roughly where it has been for much of the afternoon. all indexes lower. we look forward to special coverage tonight. >> we will all be watching. thanks for watching. "closing bell" starts now. welcome to "closing bell" or as known today t minus six hours until the beginning of the debate. i'm kelly evans. >> the super bowl on steroids today. the financials are weighing on the market today. european bank, deutsche bank, shares falling on concerns over potential capital raise in order to settle the fine with the justice department. we'll get you more on this move coming up. >> oil prices. popping is a meeting to discuss

ways to support crude prices. we have more from the oil pits coming up. >> you have stocks going one way and oil going another. unusual move. new report in the last hour says that disney has hired an adviser to explore a potential twitter bid. we had the latest details on that story for you. a face-off that has been months in the making. we are live with the latest developments and results of a new poll. >> let's start with the financials under pressure today. dominic chu in the role of bob pisani today tracking the action. >> what we have right here is a situation where the banks are front and center for many traders. you look at financials and they are among worst performing sector so far today.

the banks are ones to focus on here. if you look intraday we are hovering just near the worse levels of the session. again, we will watch financials very closely. one reason why is because you take a look at laggards within the financial group. you have likes of morgan stanley and bank of america. you look at regional banking names perhaps and they are also down. interest rates play into part of that story. if you look at deutsche bank we are near historic lows. you can see right here i'm standing here at post five. this is where they are making prices for deutsche bank and those shares off by about 7% as you can see here for the u.s.-listed shares. it's not just deutsche bank that is the problem. also here you have credit suise. many well-known european bank

names like all of these big names in european banking are all weak and of course like you said it is because deutsche bank, reports that the german state, angela merkel will not step in to help them in case there is a massive fine leveed against deutsche bank. as we talk about financials very much a focus for a lot of traders. i will point out also if you look at the big sector related etfs, ticker xlf which tracks big financial companies is probably one of the only sector etfs trading close to average volume. a lighter trading day but financials certainly a stand up to the upside. >> thank you. we will see you in just a bit. poll numbers out. >> lots of polls out there, but these are polls that we at nbc pay for.

the nbc survey monkey poll shows hillary clinton in a four-way race including gary johnson with a five point lead over donald trump. that's a significant lead and unchanged since last week. 45 clinton, 40 trump, 10 johnson, 3 stein. in a two-way race her lead is expanded to seven points. 51 to 44. that is relevant because third party support tends to decline as we get closer to the election. so the final result if the polls are on track would be somewhere between there. the stakes in the debate are high. if you question that look at these numbers from 2000 when al gore debated george w. bush. what we saw then was al gore entered the 2000 debates with an eight-point lead over george w. bush. after that first debate the lead was gone. after the second debate george

bush was ahead by two. after third debate george bush ahead by four. he ended up becoming president. so there is room for movement. there is a lot of voters who dislike both of these candidates. right now in our nbc survey monkey poll which tracks very closely almost identical to nbc wall street journal telephone poll hillary clinton has a clear lead over donald trump. >> before you go, very quickly y have seen the headlines that says as much as a third, maybe as much as a half of the eligible voters will decide tonight based on what they see. do you think it is that high? >> i do not. i think there is a significant group of undecided voters. if i had to guess i would say the legitimate undecided are probably 15% to 20%. that includes people who have a preference now but are loosely

attached to the are preference. there is also things like enthusiasm that a candidate can generate to ensure that people show up and vote. hillary clinton needs to get more enthusiasm from her base. donald trump has a different task. he needs to show more voters that he is up to the job of being president because a majority of voters say he doesn't have knowledge and experience and temperament to do the job. >> thank you and we will see you in just a bit. are you doing football and debate? >> this is not a twitter night. you have to watch it on television, the football i'm talking about. >> the debate i guess you could stream. >> i guess you could. >> two screens or one? >> two. >> it's a window into what will be happening. join us for special coverage of the debate starting at 9 p.m. that starts in just a couple of hours. >> let's get to "closing bell" exchange. first for today we have steven wood from russell investments at

post nine. next to him is peter costa of empire executions and rick santelli, a rare monday appearance for rick joining us from chicago. don't think i don't notice. everybody is thinking about the debate tonight. is there anything in the market that is anticipating it or debate to have an impact on markets tomorrow? >> i think the debate will have an impact tomorrow. i think today is more about deutsche bank and is there going to be a problem, a larger problem in europe, a systemic problem in europe going forward after this decision? i think tomorrow we'll see that. maybe a little bit of this market is a little bit about the uncertainty. i think it is more about the financials. they are very heavily waited in the s&p and dow. i think that is where the pressure is or most of the pressure. >> steve, what happens if deutsche has to raise more capital? >> i think it is obviously a significant issue.

what we are seeing happening in the european banks, the capital raise up and that will add to uncertainty. what the federal reserve set up in terms of high probability of december rate hike to my mind is more impactful than what does or doesn't happen in the debate. the story is a very interesting one. i think the european central bank's policy is 180 degrees opposite of u.s. federal reserve. we think that will create students from a currency and cycle perspective in europe and less so in the united states. >> you guys talking on the floor there do you see anything in the markets anticipating the debate or possibly reacting to it? >> it is really hard to pull it out because we are not really dealing with the normal type of markets and how they relate in price towards fundamentals. i will tell you this. on a simple meat and potatoes when i talk to people on the floor today and everybody is watching cnbc and the debate what i hear is that simply one

candidate is status quo and one isn't. status quo represents dodd-frank. status quo represents obama care. status quo represents all the issues that many come and visit say are the head winds to the u.s. economy. if hillary doesn't do well they expect more market movement than if she does with the status quo argument. in terms of deutsche bank unfortunately they should probably opt for a fine more like a car warranty. three years or 36,000 miles. 14 billion or maybe a percentage of what they are worth. they are the cunary in the coal mine for the entire banking system and how central bank policy is making it difficult to improve balance sheets at a time where bazal three wants more. this is going to get very

interesting in the financial sector. >> i want to talk about oil for a second. bill mentioned it is odd to see it rallying as sharp as it is with the market still under pressure. what do you think is going on there? >> i think the traders are starting to feel that there might be some sort of cut by the saudis and iranians. i'm not in that camp. i don't trade oil stock. i'm not really that good at gauging what is going to happen. i think just from like a common sense perspective i can't see them doing anything but i think that the oil market is starting to represent a little bit about that risk. they are putting risk on. they think there might be some sort of movement by wednesday afternoon. >> kind of a just in case trade, if you will right now. >> thank you all. good to see you. appreciate you stopping by today. we have a market flash on the potential bidder for twitter. seema mody has details. >> it appears disney may be considering a bid for twitter.

there is a report that says disney has hired a financial adviser and looking to making an offer to buy the social media giant. cnbc reached out to both companies for a comment. jack dorsey is on disney's board. twitter shares trading almost double the 30-day average volume. disney shares falling on the report. not the only company that may be interested in twitter. there are previous reports that google may make bids. >> disney shares down 1.5%. when the bids about sales force on friday the sales force shares i think were down something like 6%. interesting to see how investors are reacting. >> we were talking about this earlier. jack dorsey is on the bizdisney board. >> might feel closer to home somehow. we shall see. disney shares down 1.5%.

twitter up 1.5%. 15 minut about 50 minutes to go now. s&p down about 17 to 2,147 and nasdaq down 42. fireworks before tonight's debate begins and donald trump, manhattan institute with us to go head to head with gene spurling. we'll hash out over tax policies and how each candidate plans to grow the economy. the ceo of one of the biggest advertising agencies in the world speaks with us from the sidelines from the huge advertising week conference here in new york. you're watching cnbc, first in business world wide.

welcome back. as we keep an eye on markets selling off lands end shares are getting hit hard today. the retailer says ceo is stepping down. she took the helm in february of last year and on friday i spoke

with one leading shareholder. >> i am wear lg land's end until sears gets back to $100 a share i am just wearing land's end. a couple items are on back order. i love what the new ceo is doing. >> you can catch the entire interview on cnbc.com/pro. today shares are down 15%. stock is down 30% this year. two executives will serve as co-interim ceos. >> on friday either they were keeping one of their largest shareholders clueless about potential management change or this happened very quickly. she has been a very controversial pick going from dolce and cabana. >> apples and oranges.

>> a couple of initiatives canvas is one that might do quite well. it is like a j. crew version. it is a difficult pivot. this was spun out from sears. >> he will have to wait a little longer to get back to $100. let's move on less than six hours to go until first general election debate in this roller coaster ride of a presidential campaign. the prediction is that it will get a super bowl sized audience. i'm walking into the exchange and i said to the guys maybe 75 million. somebody said i heard 100 million tonight. as many as one third of voters will say it will be key to deciding who they support when they watch this tonight. what are people hoping to hear? >> joining us now senior fellow at the manhattan institute and adviser to the trump campaign along with economic adviser to the clinton campaign. welcome to you both.

diana, who do you expect to show up tonight? is it low key donald? does it just depend on how the debate unfolds? >> i am hoping that both candidates will stick to the substance because on the substance donald trump is 100% correct. raising taxes and increasing spending is not the way to fix this economy which now has about a 1% gdp growth rate and labor force participation rates equal to 1978 levels. >> you have been through a number of campaigns and debates with the clintons. rarely is it about substance when all is said and done. it is about the style and a misstep and something that we didn't anticipate. how do you prepare for that when everybody is talking about the economy and what the plans are and the respective camps? >> look, i think you have to prepare as you should. this is not a reality tv show.

this is about the reality of our country. i think for hillary clinton that means being the person who shows that she has a very specific plan for middle class jobs and wages and infrastructure, manufacturing, small business, that she is the one who is focussed on the real challenges working families are facing in terms of minimum wage, child care, debt free college and that this is her chance to also remind people that she has been championing these issues her whole life from after she left law school to first lady of arkansas and that that will contrast significantly with somebody whose both ideas and experience, trump's ideas and experiences have been basically about what has been good for him often at the expense of workers. you have seen that with trump university. you have seen that with the fact that he stiffs paying small business suppliers and you have seen that today with the new study from nyu that shows the new tax plan will raise taxes on

25 million people because they raise the rate and take away the household exemption. the idea that his tax plan is protecting the most well off and raising taxes on middle class families and there is a bipartisan consensus that that is the case. the tax foundation has endorsed that. >> do we know who will be in the audience tonight? there was a whole theme with the audience booing him. when the audience is in the auditorium, who are they going to be? >> there is going to be a lot of students and other people from the community in that audience. and today there was a letter from 306 economists expressing concerns about the clinton plan saying how the increases in minimum wage would hurt most vulnerable among us. increases in taxes to about 30%, 50% for individual income tax

rate would hurt entrepreneurship and economic growth. the issues are very clear. do we want more economic growth or less economic growth? donald trump is in favor of allowing states to develop energy reserves. he is in favor of repealing obama care. all of your listeners know the obama care premiums are going up. donald trump is on the side of economic growth and american families. >> let me just ask you both a question about your respective plans as it regards fiscal policy in jump starting the economy. everybody knows monetary policy is where it is. fiscal policy spending for infrastructure, gene spurling, how do you do that without raising the deficit too much? >> what you do is you have a smart front loaded plan. you can have an infrastructure manufacturing small business jobs plan that is deficit

neutral over time but you front load it so you get a stronger push. that allows you to have a tighter labor market. that will help increase wages. you just heard one big difference between us and the trump campaign. they are worried about the minimum wage being raised. they are -- donald trump said he thinks wages are too high. we would like to tighten the labor market and see a lot of average working families get that raise that they are just starting to see but have not seen over the last 15, 16 years. so you can front load your infrastructure and job growth spending in a way that is still fiscally disciplined over the long term. >> you have a teen unemployment rate of about 17%. you have an african-american teen rate of 30%. almost no one pays minimum wage. no one gets the minimum wage except the young and unskilled workers. hillary clinton wants to make it hard frr them to get jobs. that is not the answer for low

income american families and kids who want to get into the work force. the answer is to have more economic growth, lower taxes. the corporate tax rate is 39%. the highest in the industrialized world. we need to lower it to 15% so companies come back to the united states and create more jobs. but we don't want them to stop hiring teenagers and low skill workers. that is what will happen if the minimum wage goes to $12 an hour or $15 an hour. as for infrastructure we have had eight years of shovel-ready jobs and more government spending. an economic growth rate of 1%. labor force participation rates of 1978 levels. american families deserve better. >> thank you guys both for joining us. as we await tonight's debate. >> great to be with you. nchlts 37 minutes left in the trading session. the dow is down 154 points.

i think at the low of the session down 164. we are hovering near the lows with s&p down 17. a new report says mylan's pretax profits on the epipen were higher than ceo told congress last week. the head of one of the biggest advertising agencies in the world speaks to us about whether political advertising has come in above or at or below expectations. we will talk to michael roth about that coming up. ♪ 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 governments and the fortune 500, and, can deliver insight person to person, on what matters to you. morgan stanley.

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a down day on wall street to begin this week. the dow down 143 points about 20 points off the lows of the session. mylan labs trading lower. that company disclosing that pretax profits on the epipen were actually 60% higher than ceo heather bresh told congress last week. the pharmaceutical company's profits would be about $160. that is higher than the $100 figure the company gave congress. mylan says any lack of clarity was not intentional. >> i wonder what the response will be. ad week's conference here in new york city where biggest names in the biz come to talk about the future of advertising. >> julia boorstin joins us with

a special guest, michael roth. take it away. >> hi, bill. very noisy here at ad week. lots of buzz. michael roth, thank you for joining us. >> good to be here. >> the big debate is whether television can make gains as media conglomerates say it is with up front up from last year. are your clients going to get a better deal from tv advertising or digital? >> last year if you go back to the scatter, the scatter was very high in terms of cost. a lot of people didn't want to face that again this year. so i think it counts for some reason that the up fronts were as strong as they were. we still think it will level off for the rest of the year. i think tv will be up. i don't believe it will be as high as the up fronts indicated. the real issue is the quality of the content. and where the media dollars will

chase the content producing. >> dollars are coming back to tv because they are just -- advertisers are not getting what they want on digital. you have facebook admitting to mismeasurement of how many people are actually viewing their videos. what does the facebook mismeasurement mean for your clients? >> it raises an interesting question. i don't believe what happened with facebook is going to have a material impact on facebook or certainly not going to have an effect on us. it raises the issue of transparency of our industry and where media dollars are going. and that's the important issue in terms of accountability. when les talks about money moving from digital to tv the issue is where we are getting the best bang for the buck. it does look at content. in 2017 we're saying that digital on a global basis will pass tv in terms of media spend.

but it is still going to depend on how well is the measurement and where is the best content where we can reach the consumers on behalf of our clients. >> you want to jump in here? >> i hope you can hear me. i was in los angeles last week and happened to be speaking with general manager of a local station who was excited about the possibility that in the not too distant future there would be a rating of the mobile content of those local stations out there that might be able to raise numbers for advertising purposes as rating services find the viewers who are watching using mobile devices. do you think that is going to happen? in other words, do you think that will raise audience numbers for those stations as a result? >> if the measurement is accurate and it does provide the return on investment the answer is yes. this is a pure analytic decision in terms of where you get your best bang for your buck.

one of the reasons digital grew as much as it has is because the analytics that are attached to digital are far better in terms of measurement than tv. so tv has to go a ways before we get that kind of measurement to prove the effectiveness of the strength. >> speaking of transparency, it's not just the facebook issue. prior to that there was a whole kick back or rebate scandal for advertisers that people were focussed on. what further steps need to be taken so people know their dollars are being spent prudently? >> i think it is the most critical issue facing our industry right now. en we address that issue some ten years ago. we made it very clear that we were very much client centric. transparency is critical to our success. in that regard all of our contracts have the ability for our clients to audit the results of the cost of digital and tv

spend. also, we do not take positions on inventory on our own behalf. we only spend our media dollars for the benefit of our clients. and that is a critical component. >> you and i get to continue this conversation on stage here at ad week. thank you for joining us. really appreciate it. >> thank you, julia. ipg ceo michael roth. it is time for cnbc news update. >> here is what is happening. video released by a pro opposition group showing clouds of smoke following syrian air strikes. the british based syrian observatory reporting 213 civilians have been killed by strikes in and around aleppo since the cease fire collapse last monday. pfizer says it will not split into two publically traded companies despite pressure from

investors. this ends years of speculation over strategy and future. pfizer is maker of viagra among other drugs. number of americans planning to travel to florida has dropped by almost 15% following the discovery of the locally transmitted zika virus in miami according to the travel insurance provider allyiance global assistance. chris bosh's days with the miami heat are apparently over after bosh failed a preseason physical exam last week. he has been troubled by blood clots the last two seasons but did want to return to the team. that is the cnbc news update. >> big three are almost all gone. lebron, chris bosh. >> i wasn't going to pretend to nod like i knew. >> work with me. we are going to the critical last half hour of trading here.

the dow down 132 points. a leading trader will tell us what he is watching into the close in this first session of the week. >> oil higher as ministers meet on the sidelines of energy conference. we will have the latest developments on willingness to curb production. stay with us. his team to state for the first time... gilman: go get it, marcus. go get it. ...coach gilman used his cash rewards credit card from bank of america to earn 1% cash back everywhere, every time. at places like the batting cages. ♪ [ crowd cheers ] 2% back at grocery stores and now at wholesale clubs. and 3% back on gas. which helped him give his players something extra. the cash rewards credit card from bank of america. more cash back for the things you buy most. [rock music playing] [music stops] [whistle] [rock music playing] [record scratch] announcer: don't let e. coli mosh with your food.

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welcome back. i am back with kenny. >> it is a debate. it is deutsche bank and the financials, oil and opec and what is opec going to decide. what is interesting about the opec conversation is there was speculation they were going to cap or cut production. did anyone really think that opec was going to do it? to have the market back off because they are not going to cut it is almost comical. >> you think that is why overall we are moving? >> oil is up today but down a crush on friday. i think the other issue is there is a realization after last wednesday after the fed and

yellen did nothing and reduce the expectations going forward for 2017-2018 is that we are in way over our head. the economy is not where it should be. i think there is this realization. throw in the debates tonight and it is everyone for themselves. >> kenny, thank you for joining us. over to you, bill. we have breaking news on twitter. david favor, what now? >> just a little bit more on what we reported on friday. twitter is moving closer to a formal sale process for the company according to sources familiar with the situation. that does not yet mean that it is in that formal process but as we reported on friday there had been expressions of interest received most aggressively from sales force but from google. since then and before then others, as well, including disney and now sources tell me also including the possibility that microsoft may take a look,

all of which adds up if you are twitter and its advisers to formalizing a process by which you will try to sell the company. while people tell me they are not quite there yet they are getting close to that. the formal process by which you set bidding deadlines andhings of that nature. others could be and could join the potential fray. this is still sort of expressions of interest, conversations, engagement but no bid yet received. that may come soon. people familiar with the situation telling me the timeline by which you would try to sell the company has narrowed. on friday i was saying that it potentially could take place prior to the end of the year. now i'm hearing the next 30 to 45 days. that is not unlikely, of course, in the situation like this where having been made public these negotiations typically you want to try to confine to as short a time period as possible. you can potentially add microsoft to a list of potential

bidders that includes the likes of sales force google and maybe disney. you can tighten that timeline in terms of when we may know one way or the other whether this company will be sold. >> before you go, there were reports that maybe verizon might jump there because of potential disillusionment with yahoo. what do you think about that one? >> bill, not clear that there is any real danger yet for that yahoo deal with verizon. there certainly has been speculation that verizon might be interested in cobbling twitter on. tim armstrong, the man leading the effort was on this morning and had no comment on whether they were interested in twitter. in a situation like this where you do have those potential bidders and you do have what may soon become a formal sale process they are certainly asked if they are interested.

it is unclear whether they would be. it never hurts to take a look at the very least. >> i just got to say real quickly, we got to go, but it is trading now higher on the report of every bid. how high are we talking in terms of a number for twitter? it is already at 23, i think. >> it is a great question. i don't know the answer. we have had plenty of analysts come out with fundamental analysis saying we don't see how they get to this number. but at the same time if you do have an aggressive bidding process by which there are a number of potential companies that want to own it you can make your own arguments. on any valuation metric particularly for a media company like disney bounded by the four walls of ebs it does seem to express -- >> this is getting good look who done it. >> heading like the murder on

the orient express. they all did it. 19 minutes to go with the dow down 151 points. gop presidential nominee donald trump announcing he will spend more than $100 million on tv ads for the remainder of the campaign while democrat hillary clinton's campaign pledging $80 million in addition to $75 million spent. these eye-popping numbers are low and forcing tv stations to change revenue projections. first hillary clinton has more than a dozen one-on-one debates under her belt. tonight's presidential face-off marks donald trump's first. cnbc contributor just in a moment right after this live from hofstra university.

as you know we are just hours away from the debates tonight and the meantime as we head towards the close with 15 minutes to go the dow is down 157 points with s&p down 18. the nasdaq, the hardest down about 46 points. we are just hours away from the

presidential debate where nominees donald trump and hillary clinton are set to square off. >> and that is where we find larry kudlow, unofficial trump adviser and author of the new book jfk and the revolution. what moment is kind of changing the mood and changing the outcome here? >> you know, that's a really hard question. if you want to go way back which i would like to do, back to 1984, ronald reagan bungled the first debate and everybody was talking about his age and he lost it and he was no good anymore. right near soon into that debate he said i will not make an issue of my opponent's relative youth and inexperience. mondale is about 20 years younger or something like that. the whole place roared including

mondale. that ended it right there. >> you know what is missing in this campaign is that thing right there is self-reproication. you don't get that from either candidate. >> you don't hear much self-deprecation. i don't hear much humor. it will be interesting to see if anybody has that tonight. there is plenty of room for self-deprecation in this campaign. but i don't know. >> what are you expecting? what is the campaign saying? you are out there. what is your sense of the plan here? how is he going to come off? what are key themes hit right away? any one liners you are getting a sense of? >> there are one liners around. some of us were asked to submit one liners. i don't know if they will be used or not. my one liner is hillary, you can't tax your way into prosperity. you don't like economic growth,

you just want more government regulations and spending. i would go there. the number one issue here, i know i'm an economist, but number one issue more than twice as big in any poll is the economy. and the second issue is usually terrorism or health care. by two to one economy is number one issue against the second issue. so if i were mr. trump because i think he has a pro growth plan of tax cuts and deregulation i would go there and i would go there again and again and again. if you asked me what is the median temperature of new york will be 70 degrees in the month of october. i would say that is very interesting but i want to talk to you about my economic growth and recovery plan. doesn't matter what you ask. you have to put your best foot forward. i think the challenge from mrs. clinton she will be trying to bring in all of trump's unforced errors. and i don't know what is her message on the economy? she is taxing, spending.

i know i'm for trump and not hillary. what is mrs. clinton's message. i think she will be in the attack mode. the trick is for mr. trump not to lose his cool. that's the trick. >> we will be listening for your one liners. we'll see if he uses them and if he gives you credit for them. >> be sure to watch our special debate coverage here starting at 9:00 p.m. eastern time. the a-team tonight. >> ten minutes to go here and the dow is down 152 points. s&p is down 17 and nasdaq down 44. >> one wall street veteran says many people are talking about a deflationary bust. she thinks the market is a deflationary boom. we'll talk about that coming up.

announcer: when they test you, stand firm and move only when you hear the seatbelt click that says they're buckled in for the drive. never give up till they buckle up.

about eight minutes left with the dow down 153 points i should point out i want to wish art cashin get well. broke his foot over the weekend. he is home nursing that. we hope you feel better soon. joining us on the floor of the new york stock exchange kathie

wood. you acknowledge that we are something of a deflationary period? >> there is a natural tendency associated with new technologies. technologies go down cost curves and the declining prices associated drives unit growth. >> and technology is seeping into every sector of the economy. >> how do you invest? doesn't that upend traditional notions about time, value and money? >> what it does is there is more risk in traditional benchmarks because the world is changing at a very rapid rate. you want to be on the right side of disruption. >> give us a for instance. >> of course, in the shared eeconomist electric vehicle space a lot of people think google. in dna sequencing that would be

alumina. and in our block chain general purpose technology platform that is bit coin where first fund next generation internet fund. arkw owns that. >> a lot of the times these frontier vaepts aren't always good businesses. and you brought up tesla which looks like it has mire ideological problems. are these investments basically options on they are going to hit it big almost like the gold rush or is there fundamental basis in terms of cash flows? >> there is a fundamental basis always. our research, we do a lot of original research based starting from the top down on how big this market will be. we think the vehicle market here in the united states will be a $750 billion opportunity. we think that this could be winner takes most because there is going to be a network effect. we think tesla is moving there.

apple perhaps. i don't know if rumors are true. google certainly is trying. ford is trying. on the key here is data, big data. machine learning. who is going to know the roads the best? tesla has a billion miles travelled and recorded. they have more miles now recorded on auto pilot than google does. so they are really charging ahead. >> extraordinary to think about it. >> interesting stuff. thank you for joining us. the ceo and cio of arc investments. good luck tonight with the debate. we'll take a quick break with dow down 164. we have the closing count down in just a moment. >> we will talk about having heard about donald trump's preparation, we will talk to hillary clinton's campaign manager about the democratic candidate's prep. keep it right here. you are watching cnbc, first in business world wide. guys, what's happening here? hey nicole, this is my new alert system

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164 points putting us near the lows of the session which we will see any moment now since we are tight on time. >> 165 down on the dow. >> twitter we have potential suitors coming out of the wood work. >> seems like just about every large cap company that has resource business hind it could be in the mix. we heard david favor talking about the idea that maybe it is disney. we heard microsoft was involved. everyone talks about alphabet/google. facebook although they say maybe not facebook. if it is large cap and has cash and balance sheet maybe it is there. twitter has been talked about like this for quite some time. >> oil big rally today. i said it is the just in case rally in case they do come up with a deal. >> opec ministers have talked before. we'll see if they do anything about it. we'll of course watch what goes on there now. i want to note with this

situation the down day randry fredrick at schaub said this could be preelection jitters. some traders tell me it is too early to tell. >> see you later. going out at the low. advertising week at the nasdaq. stay tuned for second hour of closing bell. thank you and welcome to "closing bell." i'm kelly evans. on wall street might be the saints go marching in but it was a rough session for the dow jumping 163 points. s&p dropping 18 and the nasdaq down 48 today all told declines of nearly 1% for the dow and nasdaq. s&p finished at 2,146. oil was higher amid all of this. the vix up by about two points

thmpt dollar was lower. coming up in a little bit ultimate fighting coming to the big apple and dana white is coming to the new york stock exchange. the ufc president will join us live on set. on today's panel michael santoli is back. money trader david sieberg is here to kick things off. while the brass band continues to play why don't you tell us how you were seeing the market play out? >> it was risk off across the board t. was buyers taking a step back. we got up towards the 2,180 level in the s&p a while back and that is where we paused. we saw this same thing start to happen with this market. buyers get exhausted. we have the debate tonight. i think people take a side strike. add to that a little uncertainty

regarding deutsche bank and the way it may lean on financials. we had a little bit of a pause, if you will, on the buy side. >> it's a pause. it's something more sinister. what is going on with deutsche bank that has all of the financials? >> to me it starts with deutsche bank and could end there. i'm not going to prove a negative that a debate was not a part of today's selling. i don't think you need that to explain what was going on today which is a little more concern about the solvency of banks in europe. banks in the u.s. going down along with it and general reduction in risk. we are less than half a percent above where we were before the fed meeting last week. that was kind of the quick reflex higher. i don't think we have done anything to bust out. it is hard to see the makings of an important marking top brewing with credit conditionathize way they are. >> deutsche bank trading at all-time lows kicked off by the

news that angela merkel said they are not going to bail it out. if there is concern that they need more capital then i guess they have to raise that. why is that upsetting global markets? >> the banks -- the party issues and trust and lehman moment. i hear what she said. i don't know that i believe it. push comes to shove and as they say all banks are state owned sooner or later. >> that is so depressing. >> and actually there is not a lot of information content necessarily in the statement on face value because it's not explicitly permitted. it is prohibited for the individual countries to truly bail out a bank to directly take a bank and say i'm going to nationalize it. you can't put it in those terms. almost exactly five years ago we saw the bottom of the euro debt crisis 2011 and ecb came in

sfwlmpt can the whole point for a lot of countries whether greece or others who have been struggling and put under severe programs is they say our banks have been barely kept on life support. you are going to back up deutsche bank? i don't think so. >> the whole back drop is not great. plus you had the fed saying we are going to ask for more capital from biggest u.s. banks, as well. in general it wasn't something people want to jump in. >> i wanted to mention what was said about this saying credit spreads widen and delusion is the least of concerns of share holders of deutsche bank. it is an ominous sense. >> we had a comment out washington research group, they had a comment out and talk about the impact on regional banks.

it is a very positive impact on regional banks and could attribute to earnings growth or dividends. i look at it and say there is a little silver lining with commentary today. look at regional banks and try to find names. >> you have the other piece of this. look at the yield on the ten year dropped below 1.6%. whether it is a flight to safety if people push the yield down how do we expect financials to trade? >> it is a curve trade and flattening is not good for these guys. negative rates forget it out of the context of what is normal. the curve by itself is a problem. usually the curve will flatten. it's flattening because the two year is going up faster than the tens. that has not been the case for the last two years. every time we good etthe flattener it is bull flattener. >> we can go on about this. there are a million other corporate stories.

the issue with mylan and profits being higher than what they told congress. lands end down 15% when the ceo stepped down. we have to talk about snap chat sunglasses. cboe buying bats. and disney buying twitter, what do you think? >> it's not going to happen. i shouldn't say it is not going to happen. that would be a last effort. they are struggling as it is with espn franchise. media companies and michael can attest to this. media company is not used to paying this valuation for a company. i look at the valuation. i don't know how they would manage it. i don't see a suitor that makes sense to come in and buy twitter at this valuation. the valuation is rich y. firmly believe this will be a repeat of what they tried when they tried to find a ceo. >> the speculation is that this company will go for 30 or 40.

that explains why we are seeing the prices. >> $16 billion market value right now. that would be if you paid a premium let's say 10% or 15% of disney's market cap. it is doable. they can borrow for nothing and do it if they felt like it fit in strategically. i don't know that disney is a leading candidate. as was reported when you basically throw it open as a sales process you have anybody who night be interested lineup and kick the tires. that is probably what is going on. when it comes to disney they said pixar was too expensive and marvel was too expensive. they saw a way that it fit. i don't know if twitter works the same way but you can't say never. >> it doesn't make sense. forgetting the price does it make sense from what would disney do with twitter point of view? >> the use of this platform for disney specifically i just don't see the benefit. i would have to walk through the aspect of it. in general when i i think about an acquisition, a company to buy

twitter it just doesn't fit for google. shareholders would be upset. doesn't fit for facebook. i don't see the use for a crm. there is not many that fit the equation right now. >> microsoft, too, as was reported. we will keep tabs on this one especially if the sale is coming soon. now to what could be a market moving event. the first presidential debate. joining us is "new york times" columnist maureen dowd. she has covered both candidates for the times for decades. she is also author of the year of voting dangerously. we are going to start off asking you about the ten year and bull flatteners. thank you again for being here. so the importance of the debate tonight, what is in your experience sort of the real purpose of these events and what stands out from some past presidential campaigns? >> well, it's a joust. so it isn't usually about

substance. that's not what can trip you up. what can trip you up is if you have a moment like rick perry where you just don't seem that bright or what they are hoping for tonight, hillary hired a bunch of psychologists to help her figure out how to get under trump's skin so if they have a few good men jack nicholson moment where he loses it and starts screaming you need me on that wall that is what she is going to try to do. he is going to try to paint her as an establishment figure. he wants to be the pie in the face of the establishment. what is so weird about tonight is he -- it's all jumbled up. he is the candidate of -- she is the candidate of goldman sachs on wall street and he is the candidate cozying up to the evil empire. >> we were reminded that not a single of the top 100 or 500

ceos had given money to donald trump. >> and by july i think it only gotten 15,000 or something in hedge fund money. he is the anti-wall street person. >> do you think there is more significant shift going on between these parties? >> no. i think it's just a function of their personalities. it is really funny because the campaign is the revenge of the 90s. everything from the '90s is back again including newt gingrich. the only thing missing is like biggy and tu-pac.

>> i know you pointed out that president obama's comment about the dueling baby boomers. this is kind of the bonfire of the baby boom generation and how they go off the stage. two sides of it. yet what is amazing is you cover this. the bush family antagonistic to the republican candidate and the chunk of establishment washington feeling marginalized by the process. if trump wins are those people going to fall into line behind him? >> i know there is a lot in this election that people are afraid of and it is not funny but it is funny to watch the republicans trying to twist and turn basically trump's relationship with putin has to do with his ego. so i would say it is like a child but sort of an insult to children. it is a grade school thing where he complimented trump so trump loves him and then the rest of the party has to act like the whole party's ideology changed when really it is just trump's

ideology is his ego. >> he is driving the conversation. it's not the republican establishment. >> they are just in hiding. first they try to do the taming. they thought they could bring him around and now they are trying to wade him out. if he wins we are going to have total chaos. if he loses then i think he will just go away and the rest of the party will go back. >> and real quick, what are you listening for from the sort of wall street point of view tonight? >> it is interesting we did a lot of work on this and wall street is very good at getting it right. >> that's quite a statement. >> not tonight. if you look at the election and look at surprises after the election the only surprises come when an incumbent wins. a new candidate has never really affected the market the day after in a meaningful way. we talk about standard deviations. if you take the current volatility and say there is a big surprise in the market waiting to happen the day after the election you are talking

about a two standard deviation which we have never seen would be about 150 basis points for the market. the market has it figured out as it discounts it through. that hasn't all happened yet. by the time we get to the election for people worried about a crash after the election. >> we can crash before the election. >> after the election, no. >> the book is the year of voting dangerously. thank you so much for joining us here. >> it's exciting. >> tune in tonight for complete coverage of the first presidential debate. it will begin at 9:00 p.m. eastern time. be sure to stick around to catch more of david sieberg and the rest of the crew on fast money. rich ross has three stocks with crazy moves that could be higher. if you thought lawmakers were upset with heather bresch.

reports say pretax profits were 60% higher than she said last week. hillary clinton ready to take donald trump in the first presidential debate. we will hear from her campaign manager later in "closing bell." you are watching cnbc, first in business world wide.

welcome back. people are going to be even more outraged by mylan's epipen price hikes. first breaking news on pharmaceuticals. >> kite pharma, a company that works in the hot area of immunotherapy putting out top line results from pivotal trial saying there was a 47% complete remission rate overall response rate of 76%. these numbers are higher than analysts were looking for and expecting. positive news for kite pharma. still halted. if you look at juneau which is in the same area that stock up in sympathy of this positive

trial here. the big news of the day is how mylan accounts for profitability of the epipen. take a listen to how heather bresch expressed it. >> after subtracting our profit is $100 or approximately $50 per pen. >> a lot of questions there but what goes into epipen-related costs getting a lot of questions about that. listen to this exchange. >> you want us to believe that your profit is less than $50? >> if you took company allocation and all that in, yes. >> i don't know who the investors of this company are, but i'm telling you, this is some fishy business because these things do not add up. we would expect a very professional presentation on your pnl.

and these dumbed down versions here do not make sense without the definitions in here. it's just -- it just feels like you are not being candid and honest with congress who is asking you for some very basic information. >> this was after about four hours of questioning mylan about profitability. one thing he was focussing on was whether they accounted for salary. one thing that didn't come up was taxes. what came up today was that they account for u.s. tax rate in profitability of the epipen. wall street journal quoting analysts saying that is not appropriate and by applying that it implied the profitability was lower. >> this is incredible. they applied a 37.5% u.s. tax rate by mylan --

>> they did a tax inversion. if they were u.s.-based, big companies do not run with 37.5% effective tax rate. i guess on some level it is really, really hard for a very large company to say this particular product here is the discrete profitability because you have corporate overhead and you have to make judgment calls. the tax rate if that was imposed on the numbers? >> the overall tax rate looked like 7.4% last yeek. again, going back to the story a negative effective tax rate -- is it legitimate for mylan to claim this was the right way to present the information? >> if one of my analysts did that they wouldn't by one of my analysts for long. i don't know all the facts. >> i wonder what recourse congress has. >> they requested a lot more information from mylan. profitability information and

information about rebates they are paying, everything coming out. their argument was that they were getting these big numbers without a lot of specificity. mylan agreed to return and provide that information presumably filing was part of that. it will be interesting to see what else comes out. >> we will keep an eye out for kite to reopen in about ten minutes time on that news. yahoo unveiling that at least half a billion user accounts were hacked. and hillary clinton and donald trump go head to head for the first time during tonight's presidential debate. up next we will look at why all the hype behind all this year's election isn't translating into massive revenue. we are now less than five hours to go until that debate begins. we will have complete coverage here beginning at 9:00 p.m. eastern.

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remember, all medicare supplement insurance plans help cover what medicare doesn't pay. and could save you in out-of-pocket medical costs. call now to request your free decision guide. and learn more about the kinds of plans that will be here for you now - and down the road. i have a lifetime of experience. so i know how important that is. projections for tonight's televised presidential debate call for 100 million viewers, a drop in the bucket for what the two campaigns will spend going forward but the spending is less than tv stations and networks were counting on. wells fargo decreased projected revenues. whether it is a trump or clinton

win your tv stations and networks lose. let's ask marcy riveker from wells fargo. this is so interesting. is it all coming because donald trump has spent so little or happening on both sides? >> i think for the industry as a whole it is because donald trump was raising late and hasn't really spent. i think from a company specific it depends on the market. for example, in ohio and virginia spending is a lot less. that is impacting station groups who were hoping for a wind fall. >> in ohio and virginia why is it less? >> we look at real clear politics. it is important to follow the state polls. when you see candidates in the senate race or presidential race lose competition in terms of a five-point drop then spending will increase. when that gets within a five point advantage they spend more. >> when it drops they spend a lot less. >> is there a chance that some of this gets made up if there

are blockbuster ratings for the debate tonight? does that help reset advertiser demand down the road for news content or anything else? >> i think it depends on the down ballot races. i know we are tuning in and real clear politics polls are important to look at going forward. >> in terms of where the money is going here? >> what portion of the money spent on the senate and house races versus the presidential if you broke it down? >> usually it is about 30% is presidential. >> and how much of that just because of trump's sort of bum basticness is he getting a free ride? >> usually it is 50/50 between republican and democratic. he would have spent 15% of the total. he probably spent less than half of that so far. >> he talked about raising $140 million over the weekend with 100 million going to broadcast.

>> we saw profit warnings last week or were they lowering guidance. >> they were lowering revenue guidance. what we said in our note is that it is not material in the scheme of things. we talk about political and they are big dollars but the tv stations are bigger. if you look at the actual revenue it is less than 1% for revenue. less than 2% for ebita. it is not an important long-term trend for these companies. >> it seems as if every four years part of the case becomes we have an election this year and it will be good for the companies. does it matter now because people are so touchy about the general ad outlook for tv? people are worried about secular stories so you don't get a cyclical bump from the election. >> we looked back over the last ten years, there has not been a big correlation with the stocks and political spending because there were so many other big

secular stories, regulatory, this was the first year where there hasn't been a lot of other secular stories. i think that donald trump is such a unique presidential candidate that we didn't know how to forecast. i came in at 3.3 billion which represented 18% over 2012. i'm now down 5% from 2012. i could still be wrong. we said in one of our research reports is i was probably wrong on the first and second end but am closer being where i am than where i was. >> obviously there will be a lot of money to be made probably in the before and after. with cnn and cbs telling us it was a bonanza. for a lot of these companyatize is a much smaller piece of the pie. are you watching tonight? >> i will be watching tonight. >> i figured. time now for a cnbc news update. >> nine people were shot, one critically in houston this morning by a lawyer who had

issues with his law firm. police shot the gunman. he later died. six people were taken to area hospitals. the gunman has not yet been identified. democratic vice presidential candidate tim kaine campaigning in florida telling the crowd in lakeland that trump can run but can't hide. he says he won't be able to avoid answering questions about tax returns and giving details about policies during tonight's presidential debate. a new government study says morning sickness by pregnant women is a good sign. women with nausea were half as likely to have miscarriages and still births as those who sailed through the first months. each pregnancy is different. and more kids will be dressing as their favorite superhero this halloween according to national retail federation princess costumes fallen to number two spot after 11-year rein. tell that to my niece.

that's the news update. >> if she dressing as a superhero? >> princess. probably arial. >> i was a pumpkin. the costume just got passed around. >> i think every kid had to be a pumpkin at some point. >> like bozo the clown. thank you, sue. >> you're welcome. we just talked about campaign ad spending. up next we talk campaign debate spending. we will talk to clinton campaign manager and it is finally legal. new york was last state to legalized professional mixed martial arts. dana white is wasting no time bringing the sport to the big apple. his plans coming up on "closing bell." keep it right here. what's the value of capital? what's critical thinking like? a basketball costs $14. what's team spirit worth? (cheers) what's it worth to talk to your mom?

what's the value of a walk in the woods? the value of capital is to create, not just wealth, but things that matter. morgan stanley

welcome back. we finished up today. we ended it session lows of dow dropping 166 points to close just below 18,100. nasdaq down 48 to 5257. after hours kite pharmaceuticals just reopened for trading up nearly 12%.

meg terrell just reported. the kite shares moving higher more than 12% after hours. and the count down is on for tonight's first presidential debate be2015 hillary clinton and donald trump. joining us more with what to expect is robby mook, a campaign manager for hillary clinton. welcome. >> thanks for having me. >> what can we expect to hear from her tonight? >> every time that secretary clinton has had the opportunity to speak directly to the american people about specific plans to make a difference she has done well. she has plans. she has a grasp of the issues. what we are curious to see is what donald trump brings to this debate. first of all, does he have that command of the issues? is he going to reveal plans? lastly, you cannot give this guy a passing grade if he doesn't tell the truth. if we hear more of these lies. it will be interesting to see what he brings. >> we just had maureen dowd here

telling us that clinton's team has hired psychologists to get inside the mind of donald trump. is that true? >> no psychologists have been hired by the campaign. we have a lot of different people advising us all the time on any number of different things on the campaign. donald trump is special. nobody has had to face an opponent like him. i don't think we have ever seen a candidate for president in this country who was more unfit, unprepared, over their head nor seen a candidate with such an erratic personality and temperament which is why he is not qualified to be commander in chief. we are curious to see which donald trump shows up today. we cannot give him a passing grade unless he demonstrates a clear command of the issues and tells the truth the whole time. >> what do you expect in terms of the audience? there has been a lot of speculation about whether jennifer flowers would be there and other women who were part of her husband's campaign and

presidency in the past. what is both your sense of who is going to be there and how hillary clinton would handle that? >> you know, i think a lot of that is just a lot of game playing. donald trump as we know did not prepare for this debate. i think he is concerned that he is going to get questions that he can't answer. he has been bullying hillary for the last 24 hours on twitter and talking about inviting different people to the debate who might be controversial. at the end of the day what we are focussed on right now in our campaign is making sure hillary has the opportunity to talk about the plans and ideas that she has that will make a real difference in people's lives and create lives and make college more affordable and make prescription drugs more affordable. that is what we are focussed on, not the mind games and that sort of thing. >> on that point you started by saying anytime secretary clinton is able to address the issues

she has done well. do we see evidence of that in terms of voter response, in terms of polling that this is an slaekz th election that is going to hinge on things like policy proposals? >> i think that is what voters want. they are desperate to hear specific plans about what the candidates will do. that is what donald trump has not presented. part of the reason our convention was so successful and we saw hillary get a significant bump was because she had the unfiltered opportunity to communicate plans and ideas to the voters. they got a richer sense of who she is and that this campaign isn't just something happening in isolation. it is part of a 30 year career of fighting for kids and families. so absolutely i think this is going to make a difference tonight and why it is such an important opportunity for our campaign. >> why are you guys putting mark cuban in the front row? >> i think -- and you all would appreciate this better than me.

a lot of business leaders and republicans have decided to come off of the sidelines and support secretary clinton. they are very concerned that donald trump does not have either the temperament or experience to be president of the united states. we all understand that the markets hang on what a president says. we don't know ever what will come out of donald trump's mouth and his rhetoric is divisive and dangerous. so mark cuban has -- >> is he going to stand up from the front row and weigh in? >> i don't think he will do that. he says he believes hillary clinton will do more to create jobs. >> we have to go. how is her health? is he recovered from the pneumonia? >> she is doing fantastic. i have been talking to her a lot the last few days. she rested up and she has been back on the road and fit as a fiddle. nothing stops hillary. it was hard for her to take a

few days off the road. >> fit as a fiddle. i don't think that is your expression. i think you got that somewhere. too young. thanks for joining us. robby mook from the clinton campaign. how would you like to record a video with just the tap of a button on your sunglasses? the details are coming up. new york is already home to hockey, football, baseball and soccer and adding another sport to its roster, ultimate fighting. up next ufc president dana white making his way to set. he is going to join us with details. yep.

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welcome back. ufc is the world's largest mixed martial arts franchise. it was being purchased for $4 billion and now is getting ready for the first ever event in the state of new york. the event ufc 205 is set to take place at madison square garden on november 12. dana white joins us now from post nine. november 12 you have the election coming up. you have the debate tonight. you spoke in favor of donald trump at the republican national convention. what do you think will be the bigger brawl? tonight or your event come november. >> i hope 205 is a bigger brawl. it will be interesting tonight. ratings monster. >> we'll come back to that in just a second.

the sport had to be legalized in new york, why? >> it's a long story but to sum it up for you it was a union issue. my partners used to be the brothers who owned the fourth largest gaming. the culinary union kept us out of new york. >> the las vegas culinary union. >> it's all coming together. >> what does that mean, the fact that new york state is open to you? is that material for the business in terms of broadening venue snz. >> it is kind of an add on. >> we should have been here a long time ago. every fighter wants to fight at msg. we want to do an event there. it is great for the city of new york plus this is the media capital of the world. it's another big milestone for us.

>> you know, the issues with concussions and football have become so huge. this sport is becoming more popular that it is a mainstream issue. these guys are bloodied up. i can't really watch it. >> in the 20 year-history of ufc there has never been a death or serious injury. cheer leading can't say that. >> you have to be worried about it. there are litigation issues in the future, right? >> the difference between us and the nfl is they have a season. you can't lose tom brady for the season or you are in big trouble. when these guys get concussions they try to get them back in there as soon as possible. you get a concussion in the ufc you are on medical suspension and can't come back until cleared by a doctor.

the reason there has never been a death or serious injury in the ufc is because we spend the money to make sure a healthy athlete is going in there to perform and right medical attention is there during the fight and after the fight. am i saying that it is completely safe? no. i don't think anybody in the world thinks getting punched in the face is good for you. this is what these guys choose to do. this is what they want to do for a living. it is who they are. >> one more question and back to the politics. they have pushed you guys to share more profits with them. how is that calculus going? >> if you look at where the ufc came from and where we are today, the one number that has gone like this is fighter purses. we took a sport that basically was -- >> how big is a typical fighter? how big is the purse for the

fight in november? >> you are talking millions of dollars. >> so that is where they are getting the revenue from even if they are claiming to take a bigger share of the pie. >> different level fights. when you fight on pay per view and you are star, basically in this sport you eat what you kill. the guys who bring in the majority of the revenue make the majority of the revenue. >> you support donald trump, why? >> when the ufc first started venues didn't want us. donald trump called me and said i would love to have your event here. he has always been a supporter of m with him. >> this is footage from the campaign on the night focussed on the economy. what is it on that front that you also think that he represents that you want to support? >> well, you know, he's the typical guy that he's for all

type of businesses, small businesses, big businesses. and i just think that donald trump, i think he is the guy. i think there are a lot of reasons. i think he is interesting. let's shake it up. i'm in for it. i don't want to get too political here and start because i don't like to bash the other side. i support trump. and i'm voting for him. >> it's as simple as that. >> thank you for joining us. dana white from the ufc. we have breaking news on hedgefund perry capital. >> there is report that u.s. hedge fund perry capital led by richard perry is shutting down its main hedgefunds. that according to reuters citing a letter. perry capital is shutting down its main hedgefunds. this, of course, follows what has been a very challenging year for the hedgefund industry for

endowments, as well. data from hedgefund research back in september shows hedgefunds suffered biggest withdrawal since financial crisis investors pulling out about $23 billion in the first half of 2016. it is still a developing story and we will keep you up to date on all the details. >> some things to unwind there. thank you. perry capital shutting down. snap chat is getting into wearables. will its new glasses be a hit with millennials or google glass all over again? we are a little more than four hours away from the first presidential debate. coverage starts at 9:00 p.m. eastern here on cnbc.

ten-second videos at a time. what do you think? >> i mean, makes sense as an experiment, guess. and i think whether it flies or not, whether it looks ridiculous or not, i think i understand what the instinct is both for this, google glass, a lot of things. and for that matter, the wireless headphones for the new iphone. people in silicon valley recognize that seeing people doing this at all times, holding this thing up to their face is inherently ridiculous and will seem absurd in the future. >> you a fan of this move, jeff? let me put it to you from a

couple different points of view. does this make them for attractive or a potential ipo candidate? >> it's interesting, for sure. definitely a better price point than what google was looking at and seems a little more fun than it is, you know, serious. but at the same time, it raises a lot of questions. terrifying in a way. ten seconds is nice, but terrifying in a way. and then legal issues and privacy and who knows. it's the future. it's happening. we're going to have to figure out how to deal with it. >> they're going to come in black, teal and coral, i think. >> you let me know when it comes tortoise shell. >> the surveillance issue is an interesting one as we saw with google glass a major topic. do you think the ten-second thing makes it less threatening or coral? >> i wouldn't say less threatening. i wouldn't be surprised if there was a technological constraint. as opposed to saying we want to be careful here. to me, look, i've never really gotten snapchat. what fascinates me, what they call a story.

just like some scribbles over a picture. i mean, i came out of print journalism that wasn't a story, as far as i was concerned. but that's where it's going. >> the trouble is, they're hard to give as a gift. i imagine it would be a huge gift for the holidays. what are you going to do with two? it seems like a one-time-only kind of phenomenon. >> back of your head. it doesn't take me ten seconds to do something stupid. >> up next, could verizon break up its nearly $5 billion acquisition of yahoo!? we'll be right back.

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. welcome back. a top member of the house oversight committee now reacting to a new report, saying pretax profits on mylan's epipen were 60% higher than heather bresch said last week. >> news today that mylan factored in u.s. taxes on its epipen profits of $50 per pen it gave last week, elijah cummings putting out a statement, quote, we didn't believe the numbers last week and we don't believe them this week either. which is why we gave them ten days from the date of our hearing to produce internal files. he says they have until friday to give the underlying documents we asked for in august so we can

finally determine the company's actual profits in each year for the last decade. that's from representative elijah cummings on mylan. mylan stock has been under pressure. >> down 2%. thank you, meg. in light of the recent attack on yahoo! we recent reports verizon could be at risk. verizon not happy they didn't know of the hack which did compromise 500 million accounts before the company won the bidding war. tim armstrong was on "squawk box" this morning, and spoke about what's next for that merger. >> well, i think from the standpoint of, you know, being in the deal we signed in the auction process we went through because we were one party, one of the questions has to be answered, when did they know, and when did -- when was the alert set up to let us know overall. and i think that's the stages where we're going through. i would say the process they went through was an unusual process from an auction dynamic standpoint.

so all the bidders in the same situation, you know, we are as well. and i think what we're trying to do right now, because i think this is a situation where we do want to separate the data breach from how we work with them. >> talking around it? what do you guys think? >> separate the data breach from how we work with them. it's not really clear. basically, i think what armstrong was saying, look, we're going to proceed with the integration and basically try to get this deal closed. whether or not there is an adjustment on price or whether we feel it rises to the threshold because of our liability of triggering some clause that let's verizon out of the deal. it would be hard to think verizon is looks for that, given that it was a bidding process that outbid many players. >> yeah. look, this is just fool me once, shame on you, fool me twice -- i wouldn't be happy if i were them either. >> do we expect armstrong -- i don't know if working together is putting it too strongly. >> absolutely. i think that's the idea, that basically they're going to be pooled as sort of an operating

division. obviously, they have a lot of overlap. it's a similar type of kind of, you know, web 1.0 traffic. but also some content stuff. you have some media assets in there, as well. so i do think that was the idea and armstrong being one to more or less oversee it. >> back to markets here. we had had a rough session on the dow, dropping 166 points today after friday's turmoil. it almost seems now like what -- we saw around the fed's decision not to raise rates was a reprieve. what tone do you think is setting in? >> i think the fed talks a big game, they don't seem to be acting on that. you know, they were starting the year thinking they were going to do four. here we are still none this year officially. we did it in december. and you're seeing rotation. the banks were overbought. now they're coming off from that. the utilities, the reits were oversold. the one area that has been resilient has been tech. and that's the one with the lowest correlation to rates. >> what do you want, mike?

>> exactly that. yield stocks and tech stocks working. until that changes, we're in the same role. >> guys, thank you so much for joining us here on "closing bel bell." "fast money" begins now. "fast money" starts right now. i'm melissa lee and this is a live picture of hofstra university, where in just four hours from now, history will be made. hillary clinton and donald trump will go face-to-face for the first time. the total audience could exceed 100 million viewers. super bowl like numbers. to say the whole world might be watching could be understating the case. john harwood with what wall street is looking for. >> melissa, this hasn't been a campaign principally focused on issues. it's been about personality, temperament, who is suited for the oval office, who isn't. these two candidates exchange their views for 90 minutes tonight. the biggest