don't miss another at 6:50 p.m. eastern. >> it's called blippar. >> thanks for watching "power lunch." >> "closing bell" starts right now. >> yes, hi, everybody, welcome to the "closing bell." i'm kelly evan. >> actually i'm feeling a little disruptive. i'm bill griffeth. bearish comments from george sore yoos and carl icahn. >> and how much is yahoo!'s busy really worth? also an update on viacom, that whole report. plus a new report says

americans' wealth hit a record. did you feel that? we'll tell you what's behind the growth coming up this hour. >> and eric ripert will give us a report on consumer spending and a look at his unique path to success. >> looking forward to that very much. he has a terrific memoir out right now called 32 yolks. >> that was a nice french memoir. >> only you would be excited about the flow of funds report. >> it is a wonderful document. overlooked because it's not markety. how many people have an idea of wealth and different flows. >> a wonderful document. that's great. let's start with two billionaire investments making bearish market comments and they both like gold, by the way. dominic chu has the story for us now. dom? >> bill kelly, we already have an ideal, according to

regulatory findings, his firm acquired large stakes in the early part of this year. now, gold could be an inflation hedge, a safe haven trade among other things. soros told "the wall street journal" there may be concerns about not only china's company, the european vote. now billionaire investor carl icahn echoed those similar concerns today on cnbc's squaulk box. . >> i think he's a very smart guy, george soros, and i think listening to what you said he said, i can't help but they he has a couple of real good points. i think -- you know, i've been saying it. i think that you have a sort of a false market, you know, you have to be cognizant of it. >> you have to be cognizant of

so many things. it's helping lift large ear and smaller cap stocks. as if the interest rates that carl icahn has mentioned, they continue to be under pressure. the u.s. treasury debt coming down in recent weeks as well wlchlt the doom and gloom is justified. of course, that looming vote on brexit, june 23rd, guys. back over to you. >> dom, thank you. speaking of that. exactly two weeks until the brexit referendum. wilfred frost is here to tell us what happens if britain decides to leave the european union. >> at three minutes past the hour. >> exactly. nothing immediately happens on the 24th of june. the referendum is not a binding law. it would just signal the wish of

the british people and inspire negotiations to begin, setting the terms for separation. if they invoke the article, then a two-year period begins before they leave, but it's possible they'll begin the negotiations in a more relaxed and amicable fashion without the two-year restriction. here are the main issues that the divorce lawyers will be arguing over each other. first, free movement. while they be able to. second, will britain get to maintain the status quo of free trade or will the eu punish them for leaving. and finally will the uk continue to passport financial services which allows eu members to alieu terms of banking based on domestic regulation. at the moment, switzerland, outside the eu, they're allowed to do it.

will they be able to block the uk. so while june 24th would see no immediate action, the intermittent period could be very damaging. one thing to watch, would david cameron have to resign. he maintains he wouldn't but there would be huge pressure on him which could negotiate negotiations even further. lots and lots at stake. just two weeks to go. >> i wonder if europe would have to impose a point about harsh consequences to make it a cautionary tale for anyone else toying with the idea. >> there's two things to point out to that. the first is once it happens, whether they kiss and make up, i use the example would britain treat scotland harshly and not allow them in without a visa? i'm not sure, but it's a good

point. the other aspect as well, the other countries, they're part of the euro. they're part of the single currency. for them to leave would be economic disaster. you have to look at greece who accept very draconian terms because the downside is even worse. >> i think about the average citizen and the impact it would have on them. would it be more inflationary, per se? >> more inflationary from the aspect of a weaker currency, which is one of the things that was denied. but i think everyone agrees would see in the short term and that can lead to inflation. i think the biggest is pressure on jobs. you know, even before any of these agreements are made, as i said, it's likely to be two years or longer, will companies stop investing in the uk until they get clarity or will they stop immediately because there might be a rush among other european financial centers. >> very good. thanks for seeing us.

thanks for staying late. jeff reaves is with us, steve barrasso from stuart frankel on the floor of the skparj and rick santelli joins us from chicago as well. steve, what are you watching? i'll start with the levels question. we've been kind of grinding higher in the last week oar so. we finally get a bit of a pullback. what's going on here? >> in order to put new money in this market, bill, i said you need to take out the old highs 2rhighs, 21 president 34. it's soros, brexit, all of those things. you need new highs to put money to bjork or add to your longs you've already established. if you want to lighten up, i wouldn't argue with that. but it's very hard to say let me buy this market at all-time highs. i'm not saying we're not going

to break through, but i'd rather see you break through. >> jeff, you like this market. what specifically about it? >> well, i do think they kind of tell it. we take-two steps forward, two steps back. it wasn't that long ago in january we thought the world was over and we saw a big snapback in the spring. >> right. >> i think the company is pretty durable. but i think it's very difficult to look at the key metrics that are out there. we're a lot better off than we were. there's more stability since we've seen oil pop back. there's not that risk people were talking about that junk bonds were going to implode. it's been pretty profitable. i think a lot of people have been poaching that junk bond debt. so it's kind of two steps forward, one step back. we're at a low, the fed meeting

coming up, the brexit. there's uncertainty. there was a lot of uncertainty in 2011. believe in this. call menai eve and an optimist, but i think the track record can slow. it's a slow and steady one. >> that's for sure. rick, i have to admit i gasped when i saw how low the ten-year bund got this morning. is it possible it could go to zero at some point? how much lower could they go? >> a lot lower. a lot lower. minus 52 basis points. you have all of these countries with negative rates. i'm sure i missed a few. i think we need to start looking at brexit and negative interest rates together because i do think negative interest rates is going to make many of the countries i named really not to excited about having brussels and the central bank and mario

draghi dictate. i think this is a big deal. i love wilfred's use of lawyers and divorce. i've seen it. they want it to be amicable, nice and easy. it never turns out that way. i don't think it's as muching the uk as it's going to be about brussels going to great lengths for those who choose to leave. bill, you said what's the citizenry. i think that's open to big debate. i think in the here and now whether it's the u.s. economy, a recession isn't the worst thing. i think having it isn't the worst thing. maybe the worst thing is staying. >> hey, jeff. bill gross called these negative yields rick is referring to as around the world.

if it does skpleenld it happens, are stocks the place to be? >> well, let's be a little bit careful with that. japan wulgs not supposed to have rates as low as they have, and they have. it's funny, if you look back to june 20g 14, rates with going to be at like 3875. everybody was like, we can't do it fren. it's inevitable. this cannot be. it's unsustainable. everything we even seen shows us that's not the case. >> what have you seen that's shown you it's not the case? give me a couple of examples. >> good news? i mean i'm not going to say -- >> you just did. you said it's not all bad new. what's the good news. give me one.

>> jobs are coming back. >> it's counter factual. if the fed didn't exist, maybe we'd improve more. >> who would care though? i would not care if the fed stands. >> you wouldn't care? you don't have a pension obviously or savings. or retirement funds. >> we don't have a 1950s economy. >> too bad we don't. hillary clinton said she wants to go backward. darn right. i'd do anything to have a '50s economy. >> jeff gorks ahead. >> i personally love the fact -- >> it's your court. >> this is a great time to be alive and i love talking with people that get antsy about this. >> i do too. we're going to stop them from ruining the world, you're right. >> who's going to ruin the

world? >> you think capitalism can survive negative rates? yes or no. can capitalism in the big picture can survive negative rights? >> yes. >> oh, come on. the profit disappears. >> globalization. see, the problem is that americans tend to think this is a zero/sum gamin. it's lifted tons of people out of poverty. it's a very complex picture out there. >> the pope's a holy man but he doesn't get it either. >> clearly we're not going find middle ground here. >> there is no middle ground here. >> steve, you're in the middle of all of this. >> i have to tell you, i've rarely been quiet. to sum it up, that's why to rick's point, xlu, ulp, that's

why they'll continue to outperfo outperform. >> is any financial sector doing better in the world, steve? >> no. >> okay. sounds logical to me. >> i had some other questions but tick tock, tick tock as we say in television. >> sorry, bill. >> no. that's all right. fun stuff. appreciate it. >> thank you. about 45 minutes left to go. the dow is down 19 points, the s&p is down about 3. and the nasdaq is down about 14. yahoo! is breaking in business. also shares of restoration hardware getting hammered following a disappointing full year outlook. what's behind the move next.

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welcome back. as we keep an eye on the sectors, there are a couple to watch. there's are in the green. you heard in that exchange. utilities, telecom, and consumer statements. >> of course, financials right now. let's check out some of the movers this day. fitbit is rising. they have an outperform rating and an $18 share price target. it's trading at $14 and change today. the analyst sees a long way for continued growth thanks to --branding and wellness opportunities. meanwhile the luxuries retailer posted a first quarter loss last night. the company says the product delays were among the factors hurting its bottom line. deutsche bank, ubs, and raymond james among the firms downgrading the restoration

shock. . now the bids for yahoo!'s core business are in. david faber breaking this story earlier. he's with us now. david? >> they're going to meet with us tomorrow to go over the second round of bids to decide who stays, who gores. as we reported earlier, a number of those bids receiving $9 billion. not are all apples the ams because remember there's an i.p. portfolio, patent portfolio. many 'above 5 billion or both, some don't include at all any inclusion for the i pi or real estate. verizon had always been viewed

as one of the key bidders and perhaps the leading bidder. that said, some telling me verizon came in at the low end. around a $3.5 billion bid. was one of the lowest bids. so low there was talk of booting verizon from the process. that's most likely not going to happen. you'll move on to the so-called back end of the traction, so much being the huge stake in alibaba. 15% of that company's shares creating an investment company for that and what will happen. that could prove to be more important than yahoo! shareholders than anything. they moved up a bit. but when alibaba is down, yahoo! doesn't do much of anything because that is the more important part and what discount that investment company trades

to the overall trading value of alibaba will be the keep. we'll be watching closely as the final round continues soon, guys. >> david, has it changed the popular idea? >> you know, there are private equity bidders and strategic ones as well. there are other names i haven't been able to fully confirm are in the process. it does appear that while verizon went in, you have to view it no longer as that given where it'sed by came in. but a finale round is a final round for a reason. we'll have to wait and see. >> let me get you to the viacom saga. comments from executive chairman and ceo philippe dauman about unlocking the value at paramount

pictures. what's going on there? >> it's interesting. it's the first time we've heard him speak since what's going on with sumner redstone. they would, these are the details he gave us -- sell 49% and give it to a company in china. it would add as much if not more than $10 a share at vie con. the key is whether it would pass muster with the entire board of directors. why is that important? it would require a unanimous report. that remains very much unclear, particularly given some of the comments we've gotten about mr.

redstone's views including from a dr. spar. he was displeased, that's mr. redstone. mr. redstone said he clearly suppresses feelen. in his veal they ignore his wimpet. will it be enough to allow those actually negotiating right now will want to continue that with the yid individual. sumner red stoep and his daughter shari. we've got minutes to go before the close. >> i'm trying to think which tragedy fits the bill.

we're going to have the latest response to apple's revenue that aims to give them a bigger piece of the pie. >> also ahead, he's in the house, master chef eric. he's bringing us something to taste, i hope. are we lucky? back after this. real is touching a ray.

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welcome back. that new data from the federal reserve shows the wealth of americans hitting the record. steve liesman has more. steve? >> kelly, thanks. housing outpaced losses in the stockmarket in the first quarter. a report from the fed says the total value of residential surged while equities declined by $160 billion. the combination was enough to push total net worth up 88.12. it's increased just $17 billion during the quarter. now, before the crisis, that kind of debt rose nearly $200 billion or $300 billion. higher homebuilders. before the real estate crash, they owned about 0% of the value of their homes. the state plunging to just 37%.

it's now clawing its way to 57%. the stockmarket bounced back this quarter. the next report will show imbing net worth yet again. kelly? >> all right, steve, thank you so much. a snapshot with how they're doing. where are the realwealthy spend all that money? it might be at one of eric's restaurants. he has a new book out and it's not a cookbook. >> no. it's a memoir called "32 yolks," which we'll explain. when he came to the united states and worked aet tt the watergate. how far you've come with la bern dean and all that has happened.

you brought some delicacies. i heard you were bringing the mousse, but the am tapple tart. why don't you portray what you do. what you do in your memoir is the drama of the kitchen that goes on. that happens in our business as well. >> i can imagine. >>nd a then comes the presentation here, right? >> yes. >> without the drama and the angst, would the food be as good, do you think? >> we can run a kitchen without drama, but we have to be focused, definitely working together as a team. we create an organization that allows us to create a little space. i think you do that here too. >> oh, yeah.

you speak a lot about your boyhood and about some of the troubles and difficulties you had and you talk about your father's death and your parents splitting u. why choose a book that gets into all of that instead of coming one a cookbook. what were you trying to achieve with writing this book? >> i have written five cookbooks and i wanted to leave a national legacy. i think the book is inspiring not only for the industry. because my parents divorced when i was very young, it could be a book for people who are divorcing. could be a good thing or bad thing, also graduating from school. when you graduate from school you think you're really good but actually you're a beginner. in my story, i think i'm a great cook, i go to a restaurant and they i'm a good coat and i'm a

beginner. >> we can all relate to that. >> a golden age for food preparation right now, don't you think? so many people are interested. you have a cooking show. >> yes. >> the cooking network, the books, all the chefs who are celeities these days. what's going on. why now? >> i think people care about what they eat, where it's coming from, sustainability, the care of eating good food. good food is, of course, very satisfying, and when you touch good food once, you want it twice. it's part of it. and my good friend tony bourdain says the money that used to be for drugs is now used for restaurants and a good time. >> your restaurant is one of the most consistently well

performing well run well regarded especially in new york. what are the things of running a business year in and year out? >> you have to be consistent. you have to have a team that supports your business. of course, we're in a hospitality business and therefore we have to create an experience for the clients who come. and when you do that, you succeed. >> what did you bring -- tell the story about the apple tart. >> apple tart, the story is the apple tart was made by the tartan sisters in france two centuries ago. when they were going to the dining room, it fell and they put it back on. the apples are upside down.

>> i love that story there. i can't wait to get to the chocolate mousse as well. >> by the way, i mentioned the title, "32 yolks." >> yes. >> you had to make a hole an days sauce use ing 32 yolks, an it bombed. >> yes. i did not have the ability to whisk for 30 minutes. instead of a cloud i made scrambled eggs. >> i'm sure it tasted good. >> kind of. >> eric ripert, "32 yolks." thank you for joining us. >> i ordered that book the other day off of amazon. i can't wait to read it. thanks, bill. president obama endorsing hillary clinton to succeed him. she said the endorsement meant

the world to her. the two will campaign in wisconsin continental week. >> look. i know how hard this job can be, that's why i know hillary will be so good at it. in fact, i don't think there's ever been someone so qualified to hold this office. she's got the courage, the compassion, and the heart to get the job done. >> donald trump responded with his own tweet. obama just endorsed crooked hillary. he wants four more years of obama, but nobody else does. robert gilbeau will be the highest ranging officer to be convicted in the navy corruption scandal. civil rights leader jesse jackson and boxing promoter don king were among the notables on

hand. you're up to date. that's in news update. back to you. i don't want to interrupt the apple tart. >> no, no. we'll get to that. the long farewell for the greatest. >> great outfits too. >> the dow coming back. so, kelly, do you think we can close above 18,000 today? we're almost there. >> knowing i don't know can get you out of a lot of sticky situations. >> we'll see. we've got 25 minutes to lead out. we'll learn what he's watching. later, tesla says it will make a new more affordable version of its model "s" sedan, but will the consumer eat it up? >> somebody have a spoon? >> i'll fight you for the chocolate. that's why i have the spark cash card from capital one. with it, i earn unlimited 2% cash back on all of my purchasing. and that unlimited 2% cash back from spark means

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trading just above 12 at the moment. they expect user appetite and stream growing and that pandora is poised to ben fichlt bull? >> we've got about 20 minutes left with tim anderson. as we continue to grind. we all acknowledge that, the

market's grinding right now. do you see opportunities with equities or are you looking elsewhere right now? >> there's a huge anomaly because the bond market has a very aggressive binding. >> look at the ten-year bund. >> think about the fact that in february when the market bottomed out, the ten-year yield hit 1.55. that was probably a two- to three-year ten-year yield. now we're challenging that when the s&p is almost on the verge of breaking out to a new high. clearly a tremendous amount of buying is coming from europe and japan where they have negative rates. >> so your point is as those yields go lower, that makes equities more attractive. >> potentially it does. so the managers have to kind of like battle with themselves whether they want those yields and how -- and how much fight

they might have with their own methodology on buying the s&p when it's in an above average p.e. in the 19 range. >> all right. we'll see what happens. if we make it back to positive territory by the end of the day. we'll see what happens. >> it will make it interesting. >> thank you. how much apple tart is over there? >> if i had anything to say about it. nothing is left. >> we're watching shares of tesla. they did take a decent size dip in the last few moments or so down to about 2.5%. this is on the heels of headlines coming out of reuters kriegt an agency spokesperson saying nhtsa, the national highway transportation safety administration is suspending reports. it's important to note it's not by any attempts a recall. it's an examination by nhtsa.

we have reached out to both they and tesla for any kind of comment and clarification on what this is. we have yet to hear back from them. but until then, we'll bring you more details as we know them. the stock did take a dip and that's the reason why. back to you, kelly. >> they've had issues across the lineup as they've rolled out more and more cars to consumers. on the same day, and we'll talk about this later, they're going to try to roll out the cheaper version of the "s" model. >> exactly. >> the dow down 5 points sitting just below the 18,000 mark. at the moment, the nasdaq is down 13. the s&p down 2. meantime uber taking espionage to new heights. they hired a former top official to spy on those, do you got that? coming up. the panama canal enters the

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passing a critical test. it will have a big impact on ports and rails along the east coast. >> mary thompson is the lucky reporter who's been lucky to cover this. she's been posting great video. mary, tell us about this. >> reporter: well, bill, if you look behind me, you're seeing some ten-story high locks and the canal, both of them passing a major milestone, a critical test today, with the first run of a ship through this new lane. all of this setting the stage for the lane's official opening on june 26. built for over $5.25 billion, the lane's wider than the canal's original two, so for the first time the mega ship containers can take these canals. >> the biggest vessel that can come through can carry between 4,400 to 5,500. in the new ships, they can carry

up to 14,000 containers. >> because they couldn't pass through the canal, most big ships carrying cargo from asia on the west coast. the lane changes that. they've been upgrading to prepare for the bigger vessels and their added cargo. for example, rail's csx started building ten years ago. it started building in ohio and raised bridges to accommodate double stacked containers. by the end of this year, 94% will be able to accommodate the double stacks. the payoff for the railroad is expected to come in added revenue, increased efficiencies, and lowered costs for its customers. back to you. >> wow. >> i'm just marveling at the technology involved, the engineering involved. you know, when it comes down to it, we live in an amazing age of technology, but really it's this

kind of basic infrastructure that is so important to the continues growth of a woukd economy. >> wonder, mary, if this does shift a portion of traffic to the east coast, what does it mean for ports on the west? >> reporter: well, you know, it's interesting, kelly, in reading a number of reports that have been done on this. what i they're expecting is there will be overall growth between asia and the united states and actually they expect both ports to benefit pretty equally from that added growth. so it's not expected that the east coast ports will take away a share from them. as long as the east coast coasts are up to date on all the infrastructure. they needed to dig deeper channels, make improvements in their roads and ports. these are huge ships. you need new ships and cranes and warehouses. big projects with big ripples around the world.

>> now you even done the reporting. give us 15 seconds and gush. we know how excited you are to be there. >> reporter: it is amazing. i wish i could -- i mean i think one of the most exciting things i saw today is when we saw all the workers, there must have been a couple hundred of them just walk down to the lower basin of the canal so they could see the first ship come in. this has been a 24/7 operation for the last seven years to make this canal and all the workers wanted to be the first ones to see that ship come in. it was a great moment and i feel really privileged to be here. >> very exciting. >> we're going to let you go. it looks threatening, the clouds behind you. about ten minutes to go here. >> look at that. look at that. >> the dow is sitting at the 18,000 mark. the s&p is down less than 2 points and the nasdaq is down only 12. in the meantime art cashin

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8 1/2 minutes left in the trading session. the dow, 17,999 right now. >> oh, boy. >> phil lan cano. so difficult right now. the ten-year at 168. look at the 10-year bund and what it's yielding right now. where do you go to find a yield that you don't have to reach for too much risk. >> can you imagine on a 30-year bond, you'd make a half a point. >> no. >> for us, we're warming up to. you look at the issuance there, it's increasing pretty rapidly. that's very important. there's a nichy market you take

a look at high quality yield. a company i really liked. you can go with that space. >> they're about to get broken out. would you still recommend those as rich as they've gotten? >> i would wait. let's see how they trade post the exit. they're the number one asset class going back five or ten years. you get paid to wait. now they can split out. let's see how the market treats them and make a change in the fall. >> i bring up the little engine that could. the utilities. people either absolutely love or hate for whatever reason. too boring? >> too boring. too rich right now. i wouldn't go there. there are other places i can make money. heck, i would look at mlps. with oil being not as much of a

headline as it was, i would rather see you with a little bit of a risk. >> we saw smucker do well on its results. what would you recommend there? >> i love the consumer. at the end of the day, i might be the only one saying. look at the debt. all-time high. enjoy the ride. you'll make your money. >> all right. i knew this was going to happen. the army is in the house. the army -- the armed forces will be ringing the "closing bell" to celebrate the 241st anniversary of the founding of the u.s. army, and as soon -- here they come led by new york stock exchange tom farley and some of the members of the army who will be ringing the "closing bell" here today. all next week is what's called army week. >> including people here who are part of the new york stock exchange. >> yes. there are many veterans who

trade at the exchange. that's why they always get a very warm reception to the members of the armed forces. phil blancato, thank you for joining us. >> good to see you. >> we'll come back to the "closing bell." bernie sanders is not bowing out yet despite president obama's endorsement of hillary clinton. up ahead barney frank and larry kudlow and where sanders' followers will go next. and donald trump and hillary clinton in a war of words. you're watching you're watching cnbc, first in business worldwide..

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it's on all my mobile devices, so it suits my mobile lifestyle and it keeps my investments fully mobile... even when i'm on the move. sign up at etrade.com and get up to six hundred dollars. we're close to 18,000. we could go either way with the ringing of the bell. we're at 17,987. bob pisani is back with me. oil took a while to get to $50. it's sitting right now at $50.58. >> certainly looking that way. remember, a lot of them are up double digits. >> and the ten-year bund yield

over in germany this morning. i saw it at 0.28. it's unbelievable. now at 34. >> three basis points essentially. >> crazy. >> the one thing i want to note. i know this is agonizing because we're 15 points from the high s&p. 200 stocks at new highs at the new york stock exchange. not bad. a lot of them are 1%, 2%. look. some industrials are breaking out. honeywell, tyco, thermo fisher. my point is if we go 20 points higher, instead of 200, we'll have 400 or 500. there's a lot that's below 2% away. so this is an agonizing process, but if we just get above that, we'll see a lot of interesting breakouts for sure and see a lot of the technicians squawking

like chickens very, very soon. of course, we've been here before. >> good to have you back, bob. see you later. >> just below the 18,000 level as we celebrate the beginning of army week here at the new york stock exchange. clearside is ringing the bell at nasdaq. stay tuned. kelly and company. see you later, kel. >> thank you, bell. welcome to the "closing bell." i'm kelly evans. here's how we're finishing up the session on wall street. we were close to 18,000. you can see settling about 14 points below that level. the s&p down to 2115. the nasdaq down. the underperformer down 16 points at 4958. this breaking a three-session winning streak, so we'll get to

that in just a moment. tesla to meet consumer demands. we'll debate whether that's ha hit in just a bit. cnbc's commentator mike santoli along with stephanie link. welcome to you both. for more on today's money action, guy adami joins us as well. good to see you. first of all, the markets are a lot to digest. >> we're still kind of in hesitation mode. given a lot of the overnight stuff coming into the trading day, you have plenty of excuses why you thought we were going to be in for more of a pullback. you obviously had the asian markets selling off pretty hard. not so great data out of china. and then what happens is bond yields get compressed again and all those defensive stocks, the

utilities and staples kind of support things and everything else kind of sits there. we're still in that mode wondering if we have enough wherewithal that's held the market back. >> people see george soros coming out bearish and are probably reminded of 2007, big bearish bets netted him a couple billion dollar and say, maybe he does know something about what's to happen. >> we'll see. this is a problem when you get past earnings and you're focused on net growth. >> it runs everything or runs? >> certainly so. it absolutely put as cloud over the market, i think. we're obsessing about everything. we're obsession over the flat yield curve. i think we have to get through brexit and the fed and earnings to see if we're getting any

momentum because you are seeing these days. one day it's risk on. the next day it's risk off. it's causing havoc. >> even in the market today, look at what happened with smucker. comes out with a 20 cent beat on its earnings and the stock did nicely. it was one of the names that hit an all-time high today. >> you know, stephanie -- it's back and forth, but here we are within 1, 1.5 s&p of an all-time high. so as mired as we've been, the market continues to grind higher in the wake and face of what i think has been pretty lousy news. we can obsessbsesson obsessor o you want and discount him if he doesn't fit your narrative. if he's bearer, he's bear. you can't discount him because he doesn't fit and it's

something you don't believe. i will say it again. interest rates will continue to grind lower. for the last couple of years, i've been pretty steadfast in that. i believe sovereign bonds at a certain point has catastrophic ramifications but i can't pretend to know what it's going to be. >> guy, can i ask you something? they're up fresh all-time highs. goldman sachs up and job else claims at 54,000. if this economy is not about to fall into a ditch, does that mean it's way, way too low and if so, what implication us does that hold? >> listen. if we're looking at the gdp, rates are way too low. i would respectfully say to goldman sachs. they've been wrong for a long time.

there's nothing to suggest they're not going to be wrong with this one again. sigh that the wealth effect is improving here in the united states. but they about the percentage of people that control that wealth. for the majority of people, this moving the stockmarket has meant absolutely nothing and purr sujt to that, the move in bund yaelds has been detrimental to say the least. so the majority of people who derive their income from a fixed income account. so i tobelieve the wealthiey continue the get wealthier. i think most don't participate in what has been over the last seven years a pretty historic rise in the stockmarkets. >> in terms of interest rates, certainly they're too low. the reason i say we have to get to earnings, is we've gotten mixed messages. 4.7% unemployment rate but the wage is at 2.5% year over year.

i hope we can, but i don't know if we're going to hear any cl y clady. and see how it all shapes up. >> i think is it around 2.5%? >> it was unchanged but 2 1/2 percent. which is the trened. i don't think it's about the bond market that's going to be shot by rapid acceleration in the economy, but if you have a general relaxation of all the concerns and maybe if the rest of them stopped going further below zero, maybe we could have treasury yields put in the bottom once again. by the way, this is where they bottomed. >> what is driving them lower. if it's u.s. growth that matters the most and those signals hang in there, does that mean

everyone else will start to see that rise too? >> i think the mechanics are tough. the german yield went back from zero to 1% back when they bottomed last time around. so it's not that it can't happen in the absence of really strong numbers from the global economy. you know, i always feel that one of the things supporting the u.s. stocks is the exact same dynamic. s&p pays more in dividends than high paying companies pay in corporate interest. >> wow. >> there isn't enough out there. it's one of the reasons it's happening. >> that's why you have this push/pull. yeah, they're expensive but they also media very nicely and if you notice, some of the industrials and cyclical kinds of stories, the ones that have better yield stories, they're out performing the ones. >> let's move to the disney

theme park in shanghai ha that's going tom open in june. >> the quality of the experience that you have here whether it's what you're eating, what you're righting, what show you're seeing, how you're being treated by the person taking your ticket, the person serving your meal, the person making sure you're in your seat ready for the ride to start is vastly different than what anyone has to offer. those criticizing us clearly do not know or product and suffer significant envy for that product and is quickly immaterial to us. >> what's next for a theme park business? disney mumbai? >> a lot of people have asking about this. a great country. land of many colors. rich country in terms of their

culture and certainly not a lot of people. not developing a theme percentage there right now. this has been a priority of ours for a along time. we're incredibly excited to show the world. >> she asked him about espn and how he planned to turn things around there. this is his response. >> i'm here at shanghai in disneyland and while awe of our businesses are always on our mind, i've kind of put everything else sort of on my agenda to the side to focus on this. >> he's the reason disney has done so well. at its core, there's no denying this. disney is still a cable network and they have to figure out what's going on with espn. the market has ratcheted down

the multiple. disney still trades at a premium. they deserve that premium. i've said for quite some time. 16 is about right. when you overlate $6.20 you're going to earn next year, you magically get to where the stock price is trading now. so i think disney is fairly priced. how do they make the stock grow higher? grow earnings per share. >> there's no doubt about that. they deserve the premium but maybe it got too big last year. but honestly, disney is playing a very, very long game when it comes to shanghai disney. this is not about two or three years of getting traffic up there. there was one report from baidu. it's probably going to steal a little bit from horng congress disney. it's a way to basically spread the brands a md this company is becoming a lot more focused

around not really a cable business but the movie franchises which then are fed through the theme parks and other cable properties. >> it's all about the ecosystem, right? and if they can exploit that, then maybe espn can go on the back burner for the time being. it's not like they don't have strategy. they're kind of waiting to see how it all shakes out. they're in the driver's seat. theme parks to mike's point, you're going to look at revenue growth at 40%. this is a huge momentum and if that ecosystem really kicks in, maybe people can start to focus on that. i'm with guy, 16, 17 steps forward, very expensive. i'm. we'll let you go. let you get ready for the show. >> later. a black swan is looming for oil and he'll explain what that is. up next, tesla is bringing back

a lower priced small battery version of ids model "s." we'll see if that brings up more sales. and the fight between donald trump and hillary clinton heating up. which candidate will be able to win them over. barney frank and larry kudlow go head to head on "closing bell"." you're watching cnbc, first in business worldwide.

welcome back. tesla shares today closed lower after a report that regulators were looking into potential suspension issues. this coming after tesla announced it's bringing back the lower cost model "s." it's lower than the base model says. the model s60 and 60-d comes with a smaller battery. tesla says the revival is in response to consumer demand. for more on this strategy let's bring in strategist brad. welcome, brad. it's interesting that they're going to the lower cost one now.

>> it is. they had a 48 kilowatt battery and one they did away with. we don't think it will end up being that big of a piece of the mix here, but it should drive, you know, a few incremental units of demand going forward. >> do you think that some of the people that are going to be waiting for the model 3 might convert over to this other model even though the pricing might be a little different? maybe they don't want to wait so long for the 3 and they'll be willing to take the tax credit on the other one? >> i think that's one possible way to read through it. like i said, you know, range has kind of been the biggest driver for demand for these cars historically. that's why you've seen demand skewed toward the high end. that's why they raised the capacity from 65 to 75 and then obviously the 90 kilowatt hour

has been the largest seller over time. it's certainly one way to look at it. but, again, don't think they're going to pull a lot of demand given that a lot of this people are holding out for a higher range car. >> does this mean anything for the broader questions investors are asking in terms of meeting the overall production goals and getting full line out there as planned that's really underpinning what this stock price pays for right now. >> potentially. the fact that they've now retooled their factory for this refreshed model "s" with the new front grill everybody knows about. this is kind of the logical next step manufacturing wise. our view in the near term is if they can show some improved execution here, yes, they may ascribe a higher value, higher probability around that model 3 ramp that looks very steep right now. >> speaking of execution issue, there was the news of suspension

problems with the model s. any more info you can shed on that? >> yeah, not really. i mean it just came out before the close. historically, they have -- i would say they've navigated fairly well through these types of issues. the fact that nhtsa is investigating, that's probably never happened before. so we'll have to wait and see. but historically they've been able to navigate through these kinds of things. >> brad, what's your current expectation for production over the next cuouple of years? >> my expectation is in the near term shares could trade higher. we visited the factory earlier this week as well as talked to a few sales centers and came away incrementally more confident about the near term. longer term, we're at a sector weight rating on this stock because we believe there's a lot of risk and difficulty ramping and we think it's going to take a little bit lover than that for

this company to get there. >> how much longer? >> hard to say. our numbers have been gets close to that in 2020. at this point that's our best estimate. >> 2020. still a short time period to make a heck of a lot of cars. thanks, brad, for joining us. >> thanks for having me. we have a news alert on urban outfitters. dom, what do you have? >> they're down 5 shares. the reason why is because urban has just filed their regulatory s.e.c. 10-q quarterly filing, and in that report they do make mention of the fact that they say comparable store sales in their retail segment so far during the second quarter of their fiscal year 2017 are looking like they're mid to

single-digit negative. back in may there were analyst estimates that came out saying they expected full systemwide q2 comparable store sales to be an estimate of about 0.4% positive. that was when urban's earnings came out back in the middle of may. so it looks as though here perhaps some of the guidance being given in these unaudited financials in the 10q filings not matching up to some analyst s figures. we'll see what happens the rest of the hour, kelly. back over to you. >> it's disappointing because we heard that memorial day sales picked up. so clearly the momentum is kind of accelerating. every day you get a blowup. it's ralph lauren, restoration store. amazon online, that threat.

and it's really being a disrupture in the industry and these companies have to hunker down and see who their customer is. >> it may be a noisy month. you know, obviously we don't have a lot of indicators on that front, but it does seem that that's where you saw a slowdown in stops. >> it's a great point. we'll see what else we can find out about it. google revanillaing its revenue split to match apple's new model. up next we'll look at how the app war will impact the academy kpaen companies. now the company is under fire for hiring a detickive to dig up dirt against it. we'll have more on uber later after the "closing bell."

uh, maybe we should call i.t.

welcome back. earnings are out for h&r block. dom? >> 195,000 shares worth of trading volume in that time span, this after the tax preparation giant reports earnings of $3.16 a share. that beats the analyst's estimate by a penny. they also announced they're going to boost their dividends 10% to 22 cents per share per quarter from a prior 20 cents

per share, all of this for a stock, again, that's down about 35% over the course of the past year-to-date period 3rks , 33% the past 12 months. kelly, this is an important, important quarter because the tax season, the vast majority comes at this particular quarter. it literally pays the bills for the rest of the year. at least for now h & r back up. back over to you guys. >> google and app l are doing whatever they can to keep their developers happy. josh lipton has more. hi, josh. >> rico will move from a 70/30 split to an 85/15% revenue share. so when is this new pricing plan going to roll out? google is not saying, but, remember, it just hit after

apple announced a similar change of its own. if a developer app can keep a subscriber for 12 months, apple is saying they're going to drop their cut. let's say you download an app for a buck and apple keeps 30 cents. it's a one-time charge but say instead of a dollar download fee, it's a subscription. they would get 30 cents and 30 cents each subsequent year. that's going to include everything from gaming to videos to schedules. in q1, google play enjoyed it. ios users continued to use more money. they nearly doubled the revenue of its rival. back to you. >> it gets to the heart of what these changes are all about.

when we're talking about the subscriptions, it's gainteresti. they're incentivizing these producers for converting. instead of it being a one-time charge. you try to knnewer tiez it. >> if it drops 15% or 10% over the time of what it's selling. >> sure. apple is trying to increase their service's business, right? that's the kind of the -- part of the apple story right now. i think they're a little bit behind apple. but the point on app sl this is only 9ch of the gross profit dollar. from a stockmarket view, you may not necessarily buy it on this kind of news but it helps with the revenues and gross margins.

>> yeah, exactly. if you're giving people more reasons to bring fresh apps to apple and basically try to have them surfaced in search. it's a way to add a little energy to the app store. time now for a cnbc news update. let's get to sue. the world health organization is advising women in zika invested areas to consider delaying their pregnancy to avoid birth defe s defects. the cdc has decided against this approach saying government doctors should not intrude of personal decisions made by women and their partners. three people were killed after a small plane crashed in a car in the parking lot. the police believe all three killed were on the plane. no one was in the parked car. uber rolling out a skeld to allow riders to schedule up to

30 days in advance. it's currently available for uber x. the company's low cost service. and president obama will be a special. >> guest: on "the tonight show" with jimmy fallon tonight. here's a clip of the exchange between the two. >> donald trump called you for advice or talked to you? first of all, you've given pretty good advice so far. has he called and talked to you? >> no, he hasn't. >> he hasn't. >> no. not that i know of. >> do you think the republicans are happy with their choice. >> we are, but i don't know how they feel. >> you can see the exchange tonight at 11:30. >> the president is quite glib, right, kelly. >> very good comedic timing.

>> absolutely. >> we know that about president obama. thank you, sue. >> sure. >> people say they're too embarrassed to use personal assistants like sir are in public. cnbc has reviewed quite a few of them to see which is the least embarrassing. that's coming up. and whether the nominee plans to talk on trump. up next, barney frank and larry kudlow preview just how nasty this race is about to get. man 1: i came as fast as i could. what's up?

man 2: this isn't public yet. man 1: what isn't? man 2: we've been attacked. man 1: the network? man 2: shhhh. man 1: when did this happen? man 2: over the last six months. man 1: how did we miss it? man 2: we caught it, just not in time. man 1: who? how? man 2: not sure, probably off-shore, foreign, pros. man 1: what did they get? man 2: what didn't they get. man 1: i need to call mike... man 2: don't use your phone. it's not just security, it's defense. bae systems.

a short time ago he endorsed hillary clinton. right before that was bernie sanders who he also saluted in the endorsement. >> there are millions of americans not just democrats who cast their ballot for the first time and a lot of that is thanks to bernie sanders who has run an incredible campaign. i had a great meeting with him this week and i thanked him for shining a spotlight on things like economic inequality and outside influence and money and

politics and bringing young people into the politics. >> politico is wondering where they might go when sanders finally drops out. here to debate that and more, barney frank, former massachusetts representative and cnbc contributor and larry kudlow, cnbc contributor. welcome back, gentlemen. >> thank you. >> where do you think it's likely to go, mr. frank? >> overwhelmingly for hillary clinton with some not voting. i can't see more than a handful voting for donald trump. you have this endorsement by president obama. i think you're going to see other major figures in the democratic parties supporting hillary clinton. the fact is that on virtually every issue that bernie sanders cares about, hillary clinton is far better than donald trump. you start with the supreme court. donald trump has just affirm

head'll appoint a conservative in the scalia mode. two issues. one was trying to get money diminished in politics. that requires an overturning by the supreme court what i think is terrible. it also means undoing their vetoing of the voting rights act. so from the very outset you have an absolute need to have hillary clinton elected to supreme court justice who will do that rather than what trump says. >> there were some areas, though, larry, where there was overlap between people who supported sanders. donald trump did say he wants the republican party to be the party of the working people. >> that's right. trump has a very strong message. economic growth. better wages, tougher trade deals. better border security. he but look. i think that it's very true

trump is going to appoint centrifugal judges. on the other hand, i think the key issues on this, sanders, maybe 20% according to some polls. what an outsider. mrs. clinton is an insider and member of the parties establishment. donald trump is running very heavily as an outsider, so trump might pick up a lot more sanders people than you think, and i think generally speaking trump's appeal -- it's a rather populous appeal to what i'll call hard hats. blue collar democrats. they want to build. they want energy. they want pipelines and so forth. i think trump's make america great, they're going to play very well. >> you've just named several issues on which they're opposites. sander has been a very strong environmentalist, a person who is trying to combat climate change. as far as the working people are

concerne concerned, i've heard you're going help him on his tax plan. he said he's going to do with tacks that most people will not like. on immigration, by the way, bernie sanders has been where you were, larry, before you had to accommodate trump, namely for a strong policy of accepting the presence of people who are here. sanders is very much in the opposite of where trump is on every single issue with the exception of trade. >> i don't disagree with that. my point was -- and by the way, i'm still against deportation, but i'm strongly in favor of border security, which mr. sanders is not, which i think a junk of the, again, blue collared candidates are going to like border security regarding

imkbrachlgts my point is this on the specific issues. sanders and trump do not agree. however, i come back to this point. it's the year of overturned establishment. they want new blood running in washington. they want to see a lot of the eggs broken and cook a new omelet. i think that's a theme that's very important. >> that's true but that's because bernie sanders appealed to them in that ground. by the way, i do have to credit sanders for winning the outside vote in his 26 years in congress. that was a pretty significant accomplishment politically. but the fact is, i want to say

this. they think she didn't do very well. she did. anybody who's been around. look at what happened to the republican party where people were expected to better governor walker or governor bush, got swept away. so in the teeth of this very angry, oh, we hate anybody who's served more than an hour and a half in government, i think hillary clinton has shown a pretty significant degree of strength. >> last word to you, larry, real quick, please. >> i'm just going to say without the super delegates this would still be a horse race with bernie sanders. >> no, it wouldn't. she's 400 -- >> that might be a horse race. >> no. >> mrs. clinton actually got fewer votes in these primaries than the first time she ran in 2008. so i don't think she's a very strong candidate. i accept barney's disagreements. >> i wanted to ask you on the

republican side and what happens for those who don't want to go to their presumptive nominee. in any case, we've got to leave it there. barney frank, larry kudlow. thank you. we're going to be hearing more on this. let's send it over dominic chu. >> they make stuff that makes computer chips. shares are up on 162,000 shares worth of trading column. a new share purchase and that's the reason bhie whooi they focus in the after-hours trade. kelly, back over the you guys. >> 2 million, enough to move the needle? >> i don't think it works across the board. it's been a strong stock and a strong group, so any bit of excuse to buy more. >> adds to momentum. this is a place in semiconductor world. where do you want to be?

>> true. uber is under fire. those outrageous details are next. speaking of dirty laundry, procter & gamble says you should use not one, not two but three of its tide pods to get your clothes clean. isn't it more about selling detergent? that's coming up. & in a world held back by compromise, businesses need the agility to do one thing & another. only at&t has the network, people, and partners to help companies be... local & global. open & secure. because no one knows & like at&t.

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welcome back. it has been reveal thad uber hired a cia person. eamon? >> you're right. a former senior cia officer was involved in an investigation by uber into an opponent in some ongoing litigation. now, how this worked is uber hired an outside private intelligence firm known as ergo. now, where the cia veteran comes in, his name is todd egeland. he retires from the cia in 2008 and served as cia chief strategy officer, chief of cyber threat analysis and chief of counter

intelligence assessments. according to documents made public this week, he was the person at that firm who tasked another associate to conduct this investigation for uber. neither uber or ergo commented on this. ergo has said ultimately that it chalks it up to the actions of a misguided employee, kelly. >> eamon, this is like the most typical story you'd expect of uber given the way the company operates. i guess the question is how troubling is it if your -- what are sort of the implications of this disclosure, do you think? >> well, look. ultimately companies conduct investigations all the time and they need to when they're involved in contentious litigation to figure out what they're dealing with.

the allegation that's in this ongoing legal fight is one that an employee mitt represented himself giving the impression allegedly that he was a reporter working on a profile of certain attorneys and gathering information by calls associated of the attorney. that would be sort of an ethical problem for ergo which, again, did knoll not return or calls for comment. what are the so-called scorched earth techniques the firms are using and how are veterans like the csa and and others. >> >> they do have a lot of litigation coming out all the time. so frankly i don't see how all this is going to help them in court. >> certainly wouldn't seem to help them in court. i don't think uber can kind of change the general sense that they wear a black hat.

obviously they're great for consumers and people love them, but they're always fighting. it seems like they're always in that kind of aggressive mode. >> and lyft is trying to come in as the fuzzy alternative. >> i thought ergo was the one in trouble. uber is a side show because it's uber, they wear the black hat. i thought it was more indicative of what is ergo and what are they teaching and what are they letting happen. >> absolutely. eamon, we're looking forward to learning more about that. eamon javers, thank you so much. which is more helpful? a virtual siri or a real one. we'll put it to the test and tell you which one is more accurate when we come right back. my analysis shows your stories are actually about human connection, even love.

great storytelling needs drama and empathy. my cognitive apis can help any business better connect with its audience. you should try writing a book. find a remote hotel. bring the family. i do not think that is a good idea.

what can i help you with is typically they promise big results. >> get things done just by asking. >> but they all can't be the best so which one should you be using? we put google now, samsung s voice, microsoft cotona and apple siri against the closest thing cnbc has to an assistant,

intern shane. everybody could get that right but only one could tell me who sung "brick house." that was google now. the human assistant just googled it. who needs a middleman for ease of use. >> i have to click a button. >> siri or google wins most often giving the right answer on the first try without additional steps. and for speed. >> waiting a long time. >> all the apps but samsung work quickly. intern shane heard my commands and had to research them and then come back to me with an answer. he may not have been the fastest. >> i am hungry. >> but did get one thing right. >> can i get a pizza delivered to cnbc, please? >> he got the pizza delivered? >> he did. >> intern shane was the best for human to human interaction. on pmy salary, i can't afford a personal assistant. siri was the chattiest and the

most likely to talk to you with an answer where google and microsoft would just list you the answers in the phone quietly. so in the car, siri would be good, maybe walking on the street you would go with other devices. >> did anything blow you away? did anything surprise you? >> i originally thought siri is annoying. we talk about the most. it turned out to be basically better than the others so i thought i could actually use this if i'm in the kitchen, could you set me a five-minute timer? boom, sets the timer. it's good at accessing things on your phone. it can get to your calendar, clock, phone, reminders, notes, it's good to save you steps. >> so you'd want it in silent mode for other things, at least i would. >> that's the key. >> i realize i'm a lost cause. i never had an assistant to talk to and not young enough. my daughter would talk to siri on my phone and ask silly questions and i was embarrassed

for myself that siri was going to think less of me. that's just a weird thing about having that human sounding voice. >> good about spelling. the spelling bee, you can ask them to spell words ocho up and siri would say o-n-o and say the whole word out loud. they were good at stock prices. they would say comcast stock is up $1.35. not as good as a dom chu market flash. >> nothing could be. this sets us up for the next question, you were mentioning amazon echo. that often gets talked about as having jumped into the fray and maybe leading the pack. >> but it's a different thing, though because it's not your phone. it's an actual separate hardware device. so i don't know what category that counts as. they want to compare it to something in your phone but is it fair to do that if you have to buy something for $200. >> and maybe more collecting data, more than anything. >> it's always listening to you where at least other phones you

have to hit the button. >> i think i know the next thing to check out. >> hal. >> thank you so much. how many tide pods does it take to get a load of laundry clean? the number proctor and gamble is suggesting and it isn't just one, right after this, because the ultimate expression of power, is control. this is the pursuit of perfection.

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. proctor and gamble's tide problems, customers are misjudging their amounts of dirty clothes and they may need to use up to three pods to get extra large loads clean. rivals are countering saying this could be a way to gain sales. >> proctor and gamble not above trying to goose sales with packaging but on the other hand, these companies have actually been going the other direction for years and coming up with highly concentrated formulas you need to useless was a selling point. i actually think the typical customer is pretty focused on exactly what their dose needs to be and people don't take the manufacturer's recommendations. they reuse k cups for coffee and things. i'm less alarmed. >> this isn't going to work. >> i think they are bummed they had the pods to begin with.

when you have the liquid, you throw as much as you can in and like juggling it out and kind of figuring out the measurement and you way overuse, right? so now, so it's clear the pods are just not enough. >> well, they also argue the size of the washing machines i guess have increased 50% over the last couple years and people are over stuffing their loads, is that true? >> makes sense. these washers, it's really hard to choke a good new washers. whatever you can stuff into them. i buy that. i'm thinking pgne is sinister about this. have you seen the ads to try to persuade you to lock up the pod containers so the kids don't think it's something to eat. >> oh, god. >> that's another thing. hopefully it's not a problem. >> let's move to the war against donald trump and hillary clinton. trump tweeted obama endorsed crooked hillary. he wants four more years of obama but nobody else does.

well, hillary clinton's twitter account retweeted in classic twitter form, delete your account. feeling the need to respond this came back from trump saying how long did it take your staff of 823 people to think that up and where are your 33,000 e-mails that you deleted? >> it's conforming to twitter. appealing to the people that follow you and you enrage somebody or be cheering for you. not really persuading anybody on other side. it's just kind of going through the conventions of it. meanwhile as josh brown said earlier, a campaign is being waged on twitter in realtime and nobody seems to know how to make a dollar off it. >> amazing. >> another giant point as we watch the share price stuff. >> twitter, that's a whole different discussion for an entirely different day but i think this election, these debates will be fascinating. >> because they are already starting and playing out on social media. thank you for joining us.

stephanie link, michael, that does it for us on "closing bell" today. "fast money" begins right now. "fast money" starts right now live from the nasdaq market overlooking new york city's times square. our traders on the desk, tonight on fast bank of america says oil could face a black swan event and there is not much that can prevent it from happening. we got the man behind the call that will be here plus as the temperature heats up, an unlikely group of stocks is catching fire. we'll tell you what they are and if any are worth a buy and president obama officially endorsing secretary clinton today. what that could mean for biotech but first, two disturbing headlines that emerged today. george soros sounding the alarm and loading up on gold. second one, one of germany's largest banks saying it is considering get this pulling money and stashing it into a vaul