cnbc.com/pro. minutes to go before the bell. we're staring at declines of around about 1% for all of the major indices. the dow leading the charge down 202 points. >> and pat mcrory discover discusses the impact of his state's controversial bathroom

law. as companies have canceled plans to create jobs in his state. >> and high speed technology gets a test run.

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welcome back. the dow is down almost bang on 200 points. the dow and s&p down about .8%. big movers including macy's and

disney hurting markets today. one bright spot though. electronic arts among the best performers. strong aesales of online sports and "star wars" games. >> hyper loop one. going for an early test run and phil lebeau is there where this just happened. hi phil. >> reporter: hi kelly. we're going talk more about the hyper loop tups in just a little bit. this is just one little sections they plan to put together to build the hyper loop. the sled on the rails here at the hyper loop test track facilities. it got from 0-60 in 1.1 seconds. 1.4 g. it didn't really go very long you might be saying. it is about a third of a mile is long the track is before they

had to brake. eventually they plan to build this it and if you look at the animation of a hyper loop could be. keep this in mind, they are planning a full scale test by the fourth quarter. they have secured 80 million dollars in series b funding so they have funding to put the test track together and the time frame for building the hyper loop goes like this, by 2017, next year they plan to have a project in the works somewhere in the world. move cargo through a hyper loop somewhere in the world by 2019 and by 20u 21 they believe you will see people being transplanted at speeds up to 700 miles per hour in a hyper loop. a test today. as we show you this video. this was not 7 hundred miles per hour. they got 0-60 in 1.1 seconds. a very short test run. but they believe this is proof

that what they are building here will eventually become a reality. >> the tube behind you looks pretty tight. you said this is going to move people. is this mass transit or a elite and very expensive select few that will travel on this? >> they believe that there will be affordable travel not only for people but for companies that want to put cargo in here. this is 11.5 feet in diameter. hello. it's echoing in here. but this is just one section. you will have mag lev rails underneath here. and electric motors and the pod and people and you would be running through here at a high speed. if it is cargo it would be a much larger tube. and in two tubes next to each

other for both ways. >> time now for a cnbc news update with tyler math isen. >> this hour, donald trump telling the associated press he does not plan on releasing his tax returns before the november general election. saying there is nothing to learn from them. and he didn't think voters were interested in them. former south carolina police officer, white person, facing the murder charge in the shooting death of an unarmed black motorist. michael schlager will not have to pay any additional bond in the federal case. >> fbi james comey says there will be more it gauges over electronic devices and encryption is the trade craft of all terrorist groups.

he says the number of people trying to join isis has dropped now to one a month. >> and unveiling a new icon with a new user interface. the reason for the change was to bring the design more in line with aesthetics of its user. that is the cnbc news update at this hour. back to you all. >> pretty. i don't know if it's going to get me back on instagram. but colors are nice. >> you are not really on any social media, are you? >> twitter. >> just twitter. i since arriving have been put on everything. said yes to all and i'm quite enjoying it. >> you will find the same i think it starts to be a lot. messages everywhere and very stressful. a lot to keep up with. >> i also like the old school camera. >> the polaroid. yeah. tough to see that go. and the by the way the worst day for retail etf since 2011. weighed down by a variety of

things. dow down and so is the other stuff. >> and north carolina governor pat mcrory speaks. ♪ [crowd cheering] i could get used to this. now you can. when you lease the 2016 es 350 for $329 a month for 36 months. see your lexus dealer.

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welcome back to the "closing bell." dow down about 190 points. 30 minutes about to the close. great to have you with us. we're stairing at big declines today. high volumes as well. despite strong dollar and strong oil. is that a big concern? >> what's the concern is a what's wha's driving us down today is the retail. that is the engine of the economy is consumer spending and the early look in disney and then macys and home depot and walmart all pretty weak. >> macy's weakness does that stem from a structural change within the industry or a cyclical change within the consumer. >> you are seeing it across the board not just be macy's. and this was a mixed earnings season coming to an end. we're up about 75%.

so it is much better than we thought but we have to see what's going to happen down the road. >> and do we see a bounceback in other stocks within a sector later in earnings or do you think it is going across the board. >> earnings season comes so soon actually and i don't think you see a big bounceback right now which leaves us into next month which will probably be a very quiet month. you will see volatility but not like tie with high volume. i think you have high volume next -- >> thanks guys. back to you. >> hundreds of the companies boycotts north carolina over a controversial new law that requires people to use public bathrooms and changing rooms that correspond to their biological sex. it's made the state a national battle ground for trans gender rates two. companies have canceled projects that would have created hundreds of jobs in the state. the u.s. state department has filed a suit against north carolina and the state and its governor have now countersued. jing us to talk about the economic impact is pathomechanic

rory, thanks for joining us. >> thank you. and let me just correct something that you mcrory, thanks for joining us. >> thank you. and let me just correct something that you. >> there was one company that decided not to come and that was paypal. so i just need to correct that. we're having the fastest economic growth of any state in the united states of america in the past three years. so north carolina is going extremely well. >> opposing i think would have been better language. we were just showing here of many, many companies who are against this, not just companies -- >> well they are against a certain bill. they are against a bill. but they are not boycotting a state and that is a huge mistake that you need to correct. >> and duly directed. they are opposing this bill. >> that is correct. >> so, that still brings us to a position in which north carolina is now getting pressure from

employer, businesses, as seeing the potential for jobs lost, not brought to the state because of this. it could continue, you know, how these things work, governor. how much are you willing to lose -- >> especially if i have that kind of introduction at the beginning. that does worry me. >> listen, we are cnbc so we're focuses on the business aspect of this and i'm sorry if we misspoke in that regard. how much business are you willing to put at risk here while this continues. >> well businesses are making that political decision. we have over 200,000 businesses in north carolina. and we're doing extremely well. we're the ninth most populist state in the united states of america and the biggest concern business should have right now is the justice department as of wednesday just released a new e, oc order which applies to every business in the united states of america, not just in north carolina. and basically you have the justice department setting new

bathroom rules for every company in the united states of america with over 15 employees. and this is never been seen before by the federal government making such hr policies for restroom, locker rooms and showers for employees in the private sector. and i don't think the private sector even realizes what the justice department just did. and all we're trying to do now is get clarification from the federal courts, not just from the state of north carolina. this applies to every business in the united states and every university in the united states of america. >> this morning we spoke with target which had come out and opposed the north carolina law and found itself in the middle of a boycott itself from one particular group. we asked ceo brian cornell about this policy of targets going forward. here is what he had to say. >> the vast majority of our stores actually over1400 of our stores already have a family

restroom. and we are committed over the next few months to make sure every one of our stores has that option because we want our guests to be welcomed in our stores. >> governor, how about a practical option here? reminds about a little like apple and the justice department. is this, you know, one way for people who are trying to go about business to be able to do so without having to make awkward decisions about the personal lives of people. >> i agree 100%. government ought to stay out of the bathroom policy of the private sector. but the rule what target is doing is discriminatory because they -- a gender expression person should be able to choose whichever group restroom they want. and offering an alternative now is deemed discriminatory by the u.s. justice department and

obama administration. so these are things i encourage everyone to study. and what i'm doing is saying government shouldn't be telling the private sector what to do regarding the restroom shower or policy and what is the government did to the state of north carolina and to every business within the united states with over fifteen -- >>'ve lost the government just briefly there. we hope to get him back and with if we do we'll certainly go back to the interview. >> we'll take a short break. and the dow down in the range of 200 points today. also ahead we're going talk about comments this morning. time to stop bank on bank violence so says -- >> and tomorrow brian moynihan's take on bang on bank violence when i talk to him exclusively right here on "closing bell."

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governor of north carolina. want to go back. again, what happens next? >> you know, what we need is clarification from the federal courts because the lawsuit from the justice department is about bathroom policies in our universities, our restaurants, our government buildings and all employers, not just in north carolina but throughout the united states of america and all universities. and the justice department and the obama administration is interpreting this u.s. civil rights act to include a definition of gender identity. congress would probably disagree and we just need clarification. and whatever the courts say we'll follow those rules. >> supreme court? >> i don't know if it will go all the way to the supreme court or not but it is obvious this is a pretty strong interpretation by the justice department. and the executive branch is not the branch of government that is supposed to interpret the law. they are supposed to enforce the

lausmt it is the congress that makes the law and then the judicial branch that should interpret the law and we're just asking for clarification of the law and i encourage businesses now who don't know that eoc laws have just changed with respect to the bathroom shower and restroom and lorm facilitcker r facility, i personally think it should be your choice. but the government now is stepping in on this extremely emotional issues on all sides and we're just asking for clarification. we just happened to be the target of the federal government at this time. >> you made your case on the business impact of this law earlier. but you must dplit there's been a bit of the pr fall out. does that negative image upset

you on your set? >> no it's pretty well planned by a group called the hrc group. very powerful and the head of that group said we're going m e north carolina the epicenter of this gender identity fight and we're going the move into other states and there is controversy in texas and tennessee and there will be in other states. that is why i think sooner or later the u.s. congress has to revisit the civil rights of 1964 especially since gay marriage is now legal by the u.s. supreme court. it is now up to them to put this new hr policy on --. but this is exactly what they did. and regardless what target does. by offering a family alternative, the u.s. civil -- the justice department would say

that is actually discriminatory to offer an alternative. they think if there is a group situation, a gender identity individual should be able to pick the option of their choice and that is the basic dispute. privacy versus equality. and we've got to resolve the issue. i hate to be at the center piece of it but i'm willing to question it. >> and governor, have you spoken to people in your state who are transgender? and have they been upset? >> what is their reaction? it's mix. in fact we did not bring this up. it was the political left that brought this issue up originally in houston, texas six months ago where they had a referendum and it failed to mandate private business for transgender restrooms and then it was brought to crlotte and seems to have remained in our state. so this was brought up on the political left not the political

right and the national media is spinning this as the political right bringing up bathroom bills, which is just the opposite. >> governor, what happens if the nba, which has been reported that may reconsider hosting the 2017 all-star game in charlotte. again, what happens if if nba says sorry we got to go. or any other organization that's really popular like that follows suit? >> regardless of the nba or any other corporate identity i think this is a very slippery slope that businesses have to get in on these issue because it is inconsistent outrage among businesses -- -- have terrible human rights records and yet they want to boycott north carolina because of a common sense bathroom/restroom/shower

facility policy and needs to be clarified by the courts. and we're doing just that. and it applies to all businesses and i don't think most people realize that now based upon wednesday's letter from the justice department. >> governor pat mcrory standing his ground joining us from north carolina. thank you. >> minutes left before the closing bell. the dow is down by about 200 points. s&p down about 18 points. >> good opportunities in the bond market but not so much on the interest rate front.

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welcome back. justin want to mention briefly. said there is 500 million to pie on the bell this even as the dow is down 209 points. >> robert, great to is you with us today. big market moves today. that earnings driven or stale fed dollar macro story right now. >> i think it is an earnings story. i think the fed moved to the side lines and i think rightly

so. there were a lot of signs of tightening conditions and i think janet yellen made it clear she did not want to be the central banker that knocked the u.s. into the recession. so the bond market has done a good rate of pricing them out this year. >> and what about next year too is this. >> right. i think you get probably a solid amount of the hike priced in by next year. so what we're seeing is the seventh year of recovery. earnings growth has shroud. dollar has elevated and bonds mechanics more of a horse race between bonds and stocks. >> the fed has backed off. dollar weakness and oil price recovery. why hasn't the earnings season scene more confidence from management. >> the sus one of the world's faster growing economies. you are looking at japan,

europe, where they have negative interest rates and they are just getting very modest growth. and then china which has been the world's biggest driver of growth continues to slow down. >> the ten year and the -- which have hung in. do we slide lower from here? >> i think it is middle of the range. 1 and a quarter to two and a quarter. and most of the time 1 1/2 to 2. and most people are like the next ten years willing something like the last ten years and five years before that. is so high yield bonds like hard currency emerging markets the ones can mid single digit and higher yields i think are going to perform very well in the coming years. >> thank you very much. back in a few minutes of course with the closing exchange. >> and after the bell we're going to talk to former citi

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about .8%. time for the closing countdown. bob pisani joins me. what is the key takeaway today? >> we were up 200 points in the dow yesterday. we are down 200 points. gone a complete circle. what is different? not a lot other than real key news in important sectors. macy's h macy's confirmed the whole trend in retail sales and apparel is down. and second tend. big draw down on industry on oil. demand is relatively strong supports the oil is bottoming kind of story. energy it lefted rather notably but not the overall market so now we're seeing decoupling on the oil story overall. >> -- [inaudible].

>> right. thk is the last thing i want to mention. key healthcare sectors. endo pharmaceuticals, big generic drug manufacture out there. reports of the government looking into the relationships of some of these drug manufactures overall and i think that is kind of falling into the overall tone and tenor of the healthcare market. >> the other big news, another big deal scuttled. >> market m and a often will drive stock valuations. for example in the sector something helped to support the market earlier and it is not there, yes it can hurt the market. i still think some energies make

sense. >> and -- [inaudible]. >> very -- the dollar has -- [ applause ] >> that is the "closing bell." we are down 1.2% for the dow. 215 points. down about .8% for the other markets. the s&p and the nasdaq. forbes women's summit rang the bell. congratulations to them. over to kelly. >> thank you wilfred. welcome to the "closing bell" everybody. let's see how we're finishing on wall street. the dow giving up 215 points. down 1.2%. it was the worst performer on the weakness of the disney and others. s&p down nearly 19 and the nasdaq as well. former citi group sallie

krawcheck. first let's talk about these markets. cnbc's commentator mike san tolly and --. mike, interesting steps today. not sure what was going on the but the weakness especially. >> a lot of opposing -- yesterday we talked about how it was kind of mechanical mark up type rally. no identifiable catalyst. today you have a give back of most of that and today very localized in the retail agents. seemed like a throwing in the towel of old retail. i'm not concerned about disney. that was a tame selloff. about 1% off lows. treasury yields refused to lift. credit markets are okay. so i don't think it changed the equation very much. except slow growth, nothing to get excited about. and this downside catalyst was the one thing to get excited

about in retail. >> what do you make of it? it does feel like people are trying to figure out -- i mean, is the economy okay? is it not okay? and are we still having this debate? >> i think that is that the million, billion, trillion question, kelly. and if you look at the different names and the breadth of the names affected today for very different reasons, office depot and stapless, for basically getting a death sentence by not being allowed to continue to merge means like fossil to macy's on the consumer front obviously beaten up. i think there is a really big question on whether there really is a changing of the guard here in terms of consumers buying preferences. so are they really switching from things like apparel and brands to these experiences? or is the consumer just weak? and i have a feeling it is a little bit of both. >> and the two strong sectors as

pointed out earlier, utilities and energy. >> utility, a big secondary, did it off an all time high and last i looked the stock acted pretty well off that second re. and i got to go back and see where they priced it. to your point utilities are strong. i still think the bond market is your tell. mike mentioned at the top. great treasury auction. listen, if the economy was as strong as the stock market has suggested, then back in ten year, 20 year yield should be significantly higher. and when i say significantly higher i mean with a three handle in terms of in front of it with that little percentage sign. i don't think the economy is strong is all. i think people confuse the consumer's want to spend with the consumer's ability to spend. they are totally different. u.s. consumer will spend raurdless but it doesn't mean they should be spending. >> we've raised the question a

number of it's the. and maybe it takes more looking at the gdp data or something. but healthcare. how much is the fact that the premiums whether it's on obamacare or just in general the cost burden shifting to consumers is it possible that is swallowing up the extra spend is this. >> certainly a pronate of that l i also think we confuse shopping with consumer spending and is shopping stocks got smoked today. the spending stocks include at&t and verizon because guess what you are paying a lot more for your cell phone service and definitely healthcare. no doubt about it. for no other reason than we're older and sicker and paying more. all these things matter. i don't think i agree with guy that the stock market is somehow pricing in wonderful growth. i think a 2% economy is kind of where we had. now we're fully valued but i don't think that the market is saying up and away. because it is all those very slow sectors that have been leading us here. >> i don't disagree with michael and i know he's not going to be

surprised. i thisty valuation where we are right now would suggest we're going to see some catalyst for. healthcare. when you have small businesses having to pay more in terms of healthcare, less they can hire and pay up and i think it becomes a vicious cycle and that is why we're not getting the growth. i think everything supports that from very low wage growth to very low job participation to the gdp overall. those kind of things rebaare noe spending we want to see happen. >> retail today. shares of macy's reported fifty straight quarterly sales decline and slashed its outlook. how much trouble are it and other retailers in?

so jim, this spend does not seem like it is happening at these retailers anyway. where do you think it is happening? >> i have to say we've all talked about the amazon effect. and amazon is not the problem. they are not a retailer. they are simply an e enablement vehicle. and they have allowed the barriers to fall so far that nearly anyone can get into the space. and macys and big boxes and alike are losing market share but they are losing it to an army of retailers that are eating into the every category, including apparel. >> restaurants by the way that was mentioned earlier today. a number of places people do appear to be spending. even the housing investment cycle. jc penney mentioned that appliances were doing very well in its stores.

is it the case we might just simply have a different kind of spending going on? >> the consumer is going to determine where they want to spend their dollar based on convenience. and brian cornell said it right this morning. about putting the customer first and making transactions easy. that is what amazon is all about. my business is in facilitating the use of amazon as a trading platform to get to the american consumer. in fact consumers worldwide. and the trend of our own marketplace is taking share and taking a piece of the american consumer's wallet isn't going to slow down any time soon. >> sounds like a good opportunity for a lot of small players as you mention but i also wonder what it means for the publicly traded companies. amazon is now worth more than 25% of the entire s&p 500 retail sector. how much more in a the public capital standpoint are we going to have to deal with the erosion of the businesses of those other

incumbent companies? >> well, i think they are going to continue to erode. i am not a believer that retail is dead. i think brick and mortar has a healthy future ahead of it. and let's face it the vast majority of consumer spending still takes place in physical form. the question is at what point do the legacy retailers, the big boxes begin to sufficiently invest and change in the way they talk to consumers. at the end of the day trading in a directed consumer fashion is a supply chain game. and until they make the appropriate investments there is going to be little change. i was disappointed in comments today oriented around cuts instead of reinvestment. there was a small mention of shoring up on line. >> got to shore up online. i walked by and that place is a entire city block in the middle of manhattan. think of what that real estate is worth yet i didn't see a lot of foot traffic.

maybe brick and mortar is not dead but clearly dying some painful death. how do you differentiate the stores from one another? they all start to look alike an the margins at a certain point and there is no differentiations which is in amazon works seemingly to the debt rhythm of everything else. >> i went long into calls on macy's dtoday. because i do think the value outweighs the current valuation. but i think they have things on the horizon we're not talking about such as the move into the off price arena. that is a big push they have come down the horizon and any place doing well, something hike a tj max which i also own is doing well too so i think they have some very positive things ahead of them. i did a call instead of buying the stock because from a market standpoint there still may be some sentiment issue -- >> next to the that jeern to th

here. >> in previous stock market and cred cycles. you would have seen some strategy imb strategic buyouts but it seems like this is what the industry is calling out for. >> does it real street investment -- >> you would think eventually. inlated to some degree. it is pretty slow this terms of when the rent rolls get compromised here and they can raise capital cheaply etc. and they change. they put in the theater because of the experience. they put in the mix to the things that are drawn. >> do you agree? >> absolutely. i think what needs to happen at the brick and mortar level is more focus on the entertainment. there is traffic there. trends are down, yes. but monzing the traffic there is

the real challenge. and about being able to service them on all fronts.etizing the e is the real challenge. and about being able to service them on all fronts. people are still by nature going to be impulse buyers. and the ability to capture that is not going to go away. >> the s&p retail etf down about 4% today. worst day since 2011. jim thank you for joining us. >> thank you kelly. >> jim spelts there. earnings alert on jack in the box. >> the down 15% year the date. perhaps the set up favorable for what you are seeing now which is a 7.5% bump up in the after hours on nearly a quarter of a million shares of volume. this after reports earnings of 85 cents a share that beats

estimates of 70 cents a share. $360 million. analysts looking for 3060 million dollars. couple of notes look comparable store sales. jack in the box also owns q ado qdoba. they see comparable stals down 1%. that beat the expectation of down 6%. qdoba post stores gains of about 3.1%. that beats the average analyst estimate of around 1.2% gains. on the forecast side they see current quarter company owned jack in the box comparable store sails don't 2% to flat. slightly worst than analyst expectations. same kind of story here on the qdoba front as well. they also make comments that the third quarter is going to be negatively impacted by heavy rainfall and flooding in the houston area. where 17% of jack in the box

company owned restaurants right side. -- reside. on ambulance up about 7.5% of 310 thousand shares after hours on an earnings and sales beat. comparable sales also better. jack in the box down year to date. probably sets up for a bounce like this. back to you guys. >> thank you dom. qdoba is doing address. >> huge qdoba fan. i'm going to wrap a bow on this for you kel. i'm a huge qdoba fan and what happened to chipotle i think works to qdoba. although a lot of people said i'm not going to any of them. we just talked about malls. malls will be fine as long as somebody kilo closes up shop and the next guy or gal decides he can do a better job in that space. and that's what's been going on because occupancy rates are still through the roof.

guess what's walking around during this fire drill i'm having right now. a lot of guys or gals in their sneakers doing laps in the mall. people like me wandering around aimlessly getting exercise. >> i get the point. >> my mom used to walk us around the mall i guess when we were very little in the stroller. it is great exercise. >> with jack in the box. three months ago. stocks at 76 before the prior earnings. and they were the ones that blamed mcdonald's breakfast for slowness in the middle of the day. >> this is popping almost 8% in the after hours. you have down comps. they are saying down comps for the rest of the year and this is a stock that's already before the pop trading at a premium to the market which is already overvalued so you are telling me that this is a fairley valued

market that makes any sense? no. >> hallal guys is my bullish pick. >> just roll those guys up and take them public. >> the best. they have outlets. different stores now. they are going to take a page out of the qdoba. thank you guy for joining us. dpl carol roth. big big fan. watch her. on ward and upward. >> thank you guy. coming up top of the hour. veteran tech investorers. alpha one capital partners dan niles. we're just hours from a key vote that could determine whether brazil's president is impeached. we've got a preview and what it means for the emerging market next. and sallie krawcheck, what sets her apart from rivals and the

increasingly competitive space later. you're watching cnbc first inned by before they found out who's been hacking into our network.

who? guess. i don't know, some kids in a basement? you watch too many movies. who? a small business in china. a business? they work nine to five. they take lunch hours. like a job? like a job. we tracked them. how did we do that? we have some new guys defending our network. new guys? well, they're not that new. they've been defending things for a long time. [ digital typewriting ] it's not just security. it's defense. bae systems.

politics welcome back. the impeachment of brazil's president rousseff could come

one step closer to reality today. >> today could be a water shed moment in modern brazil history. the senate expected to vote after a full day of vote whether or not to begin a trial process against the president of the country. if she's impeached we are only looking for a simple majority. newspapers have surveyed many of the politicians they think there are going to be at least 50 votes in favor. if he's pushed out for six months she'll stand trial. she's not implicated in the -- scandal. she's accused of using shady accounting to make the country's finances look better than they actually were. the bigger question here, the sweeping campaign against corruption in brazil. is it real? is it permanent? does it mean that the country is finally cleaning up its act?

and regardless of the vote tonight it still has a ways to go to play out? >> we have six months where she is out of office. she stands trial. after that trial ends the senate votes again. at that point the senate has to vote two-thirds majority to terminately push her out of office. that would be a vote of 54. that is why analysts are watching for the vote tonight. if the vote gets to 50 at least tonight they think it's a done deal. closer to 40 they wonder if there might be disappointment about the actual trial outcome. which would imply it is not necessarily based on the evidence. >> a political process, carol. >> right. >> michelle. what are the people in brazil saying? what is the sentiment? obviously this is something heavily steeped in politics. but what does the average brazilian think about this? >> rousseff -- her predecessor, e ratings from fallen

dramatically. there is deep negative sentiment about the fact that the economy has gone so poorly, so badly. they have had a decline in gdp of roughly 6%. the poor are not better off than they thought they would be, which is the big promise of both rue receive and her predecessor da silva. it is quite negative in a way we've not seen for a long time in brazil. . >> coming up. but first washington doing some stuff.

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call now to request your free decision guide. and learn more about the kinds of plans that will be here for you now - and down the road. i have a lifetime of experience. so i know how important that is. welcome pack the proposed merger between office depot and staples, the latest merger to be killed by washington. and the dead descore card, here is --. >> this week coming from judge emt sullivan. that is in the office depot staples merger. take a look at this liz of deals that have been killed over the past couple of years now by washington. it's getting longer. electrolux, ge, halliburton.

ge. these are major, major deals. and my favorite, bumblebee and chicken of the sea. that is a smaller deal but nonetheless, all of these blocked in one way or the other by the u.s. government and the question is going to be kelly, are regulators becoming more aggressive here is this 2015 m&a boom we saw simply spinning off so many deals that boardrooms are pushing the limits here in washington and regulators are simply saying no to deals that shouldn't have happened in the first place? >> yeah in this particular case to eamon. two years ago it was one thing to block staples. and was it office depot at the time. but today? the argument in this case was about small businesses or even big businesses hurting them because they wouldn't have anyone else to buy from. >> i've talked to regulators who have made these type of decision this is year and they are

concerned about competition as it relegates to the businesses of the consumers of the things these companies are selling in this thisz office product bus in the halliburton, baker hughes you were in the oil field universe and those customers so it is not simply a case washington is being anti-business here. that you have to slice and dice who wins in the deals but the people in the bedroom boardroom like get the deals done. >> huge over reach i think from the government standpoint. if they are trying to give governments more choice with a dole like office depot and staples they have like i said before creates a death sentence here. it is very possible these two businesses will not be around at some point in the future and actually businesses will have less choices to buy from. like we keep saying amazon is the retail killer. and there are so many options you have online to get in the middle of something like. this given the global marketplace and where we stand

today is an absolute travesty. >> i think it reflects in part the tone of the kind of deals companies want to do during this phase. which is relatively risk averse. office depot and staples was not about mega growth 1 plus 1 equals three. it reminds me too in the nineties there was a lot of concern when mci was going to merge with worldcom. oh my gosh. well we know in retrosprekt that wasn't necessarily a big deal. >> and the things like a inversion legislation that we're seeing or i don't know if it's even lemgs more just mandates and rules out there. it just seems the tone in government right now is to be very aggressive and very heavy on the regulation and that is aibt growth and not good for the

free markets. >> you talk about amazon and its importance in this deal as a counterweight saying look these companies have significant competition. just look at the future for amazon itself given that it's become such a big player in so many industries, where is the tipping point for an amazon as it comes to regulators in washington d.c.? and what batch of regulators are we going to have after this presidential election? if you get a hillary clinton presidency you could see a continuation of this tone of regulation. if you get a donald trump presidency next year i don't think anybody can forecast what that means for the ftc and for regulatory policy as it comes to anti-trust. it is just a complete question mark at this point. >> i like that point about amazon. set your clocks for five or ten years from today. >> time now for a cnbc news update. >> secretary of state kerry

addressing the oxford union debate society. he repeat his statement that the u.s. would be looking to make a trade agreement with 27 countries not one. and a cou and. democratic presidential candidate hillary clinton kicking off her nj new jersey primary campaign. took aim at donald trump's tax plan and called him out for not releasing his tax returns. >> in ohio a mother goose pecked at a police cruiser until two officers followed her to her baby goose that was tangled up in some string from a balloon. look at that. cecelia, the officer, picked up the baby, took the strange

string off. and once free the baby goose waddled to mom and they both waddled away. >> also because those canadian geese are so annoying that. >> i think it's proof sometimes that animals are smarter than we give them credit for. >> awe. >> there we go. >> i'm suspicious. what happened before the video. >> i think that's pretty ama amazing. >> up next. former cfo sallie krawcheck is here to discuss her things. plus a brand new report on hamburger meat. i don't know if i'm even going to tell you about this one. stick around it's pretty disgusting. coming up up on "closing bell." the call just came in. she's about to arrive. and with her, a flood of potential patients.

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welcome back. here is how we finished up toot. the down was down 217. the nasdaq down and the rest too. jack in the box shares soaring after posting better than expected profit and revenue,

thanks to in part strong sales at qdoba. shares up about 7.5%. dominick chu what's happening. >> right now we have a departure from the hedge fund run by bill ackman here. william doyle who ma m say is a key figure in drag company valiant pharmaceuticals is leaving the hedge fund. this according a to a letter talking about what's happening with the investment funds overall in the letter. they also talked a little about the performance of the company and what not saying that the -- again, bill ackman saying there is much work to do at valeant including restoring the dermatology business to growth. also a lot elsewhere about what's happening elsewhere in the performance. they start talking about big contributors positively.

a number of notable positions that have been detracting from the performance at pershing square. it's also worth pointing out that bill doyle, the person leading pershing square was on the board of zoetis. they maintain a near 5% stake in the company and have said they believe in the management and company's operations overall. a lot to sift through for now but those are some of the key headlines. we'll go through here and get you more. >> down 5 25 approximate. >> without a dot. and responsibilities if nova cure and company he's now exactlyive chairman so they position t as he has other things to do and not necessarily taking the fall for the valeant investment. which they shea may take a few

quarters before he thinks it will revalue to where he thinks it should be. >> trying to bridge the gender investment gap. el vest. >> i. >> as the digital investment advisor that will give women a full financial plan, customized portfolios and risk management. >> the big question is why do women need their own investment platform? >> well do you believe there is a gender investing gap? >> i do believe there is a gender investing gap. >> so rather than telling women to work harder. you need remedial financial education. you need more hand holding.

these are myths and they are wrong. what we need to recognize is that women think about these things differently than men do. men will invest through jargon. women will not. right? everybody says oh gosh women need more financial education. so do men. so we know something isn't working for women. so we spent hundreds of hours of research with women to see what it was they are really looking for. >> what happens when they get married and combined households. do they get married or is it still inclusive. >> oh many i god. are you in 1968 here. no they don't turn over their husband to manage. this is for women independently the manage. what we're looking is for help people decide what they want to do in life. start a business. retire, buy a house. help make the tradeoffs and invest of it.

>> leaving right away. maybe coming back in. >> and that is my question. let me mention my wife has cone some work with you and -- >> he's awesome. >> be that as as i it may i don't think she's taking full credit for what -- i do have a question when you talk about the other row bow advisors that exist. the way you enter those platforms is through a questionnaire. what are your specific dipoles? what do you expect to be earning? >> we go in, we learn about but in addition to having her tell us i want do we say look you want to start a business this is about how much you should save for it. you want to retire this is the kind of annual income you should look for and then we project out her earnings over time. different from a mans. sadly they aren't as high and they tend to peak earlier. so it is not just oh we're women let's have man cure t but it is

oh as woman you have a different earnings trajectory and you think about risk differently. >> am i handing assets over to here to you? access to a bank account? ability to launch new investment vehicles? what kind of agency does this give you? >> there will be direct deposit to a bank. because they are look furg ongoing deposits. sometimes a mental mistake is we think of investing as the one time think. it should be every month, every quarter sort of thing. and i don't have to tell this crowd it really is about asset allocation and managing the at zeta allocation. not about stock -- >> low fees i would imagine as well. >> -- yes. >> time and again the most important thing is keeping the costs -- >> so we're not the cheapest out there. we're 50 basis points. much less expensive than a full service provider, we're trying

to the best value by taking those gender specific issues into the account. and a super great thing we do. i think. is if we -- we tell her if she falls off track. if the market corrects if she doesn't make a deposit. we reach out to her. we say you have fallen a off track. you can retire a year later. deposit another thousand dollars. investment a limit more. and she says check. don't talk to me about standard deviation. talk to me about my risk as my not reach mig goals. >> is there ability to connect with somebody live. obviously a lot of people men and women love to have that face to face connection. >> such a great question. when i went into it i thought women i thought women need more handholding. women need a personal relationship. the women told us that. but actually what we found is that what they need that

personal questions for is the jargon. again the guys invest through it. the women we all like to get our a's. what does that mean? what is beta? help me. when we tuukka away the jargon and put it into the plain english all of a sudden she said i do this myself. and what we're seeing is a kick up at night. 9:00 at night you know she's having a glass of wine and she sort of does the tradeoffs in her plan. so she tells us she wants somebody. but what she really wanted was a safe space. we do have someone for her to talk to about questions on the platform and so on but we're not giving impersonal advice. >> the other automated platforms is more positioned a millennial play. younger people. does that compute and make sense that is the target? >> for them, sure. a lot of the millennials are still paying off credit card debt. you shouldn't be investing until you get that credit card debt

paid off. for us weave hypothesized it's been women who have paid that off come in have some money and have investing. we've seen women from 24 to 62. it is more a mind set as opposed to an age. >> thank you sallie. >> sallie krawcheck in ellevest. the pursuit of healthier.

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we have a news alert on chipotle. >> shares are not moving after hours. it is very thinly traded but interesting because the company just announced the board authorized repurchase of an additional 100 thousand dollars worth of the company's own shares. in addition tot the previously announced 1 $.9 billion share buy back. looks like the quick and dirty math makes it a a $2 billion stock buyback. two billion in total for buyback. not insignificant but an incremental 100 million this time around. >> a recent study shows low interest rates cost savers $7

billion in the last second and that means losses for the economy. welcome back. >> thank you. >> you think the government should be issuing 5% bonds to people. >> maybe a certain group of people. maybe i'll start there. let me say the following. low interest rates didn't make sense in the financial crisis. didn't make sense when value sheets were impaired. but i think they now have got on the a counterpoint that is scaring people who are living longer and scared about their money are they going to run out of money? and so therefore what do you do about it? my idea is really a modification of social security which you never get through so maybe you get a special thing is to segment those people with the most need for a program with government bonds. so theoretically if you are over 70, if you paid into social security 10 or 15 years. if you have less than $50,000 of income the government in my

opinion should sell you a 5% with a cap obviously, whether it is a hundred thousand or whatever to provide income. people will spend that income. it will be stimulative to the economy. >> almost an injection. >> people are scared to spend. i talked to investors and nobody is willing to take the risk of this idea. >> why would we issue 5% payouts when we are also under the same constraints. >> cash for the bond? >> definitely. for their cash. >> why wouldn't they put nit munies for example. >> >> the muny tax exempts and the tends on immaturity. and i wouldn't have them transferable and tremendous cost. seems that 5% would make a

difference to their standard of living they may have more saving than most already. >> they may. but it is a large group of people in my opinion who would spend the money. and interest rates are no longer free markets. these markets have been set by government policy for policy goals and here is something to offset that policy and moderate. these worked all their lives. they saved. >> i don't think it upsets the policy. i think it doubles down on the policy. that becomes my problem. now we get the government come in and issue more government policy instead of trying to to get back to a normalized free market i think that is where everybody ends up better. >> you make a compelling and strong argument. but the 98% of the people who disagree with me use. however i also think the actual policy creates independence by people on the government.

and. >> you reduce depends by having the government in the middle of it to me it is a great intention but i think the key is to get the government away from as many things as possible instead of inserted in the things they do badly over and over again. >> my answer for the politicians, people in wheelchairs will go to the polls to vote for this thing and therefore i think it is good politics. only way i can respond. >> we know the older people are more likely to show up and vote. >> they have been hurt. it's been a policy. older people in this country have been hurt. want to stimulate housing. corporations. i actually think interest rates should be raised in general and would stimulate the economy that way. >> thank you. is. the frosty relationship between slk val and the government beginning to thaw. [ . ♪

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as long as you love me, it's alright bend me shape me, any way you want me... shape the best sleep of your life. sleep number beds with sleepiq technology adjust any way you want it. the bed that moves you. only at a sleep number store. welcome back. silicon valley and the department 6 defense haven't had the best friendships. but it may be thawing. josh lipton sat down with defense secretary ash carter today to further discuss. josh. >> well, kelly, ash carter was actually the first secretary of defense to visit silicon valley about 20 years, this was his fourth official visit to the bay area where he acknowledged that tension between uncle sam and the tech industry. >> there are also tensions obviously around how to handle technology in the context of

security, privacy, a free internet. but also one that is secure, and that is -- contributes to protecting people rather than harming people. that's a difficult thing to engineer. >> now, perhaps even more difficult now, after that recent conflict over encryption where virtually every major u.s. tech company came out in favor of apple and against the government, but now secretary carter has created what he calls the defense innovation unit. its mission is to help the d.o.d. that could strengthen national security. he has requested $30 million in new funding for this unit. recruited top talent from apple and google. and plans to open a second office in boston. there are entrepreneurs in silicon valley who may be wary of working with the government, worried about red tape, about bureaucracy. secretary carter acknowledged

that concern, but said he wants this unit to be fast, and to be agile and to, in his words, move at the speed of business. guys, back to you. >> winning back tech, poaching from it, too, it sounds like. josh, thank you. the follow-up from the panama papers. dom chu is back. >> kelly, with the regard to the use of shell corporations for the alleged hiding of income or assets, right now new york's department of financial services, cnbc has learned, citing a source matter here, they've cited 14 institutions about gathering information about how their clients may be using shell companies. goldman sachs, and other large financial institutions. we have reached out to goldman sachs for comment. we have not heard back from them. you can be sure when we do hear

from them we'll bring it to your attention. back over to you guys. >> thank you very much, dom. coming up, you may be getting more than a bargain for your hamburger. disturbing findings of a new report after this. (speaking japanese) oh watson, your japanese is very good. thank you. (speaking japanese) exactly. i can understand nuance, context and idiom in seven languages to help companies all over the world with everything from retail solutions, to banking, to cyber security. (speaking japanese) you wouldn't order szechuan without checking the spice level. it really opens the passages. waiter. water. so why would you invest without checking brokercheck? check your broker with brokercheck.

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if you were thinking of a hamburger for dinner tonight, you might want to hear this first. products sampled had issues. this includes detection of rats' dna in a couple of products. 23.6% of the veggie burgers had labeled discrepancies, including the detection of human dna in one sample and rat dna in another. some tested positive for both oh jens. these levels likely fall within the levels of acceptable contamination. >> i always thought that the secret ingredient was squirrel, not rats or people. this is why i always eat my burgers well done. i feel like if you have them well done, it kills off anything. i'm sorry, they're tasty,

regardless of what's in them. >> not looking too closely, we have better esh urmt tools and should not be used for these purposes. we can actually find all this stuff. by the way, 6 in 7 chance you don't have any of that dna in there. >> maybe it enhances the flavor. maybe it adds a little something special. >> just the fact there's dna doesn't mean that's what it's made of. it could have been some stray hair or something, right? that doesn't have to be anything more than -- >> i feel like if it was an intentional ingredient that was there for flavor, it's much better than somebody's fing fingerna fingernail. >> still not worth eating well-done burger. >> give us something else to talk about before we go. >> oh, gosh. jobless claims tomorrow. why not. let's see if that trend is still in place. >> lots of retail coming out

tomorrow. i think it will tell a very big story. >> i felt better as soon as you said jobless claims. things are calm. we can do this. no rat dna in burgers. "fast money" begins right now. "fast money" starts right now. live from the nasdaq market site overlooking new york city's times square. tim, karen, guy. widely followed tech investor says now could be the time to short apple. he'll be here to tell us what he's waiting for to pull the trigger. oil nearing year-to-date highs. wreaking havoc on a group of stocks that are near and dear to your heart. and later, another successful test for potential new empire for elon musk. is the man stretched too thing? the former ceo of apple will weigh in on that. first, the dow falling