i thought it was a very good speech. >> he sound much more presidential. >> i agree, it was a good speech. >> but obama in past has had -- >> let's wrap this up. for all of you that the markets are having a pretty good day. "power lunch" is going to pick that up as well. d guys? >> here's what's on the menu for "power lunch." instant reaction to trump's economic plan. steve is going to choin join us ahead. plus, you'll hear from elizabeth warren, why she's calling for for jail time for some of wall street big bankers and apple doing something it hasn't done in seven years. "power lunch" starts right now. welcome to "power lunch." three hours left in the trading

session and right now, stocks are in the green and soldly so. tech stocks the big winners with the nasdaq up more than 1%. here's a look at the biggest winners right now. sky works, nordstrom, e*trade and marathon petroleum with a multipercentage point gains. melissa? >> i'm melissa lee. here's what else is happening. pandora rolling out a new verlgs of its ad free aid owe service that will allow you to replay and skip songs. and julia downgraded to a tropical depression as it weakens off the georgia coast. >> trump just wrapping up his speech on the economy. let's bring in john harwood, larry kudlow and former adviser to the trump campaign is going to join us. you can see him sitting behind

donald trump. robert reich is the cnbc contributor and author and steve, the last thing. the fed is political. wouldn't raise rates even it wanted to because it would be good for obama. >> donald trump makes no sense to me. as josh brown just said from the "fast money" group, if the economy is trouble, why should the fed be raising rates? if the economy is terrible, whey is the fed keeping rates low. somebody needs to ask donald trump what particular spres rate he would have for the feds. where's the politics in the rate that says is out there. >> john harwood. >> donald trump also said he likes low interest rates, but criticized the fedor for being political because they're keeping rates low, so i agree with steve. doesn't exactly make sense. but look, donald trump was trying to identify himself with the aspiration of a lot of people in the country for faster

economic growth. where in midding kind of recovery right now, although we've got good numbers on income and poverty reduction, but he talkeded about three and a half percent growth, maybe going more than that. he was a little vague on how you get there. just said you put the elements of my plan together and good things happen, but of course, a loft economists were concerned that what he wants to do on trade would be ant thet cal. >> i was eager to see the difference between donald trump on telepromter when it started working because he was reading off the speech at the beginning because apparently, it wasn't, then when he was having the sit down and answer questions. so the very scripted donald trump book it right next to the unscripted donald trump. never sure he answered paulson's first question, but did he manage that because that was where all the doubt was. >> look, i think donald trump

was, he has been performing more effectively lately. that's been about a r more disciplined style. that's partly related to tell prompt er, but also simply to a greater reserve that she's shown about picking fights with people. he was not very responsive in specifics to the questions that he got. but he was evenly demeanored. >> robert reich sh did you get to hear the speech? >> i did and i was looking for some coherence. now, maybe i am being too optimistic. i couldn't find it. it's the same isolationism, same donald trump with generalizat n generalizations and no numbers and it's beyond magic asterisks. this is asterisks into the stratosphere. i don't know what he's talking about. i mean, not only are there

internal contradiction, but the ice laigsism itself is going to create so many problems. >> but his tax plan that i see secretary, does have some numbers attached to it. he's going to raise the standard deduction for couples and individuals. he's going to limit deductions to i believe it's $100,000 for singles. 200,000 for married couples. he's going take the tax rates and reduce them. he's going to allow companies to repate rate at a rate of 10%. there were some specifics. >> but not on the spending side. he's talking about gigantic military spending, a huge infrastructure program. combine that with the tax cuts and what about the deficit? i have not seen any deficit figures at all and if you at in all of that to what we would expect in terms of higher consumer prices, because you can't import as easily from places like china or any place

else. what's, i mean, toxford unit jut came out with a disastrous estimate, of what truch's economics would mean for the economy. over trillion dollar losses. >> steve, do numbers add sunup. >> no. they add up ke pending upon your flosty about the impact of regulatory reform. let me show you the map and robert can comment. the map first. he has a $4.4 trillion tax cut. 4.4 trillion in savings. he's saying no addition to the deficit. he says his tax cuts create $1.8 trillion of growth. he says his trade, energy and regulatory reform will add $1.8 trillion to growth. or to the budget. and then he's going to have $800 billion in spending cuts. all that adds to zero. i don't see any room in the plan

for its $500 billion infrastructure plan and i don't see any room in the budget for any increase in defense spending. the story from a republican economist i talked to earlier today is that hillary clinton doesn't solve the problem, but donald trump when it comes to the problem of deficit, is thought to make it much worse. >> soo, she's neutral, he's negative. >> she's neutral. she has spending increases. >> this is a republican economist. >>. >> when eyou look at the two ta plan, if you're an individual who's in the middle or upper income bracket, you're looking at in increases under trump or lower taxes under trump as opposed to hillary clinton where you're almost guaranteed higher taxes. >> not sure, i believe that hillary clinton has a tax cut for middle income. if i'm not mistaken. for wealthier individuals, that number goes up. >> she says she'll have one.

>> not yet. that's the problem is that we have some detail, but now shooerks behind trump at least in terms of laying out the impact. and details. >> what she has done is lay out a series of spending plans and revenue raisers. to pay for those. said she would add a small amount to the deficit. she has not announced the middle class tax cut, which we have been expecting from her. >> i think that's right. i want to just go back for a second to donald trump's magic asterisk. all of the assumptions about economic growth are baseded on a kind of namic scoring mentally. can we explain that? dynamic score, so, you can look

at tax cuts and look at hikes and tax, you can look at hikes and spending. use static analysis. if nothing changes as a result of human behavior, run fr those change, this is what the outcome is going to be. dynamic scoring is when you assume there are changes to behavior because tax rates move. either because of revenue, et set rachlt and dynamic scoring traditionally has seen if you cut taxes, you get more spending from individuals, which lead to more growth. >> can i tell you what the problem is? you are correct and by the way, the whole profess is a dynamic story. the question is, what score do you give it. donald trump is saying he gets back 40% of his tax cut through growth. i believe the standard is more like 20%. if you have a dollar of tax cut,

the budget gets back 20 cent of that. that's the dynamic scoring. >> what -- >> there's also a dynamic scoring element with regard to regulatory. even the notion tax cuts and what kind of return you get on tax cuts is very controversial and donald trump is dramatic increasing, doubling the asupgs, even the most optimist i but there's no dynamic scoring literature r -- with regard to regulatory cuts an here, he's doing both and on top of that, he's not including his military build up. >> you find it hard to believe that reduced regulation could improve the economy.

>> depends. there's a lot of regulation that may be unnecessary, but some like antitrust, reduce aenlt antitrust regulation that could make the economy grow more slowly. you can't say right across the board that regulation is bad or good. it te bend ons the individual regular laces. in terms of what kind of score sg so dramatically problematic. >> we'll ask michelle, who explained dynamic scoringing on national television. you just saw it. >> thank you. very charming. john harwood, robert reich, secretary reich, excuse me. steve liesman, thanks so much. >> thanks. more on dynamic scoring coming up. >> we are waiting on larry kudlow. he will come out as you saw during this speech. he was right behind mr. trump. we'll get his reactions ahead,

but first, i spoke with elizabeth warren, we'll bet get here take on the wells fargo account matter after the break. plus, a triple digit rally for the dow. apple, goldman, ibm leading the the way, but one top market watcher worries the fed circumstancircus and election could be railed. back after this. [child speaking indistinctly] announcer: are your children in the right car seat for their age and size? it may be too late to check when you're on the road. [blaring car horn and skidding] fortunately, you're on the couch.

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donald trump wrapping up a big speech on economy. larry kudlow, we can see him right behind mr. trump as he was speaking. joining us now from new york. he's an informal adviser to the trump campaign. your key take away as you saw him make the speech and speak with mr. paulson. >> i thought he gave a very strong pro growth speech. called for 4% growth target. many of us have encouraged him to do that and emphasized lower tax rate. biggest applause line was the reduction of rate to 15% and second was his determination to curb regulations. so, that's very growth. i thought it was well received. >> you missed secretary robert reich when was on. you can imagine he wasn't as positive. he had a lot of criticisms with the assumptions made about how much growth will come out of a reduction in regulation and also the reduction in taxes. and he was pretty scornful, nos

outright, but dismissive of dynamic stocore so to speak. >> for year, i've tried to persuade him. that includes the cost reduction of regulation. if it pays more to work, invest and tase ris bs, if it pays more cotom back home and do business here and bring your cash with you. if it pays more after tax to make the business investments for the productivity we haven't had in 15 years, then it will work. trump is very much in tradition. i know this is my book, but he's in jfk reagan tradition and i think that's going to rough it up for hillary because mrs. clinton does not have an economic growth plan. she has a tax and spend and regulate plan. mr. trump has a prosperity plan and inn the contrast couldn't be greater. zpl i think one of the things that struck me was the idea that

mrs. clinton hasn't come out with specifics on her tax plan and it does feel to me as if she is letting mr. trump set the debate on things like this on multiple occasions in cent days. let me go to one of the issues raised just a few moments ago and that is mr. trump wants an i think lots of people agree, we need to invest more in the military and vest more in america's rebuilding and infrastructure. how do those big numbers fit in to what he described as basically a revenue neutral tax and spending plan. how do you make that work? >> well, listen. we have set out the numbers. the work has been done. through a large extent. we've worked on this for quite some time. we heard part of it in detroyou

at the plan all together. the growth impact of the tax cuts. there are going to be substantial spending reductions. i don't think people appreciate that. sorry i didn't have a chance to talk to my pal, bob reich. he's going use the penny plan. 1% a year. i think that's a terrific idea. he's going to go after all these wasteful and due politictive federal programs. go after the small entitlement programs and incidentally, the better growth you have, the lower spending is. this is such a key point that people don't understand. if folks are working and investing and creating jobs, that reduces the need for government spending. particularly welfare, unemployment type of systems. so, you have to build that that. i don't know if it's perfect. these things are just on paper exercises, but he's got a large scale plan and it comes out pretty close to even over whatever ten years. >> all right. you're going stick around if you

don't mind on that beautiful day in manhattan. we're going talk about wells fargo. the shares there under pressure again today. as outrage bubbles about the bank's fake accounts scandal. i spoke earlier today with senator elizabeth warren of massachusetts. we began our conversation looking ahead to next tuesday's big hearing on capitol hill. she'll be in it. i asked her what she thought the root cause of the problems at wells fargo were. is it bigness per se. zpl serious problem with senior management at wells fargo. we're talking about a scandal here that involves thousands of their employees. cheating tens of thousands of customers out of money. and making millions of dollars doi doing it for the bank. and so, the question about senior management is is it a case that they really didn't know what was goin on? because if they didn't, then this is a bank that's just too big to manage.

let's face it. in a community bank, that kind of thing isn't going to happen. at a credit union, that's not going to happen. at a modestly sized bank, that's not going to happen. now, the alternative is maybe they did know who was going on in which case, they need to be held personally responsible. either way, there's a big problem at wells fargo. >> i don't want to get ahead of your hearing on tuesday when you speak with mr. stump, but i will ask what happened to him, but what do you want to hear from him on tuesday and what do you plan to ask him? >> i want to hear something about accountability. the idea that a scandal like this, a fraud like this, goes on for years and all they do is fire you know, the low level employees. the guys who were out there trying to make a living day-to-day and they say the people who have resided over this, who were supposed to be running the bank, not only have mo personal accountability, they

get to walk out with multi-million dollar bonuses. no. you can't run a bank like that. you can't have a scandal of that size and not have some senior management who are personally responsible. that's what i want to hear from him. >> does he need to step down? do other top executives need to be sanctioned? and maybe even prosecuted? >> i would feel a lot better about wells fargo if i heard someone in a position of authority like the ceo, step up and say i take responsibility. and i'm not keeping my job and i'm not keeping my bonus over this. you know, but there really is a serious, big structural problem. it's not about one person. it's about or about bank. we still have a problem b on wall street. where these giant financial institutions think they can make money. they can build profit models around cheating the american

people. we have got, got to fight back. >> mr. stump was on jim cramer's program this week and was asked whether he and the bank would go after by clawback means trk retirement and stock option settlements to the woman overseeing the branches. >> that's -- talk about something that just tells you what's wrong with wall street. when someone cob the person that's responsible for one in charge, have a lot of fraud take place on their watch, whether they actively encouraged it or just passively encouraged it, then got to stuff their pogts with money and walk out the door, that's just fundamentally wrong. >> i guess she didn't say he

should be prosecuted. she did say he should take responsibility and step away. not hold on to his job. she thinks it's not credible, people at the top who didn't know what was going on. >> i hear within those statements, her greater political mission, to praek up the banks and this is going to be something in her arsenal as a reason. >> the way i phrased the first question, i was surprised she -- it does fit. is it bigness or badness. her answer was as you heard, really to go at the responsibility and accountability of the executives and she said that if they didn't know then that suggests the bank was too big. >> she went on to the whole industry. >> it is hard to believe that they did not know. we just interviewed the "l.a.

times" reporter who reported on this behavior that had gone on years back and you know "the new york times" r article today where stump is quoted as calling this woman whoes haed of the division, where the fraud took place, the standard bearer for our culture. so, there are a lot of questions here. >> in our next hour, you're xwoik to he going to hear my senator warren says she understands the appeal of donald trump and why america's struggling economy is still keeping trurp in the game and in some polls actually leading in those polls. you know, larry kudlow, i asked her at the end and i don't want to give away her answer, she was late to endorse mrs. clinton, stood on the sidelines while other female senators endorsed her. i asked her whether she had a personal or political hesitancy, but i asked why given a lot of

the controversy that surrounds the guy who you're an informal adviser to, why she's not leading by r more. to the extent she's leading at all. >> what does she say? i'll give you an answer. mr. trump, larly in the last couple of months, has given speech after speech after speech on foreign policy, national security. on the economy. on taxes. on regulation, hello care, law and order, et cetera, et cetera. specific issue, rather detailed issues. mrs. clinton has avoided that. you mentioned before, tyler, she dunt have tax plan. doesn't have a growth plan. trump has delivered on a lot of issue specifics and i think it's

boosted him back into the tie or in some cases, slight lead in the polls. >> we'll save mrs. warren's answer for later. i think hillary has gone to four corners offense where she's trying freeze the ball here. sometimes when you hit some three-pointers, it falls apart. thanks. i'm sure we're going to see you later in the hour. appreciate it. >> thank you. bye bye. >> coming up next, it's back to the marks. the dow up triple digits. another big move from apple. "power lunch" is back in two. ♪ ♪ ♪ the highly advanced audi a4. ♪

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welcome back. i'm kate kelly are developing news on bridgewater associates. the $150 billion hedge fund. they are planning job cuts as per a town meeting and letter they issued to clients. they are planning a renovation because in their words, the firm has grown a bit loaded. they have 1700 employees. up from about the low 100s in 2003. changes are mostly affect the noninvestment areas of the company and details are yet to come. we don't know yet what the percentage f the head count reduction will be as for the 1700 employees they do have, but it's been a mixed year for them. they have two flag ship funds, one down, the other up 13%. a third found which balances both is about flat, guys, so some spresing news here on

bridgewater and it's worth noting they have $22 billion in inflows in the last two years. >> that's what i was confused about. normally, when you see funds cuts jobs, it's because they've got redemptions, et cetera. that's not the case here. >> no and it's interesting. it came up in terms of the founder, who talked to andrew sorkin on stage and he brought up the inflows, they talked about the volatile parmt and he said look, the whole question is whether their value add, especially in bad times, the market environment will be interesting and it is now. >> do with fewer people. >> he was daughter on the econo. >> to me, one of the most interesting take aways was him saying i just try to position myself for six months down the road or possibly even six days. that is how hard it is to engage in long-term planning now. >> kate, thank you. >> get a check on the market

niehaus. the dow, a rise in triple digit, now on track for its best week in six weeks. early, donald trump spoke about the economy and the fed. >> i believe the fed is very political. it's become very political. like many other groups in this country. beyond anything i would have thought possible. so i think you're going to have low interest rates until the end of the year, maybe no increase at all and the market will stay artificially high. and then we're going to see what happens after that, but inn it's, thai not doing the right job. >> let's bring in managing director and senior investment strategist and anton shults, the ceo of menden capital advisers. joining in terms of market prognosticators out there. would you agree if the ted were cokeep rates where they are, that's sleerclearance for the ms to go higher? >> yeah, probably.

the circle of life and investing is this. stock's go up, earnings go up. interest rates go up. we have reared an entire sfen generation of investors, the economy's improving, it's time to raise interest rates. will the fed do it? probably not. they're so afraid to be wrong, they don't want to be right. it's a microcosm of what's happened in investing the last 15 years. the fundamental at beauts are the strongest than in decades. it's the rest of the world that is having problems. >> interest rates, they are going up. all this week. when we get very folked, it's cnbc, all the time whachlt the fed's going, the short end of the curve. that long end has been acting independently this last week. interest rates have dwoen up over the world.

does that worry you? >> credit has kind of tightened up. that's good. finding stuff which we're good at in america. even if the fed does raise rates, any kind of move from here was more about a removal of stimulus and not raising rates. we're at crisis low levels. i don't think we're at a crisis anymore. that's the point. we believe the fed's probably not going to raise rates because that's the right call because nobody wants to be wrong, but at the end of the day, we have to send the right message to the rest of the world that america is here and america can hold its own with respect to corporate fundamentals. i think at the end of the day, we're going to see asset flows because of that. >> the message is a message, but the fact of the matter is that the spread between twos and tens is the widest sibs the beginning of june. financials really benefits because of wells fargo.

so, here we have a scenario in which fed, is chance of a september hike is 15%. december is out there on the table. so rate rs going to stay low. the spread isn't that wide, but we have this regulatory cloud. that doesn't sound good for your group. >> i think it sounds great for smaller banks. i think the big bangs are under skrcrutiny again. i was thapgful the drug companies were taking the headlines for a while. >> i think the issue is is everybody's going to be looking for same practices. i think it's a compliance and human resources problem. when you motivate people for the wrong reasons, you motivate people to break the rules. it should have been caught by human resources, by compliance. >> it makes sense you think that, but that's not perception necessarily for a politician who wants to make their name on wall street. >> wells fargo, yes, has a securities division.

isn't a wall street issue, it's a bank issue. >> you're short esk effectively well fargo. >> i have some out of the money puts. i bought them because we have a fed meeting next week. i paid little for them and ended up being windfalls. >> whether you think the fed is political or not, do you put any credence into the trump view they won't raise rates because they want to send president obama off to the golf course on a good note? >> there is a point the to this. when the first george bush was president and greenspan raised d rates. we plunlgenned into a mini recession, the market got hit and he lost a r nar lech. there is perez precedent for a fed making the mistake. december is more logical. why doupt to mess around with an election.

>> thank you. up next, why mobile i yoois says tesla is turninging a blind eye to safety. "power lunch" will be right pack. [chains dragging] [eerie music playing] [crickets chirping]

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hi, everybody. i'm sue herera and here's what's happening. the man accused of setting a florida mosque on fire on the evening of this year's 9/11 anniversary was in court this morning. officials say that joseph schieber has made several anti-islamic statements on social media and it's being viewed as a hate crime. the family of sandra bland, a woman found dead in a texas jail cell, has reached a settlement with the waller county sheriff's office. the family confirminging they'll receive 1.9 million tlrs. in addition, the settlement includes changes to jail procedures. malaysia says a large piece of aircraft debris diskickoffed

in june is from mh flight 370. the wing flap will be examined further. and taco bell teaming up with sew any to give away thousands of play stations virtual reality headsets before they go on sale. starting today, diners who buy a $5 big box meal will receive a code for a chance to win one of the 3300 head skets. those hit is stores on october 13th and will retail for just under 400 bucks. up next here on "power lunch," new details on mobile eyes big break up with tesla. back in a minute.

johnson control spending off its $20 billion automotive parts business to create the world's

largest car seat maker. joining us now, bruce mcdonald, the incoming ceo. i got to ask you about where you will be domiciled given the political season that we are in. you're going to be domiciled in ireland, which according to the analyst on the street is going to be a big advantage. it's going to result in 10 to 12% tax rate. if corporate taxes were lower here in the united states, say 15%, which is what mr. trump is proposing, would you consider moving here? >> we're actually setting up the brand-new company, so, we're not redomiciling or inverting here. if you look at our company, about 70% of our revenue is outside of the north america and so, you know, being domiciled outside the u.s. has a number of advantages, not just from a tax rate perspective. it's geographically in the middle of northern american and big markets in chip, and so, it's really not a tax play.

this is really about what makes business sense. >> let's move on. i want to talk about the auto industry in general because we have seen a peek sales. what are you seeing, your car seats go into every car, not just a single manufacturer. >> we're the largest seating manufacturer in the world. about one and three in a global perspective, so we have a good section of the industry. if i look at things gee dpraskly, i sofrt characterize north america as being in a plateau level. we don't see the industry downturning. but we don't see it having a lot of gas left in the tank. europe on the other hand, we're in very, very early stages of

recovery. if you look at industry volumes in europe, they're still at about a level that's a third below where we are in 2008. i think the auto sector tends to go down first and comes out first, so i'm looking forward to europe sort of b stabilizing and improving and we should start to see a benefit there. china's slowing down to 4, 5% growth, which is still great by all the other geographic territories and we're really well positioned there. gl sir, it's michelle. there's a lot of talk on the campaign trial about trying to bring back jobs and manufacturing jobs to the united states. do you see any scenario under which the u.s. could be competitive manufacturing, more competitive where you could actually bring jobs back from asia to the u.s. and make the stuff here? >> yeah. for our business, it's a good question, but for our business, we manufacture where our

customers manufacture, so, our big operations in china only supply the seating, our customers based into chinese market. because there's so much product variation, so much color variations, leather and fabric, there's a lot of scheme proliferation. so we have to manage our product close to the customer. we're there if they're based in europe, we're there. >> i want to ask a quick question. i think car seats have gotten so much better. it keeps me cool in the summer. blows hot air at me in the winter. it massages me. i wonder whether you can do is same for airline seat, which are worse, but what's next in seats? >> lots of good questions. i share your view in terms of

comfort level. it's an exciting time. for the car seating business. a lot of the features you referred so starting out at options. >> you know, massage feature. the cooling feature, probably two big wins. when the driver is not sitting in its traditional place, things like the controls to operate a lot of the vehicle, the steering column or the instrument panel, all have to guy mooi grate closer to the driver and he's going to be on the seat. >> lying down in backseat. brurks thank you.

can't wait for that. michelle just loves that. loves the autonomous. >> exciting time in car seat design. >> bruce mcdond, our thanks to you. starts trading on the nyse october 31st. we're learning me about why mobile eye broke off partnership with tesla. >> they had a partnership for a number of years an when they decided they were going to go their separate ways this year, elon musk made it clear he believes tesla can grow the safety of its autopilot system and just last week, he announced, sunday of this week, he announced look, these are going to be new changes that are going b to be made with the autopilot system. now, some comments out of israel from the chairman of mobileye questioning whether or not tesla is pushing the envelope in terms of safety. he's referring to the autopilot system, the new one. it's not designed to cover all

possible crashing situations in safe manner, base clay it's not going to be operating as safely as tesla is touting it. here is the new system. it takes the camera base system that tesla has had in the autopilot and maierry it it with improvements in radar detection that tesla has developed as part of the software and hardware in all of the tesla vehicles. they're also warning drivers and the autopilot is going to be updated that will be sent out to the vehicles. that should happen within the next couple of weeks. tesla in response says they're, talking about the driver, they're responsible to keep their hands on the wheel an remain alert and present when using autopilot. drivers must be repaired to take roll at all times. tesla saying we've never dauled in an autonomous system. we have said this an an

improvement in autopilot. which is a driver assisted system. share of tesla mobileye, had a decent move over the last three months relative to where tesla is. again, they've split paths in terms of what the future holds when it comes to driver assist. >> it sounds like sour grape, phil. until you pull out the stock chart. in the past few day, tesla has said we're going to move more away from radar and cameras. they're using cameras over radar. >> they're using radar and camera all right. >> that's a benefit to mobileye of course. it's a whole package, a whole system within these vehicles. >> all right. thank you very much. and when we return up next, one big trend that could be music to the ears of investors. the stocks at highs of the day. s&p up a full percentage point. "power lunch" returns in two minute's time.

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tens of millions of music lovers packing into stadiums and festivals across the nation and that's music to the ears of your next guest. let's goat julia boorstin with the ceo of live nation.

>> thanks so much and the ceo of live nation, which owns ticketmaster. thanks so much for joining us. we're just wrapping up the big summer concert season. do you have any new projections you could share with us about what to expect for your overall business this year? >> we expect 2016 to be a record year. probably to end up selling close to 70 million tickets, which last year, k would have been 63 million. so an incredible growth over last year and one of our largest years in history, which would make us larnler that the nba, nhl or nfl in terms of a league, so we're very proud. >> this year, dell, beyonce. will you be able to keep this up next year? >> we've been now three years in a row growing year over year. we see a global explosion. we have 41 offices, 100 in shia countries. it's growing globally.

international is up 30%. my len yals want to go to shows. artists have to tour to make money and when you have a global platform like we do, we can capture and rise with the tide, so we'll continue to see growth. >> there seems to be b shifting interest to these festivals, but some have raised questions on whether it could impact ticket margins and whether it could hurt the number of plain old concert ticket sales over the course of the year. what kind of risks to the festivals. >> no, we think it's the opposite. we think the pie is growing and it's not cannibalizing. we are the largest faes value produce ner the world. over 85. those were up double digits this year. stadiums, arenas and clubs were up so, we've seen all channels expa expand. >> in terms of festivals and ticketing in general, you're facing a lot of competition from

aeg, as well as irving asos and pandora is make iing a big push integrate ticket sales into its business. which are you most concerned about? >> we're helping each other. it's a growing business now. it's shifting. if you were in the record birksz you're looking at live. the ticketing business and our growth and dabbling in it. have the years of growth. >> unfortunately, we're out of time, but thanks so much r for joining us and congrats on what looks like a record year. back to you. >> thanks so much. stocks near session highs. s&p up a fulper sent and we're all over the big move higher and apple now up 12% this week. the stock doing something it hasn't done since 2009.

we're going to tell you what that is when "power lunch" returns. your insurance company

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hour. cracking down on bad behavior. senator elizabeth warren fired up on her battle with the big banks and misbehavior. big day for twitter's future. will they score a touchdown streaming tonight? bills and jets and is a chinese tsunami about to hit silicon valley? the second hour of power begins right now. >> i'm michelle caruso-cabrera. a check on the markets. two hours until the closing bell. stocks are near session highs. s&p up 1%. dow up about 170 points. this as bonds are selling off. apple once again, a big reason for the move hire. the stock is up 2%. now up 12% this week. more on that in a moment, but first, to mel. >> thank you, michelle. the headlines, the biggest

central banks are teaming up to fight fraud. he expected ad sales to grow in the high single digits. and the hearing will -- on the status of u.s. fuel efficiency standards set to go into effect in 2022. apple shares were up 3% right now. if this hold, it will be the fourth straight day the stock has gained more than 2%. that has not happened in seven years. during online preorder period, the iphone 7 plus has sold out of initial quantities. sean harrison has a buy rating on $130 price target on apple. great to have you with us. do you think that we're maybe a little bit over our -- in terms of the gains apple has seen in such a short amount of time given the data points that are getting investors excited are coming from t mobile as well as sprint. then verizon yesterday on a bank

of america conference call saying preorders were nothing special. verizon and at&t with r the biggest carriers. putting too much weight on the smaller carer yeses and what they're saying about preorders. >> i don't think so. you had a sell off in apple last week. we view ed the phone to be a pleasant surprise. many of the features a bit late, but the extra battery life, performance t additional speakers were a nice surprise. while they're the smaller carriers, significantly, our own research in a google search trend for the iphone, it's just predictive longer term of demand are up significantly. and then additional data points just coming out of asia has been strong this week as well. it's multiple data points lining up. >> does the rapidity of the game

concern you? >> you're not back to apple, even normalized relative diskaunt. we viewed apple as oversold and while maybe the device was a bit iterative, it's not backed at this time. >> but there does seem to be a fair amount of enthusiasm for this new launch. today's review in "the new york times" was really very strong. it said that the camera is so much better. the phone works a lot faster. you can dunk it in -- do efg. put anytime a washing machine. >> it is substantially better. i think what caught people off guard were that some of the features were better that be anticipated. we estimate there's about 700 o million iphone subscribers. even if it is not a different form factor.

>> after the e get result frs the quarter? >> the potential additional catalyst could be the supply chain raisinging production forecast for the iphone as you get into october. i think the bigger issue is more of the cure ration for the 7. in addition to the launch strength. which led to the stock swooning in the sirm and spring. you could see supply chain demand frft in october. which is a bit of a catalyst as well and eventually, into the fall again, you'll have some refreshing other products such as the macbook. >> thank you. $15 more on upseed. >> a boat load of economic data. ha means we've got to bring in steve liesman.

the rapid update, gives you the changes to gdp. .2. the range, 2.5 to 3.8. q2 cracking 1.5. >> steven stanley, much followed. 3%. goldman sachs. bringing up the rear at just 2.5%. so not all the data featured, but a bunch of it does. >> so much focus in race about the gd prk. heard it from trump today. >> since 1990, only 34% of the time on a quarterly basis has gdp been above 3.5%. >> all right. good data point. thanks, steve. >> we go to the race for the white house.

republican presidential candidate donald trump layinging out his economic plan in the past hour. one of his big goals is cutting taxes. >> one of our greatest job creation measures is going to be our 15% business tax rate. down from the current 35% rate. a reduction of more than 40%. >> b he says the $4.4 trillion cost will be off set by growth created those very same cuts as well as from trade growgrowth. energy, deregular lagts and spending cuts. today also marks the eight-year anniversary of lehman brothers. we talked with senator warren about the hearing into wells fargo. next week and about bad behavior at big banks. we also accused her about why this election is so close and a paper by larry summers arguing

the big banks are no safer today than they were bf the big financial crisis. despite the new regulation. >> there are some parts that are better. hire cap tap reserves thafr than that tl used to be. whether or not they're high enough is open to argument here. part o what wors me is that we're still having a debate right here in congress with the republicans wanting to roll back the regulations that have been put in place. speaker ryan in house is trying to get rid of the consumer financial production bureau. if we hadn't had the consumer financial protection bureau in place to uncover this froud and at least get wells fargo to a admit publicly what had happened and pay $1100 million fine, wells fargo would cheating its customers only you and i wouldn't be here knowing about it. >> i think the original

discovery was three years ago. let's tranning sigs to the letters you've written regarding the 2008 '09 financial crisis. you'llme la m the fact that some of the files did not result in any prosecutions and no individuals were sanctioned or charged as a result of that. what would you like to see happen now and you've asked mr. comby to 'release the records. >> let me say quickly, remember that after the crash, the financial crisis inquiry commission was put in place to examine what went wrong and they took testimony, they dug through documents. they ultimately issued a really big report. but they also took all of their papers and records, boxed them

up and they were held seal for five years. they just became public recently and we went over and tarted digging through them and found out that the commission that was right on the front lines of collecting the evidence, bipartisan commission, republicans and democrats both, sent a couple of dozen criminal referrals to the department of justice and yet, essentially, nothing happened. so, i've sent a letter to the inspector general. i want to know what happened to those criminal referral, but i also sent one to the head of the fbi, director comey. we've known for a long time the position of the fbi is if we don't bring an indictment, we don't have anything to say. okay, i get that. in the case of hillary clinton, they said we're going change that policy. and the reason they're going the change that policy and release those documents and have a long press conference about it then a long hearing about it, acorying

to director comey is because of, these are his word, intense public interest. i'll tell you, he has now set a new standard in the hillary clinton case. i believe there is intense public interest in what went wrong during the 2008 financial crisis. and why no senior executives and why none of these large banks were held reasonable for it. so, since there is that same kind of intense public interest, i want him to make those documents publicly available. i want thoim stand up and talk about why there were no timts. i want him to come here for hearing. gl let's transition to politics the if you don't mind. during the primary, you chose not to endorse either of the democratic candidates. when senator democratic women koim out, endorsed mrs. clinton, "the washington post" reports you were not there. do you have hesitancy about

hillary clinton either personally r or professionally as the nominee and why do you think given the controversy that swirls around mr. trump, who is speaking about his economic plan as we speak, whether it has to do with how he runs his business, his personal suitability for the president, why do you think mrs. trump, mrs. clinton is not beating mr. trump more soundly? >> so, secretary clinton has run on a very progressive agenda. she did that, she developed it during the primary. and she has stuck with it during the general election. my view about this is i'm going to do everything i can to her her get legislaelected and then her be a successful president in enagenting it. i believe donald trump taps into a deep anger that the american people rightly feel. i think people all across this country understands what's broke

b about this economy, this country. that now have a washington that works for those who can hire armies of lobbyists and lawyers. that it's not working for the rest of america. the problem is that donald trump will just take us in the wrong direction. his view for example in the whole banking process that we've bb talking about is let's further deregulate the banks. let's let them just get out there and achieve anybody they want. that's the wrong direction for us to go. >> trump wants to turn us against each other. i believe that's the wrong direction to go. i'm not somebody who was a lifetime politician. i just got into this a few years ago, but i believe we have to take back our government and make it work for the people. hillary clinton has made those commitments and i'm going to help her try to do that. >> wow, if i were hillary clinton, i wouldn't be happy with what she said there.

that was a r very, very we can endorsement and back handed support to donald trump and everything he's been saying. >> she gave him credit for identifying some of the reasons people are so disatz fieded. >> and criticized the obama administration for haven't been prosecutions, people are angry. they want to take their government back. who's been in charge for eight years? obama and hillary. zpl and her endorsement was essentially, that's who i have left if i don't like trump. >> that's right. i think that's part of the problem. that mrs. clinton faces. that there's and you look at the enthusiasm of the trump supporters. they're much more enthusiastic about trump. >> how far should that go up the chain? >> i don't know the law an whether the statute of limb tags has run out son the possibility for doing that. >> still, the doj has a lot of

political influence. it's much more active when it comes to antitrust and mergers, et cetera, et cetera. if you aren't going to get a criminal prosecution in the last eight year, when were you going to get it? >> that's what she wants too know. >> under her party. it is curious when you see other prosecutions that have been brought. a lot of the big banks, didn't pay multi-million and billion dollar fines here. they felt some pain. none brought to the bar. by the way, we've reached out to wells fargo for comment on mrs. warren's comments and a spokesman issued this statement. we have no comment. on senator warren's remarks

today, but we are prepared to provide the banking committee of this ch she is a member with information on this matter and to discuss steps we have taken to affirm our commit m to customers next week. that hearing of course b i believe takes place on tuesday. more on whether big banks are any safer now coming up on "closing bell" when larry summers will join bill and kelly. >> to the bond market. rick santelli tracking the action at the cme. it's been so interesting this week. >> oh, it has. indeed it has and there was a lot of clues today. even though aren't really the markets they used to be, when you ghet number, you knee jerk reactions that enlighten. what happens? the short end gives up ground. that makes sense a weak retail sales number put that goal f

farther away. but also have pushed rates down on the long end, which isn't the case. mario draghi helped incite the long end, but today was no exception. you saw tens an 30s moving higher in yield. short end not moving higher in yield. just a diss to the fed. they have lost sponsorship of the long end of the market. what did you think of elizabeth warren? >> you didn't hear me, rick? >> i did, but didn't know if you could say it louder. i had some observations. regulation, i'm italian. regulation is a lot like all the special spices i put in any italian sauce. if you put in too many, it doesn't kasey good. not enough, it's not good. unfortunately, i think mrs. warren, senator warren truly believes that more is always

better. >> she makes a terrible, terrible, sauce rick, for sure. >> terrible sauce. look at facts. they've dope a lot. consumer financial production bureau. like a big brother that never learned how tor to be parent. gives people a menu. we're not that stupid, senator warren. this notion that the banks have gotten small r eric they've gotten bigger. in essence, what does overbearing set of regulations has done is distance themselves. it's raised the barrier to entry. to many of the service the big bank provide, making them more difficult for smaller e competing banks. it isn't working. the philosophical issue is easy. she thinks government could fix everything. what we've learned is when you have more government, you just

have more inefficiency. every dollar spent, a bigger chunk gets wasted. i agree. something needs to be done with these banks, but it's the way you address it that i disagree with. >> got it, rick. the next big tech uniform. fund bid a chinese company? we're going talk to a man who says sill cob valley is about to see a huge influx of cash from china. you know what, guys?

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just about at session highs. dow jones industrial average up by 205 points. that's a gain of 1.2%. nasdaq is really leading the way thanks in part to the strength in shares of an. we've seen the streak continue this week. up by about 12%. nasdaq is up by 1.5% so r far. >> tsunami of chinese cash. that's what one early inveser in twitter and uber is saying is about to happen to silicon valley. here now, raffi, his firm has secured -- and ek pegts to lock down a billion more. welcome. >> thank you. it's your company that got the money or you're helping the chinese invest? it brings together xwaens that

need investment, correct? >> that's money to put into start ups live on our flat form. >> why do you think you're seeing so much chinese money? >> well, the chinese middle class has gotten a lot larger. they have more savings and they want to invest it. not many assets in china that aren't run up. private markets for start ups are more highly priced and probably more in the territory than the u.s. markets are, so this is a way for them to get access to early stang investments in the u.s. >> mom and pop investors are giving you money to invest in silicon valley start ups? >> these are not mom and pop. these are professionally managed funds, bulletly, funds get their money from the savings of the average person. >> give me some metrics tsunami of cash, what does that mean? >> they've committed about a half of billion dollars to date over the next couple of year, which is substantial. makes us the largest source of seed capital for early start ups in the world and we're

announcing today that some of the numbers, this is before the chinese money came n, but gives them them some confidence, which is a 2013 where we launched the online investing. we had a bunch of companies raise money and we've now valued ou well they're doing. they have been marked up significantly. we're showing a 46% net ir for companies that raised on the flat form. >> are you actually allocating the money to the start ups or just simply kektded and they can get on your platform and invest themselves? >> we work together to allocate the money. right now, there's 6 to 70 companies that raise money on the platform and they look at those xaens with it and we decide how to deploy capital. >> what dough do you say to people who say this is another sign silicon valley is piquing.

whoever's hot at davos, short them. whoever's loading money into hollywood, short them. we've talked so much about the arc arc of silicon valley. this feels very late. >> hollywood is an asset class tends to return negative capital. >> you noticed. >> silicon valley -- >> yeah. tends to return highly positive capital. we're showing a 46% net unrealized irr from our flat form, so that gives us confidence, but overall, venture firms are doing quite well. it's a small asset class. if anything, seed investment is down. we're seeing a pullback, but the

chinese are step ng to fill the gap! okay. thank you. great it have having you on. >> coming up, a picture of a cola avoiding a flood. got to see this. plus, stocks hitting session highs. major averages up more than 1% across the board. apple, goldman sachs, leading the dow. "power lunch" back in two. matters. d both on the track and thousands of miles away. with the help of at&t, red bull racing can share critical information about every inch of the car from virtually anywhere. brakes are getting warm. confirmed, daniel you need to cool your brakes. understood, brake bias back 2 clicks. giving them the agility to have speed & precision. because no one knows & like at&t. it's been over 100 years since the first stock index was created, as a benchmark for average. ♪

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this is the best picture we've seen all day. a waterlogged koala. it happened in australia, of course. it was cute. >> adorable. >> right there. where's mandy? >> saving him. zblr rt. donald trump lays out his plan saying the tax cut will pay for itself. we'll ask his top money man. plus, oil rebounding today. we will get the closing trades coming up in a minute and 40, 39, 38 seconds. ike? a basketball costs $14. what's team spirit worth? (cheers)

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here is your cnbc news update. president obama speakinging about the impact of ocean warming on the environment at the our oceans conference in washington. he said we can't shy away from problems with the environment because they are simply too big.

>> the notion that the ocean i glue grew up with is not something i can pass on to my kids and grand kids is not acceptable. >> protesters throwing planks of wood with harris police as un n unions stage a bid to disl a laeber law that weakens their powers. the protest part of a kay of strikes dpens the law adopted this summer. police in germany say about 80 germans and 20 migrants were attacking each other last night in a town in eastern germany. footage showing dproups of people on the main square shoving each other and shouting go away. a new report revealing 60 million people in the u.s. suffer from vision impairment. researchers say some public and private health plans don't include eye exams for low risk patients. that's the news update this hour. back to you. >> thank you, sue herera.

oil prices closing for the day now. oil closes slightly higher, but still down 8% for the week. there you have it 29 cents to the upside. donald trump giving more details of his tax today. robert frank look at how his plan compares with hillary clinton. such as we know her plan. >> with a 1% they pay 38% of all federal income tax, so when you compare, what you're really comparing is opposite view on how to tax the rich. hillary clinton would increase federal revenue by 1.1 trillion over the first decade. three quarter coming from the top 1% of households. she would raise the top rate to 43.4% from 39.6 on ark gi. over 5 million a year. those making a million or more, they would have a minimum rate, which is the buffett plan, of 30%. the top 1% would see their tax hit of $78,000 a year. so that would increase by 78,000

a year. she would keep the estate tax and rate taxs on capital gains held for less than a year. in comparison, trump has proposed a top tax rate of 33%. he would cut gap gains to 20% and eliminate the es kate tax, but the big change is is with his 50% rate on business. now, he recently included pass through income. this was little reported, but very important. it's income from partnerships or llcs. they would be taxed at 50%. more than two third of passed income goes to the top taxpayers. the 1% would have an average tax cut under the plan of $275,000. or 12% more income going to them. this past through maybe off set by that slightly higher rate that he's added. he used to be 25% for the top, now, he's going to 30. >> going to 33. >> so we're waiting on some numbers of where this all shakes out. >> if they go with a pass through for partnerships and lrk

lcs, there's going to be melissa lee, llc. i'm going to be an llc. >> all become independent contractors! people are going to find ways to do it. income ought to be income. flat. >> agree. >> flat income tax. >> yeah. so much easier. >> i think es kate tax ought to go away, too, but that's my opinion. >> you can have a couple of rate, but the important thing is to consider income. the minute you stop -- >> people will find ways to get there. >> kaep with politics. i spoke with beth warren today and asked what she thought about

donald trump. >> i believe donald trumps into a deep anger that the american people feel and rightly feel. i think people all akroz the country understand what's broke b about this economy, this country, that we now have a washington that works for those who can hire ar mys of lobbyists and lawyers. but it's not working for the rest of america. the problem is that donald trump will just take us in the wrong direction. >> we had to add that last part because if you cut off the last part, it looks like an endorsement of trump. let's get reaction from steven. welcome back to "power lunch." gl thank you, great to be here. >> hos how's the fund raising going? >> fine. but the focus is the tax plan. couldn't be more excited about the economic plan donald gave an amazing speech.

the center of the plan is 25 million new jobs. major changes to the tax code. largest changes since reagan. maybe the greatest changes ever and this is a very sound economic plan that can be paid for, that is revenue neutral, at a a 3.5% gdp and we think there's a way to get this country back to 4%, so we couldn't be more excited about the plan. >> secretary robert reich was on earlier. work nd the clinton administration and he said the asunltss are just way to grand when it comes to how much revenue is going to be raised by lowering taxes and cuts regulation. >> let me tell you, when we first announced the plan in detroit, we announced the plan. we've gone into the pesks of the plan. the details will be on the website. i think they've been released today. we expect the tax foundation, it will model the plan. should have the numbers up tomorrow. you'll see. there's specific plans, a white paper that's released. on trade and regulations.

we've added a plan, which is saving money out of government. we've shown growth. this is the way to have growth. >> how do you fund in the context of this plan and the tax cuts there are that. how do you fund new expenditures for infrastructure an the military? is. >> we've priced into the plan $600 billion of expense on the military. tat center of the plan is an increase in military spending in making sure we have the right equipment for our troops and tha going to be paid for in the plan. when we look at child care, middle income tax cuts, increases in the military, we're not touching social security, medicare or medicaid. this plan pays for itself through growth.

growth in trade, growth in less regular lace. by the way, i did like elizabeth warren's comment on regulation. i wonder if she's read the 28,000 rules in dodd frank in the 850 page, but we don't believe in less bank regulation. we believe in appropriate bank regulation. all we've said on dodd frank is some of these 28,000 rums should be looked at and may not make sense. >> something geithner said earlier this week. basically, i paraphrase, the problem is not so much with the law itself, but with the regulations that he called a mess and a muddle, i believe. >> there's got to be a belter way of doing this. this is really the center of the plan on regulation. splimp if way things are done. clean air, clean water and this could be done with proper

regulation. >> how do you address in context of the plan, what robert frank mengedded, that is that if you look at where the tax benefits accrue by his reckoning, the top 1% of individuals get a large tax cut of something on average. in the amount of $275,000. how do you address the idea that that politically is going to be a hard sell to the middle and lower class? >> again, let me say the facts will be on the website. first of all, i know you were talking about pass through income earlier. we never specifically said before that pass through income will be exempt and it won't be. small businesses will be able to have the 15% business cut, but it will be done in other ways than pass through income, so no cheating on the system as you guys talkeded about wanting to create llcs.

>> i don't think we said that it was going to be exempt. i thought we said partnership and llc income would be taxeded at 15%. >> no, it won't. again, pass through income will be treated as normal. you'll see that in the details. what i was going to say before is the upper income for someone with $5 million of income, the trump plan will have virtually in reduction in taxes. so, the lower tax rate is paid for by simplification and less deductions, so this is not a tax cut for the rich. the idea is to low er the marichal rate for the rich without giving them a tax cut to insent investment and as far as someone with $50,000 of income, a normal family, they'll get a 35% tax cut. and with someone with 75,000 of income, they're going to get a 30% tax cut. this is about a giant tax cut for the middle and low er class

treating the rich with no tax cut, but simplifying it, creating a 15% rate for businesses to make u.s. businesses competitive. >> thanks so much for joining us. trump national finance director. >> big interview coming up next hour with former treasury secretary, larry summers. another on the markets here. we're pretty much still holding on to session high levels. dow is up 198 points. s&p up 23. nasdaq up by 1.5%. the real strength we're seeing in technology we've been talking about the huge gains in apple. take a check on the semiconductor indeck. that's higher by more than 2%. a lot it have apple supplier rs the big winners in today's session. >> why one analyst says harley davidson may hit a roadblock. that and three other calling come up in street talk.

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recommendations on the stocks you need to know about. tyler's maiden voyage. >> this is amazing. >> first off, mcdonald's. lot of concerns about space of late, but credit swooes says its u.s. franchise same store sales are sluggish, but stable.

they acknowledge there's broader industry slowdown underway, but operators are looking forwad to the relawn f of all daybre day breakfast, saying mcdonald's is a defensive name. gl i will eat defensively at mcdonald's. a buy rating, $30 price target. the acquisition of blue coat systems as a catalyst for growth. same note, guggenheim designates them as the firm's best idea, replacing palo alto networks. the stock at 24. little change today. >> dick's sporting goods getting a boost. oppenheimer was caution on dick's for a long time because of concerns about challenges within sports goods. recent bankruptcies of come pet tore, they can capture better sales. it comes after a 70% rise in

shares. >> all right, our final stock today harley davidson. ubs lowers estimates on the motorcycle maker. firm notes that after analysts their u.s. inventory, they feel, there's a downside risk to the stock. ubs lowered the price target on ha harley by a buck. not much room for improvement there. >> street talk for thursday. so much news and speculation swirl iing arn twitter lately including what it hopes will be a major breakthrough when it broadcasts a live nfl game tonight. will it help turn around twitter and the stock? we'll discuss that next.

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games. twitter stock is down 20% this year, more than 30% in the past one year. neil, great to have you with us. >> thanks. >> the big criticism about the live streaming deals that twitter has inked with not just the nfl but nba and nhl is that nobody wants to watch on a small screen. they seemingly have gotten around the problem potential by making the app available. doesn't that resolve the issue if i can watch live streaming on me tv? >> i think there is a couple of things. one is we would have to guess a lot of people who have x box or apple tv are probably already cable subscribers. if you have an option to watch it on a streaming device or tv you will probably just opt for tv. you will get it in hd and be a

great experience versus having the complexities of buffering. >> is there research behind that that people who are apple tv -- or fire or x box that they are not the cord cutter generation? that seems to be the audience that twitter would need to get to. this really goes right to it because you don't need to pay for tv in order to get the twitter app on your tv. >> it's a fair point. the number of cable subscribers, for example, comcast has over 20 million. we have to imagine there are far fewer amazon fires out there. there is about 25 x box ones in the market and currently. so you would have to imagine if you add up all the tv cable subscribers there is probably more tv cable subscribers out there than streaming devices.

from that perspective there is a fair degree of overlap on that perspective. to the point where people will be willing to download the app just to watch the game, that's going to be another hurdle that they have to go through. getting, watching twitter on your phone will be probably a more faster way to watch the game or just opening up your pc and watching it. that experience might not be as compelling as watching it on the television. >> what is the picture resolution if i watch via twitter on my phone? >> i'm not sure. it's probably not as high as you would get it on full hd or 4 k if you have a 4 k television set. but even then still watching something on five or six inch screen versus watching an immersive game for thee hours on a 50-inch screen, i think it is much more compelling opportunity

watch it on a bigger screen. >> maybe because i'm old or because i don't watch football. i don't get it. twitter is going to stream games. >> if you don't have a cable box -- let's say i'm a cord cutter. i'm this close except that i work in cable, i would totally be in that camp. i can stream on tv without paying for a cable box. >> like nfl ticket. >> nfl, nhl, nba. neil, when you make the argument of course there are more cable boxes out there, cable subscribers out there than people who have fire sticks. what we need to look at for twitter is the incremental viewer that they get so they can sell advertising. they put up an ad in between quarters for the football game and that is going to be commanding a higher rate because they have access to the x box users and fire users. that is all you need to move the

stock, isn't it? >> i think there are two things that are going to move the stock. one is twitter is being able to add more monthly unique visitors to coming to twitter and them being able to drive more ad dollars. on the first part, we have seen a number of product launches that twitter has made where they haven't been very successful. they have detimeline changes, introduced direct messaging. none of these things have done enough to move the needle for twitter. so this will be kind of the big test. let's not forget this is only ten games out of so many games that the nfl will be producing. only one game a week essentially is what we are getting here. and then secondly on the advertising side twitter has been losing share to facebook, instagram and snap chat. so incrementally this might help a little bit. once a week we are not sure is

compelling enough to drive the stock significantly higher. >> thank you. check please is coming up next. don't forget former treasury secretary larry summers coming up on "closing bell." ♪ it's been over 100 years since the first stock index was created, as a benchmark for average. ♪ t a lot of people still build portfolios withategies that just track the bencarks. ♪ but investing isn't about achieving average. it's about achieng goals. ♪ and vesco believes doing tha today quires ♪he art and expertise of high-conviction vestg. translation? why invest in average?

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i would make people smile. [woman speaking indistinctly] we're drowning in information. where, in all of this, is the stuff that matters? the stakes are so high, your finances, your future. how do you solve this? you don't. you partner with a firm that advises vernments and the fortune 500, an can deliv insight person to pern, on what matters to you. rgan stanley. i believe that donald trump taps into a deep anger that the american people feel and rightly feel. i think people all across this country understand what is

broken about this economy, what is broken about this country that we now have a washington that works for those who can hire armys of lobbiests and lawyers. but it's not working for the rest of america. the problem is that donald trump would just take us in the wrong direction. >> listening to elizabeth warren almost sounding like a trump endorsement. >> this was after i asked her why she had not been quicker to endorse hillary clinton, hadn't appeared with other democratic senators along side her and whether she had a problem with basically hillary clinton and her answer began with stuff about donald trump. i think she is right. he does tap into the anger. i think when trump gives a speech like he did today where he appears reasonable he wins. and i thought he won today. >> my check please is apple.

taking a check on suppliers here. a big week for apple but for the week sky works solutions up 15%. these are the stocks we also want to watch. thanks for watching power lunch. >> "closing bell" starts right now. watch this rally. hello everybody. welcome to "closing bell." i'm kelly evans. >> and i'm bill griffith. stocks getting a boost today with the market now up more than 200 points. the dow jones industrial average once again apple a leading driver among dow components. today it is news of iphone 7 plus selling out. >> how about that? >> first run there. we will have more on what is behind the apple breakout. >> are the banks safer today than before the financial crisis? today is the eighth anniversary of the collapse of lehman