how it all plays out. >> it is fascinating to watch. >> it really is. it is unbelievable to see. >> back to the polar bear video and pretend that is america right now. >> there you go. that's america. nothing more american than the polar bear. >> thanks for watching "power lunch." "closing bell" starts right now. > . hello everybody welcome to "closing bell." i'm kelly evans in the new york stock exchange. >> welcome back. in germany they call polar bears ice bears. >> do they? >> we can just play that video over and over. >> i'm bill griffith. a new poll released shows that hillary clinton has polled further ahead of donald trump but this poll was taken before last night's debate and we will look at what this market is saying about maybe who won last night's face off.

>> and larry summers joins us to explain why he says voters are turning sour and what strategies he thinks can restore confidence. >> more problems for the samsung phone that was supposed to be the company's iphone killer. samsung is temporarily halting production of the device after news that replacement phones were also catching fire. did samsung rush to get its phone to market too quickly? that is a big question a lot of people are asking. >> a tale of two lung danccance drugs. you can see shares up and bristol-myers have erased nearly $42 billion in market cap. >> dramatic developments. let's start with the new wall street nbc news poll out today conducted after the release of the controversial video of donald trump late last week. it was taken before last night's

debate. and it shows donald trump support falling last night's face off illustrates how far apart the two candidates stand on a number of key issues. listen. >> if china has a gdp of 7% it's like a national catastrophe. we are down at 1% and that's like no growth. we are going lower, in my opinion. >> we are back on the right track. he would send us back into recession with his tax plans. >> i will bring our energy companies back. they will be able to compete. they will make money. they will pay off our national debt. >> i'm the only candidate from the very beginning of this campaign who had a plan to help us revitalize coal country. right now we are at 90% health insurance coverage. i want us to get to 100% and keep costs down. >> obama care is a disaster. we have to repeal it and replace

it with something absolutely much less expensive and something that works. >> we were watching the peso in those u.s. futures as the debate played down for a sense. mike santoli has a look at what markets are saying now. >> not a day by day tick by tick relationship between the campaign and markets. in general the pattern has been that the u.s. staock market has benefitted when hillary clinton's odds have been higher. i'm not going to say that today's rally is about last night's events because you have energy stocks on crude oil. it was the case that late yesterday you had the market's first opportunity to react to the latest revelations with the trump video. you saw the market open up initially in the futures market and the mexican peso pricing in perhaps a loss by trump.

all that being brought together there is a couple of little wrinkles that i think you have to highlight. it was not a decisive blow. i don't think the market is pricing in anything like a sure thing. you have some chatter starting up saying could the house of representatives be in play? could you have a democratic sweep? that is net bearish and for sectors. i think it is a little bit of wariness. in the example of the brexit vote in june we are very certain about three quarters chance that brexit was going to fail and the marblths were blind sided. it's not so similar now because polls are telling the same story but i think the markets will wait to price anything in fully. >> to this point, though, for months we have been looking for clues that the market was leaning one way or the other. we just didn't see it. is there some policy that you can point to or think of that the market would favor on the

part of hillary clinton or donald trump or whatever? >> i doent hug so. i don't think the the market is trading off of liniteps. i think it is about status quo and have foreign investors be more comfortable with u.s. assets. if we see a democratic sweep i think you would start to see pressure on the pharmaceuticals, perhaps energy names and the banks. to this point it has been about predictable or unpredictable. >> we'll see you soon. the candidates went head to head on tax policies. >> we are cutting taxes for the middle class. i will tell you we are cutting them bigly for the middle class. hillary clinton is raising your taxes. you can look at me. she is raising your taxes really high. >> i have said nobody who makes less than $250,000 a year, the vast majority of americans, will have their taxes raised because i think we have to go where the money is and the money is with

people who have taken advantage of every single break in the tax code. >> steve liesman joins us with a break down of trump's and clinton's tax plans. >> so a debate over taxes found a sliver of air time last night amid the politics of personal destruction that dominated the meeting of the presidential candidates. trump is posing tax cuts for the middle class much higher or much more money. it appears to be false that low and middle class will benefit. former obama says 7.8 middle class mostly single parent families with children will see tax increases and some will see taxes move up because they moved from lower to higher tax bracket under the three bracket plan. as for raising taxes really high this appears to be mostly untrue. you heard her say she raised taxes on the wealthy.

she has said no one under 250,000 would see a tax increase. the tax policy did find some people in the 90th percentile and beyond would see a small increase. that was not due to income taxes. it was due to changes in corporate taxes that cause people to see somewhat lower incomes as a result. >> that goes back to the point about how this would effect people with higher incomes. is there any sense if you do see taxes go up is that obviously bad for growth? it's a good question. the supply side folks contend that i think it is an interesting question in the time when the wealthy have done much better than others, most of the income data shows us that. do we have a capital formation problem? that to me suggests that there will be less impact on a growth basis for cutting the taxes of the wealthy.

maybe more impact from cutting regulation but less from cutting taxes of the wealthy from previous times. >> and, of course, it goes without saying that any tax policy and the possible passage of it depends on the makeup of congress which is what speaker ryan seemed to be focussing on. >> i need to go back and under score it. the fed survey shows the stock market basis with a clinton victory. all the commentary always says yeah because the house and the senate would remain republican and be a break on more extreme policies coming from the democratic left. if that changes then i think mike is 100% right. the calculus over what is best for the economy and the market might change, as well. >> thank you. steve liesman. let's get to our "closing bell" exchange for this columbus day. joining us joe duran.

rick is off because there is no bond trading today. the bond cats are away. are the stock mice playing today? >> this rally is about vladimir putin. this morning i'm sure you all have talked it over by now vladimir putin decided to give the russian gdp a boost and talk possible coordination with opec. that is about with the energy sector up 1.4% that is the majority of this move here. the mark would be up small without it. it is not really a hillary clinton inspired rally since the market hadn't priced in anything other than that since quite some time ago. i don't think the market thought differently friday than today regarding the november election. >> joe, we are about to move right into the heart of earnings

season. how much do you think that will move here? >> i think the election is more impactful because mostly everyone has adjusted their earnings forecast. i think the one thing we should stare at in this presidential election is if trump were to win the impact on global trade. the one thing a president can do is apply tariffs without congressional support. i would suggest that is probably the biggest issue is it is very unusual to have a republican candidate who is against global trade. it has created a huge level of price compression which is why we don't have inflation. one of the things you is to look at is if trump were to win a december rate hike is highly unlikely because we don't know what ends up happening in a global trade sense. what everyone really is hoping for is a stalemate which we had forever and is best for stocks. a democratic president, a republican house and senate. that combination has been the winning combination for stocks as far as you look back.

what you have to prepare for is no surprise in earnings season and really focus on the old winners, the dividend payers that have been great to take a shift away because we likely see rates go up. if you want to go for dividends and away from the utilities. >> allen, you know, after all of this we have talked at length about how we're stuck in a trading range not only for major stock averages but treasury yields. >> i am a believer that the path of least resistance is on the up side. we have seen positive price performance. we are trading within a range near the highs. if you look at the s&p we are trading between 2160 and 2190. a full recovery that 300 points

on top of the 2,100 level targets 2,400 which is 10% higher. i will not say that can't happen. the market has been resilient and we still have fundamentals in place where stocks are the vehicle of choice for yield. >> circle back to the point about oil for a second here. pretty significant news out of russia. as we came into the morning was they weren't going to participate in some kind of decision but how much do we hang our hats on the latest rhetoric? what happens if there is no follow through come november? >> maybe i'm wrong. what do i know? a guy like vladimir putin is not above talking up his interest. oil is trading $1.36 a barrel higher than this morning when we got the news about his energy minister when we saw in print that they weren't going to agrooeto anything. he is agreeing to push things down the road. they haven't really agreed to

anything yet. i guess we will find out november 30 if there is fire where there is smoke. if nonopec producers are part of that i guess that will be good for the energy sector. >> is it good for the overall stock market? is there a point at which oil would get to a point to spook the stock market? >> it will -- the correlation will break. as oil gets more expensive i don't know where the price is. maybe it is 60. at some point it will no longer be a correlation because subsequent sectors won't be as reliant upon it. when we saw oil trade between 60 and 115 there was no discernible correlation in 2014 and 2015. when it gets higher i don't think it will get there before we have harder news. >> got to go, guys. thank you for your thoughts on today's market action. happy columbus day or native american day.

>> i remember getting those funnel cakes in the past from the street fairs for the columbus day parade. i haven't had one today, hint, hint if anybody is watching. 45 minutes to go and the dow is up 95 points. we are looking at the s&p adding about ten. the nasdaq up 41 points. it's the outperformer. samsung's galaxy note 7 crisis getting worse. the company reportedly halting production at least for now. the latest setback confronting the world's biggest smart phone maker. >> and we will get reaction from larry summers, former treasure secretary under bill clinton. president obama's former communications director and one-time gop presidential candidate all fitting in one show in one -- that's amazing how we are going to do that. you are watching cnbc, first in

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not a good day for twitter shareholders down 12%.

shares have dropped over 27% since last week. at this point salesforce.com, google and disney considered to be unlikely to make a bid for twitter according to a report over the weekend. a twitter board meeting has been cancelled according to bloomberg. twitter has been the subject of merger and acquisition rheumfum for weeks. while you were gone we had all kinds of possible suitors, sales force, google, disney was considered a possible suitor and then suddenly mid week everybody was dropping out sdplm. >> you could draw the analogy to yahoo. with yahoo's products you could argue they are well past their peak with twitter's. last night how about the shout out from donald trump where you say i know i made these tweets. that is the platform for modern

communication. >> everybody was rushing to twitter friday night after the release of the video. it is a useful tool. they have to figure out how to make money and grow this company beyond that. i was saying after some people had dropped out maybe they got a look at the books. jack dorsey is considered to be reluctant to sell the company. you wonder if that is a factor, as well. >> the share is down 13%. about $17 a share. samsung galaxy note 7 crisis deepening. >> the four major u.s. carriers have halted sales of samsung's galaxy note 7 for a second time. you recall samsung recalled a million cars weeks ago, reissued replacement phones but after five reports of the replacement phones bursting into flames or melting carriers halted sales and the company is suspending production of the note 7 at least temporarily. what is not clear is whether the

recall and botched replacement effort will have significant impact on sales of its brand. note 7 was supposed to be the company's flagship device. and now it's not just apple that samsung has to worry about. google revealed the pixel designed to tie more deeply than ever into services including artificial intelligence. apple stock is up 20% over the past three months and heading into the holiday season without the major challenger for the iphone 7 plus. reviewers heaped criticism on apple for not packing enough new technology into the iphone 7 now. right now apple's decision is looking better than maybe trying to pack too much. >> so interesting the way the note 7 comes out and seems like it is getting good reviews. and so how -- people have raised the issue of samsung getting this part of it is a growing

concern. how bad is this? >> i think it is worse potentially than it might look on the surface because the profit in phones is at the high end. it's not just about selling numbers of phones. it is being able to make money on them. this is the very high end of samsung smart phone range. if the brand is damaged there that puts profit in jeopardy. a lot of people are referring to this as a samsung galaxy 7 issue which raises the question for me. do they know the difference between s 7 which is not effected and the note 7 which is. might people back away from the high end entirely. this is happening as we are in q 4 which is the season when most of these phones sell. >> do you know the answer? i haven't heard -- the people who bought it are not going to get a replacement. what do they get? >> you can go in and turn in your note 7 and get not just any

other samsung phone but any other phone that you want. the carriers just want these phones turned in and want to keep their subscribers as happy as possible. >> thanks very much. >> 39 minutes left in the trading session. the dow up an even 100 points. we were up 159 at the high of the session. >> the latest from a lung cancer conference. we will tell you why down 10%. >> house speaker ryan says he will not defend donald trump between now and the election. we'll discuss what it means for the gop with ari fleischer and anita dunn coming up.

welcome back. as we rally on this monday facebook is also ricing. it is up more than 1%. social network giant launching

the new work place service. facebook's work place will charge $3 per worker. $2 for between 1 and 10,000 and $1 once you get above that level. i know you such a fan of slack and all of these work place collaborations. >> you are speak ag foreign language to me. here is what i am following. house speaker ryan said he will not defend donald trump in the wake of a leaked video from 2005 where mr. trump was heard saying inappropriate and lewd remarks about groping women. that video tape led to one of many contentious moments in last night's debate. >> he has said that the video doesn't represent who he is, but i think it is clear to anyone who heard it that it represents exactly who he is. >> hillary brings up a point like that and talks about words that i said 11 years ago.

i think it is disgraceful and i think she should be ashamed of her sdlself. >> president lincoln was trying to convince some people and used some arguments convincing other people used other arguments. that was a great display of presidential leadership. >> she lied. now she is blaming the lie on the late great abraham lincoln. that's one -- >> it's just awfully good that someone with the temperament of donald trump is not in charge of the law in our country. >> because you would be in jail. >> joining us now former white house press secretary along with anita dunn. welcome to you both. this one was nasty and personal from the start but quite substantive as it moved on. >> i do think the substantive

part and the last question where you saw american politicians in 2016 say something nice about each other, that's what i at least want to hear in a debate. we have a lot of policy issues. if donald trump can focus on policy he can actually win this race. if the focus is on his character he probably cannot win the race and that's the dynamic that set up for the last four weeks here. >> and what do you think hillary clinton's strategy needs to be between now and the end of the campaign? >> last night hillary clinton presented herself as a president with a coherent, clear policy to move this country forward. you know ari just laid out if it could be about policy. that is a big if with donald trump because he made it all about his temperament and character and made it all about whether or not he does have the qualifications to be president.

>> this whole thing with paul ryan, explain that. is this something that will end up catalyzing supporters? is it important that they get out on election day? are they voting straight for the party even though there seems to be this kind of split? >> i'm not here to be a partisan. i'm here to be an analyst. i think paul ryan did the best he can do because his interest now is protecting his majority in the house. face it, who is not tired of getting these questions about donald trump? i don't blame paul ryan for saying i don't want to have to answer these questions. it's not what i believe so stop asking me about donald trump. paul ryan is doing what i think he needs to do. he is interestingly endorsing donald trump which is the split that republicans are suffering from. many still just cannot fathom hillary clinton being the president and that is why they are going to hold their noses and vote for donald trump.

i understand that feeling. >> anita, right now the analysis of paul ryan's comments today is that he is trying to predict that majority has already suggests. what should the democratic party do? we have all learned brexit. you can't assume who the winner will be until the last ballot is counted. do you supect they will try to turn the ties. >> we have been looking down ballot for a while. the realities that the senate has been very much contest since the beginning of the cycle many republican senators are running for reelections in states they won in in 2010. now they have to face a presidential electorate which is younger, more diverse and a challenge. what is really interesting is the fact that the house is clearly something that the

republican leadership is growing very concerned about, the republican national committee is growing concerned and democrats are looking at where the new opportunities may present themselves when they look at republican voters, suburban women, for example, who don't want to vote for the top of the ticket and may vote democratic or may not turn out. >> there is something we heard from people who are kind of reluctantly supporting donald trump. one of them who said he looks at people that trump surrounds himself with. people talk about his kids and hillary clinton did that too say tg is something she could admire about him. that is what made the remark so interesting. for all the people who like mike pence can they trust that he is actually kind of these aren't just symbols being thrown to win support that he is going to listen to these people and designate that they are playing a key role here in a new

administration? if he wins he will have the nation with him. that in itself will lead to a whole turn of events where many good people, knowledgeable people will feel it is okay to work for a president trump. i won't. i'm happily retired. it will allow people to say i will work for him. the team he has around him is not white house capable. he needs seasoned, experienced people in addition to the outsiders. he is an outsider. he is entitled to have an outsider presidency but has to have a balance of both. i think if he wins by definition those people will sign up. >> see what happens. thank you both. thanks for joining us today. >> thank you for having me on. >> you bet. time for cnbc news update with sue herrera. >> here is what is happening. ruth baiter ginsburg is not a

fan of football players kneeling during the national anthem calling it dumb and disrespectful and added the players are within their rights to do so. a horrifying scene in vermont where five teenagers were killed after being hit by a wrong way driver along interstate 89. the driver fled by stealing a police cruiser that was on the scene responding to the accident and then he crashed into several other cars before being taken into custody. crews responsible for swapping out potentially led tainted pipes in flint michigan say they have completed repairs. the crews are on track and expect to finish hundreds more impacted homes. tiger woods is not returning to golf this weekend after all. in a statement woods says his health is good but he's not ready to play on the pga tour. back to you.

he is not going to play in the turkish open. >> i had a bet with an executive producer that he wouldn't make the cut. i guess i won by default sdplmpt with i think you did win by default. >> i don't think he is going to be back for a long time. >> we wish him well and hope he gets his game back together. he is good for the game. that's for sure. >> thank you, sue. see you later. 27 minutes left in the trading session here. a rally day without a bond market. the banks have been closed because of columbus day. bond markets not trading but the dow is up 93 points. a leading trader will tell us what he is watching into the close. >> former treasury secretary here to discuss his new oped highlighting economic catalyst behind today's angry politics. stay tuned.

welcome back. heading into the close with less than half an hour to go. matt, the putin rally, what do you think? >> unfortunately, that is all we are looking at. today we have half market participants we would expect on a normal day. we have had a strong opening and held it. we are starting to fade at the end of the day. is there anything else to get me going? we will not know that until after earnings season. >> what impact does having the bond market close have? >> it could be good for equities because the main focus is here. this has been the best house on

the block for some time. we did see the benefit of that. we are not seeing an enormous amount of volume. we have bio techs that is strong. we have one pretty bad. we have gotten technology names all over the map. i think equities are probably the place to put your money. >> the dow is up about 88 points. i'll let you get back to it. >> and on this rally day some of the biggest moves have been at the nasdaq. bertha coombs joins us with moovs. >> it is a record day for the nasdaq 100 topping 4,900 here today. it is just about five weeks vfr having topped the 4,800 level and last at the end of july having topped the 4,700 level. we are seeing a little bit of shift in terms of leadership today. it is bio techs that are strong. take a look at biggest gainers.

mylan the best performer saying it will settle the dispute over pricing with the government on the epipen. we are also see ag record high for net ease and also for lam research, a chip equipment member. it's really the tech that is moving it. apple coming back into play in terms of being a real lift for the nasdaq. today apple at the highest level we have seen so far this year since december 10 of last year certainly get ag bit of momentum on the samsung note 7 problems and the tech led rally has been led by chips although they are down today. chips and chip sector have really been on fire here, forgive the pun, in a positive way at the nasdaq. >> thank you, bertha. as we keep an eye on the markets that has been the one to watch.

dow is up 87. at the high up 159. so we really have come off as matt was saying. s&p still up 9.5. and merck trading higher today showing promising results for patients with lung cancer. what worked for merck and failed for bristol-myers. china's move into hollywood continues with steven spielberg agreeing to make movie s for alibaba.

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tap into the knowledge of other traders on thinkorswim. only at td ameritrade. merck has come out of a european medical conference victorious solidifying a lead as the drug is significantly delayed tumor growth and extended the lives of patients with lung cancer. >> for more on this let's bring in meg terrell. >> this is pretty exciting data. there haven't been big advancements for lung cancer in decades. we are seeing the promise of immunotherapy, unleashing to fight cancer really working

here. we knew the two drugs worked in patient whose had been treated for their lung cancer. this test was in patient whose hadn't been treated yet for advanced nonsmall cell lung cancer. we had seen the top line results from these trials. what we didn't know was whether bristles had failed in august because the way it was tested or because it is a different drug. people were disappointed with the data they saw out of this conference. merck showed it improved progression free survival, the time until the tumor progresses and then overall survival which is how long folks live. it showed it reduced the risk of death by 40% compared with chemotherapy. that is good news. folks are looking at the study in the same population of patients. it is about a third of the patients who were in the trial

because of a marker on the tumor cells. looking at the category it didn't look quite as good. folks are wondering does that mean the drug didn't work as well? that is what they are trying to digest. >> it is also the same style? >> they are both immunotherapy drugs. bristol is saying and what people are wondering bristol is going towards combination treatment in lung cancer and merck will get the whole market here at least for a while in first line treatment. >> the market seems to be suggesting that 10% decline that they're off base. >> when they first put out top line results they lost $42 billion in market cap and seen as falling behind. we should remind folks that this treatment was used in jimmy carter to treat his melanoma. people think about the drugs as

similar. you are starting to see the field change a little bit. >> it does have higher sales. it is approved in different indications. folks think this very big market lung cancer is the highest cause of cancer-related deaths. >> fingers crossed. good stuff. thank you. >> see you later. we will take a break with 14 minutes left in the trading session. the dow up 90 points. >> larry summers says weak economics may be the cause of angry politic here and around the world. he'll join us right after this. mary buys a little lamb. one of millions of orders on this company's servers. accessible by thousands of suppliers and employees globally. but with cyber threats on the rise, mary's data could be under attack. with the help of at&t, and security that senses and mitigates cyber threats, their critical data is safer than ever. giving them the agility to be open & secure.

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narrator: it wasn't that long ago. years of devastating cutbacks to our schools. 30,000 teachers laid off. class sizes increased. art and music programs cut.

we can't ever go back. ryan ruelas: so vote yes on proposition 55. reagan duncan: prop 55 prevents 4 billion in new cuts to our schools. letty muñoz-gonzalez: simply by maintaining the current tax rate on the wealthiest californians. ryan ruelas: no new education cuts, and no new taxes. reagan duncan: vote yes on 55. sarah morgan: to help our children thrive. welcome back. slowing global economy is one issue that remains top of mind for both investors and voters during this election cycle why our next guest says restoration of confidence in the economy is one of the most important things the next president needs to have success with. >> former treasure secretary larry summers focussed on how weak economics is in promoting angry politics and says that the world is seeing what he calls a renaissance of populist author

tar ynism. joining us from the third annual conference which brings together some of the world's leading investors to work together on ideas to help restore capitalism. always good to see you. thank you for joining us today. >> good to be with you. >> essentially you're pointing out what we discussed before that a lot of central banks are out of bullets. interest levels right now that they will be hard pressed to combat the next recession when it occurs, right? >> that's what should be keeping them up at night in my view. typically interest rates come down 500 basis points to contain recessions. if you look at market pricing there is not going to be 500 basis points of room anytime in the foreseeable future. probably sometime in the foreseeable future we will have a recession in some major part of the world. yet, we don't really have the

fuel in the tank to respond. i think that has to be a matter of serious concern, a matter of serious concern in terms of monetary policy framework, a matter of serious concern requiring more use of fiscal policies than we have seen so far, probably matter of concern that should bear on some of the structural dimensions of policy. >> please tell me that you don't think like janet yellen hinted that the federal reserve should be buying stocks in the event of the next down turn? >> i don't think that should be on the horizon right now. i think conceptualized as qe i'm not sure that that would be the direction that i would want to go. i do think there is a structural issue which is that we seem to be in this era of low normal bond rates and that may be because of some imbalance

between demands for debt securities and demand for equity securities caused in part by all sorts of regularatory requirements that push pension funds and other asset managers towards debt securities. there may be a case for finding offset to that. i don't think that our salvation lies in indiscriminate qe. >> let me key into the fiscal policy. the monetary policy has been left to do with heavy lifting to try to revive the fortunes of many economies. are we likely to see a concerted effort on the fiscal side like in this country it is widely believed that no matter who wins the election we'll see a larger fiscal policy initiative to try and jump start this economy again. is that the world economy's greatest hope right now? >> overwhelming case in the

united states and many other countries for enhanced infrastructure investment. it's demand and job creation in the short run. it's increased economic capacity in the medium run. it's more economic growth that can ultimately improve the budgetary picture and crucially it's the removal of what is a huge deferred maintenance liability from our national balance sheet. so i think there is a very strong case in the united states, in much of europe for substantially expanded infrastructure investment. i hope we'll find our way to agreement on that early in the next administration who ever is elected and in control in congress. >> while we have you here, your sense of what is happening with the british pound. is it acting as a shock absorber

here? will it help the country adjust or is it telling us that there are risks that britain can't support external debt? >> i think it is both. when you're sick you have a fever and that's the sign that all is not well. and the fever stimulates your immune system and helps respond to your illness. that is good. i think this decline in the pound is like a fever. it's a sign of some serious problems that are associated with the brexit strategy but given the brexit strategy and the new reality the pound will do a useful thing by stimulating british exports and encouraging substitution from foreign producers to british producers in terms of imports. >> we'll see what the dollar impact will be after the election. we will take a break here with six minutes left the dow

losing territory up 85 points. we will have the closing count down in just a moment. >> after the bell even with today's market rally last night's debate is still front and center for people. the two talked taxes but did they talk about taxes properly? we'll file a return on their performance. i'm only in my 60's. i've got a nice long life ahead. big plans. so when i found out medicare doesn't pay all my medical expenses, i looked at my options. then i got a medicare supplement insurance plan. [ male announcer ] if you're eligible for medicare, you may know it only covers about 80% of your part b medical expenses. the rest is up to you. call now and find out about an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all standardized medicare supplement insurance plans, it helps pick up some of what medicare doesn't pay.

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coming up in the last two minutes of trade on this monday on what has turned out to be a rally day there was no bond trading today. the banks were closed. columbus day or whatever we are calling this day anymore. we had a pretty good day for stocks. bob pisani is joining me for the closing count down as we head towards the close. up 159 at one time for the dow today. we have cut that in half here. we will show you the dow chart any moment now. >> trust us. >> when the graphics happen. pretty good rally on the open and then it just came back. the end nasdaq putting itself into record territory today. >> there is the story here. remember, energy, tech and banks, that's the leadership. techs are not disappointing. we are expecting big earnings

and revenue gains in the third quarter. >> a little bounce of gold continued today up almost $10 at 1,261, a gain of 0.75%. oil was a catalyst as you are suggesting here. wti getting pretty comfortable above $50 a barrel now at 5119. >> we are seeing energy stocks, 120 or so stocks at new highs. halliburton at new highs. this is the big leadership group along with technology and the bank stocks and speaking of the bank stocks we had a number of bank stocks and will get jp morgan on friday. there is the 52-week high for jp morgan, sun trust, comerica. we highlighted it last week. i'm a little concerned about some of the big industrials. we have seen dover, honeywell

and ppg. that's down very big right now. the one little concern i think floating out there. >> good to see you. up 95 as we head towards the close of the trading day. armstrong industries ringing the closing bell here at the new york stock exchange. stay tuned for hour number two of "closing bell" with kelly evans and company. i'll see you tomorrow. >> thank you, bill. welcome to "closing bell." i'm kelly evans. we have quite a rally on wall street. the dow is up 88 points on the bell. nasdaq up 36. the outperformer and those 100s going for a new high. 5328. the s&p 21.63 and the dow

18,329. oil was the big mover that fed into the rally. presidential candidates hillary clinton and donald trump meeting on the debate stage in round two last night. we will have an in depth look at both tax plans with steve forbes. tesla popping on a tweet from elon musk saying the company will not have to raise money during q 4 to fund purchase of solar city. joining me here is mike santoli. guy adami joins us, as well. was this a clinton rally, a putin rally? >> great to have you here. i don't this can it was either of those things. i think you got incremental feeling that you have greater certainty about the election. i don't think that was fundamentally going on. energy bill and bob talked about that. the big cap index led lower to some degree throughout the

afternoon. if you look below the surface they see evidence of healthy risk seeking activity. small caps outperforming very strongly. transports, some of those groups with the exception of the big industrial conglomerates working. that has been the pattern. >> it is interesting you mention it and bob pisani was talking about it. honeywell, utx. the way some of these industrials were trading we haven't had a lot of guidance going into the quarter with the earnings we are about to get. it has been kind of quiet. most doing away with guidance. more banks are trying to restrain their own guidance. the jpm earnings coming up this friday. other bank earnings will be a very big day. it is interesting that jpm is up. >> near the 52-week high. >> if you believe the interest rates are coming higher then you should be buying the banks. we have been boiling in this

water for so long that we think a ten year of 1.72 is somehow up. remember how long we were at two and above two at 2015. >> perfect lead into you. what do you make of the way that rates are moving? how do you figure out anything with the election looming? >> before i comment on anything welcome back. the great thing about the network is there are a lot of people to fill in and do an amazing job. you own that seat. it is great to have you back. >> by the way, the election was the talk of dublin, too. you can't escape it no matter where you go in the world. how do you think that feeds into this? >> i think the fact that mr. trump seems to be imploding gives the market confidence that a hillary clinton victory will just sort of be if not neutral market positive. i think there is more to it than

that. the bond markets since before you left and all last week whether rates are going up for the right reasons or wrong reasons is a debate. the fact that they are going up is bullying people and giving them confidence that maybe the economies are not as bad as somebody like me would think. i would be on the camp that rates are going up for the wrong reasons. the markets interpreting it differently. i think mike mentioned the russell. that is the last linchpin of this thing. if that can close above 130 i think you get all new ranges to the upside of the s&p and other markets. >> is it time we start considering what happens if all of congress perhaps changes to democratic control? that would -- i would think it would be naturally negative for banks, whole host of industries. >> there has been chatter over the weekend. i think if you look at the same betting markets that have

hillary clinton at around 80% to win the house going democrat is still in the 20% range. especially now when you have the speaker of the house saying that is how we will defend him. >> it's time to talk about it. it is fun for us to talk about it on tv. more on that in just a moment. want to go back to corporate movers. what happens when twitter here? jack dorsey apparently is telling employees to kind of be ready to go it on their own if there are no buyers. it came up in the debate. donald trump was asked about his 3:00 a.m. tweets and says it is the modern communications platform. what happens to this company? >> to me i do think that somebody purchases twitter. i can't tell you what price whether it is a take out or take under. i think the tactical mistake that they made going back was to talk about monthly average users. i think they made a huge mistake when they talked about that.

not to compare them to google but compare them for a second. google doesn't talk about monthly average users. neither does twitter. twitter is a mechanism to get information. i'm not saying i could fix twitter because i can't. i can't believe the fix of twitter is all that complicated. yes, the stock has been difficult over the last week or so but you saw when there was just a glimper of interest the week before how quickly the stock can go higher. at 17.5 at these levels here i think the risk reward sets up better to the upside than down side. >> i want to mention alcoa, their last report as a single company. what are we to glean from this report? >> i fear it will detract from the bell weather status which i think was already under a little attack. i think it is the first one and i think the materials and industrial sectors are very much

a linchpin of what is going to happen. so you definitely want to watch. you want to know how they are going to report the new convention when they split. >> despite the relatively good employment numbers do we have any reason to believe that alcoa will show anything above standard gdp growth? if they did i think that would be a news flash. >> industrial earnings went down 10% or 20%. >> the industrial production data has been pretty crummy. you look across the board. >> to me it is global. not so much about our numbers. >> we mentioned this off the top whether this was a clinton rally or putin one. we came into the session expecting to see big pressure on them. putin himself is indicating that russia might participate in trying to curb output of oil. prices shoot up for oil and stocks. as you mentioned we came off of that throughout the session. >> i think we are at -- if we

break out above this $40 to $50 range in crude i think it is kind of positive for stocks until it gets to a negative. we are still down year over year and haven't made a 52-week high in crude oil in something like 800 or 900 days. it wouldn't be a bad thing if we click to a high. >> the lottest poll showing those vulgar comments from donald trump hurt his campaign at least before last night's debate. john harwood joins us with the latest. >> your discussion at the top of the line made clear on the day after that very raw and personal debate last night the republican party is on fire and not in a good way. but mike pence, the vice presidential nominee tried to bring a little bit of a calm to the chaos by refuting rumors that he was thinking about leaving the ticket and saying that he forgives the man who put him on that ticket. >> it's been an interesting few

days. i got to tell you, i joined this campaign in a heart beat. because you have nominated a man for president who never quits. [ applause ] he never backs down. he is a fighter. he is a winner and we will make america great again when we make donald trump the 45th president of the united states of america. >> well, he's right. donald trump hasn't quit but the odds against him have gotten longer. look at the numbers that our new poll conducted over the weekend before the debate but after the revelation of those lewd comments on tape from 2005. we show that hillary clinton has doubled her lead over donald trump in a four-way race it was six points in september. now it is 11. in a two-way race it was seven points in september. now it is 14.

and when you look at the race for congress we see that the democrats advantage over the republicans has also doubled to seven points and that is why paul ryan on a conference call said he is not going to defend donald trump anymore. he is going to let every member fend for themselves as people did over the weekend and more and more repudiating donald trump, many calling for him to quit the race. donald trump responded sharply to paul ryan on a tweet saying ought to focus on things like the budget. guys, what we have is a republican party in a civil war and we don't know how that will go. paul ryan is clearly asserting that he is going to pay attention to his part of the party. and donald trump is paying attention to his part and i don't know how the story will end. >> it is fascinating every

declaration on how the race set up and it swung up. are we at a point where we can say we are at a stage where it is very hard to have this gap close or can this turn the other way again? >> it is very hard to move. actually, when we talk about the general election it is not a volatile race. there have been times the lead was smaller and times it is bigger but donald trump has not led the race in any consistent way except for a couple of outliar polls. the closer you get to the election the more attitudes get fixed by both nominees. trump is more unpopular. 60% majority say they don't think he has the temperament to be president. nothing that donald trump has done over the last week or that has come out about donald trump is going to change that opinion. so the margin could vary and

when you poll in the middle of a news event like those leaked tapes you magnify the impact of it. i would expect the margin to come down. it is at this moment dangerously large for republicans not only for the hopes of the presidency but also for holding the house as well as the senate. >> any insights on states that might be in play perhaps leading to democratic side that were not previously days or weeks ago? >> here is an example. hillary clinton going into his weekend even before the tape occurred was leading in 12 of the 14 battle ground states that real clear politics takes a look at. if she opens up a lead in the range of ten points which she showed in our poll she will win all battle ground states and a couple that aren't considered top flight battle grounds like arizona and georgia. it's not inconceivable she wins by 14 points as we showed in the

two-way matchup she could carry missouri. i'm saying if that margin stays around double digits then all bets are off and she could run the table of battle ground states. >> john harwood still in st. louis, we can see from the arch behind you. guy, please give us something to set up the rest of your week. >> leveraged energy plays. those levered plays will continue to work. go back a couple of weeks ago when apc announced buying some of free port mcmu rans stock. look what the stock has done since. >> always delivers. thank you so much. >> see you. welcome back. >> be sure to stick around to catch much more next hour.

dennis gartman will explain why oils rally he says isn't built to last. last night's show down between the two major presidential candidates lived up to the hype. while personal attacks stole a lot of headlines there was an important exchange on tax policy. we will discuss which candidates got the upper hand on taxes. elon musk says tesla will not need to raise cash even though the auto maker said it would have to just two days ago. we will look at what has changed on "closing bell." you are watching cnbc, first in business world wide. a used ca,

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the sparring at last night's contentious debate between donald trump and hillary clinton was on tax policy, too. >> i have been in favor of getting rid of carried interest for years starting when i was a senator from new york. that is not the point here. >> why didn't you do it? >> i was a senator with a republican president. >> if you were effective senator you could have done it.

>> carried interest becoming a big flash point with donald trump saying he would eliminate it and accusing hillary clinton of trying to preserve it. carried interest is the income earned by hedgefund and private equity partners on their share of fund gains. mr. trump would close it as part of his plan. it would eliminate carried interest and could replace it with something more generous. the tax rate as he would propose for corporations, small businesses and partnerships will fall from 35% to 15%. it's unclear what businesses would qualify under this plan and hedgefund managers could see carried tax rate go down. trump confirming last night for the first time that he eliminated his federal income tax bill for certain years by using that $916 million loss carried forward from his company. take a listen.

>> did you use that $960 million loss to avoid paying personal federal income taxes. >> i pay hundreds of millions of dollars in taxes. many of her friends took bigger deductions. warren buffett took a massive deduction. a friend of hers took a massive deduction. >> we heard from mr. buffet releasing a statement saying he has never used a loss carry and paid federal income taxes every year since 1944. his adjusted gross income was 11.6 million. he gave $2.8 billion to charity writing off a small part of that and paid 1.8 million in federal income taxes. he said he, too, is under audit but he has no problem releasing my tax information while under audit. guys, back to you. >> joining us for more on the candidate's policies are steve

forbes along with mark galogi. welcome to you both. carried interest, what is it? >> carried interest is a lowered tax rate paid on earnings for private equity firms and certain hedge funds. it's a rate debated for a long time as to whether the return should be on capital that has been invested or on income. >> is it a wage rate or should it be a return on capital? >> for now it is the lower. >> return on capital and has been for years. >> what would happen to you if it was raised to wage rate? >> my taxes would go up quite a bit. >> it is in the 20s and the normal rate for a high earner would be in the high 30s. >> so that ten percentage points is a huge difference and one which donald trump, what is his plan? what is he going to do? get rid of it? keep it?

>> first of all, he should have gone for a flat tax which would solve the whole problem. in terms of his tax plan he would get rid of it and reduce corporate tax rate down to 15%. that 15 is not just corporations but also pass through corporations like llcs and chapter s corporations. on the personal side he would cut rates. the top rate would go down from 39.6 down to 33. then he would have lower rates for middle and lower income earners. >> for the carried interest that we are talking about that would just be 15%? or it would be a personal tax rate that would -- how would that be effected? >> you eliminate it so pay the personal rate as i understand it which would raise it depending on your tax rate from 23.8 to 33 instead of 39.6. that top rate is also among republicans under dispute. i think if it went through the

paul ryan house of representatives you would see that top rate lower. it becomes almost academic. >> how does that contrast with what we would likely see under hillary clinton's plan? what is her plan on carried interest? >> hillary would have carried interest up to the kind of rates that steve was describing and treated as income. it would be in the 30s. low 30s, high 30s depending on the specifics through congress. fundamentally she has been in favor of moving that and saying that that is a wage wamore than a return on capital that has been invested. >> this is only one piece that came up in terms of taxes. >> it is so sensible. i don't know what is going on here. i do have a question. i think trump has a point when he brings up the question about how hillary might get the economy growing again seemed to talk about redistributing a lot

of money. from your perspective what are the signal points where she can get the economy going and growing. this is a private driven economy. i think the core thing that she can do and what she is trying to do is say the united states for many years has been under investing. and so if we have been under investing how are we going to do that? how will we afford the opportunity to spend money on whether it is infrastructure, schools, hospitals, airports, roads, what is it? whatever it is that we need where we under invested historically. here in new york we under invested in our mass transit system. her judgment is that the best way to do that is to spend more money on issues and drive the economy from providing opportunity to really grow based on a stronger infrastructure. that kmun comes from the high

end earner. >> that is where it comes from to fund that kind of program. >> so the contrast with that is that donald trump wants to lower the tax. we have heard from critics if he does that it will cost a lot of money and raise the deficit, raise the debt. what do you think? >> the key thing is what gets this economy moving again? the reason why we had under investment in the public sector and investment on the capital expenditures is highly regulatory. corporate tax rate is the highest in the developed world. our personal tax rates are very high and the complexity imposed by things like obama care are just horrific. it was estimated that regulations cost the economy $2 trillion a year. if you go in the opposite direction, simplify the tax code and do away with territorial taxation so money comes over here you would start to see real investment again.

the other thing that goes unsaid is the current regime is distorting credit markets and starving credit. >> you certainly heard of plenty of maligning the fed from donald trump. there is also two vacancies they might be able to appoint. thank you for joining us. >> one thing i say is this under investment has been going on for 40 years. this is not a new thing. we have been under investing in this country for 40 years. how are we going to pay for it. >> have to figure out a way to do that. >> under investing in infrastructure is not a problem once run by private sector. railroads are in good shape. when you have a government involved it is always a problem because they always do politics. >> this debate moderator is harder than it looks. thank you again. steve forbes joining us from forbes media. tesla told regulators it was

planning to raise cash by the end of the year. a look at whether it was a contradiction or a clarification of the company's filing with the government. >> td ameritrade clients are buying shares in droves. you might be surprised by hot tech stocks the companies are buying. we'll tell you coming up.

welcome back. tesla shares getting a bounce after elon musk saying the company will not have to dip in to get cash. >> they will call it a clarification. we don't know why elon musk sent the tweet or why he believes tesla no longer needs to raise equity or debt capital in the fourth quarter or the first quarter. it does bring up an interesting spot light on the cash crunch this company could be facing as we head into the end of next year. later this month we get the numbers for the third quarter. tesla's liquidity we explained outlays that the company will be facing in the second half of the year. the estimated cash cushion, an estimate of about $400 million by the end of this year. tesla will need to raise money at some point as it expands

production for the model 3 that will really ramp up in the second half of next year. there is a big plan already in place that they hope to get approved in free mont, california for expanding production at the plant. you have the giga factory. they are still expanding and building. they are nowhere close to being finished with that although they have started production of battery packs there. next week you will get a new product unveiled by tesla. that was the other tweet over the weekend that got a fair amount of attention. people are saying is it a new model? is it a new vehicle? likely not a new model or vehicle usually they say we will have a big media event. more likely we will see a product that can be tied in with perhaps the software for auto pilot system or recharging of the vehicles. that is typically what we see when tesla says we are going to

be having a product anonsment. those tweets are the reasons why shares got a bounce today. >> the ceo ruling this out at least for the rest of the year. >> ruling it out. i think maybe it is somehow semantics or saying he believes they have the cash to make it to the end of the year. i think the market is correct in thinking they need to raise better equity. they got all those deposits. >> a whole new way to raise money. >> thank you. phil lebeau with tesla shares up about 2%. verizon ceo making comments about the acquisition of yahoo. let's get to josh lipton with the details. >> julia boorstin is interviewing verizon ceo at a conference here in california where he is asked about the

reports which we read that verizon might try to take $1 billion off the price to buy yahoo after headlines surfaced of the massive breach where hackers got ahold of a lot of information. >> we're referring the article. >> you saw the headline. billion dollar price cap. >> what i understand those that read the article they got one thing right and that was our closing stock price on the day of the article. >> now, mr. mcadam went on to say he was not shocked by the news of the hack. he said a state sponsored hacker has a lot of resources and capabilities. occasionally they can land a punch. he said the logic of the merger still makes in his words a ton of sense.

kelly, back to you. >> thank you, josh. he could have taken the opportunity. if you read this article in the post wouldn't you think maybe we can get a billion dollars off. >> depends how the contract is written and has to be a material event and all of these different details have to be in line to truly get a price discount. body language was they are going to buy yahoo and the shareholders better get used to it. you can cut the heck out of those costs and come up with good numbers. i would gather that this deal is on probably not going to get a price cut. if they were i think his body language would be different. >> context is $200 billion company. will they haggle or just get the deal closed and move on. >> might be the shareholders who feel they are getting wary. a huge company. >> yahoo stock up 1.6% today. >> time for a cnbc news update.

>> here is what is happening at this hour. the u.s. coast guard is continuing to rescue those caught in severe flooding following hurricane matthew. an estimated 1,500 people are still stranded in the city of lumberton, north carolina. at least 20 people have been killed in the southeast because of the storm. a high school in coral springs, florida was placed on lockdown after a former student showed up with a loaded gun. the ordeal lasted for about an hour. the suspect is in police custody and no students thankfully were hurt. it was no laughing matter in albuquerque, new mexico when three teenage boys walked up to a woman outside of babies r us. the teens who police say were high on marijuana at the time also had what looked like a gun. it turned out to bow a bb gun. the teens were not charged. justin bieber getting a makeover or at least the wax version is. madame tussaud's revealing

updated version of pop start apparently with tattoos and fake sweat. yuck. that's the news update. >> what is the point of a wax museum? who goes? >> i have never been. >> and the lines are so long. selfies. >> i don't particularly see the attraction but apparently a lot of people do. >> big money maker. thank you. >> now i will think of you -- >> we have a market flash on illume nu. >> shares just reopening and currently plunging as the company seeing third quarter revenue lower than guided to. looking at $607 million for the third quarter. that is up from the third quarter of previous year missing its guidance of 625 million. analyst estimates were in the

middle of the range. attributing this to larger year over year decline in sequencing instruments making instruments used for genome sequencing. if you look back this is pretty much the exact same thing that happened in april. stock falling 23%. since then it had recovered back down to those levels. back to you. >> meg, thank you. you look at the price chart for this. it's just vertical. >> it was looking great. it was like lift off after these levels in july and it is basically just like giving it all back up overnight. >> big move for illumeina. it is trading around $139 at the moment. and the tech sector finishing higher about 2% in september. retail investors were sellers of two popular tech names. we'll tell you what they are and what else they were buying and selling next. one of the kings of hollywood

teaming up with china's emperor of e commerce. 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

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tech giant apple up around 10%. some investors we have spoken to have put it at the top of their list. clients were selling apple in september along with netflix, alibaba and intel. we'll bring in j.j. from td ameritrade. what are we to glean from the habits? >> apple the last two years has been our number one held and traded stock. so as you say the retail loves apple. with that last month apple is up near highs they haven't seen in a long time. they just had the new phone released. retail is getting smarter on how they do some things selling things up near 52-week highs. with that they sold apple because there is a belief that there isn't that umf for the

holidays. maybe it won't lead to that much more buying. >> where were they buying in. >> right now it is trying to find yield. you look at a couple of stocks that have fallen since mid summer, verizon, at&t and have very attractive yields. we have seen them continue to buy stocks that have very attractive yields. i think one big conundrum for retail is as we head to the election and the december with the high probability of a rate hike what do i do? and so the other stock that they bought which is near 52-week high, facebook. they sold apple and bought facebook. >> did they also by tesla? >> they did buy tesla, too. >> retail investors can't get enough of tesla. facebook now for retail kind of reminds me of where apple was about a year and a half, two years ago in terms of people know the product well and interact with it a lot and really like it.

>> bristol-myers there. hopefully -- just more broadly and maybe not just this past month what is the break down like in terms of your clients trading individual stocks versus etfs. >> we continue to see strong etfs, the number one being spdr. you do have the major index, iwm and qqqs. those are the ones you see traded the most. what is interesting along with that is we see a lot of options traded. i think people use those if they want to write calls against that so that i think the search for yield and some income somewhere as people head towards the retirements or whatever it may be or traders, longer term investors are searching right now for what to do. with vix being so low at the moment there hasn't been volatility opportunities. >> the lowest it has been in

years except for one period in 2014. thanks for joining us. hurricane trump took most focus off the real storm. hurricane matthew roared back out to sea. it could go down as one of the country's top five natural disasters in terms of damage. and the ties between china and hollywood continue to get tighter. legendary hollywood director steven spielberg agreeing to make movies for alibaba. there is more to the deal and we have details coming up.

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♪ welcome back. concerns about the potential cost of hurricane matthew drove down small cap insurers with business in florida. since the storm weakened and caused less damage than anticipated the stocks see a boost. you can see universal insurance holdings up nearly 12%. united insurance and heritage up just over 2%. morgan brennan is back and safe at cnbc world headquarters and has the break down of the cost of matthew's after math. >> so north carolina continues to struggle with flooding we have early assessments of damage from the headily hurricane starting to come in. the damage while still substantial not quite as bad as feared fortunately. so analysted had initially

warned that insured losses could top $25 billion. that has come down pretty dramatically. 1.5 million homes and businesses likely sustained wind and/or storm surge damage putting property losses between 4 billion and $6 billion. it is meaningful but still relatively small compared to $40 billion for hurricane katrina and $20 billion for sandy. brett horn noting national carriers don't have as much exposure in florida specifically but that progressive and all state could take a hit to q 4 earnings for exposure throughout the region. kinetics analysis estimates that all in insured loss flooding damage but those losses could run between $10 billion and $15 billion with evacuations costing $3 billion. this storm is unusual and typically a two to one ratio for

overall losses. he estimates that this is going to be more like a four to one ratio since at least so far it didn't rack up massive structural property damage but did effect about 1,000 miles of coast line and caused so much commerce to halt. as i just said at the top of this, folks were expecting one of the worst storms on record. thankfully it wasn't quite that bad. >> morgan, thank you. morgan brennan with the latest on the storm for us. another win for china and hollywood. what a partnership between steven spielberg and alibaba would mean. the advantages of having a memorable symbol on the tape coming up.

well welcome back. another hollywood tie tan, dierdre bosa has the latest. >> that's right, kelly. as spielberg put it on sunday, more of china to america, and more of america to china. this is the trend we have been seeing for years now. this latest partnership between two of the biggest most kblitery names in each space. both on honored hand. so here's what they each get for alibaba. bigger foothold, increasing demand for premium global content from chinese consumers. always have been investing heavily in u.s. entertainment assets. last month, a deal struck with sony pictures, the first with

studios. as for amblen, they get more access to the chinese market and alibaba's vast ecosystem and data on hundreds of millions of chinese consumers. and china becoming a place to make up lost ground like "warfare" which tanked at home but a hit in china. the chinese box office is expected to surpass the u.s. to become number one in the world. it's not all rosie with hollywood and china with this year expected to be a record one for chinese investment globally. some members of congress calling for greater scrutiny of these deals. lots of action, but could be facing more scrutiny in the future. >> the ""washington post"" had a cautious editorial, talking about how did they put it, beijing's next propaganda outlet. >> i think people in hollywood should take note, not just from the business perspective, but a censorship and sort of content

control perspective. we have to remember, the chinese state controls what goes on in those theaters in china and those who make the movies have to be sensitive, too. so i don't think we've ever seen anything like this, so much financial input from a state-controlled media organization. >> i am sure that's true. but really the same bargain all industries had to strike. a local partner, some kind of in that allows you to distribute more in that country. and, you know, china itself only allows importation of a very small number of u.s. films, relative to how many produced. and is so it's not surprising to me you would have the deal struck. >> i think the moment i realized how much control they had when i saw the trailer for that matt damon movie with the great wall and the monsters. what is this even about? clearly just a filmed about taking u.s. stars in china and producing a film and frankly, the chinese audience. >> from my perspective, i think the post is probably right. this is probably less high on

the list. but much bigger mergers happening with chinese buyers. love, hog and play, the tickers for harley davidson and dave & buster's. why having a memorable ticker symbol actually matters. when we come back.

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a new study published recently shows the likability and even how a ticker symbol is pronounced are related to a stock value. these researchers asked college business students to rate the ticker symbols for 2,000 public companies on how much they liked them and how easy they are to pro announce. the result showed like ace, bro and luv had higher valuations than cfw, jwn, zqc, which i can't even say. do you believe there is something to this thing about the tickers? do you have any favorites? >> 1% is not a tremendous margin, but it seems to me there is something to it, whether it's the kind of companies that go to a qt ticker symbol are promotional. maybe there is a difference. >> i don't think i'm buying it, kelly. you know what really helps your ticker symbol? making money. i'm going to vote on that one. >> i want to know what your favorites are.

we -- i have favorites. what about you? >> i used to love lvb, steinway, but that was taken private for beethoven. so you had to know what was going on there. bid for 10ther bee's, a stock you bit on. >> what about you, dennis? >> car. one of the big rental car agencies, and full, which is -- honestly, i can't remember the exact name, but a biotech company which works on shaping proteins. i like that one. >> and also crm, and i like that too. it's kind of like a dual meaning. crm stands for what they do. >> but, of course, they would say we're actually branching fraught crm. so they're being locked in, especially when they buy twitter. >> any symbols you think need to be changed? >> i always get caught up on smh, the semiconductor sector

holders, early etf. but everyone now you see smh all of the time for this texting code. >> shake my head. >> so i would love for shake my head to go away. >> dupont which has the dd. >> what's wrong with dd? although i do think it should be dunkin' donuts. >> ei dupont due more. >> but when it's dow dupont, it will make sense. the times will change to fit the ticker. >> speaking of deals, i find that creates a lot of relic ones, where you have, for example, avgo for broadcom and when my friends get married or change their names to an old name -- you've got to get -- got to bring it all together. >> that's a vestige. >> bkln, this power shares etf for bank loans, i always think is brooklyn. does anybody not think brooklyn?

>> totally. >> the other one is bud for imbev. >> anyone know why general mills is gis? >> no, because they used to have certain letters from the name in sequence. to see it on the ticker tape. not really an acronym. >> thank you for joining us on "closing bell." "fast money" begins right now. >> "fast money" starts right now. live from the nasdaq market site overlooking new york city's times square, i'm melissa lee. tim seymour, karen finerman, grasso and guy adami. a classic investor mistake. plus, samsung halting production in car er, cutting off sales in galaxy note 7. how bad is the fallout? we've got a "fast money" special report. and later, biotech stock alumina crashing after hours. we have three other beaten