>> the industry trying to pass regulations making it harder in the name of protecting people, right? >> protecting profits. interesting battle to watch. >> thank you for watching, everyone. >> don't forget. s snap-on tool's ceo coming up in the next hour of "closing bell" starts right now. hi, everybody, i'm kelly evans at the new york stock exchange. >> i'm bill griffeth. interesting week here. we got earnings apparently driving stocks lower today, gotman, jj dragging the dow lower, this is a great story. dick bove downgraded stocks a couple hours ago. explaining why coming up shortly here. >> you don't see moves that big in the dow. >> yeah, exactly. >> both of those companies. united health care's profits, meanwhile, on the up, as the insurer ditches obamacare

exchanges. today, many speaking with the white house as they plan participation for next yearment united shares up 1% today. going to washington with the latest. a couple hours ago, facebook's ceo addressed the cleveland murder that took place live on facebook. this is not the first time the social network dealt with controversy related to the product, but investors do not seem to be concerned, at least not today, a debate on whether facebook bullishness is overblown right now. let's begin with breaking news on president trump's buy american, hire american trip to wisconsin today. ylan mui has the story now. >> reporter: bill, the president is touring the headquarters of snap-on tools, making hand held tools to diagnostic software. trump is speaking later today and signing a new executive on the other hand on trade and immigration. the white house is looking to get rid of loopholes in rules acquiring government agencies to buy american products. this is primarily aimed at the

steel industry. the administration said it's unfair for companies that use subsidized foreign steel to win federal contracts. the second part of the order deals with immigration. they directed homeland security and lay bar and state departments to root out fraud. they want to move away from using a lottery to decide who gets an h1b visa. that system created a flood of relatively low rage, low skilled workers, particularly in the tech sector. the response is mixed. manufacturing gripes praise trade, but they worry about the stance on immigration. the technology industry coup, members including google and amazon, a apple and facebook, t say bright minds will go somewhere else and compete against us. back to you. >> thank you. we're going to speak with the company of snap-on's ceo in the next hour of the show. >> and in the meantime, just say we're expecting a playback of

president trump's tour of the snap-on tool factory there in kenosha, and as soon as that hits, we'll interrupt nor a moment to see what that's all about. in the meantime, dow, goldman sachs hit hard today, down 5% after missing on earnings this morning. so has the stock officially lost its post-election euphoria, we ask? joining us now is dick bove, and lowers price targets from 22 is 1 to 288, and with us is mark madson from matson money, still bullish on the stock. welcome to both of you. dick, what has you more concerned not just the quarter, but lingering problems for goldman relative to what you expected here. >> every year the company that's reported to this point deals in the fixed income market had strong results in trading. goldman was down 1%. that's kind of shocking. shocking when one company which

should be a leader in the group tends to be a significant follower. the change in management at the top is a key. doing things in washington, not at goldman where hoefgs a key player in the company's success. you get to broader issues concerning, you know, the nature of the business. i mean, goldman is now facing well capitalized banks where it was not doing that awhile ago. it's in an operation where, you know, both mutual funds lose hundreds of millions of dollars as money pours out to etfs, changing the structure , and we could go on and on. >> what about that? you're hanging in there, bu bullish. was that an aberration or what do you think now? >> we're not stock pickers. we invest in stocks for the next 20 years, not the next 20 minutes. if you liked goldman yesterday, you'll like it today because

it's on sale by 5%. this is inkicktive of what investors do. they hear bad news, overreact, the prices go down, and instead of doing the right thing, everybody knows you sell when prices are high, buy when it's low. we own goldman and bank of america, 23% of all the u.s. equities are in the u.s. market and financials and goldman is up 200% since the march 2009 bottom. this is the in for goldman? i don't think so. this is a long term investment for us, not a short term gamble. >> understood, mark. i don't know why that's why you don't call yourself a stock picker. >> why is this the franchise to own? >> yeah, look, we own 2600 stocks in our portfolio. only.07% in goldman. when stocks go down, it raises the cost of capital because as

prices go down, the risk in the company goes up. higher risk is long term higher profits. when stock is down, that's not a bad thing. that's a good thing long term. since it was the biggest loser today, that makes it long term something that you want to own. >> okay. so, dick, talk about what your expectations are then for goldman going forward. i mean, you reduced targets to 221. the stock is below that by $6. you're not expecting a decline herement what happens to the company down the road here 13. >> well, i think more of the same. i think if you look back over the last temperature years, you'll see this company has not increased its earnings in ten years. you'll see that this company's stock over five years has gotten nowhere. anyone who invested in the stock better invested for 30 yearings. investing for ten to 15 years, they are not making money. not only not making money, but dramatically underperforming the market, and underperforming the

market because the company can't increase its revenues. the company can't increase revenues because the structure of the business that it is serving has changed in a fashion which is not positive for this company. >> let's talk about that for a second, dick. this is a great point. you can flip it around and say if you look at the fact that the financial crisis hit, you know, technology is changing, wall street dramatically, it's a shrinking boat, stock price back up to the levels, and the la couple months people banged the to be as goldman was the only thing to own, the franchise for the long term, so, you know, what more can nay expect? is it, like, ibm in the situation or just expect revenue declines, but they improve the business despite that? do you want to see the top line growing again? >> why is jpmorgan reporting record earnings regularly? why is the banking industry reporting record earnings for the last three years in a row,

'14, '15, '16? why is this company not doing so? not because it's third and second rate magnificent. they have the best people in the business working for the company and markets served evaporated in many cases. they e vap waited because they have price cutting, evaporated because trading activity dropped significantly. they evaporated because the number of clients they did business with slunk. they evaporated because the company positioned itself in the wrong place relative to where the business has been going the last ten years. in essence, this company needs something to dramatically change. you cannot have companies like jpmorgan, bank of america, and citigroup with huge increases in fixed income trading and this company showing a decline. it's the signal there's a

structural problem in this company. >> i'll give you the last word, mark, ball back in your court. relative to the peers, how they have done well and goldman has not. you want to stick with the company? it's virtually unchanged from ten years ago, april 2007. like a lost decade for them. >> since 2009, they are up 14% per year -- >> catchup. >> no money in goldman is ridiculous. look, why does everybody always want to buy something that's high instead of buy the thing that's low? it's insane. we own jpmorgan, goldman, bank of america, and goldman, we're not predicting the future. if he could predict the future, he owned one stock and made 100% this year. nobody can predict the future. not your guest. not you. not anybody. own all the stocks in the sector and let the market do its job.

stop trying to predict the future because nobody can do it. >> mark, what you are saying is basically people should invest in an s&p index fund, right? >> no. there's different segments offering premiums. for example, emerging markets small stogs this year up 15%. why not talk about that? it's a sector of the market that gets largely ignored by everybody. >> because we're not supposed to buy high. >> yeah, but, you know, relative to what? you know, in the -- the point is that they are not high over the last temperature years. emerging markets have been down relative to the last ten years, way under goldman's pricing. yes, most people would be better off if they went and bought an s&p 500 fund rather than speculate and gamble on what the s&p 500 stock is better. >> all right. i thought that's what we paid people to do. i guess not. dick, mark, thank you. good to see you both. appreciate it. >> thank you. >> you're welcome. closing bell exchange, dow down 120 points what a

difference a day makes, as they say. our cnbc contributor is with us at post nine ringing the closing bell to celebrate the three-year anniversary of his etf listings, and with us is new york stock exchange trader peter costa from empire executions and rick santelli at the cme as well. starting with you, peter. >> okay. >> big rally yesterday, relief rally, no escalation against north korea over the weekend, and now giving it back today. >> well, i mean, today is, you know, carry over from europe to start off with, and then you saw goldman's earnings, and i think that's something that i brought up a couple weeks ago is that we have very, very high expectations of earnings this season. if they don't make the earnings, the market will not be kind, and the market was not kind to johnny john or granger or kind to -- >> did you say johnny john? >> yes. >> who? i love it. >> it's a florida thing.

>> trader speak. >> keep it coming. >> i can't help myself. >> saying they are getting punished because -- >> if they don't meet the exalted expectations about this quarter. if they miss it, they get hurt. sometimes soft, other time it's not. seeing not so soft. >> dennis, at a three-week low now for the dollar index, and the etfs you're celebrating today, they invest in gold in other currency terms. the yen and euro. what's going on with the dollar now, though? >> quiet to be honest. if you look at the dollar index, and i'm not a fan of the dollar index because it tends to undervalue the impact of canada and impact of mexico. >> hit you with the dollar at a two-week low against the euro right now. >> yes, it is. only reason is because the british pound sterling is extraordinarily strong because of the surprise call for the election catching a lot of people offguard. euro went up much more

dramatically than has the euro. the euro had to catch up in the course of the day. spreaders on the continent at that point having no choice than to buy the euroas they strengthen. carry bond 1.07? i have my doubts it can. so many problems. see close to parity. >> mr. rick santelli, bonds drive action lately. today, you know, focusing on how low yields become. >> yeah. you know, really, there's a way to tie all the stories together. look at goldman, reading market smoke signals, but so many policy issues, not the least of which is federal reserve and central banks, they made it so these signals just are pretty much unreadle. that's part of it. the dollar index, who is going to argue? certainly it seems the euro has a heavy slot, but there's a lot

of counter intuitive issues. year to date chart, jumping out at you is that one bottom separating the index from dpresh lows based on november. that's 327, 9916, itst not far below us. another thing on that chart, look at the bottom in january and two in february. you know what they are at? 114. all three. gee. you think something exciting is going -- i'm sorry, that's the two-year note. at 114, so you have all these big issues, all coming at the market, and i think that it's going to challenge the gravity of many positions we've talked about it. i think fundamental spongy rates for a long period of time, a slow melt, takes a lot of the thunder away from investors who at least for the most part still feel comfortable holding out on equities, waiting the the trump administration and legislation to be passed down the road. >>

theory you anticipate a big decline before getting in the market. what role does it play in that? >> a huge role. i mean, you know, everything like rick says, everything is based on that. comes back to that. so i think that, you know, we'll get through earnings season. not saying we're going to see what we saw this afternoon, you know, this morning, but i think there's a possibility that we'll have a couple more misses that are going to be very impactful on the market, and i think that we'll see a little bit more downward pressure. >> all right. we got to go at this point, guys. you need to get upstairs with that gold badge of yours to ring the closing bell today. >> apparently they let anyone ring the bell. >> they lot the commodity god in the stock house today. >> there you go. >> good to see you. >> good to be seen. >> dow down 122 poimnts. s&p down 7. nasdaq down 14. russell's down 3. >> live in wisconsin for the president's remarks on buying and hiring american.

that's expected any minute now. getting to that momentarily. >> speaking of earnings this afternoon, ibm and yahoo! expected to report results after the bell. numbers and insubstantiate reaction when it hits the tape. ibm speaks about the results before he hops on a conference call with analyst. keep it here for all of that, watching cnbc first in business worldwide. kplp e the llia

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welcome back, shares of united airlines down more than 4% despite posting a quarterly earnings beat this morning and maintaining strong guidance with a current quarter. during the conference call with analysts this morning, ceo osz car munoz apologized yet again for last week's passenger removal scandal. united has lost about 4% since the incident happened two sundays ago. $60.60. >> that's a big reversal. yesterday, they were up 1%. >> right. >> getting rid of the losses. different story today, obviously. stocks in london lower. the british pound strengthening against the dollar, all this after theresa may called for an early general election occupant

of the blue seemingly. >> they called for a snap general election in the u.k. set for the 8th of june. here's the reasoning for it. >> division in west minister risks ability to make a successful brexit and causes damaging uncertainty and instability to the country. so we need a general election, and we need one now. because we have, at this moment, a one off chance to get this done while the european union agrees with the negotiated position and before the detailed talks begin. >> reporter: that's only one reason. the additional one is that she's confident she can enhance her working majority of 17 out of a total of 650. the latest poll gives her 20% lead due to the division within the main opposition labour party. this lead is enormous. keep in mind, david cameron won the current conservative

majority in 2015 with 36.9% of the vote to labour's 30.4%, a 4 point 5% advantage. polls wrong? the risk for may is this becomes a de facto referendum with a party representing leaf, others remain and the vote thus closer than hoped. either way, sterling rallied based on expectations of her increasing majority and with it above bargaining power with e.u. in brexit negotiation. falling sharply in response, down 2.5%. requires two-thirds vote which looks inevitable. >> wow. wait until june 8th. fascinating. >> enough elections, now another one in the mix. >> right? >> in the next six months, 51% of the gdp facing elections, further 11% and 13 months. france, u.k., germany, italy by

may next year. >> impressive rattling off of the figures from your head. >> that's why he is where he is. >> thank you. >> the president in wisconsin, oh, this is live apparently. it's live! all right. he's ahead of schedule. here we go. >> i love the workers, doing a good job for the workers, thrilled to be in wisconsin. the optimism in the room is the same incredible spirit sweeping across our country, and even greater than that great day in november when i won the state of wisconsin and when we won the presidency. that was a great day. [ applause ] that was a great day. thank you, wisconsin. no administration has accomplished more in the first 90 days. that includes on military, on the border, on trade, on regulation, on law enforcement. we love our law enforcement.

on government reform. today, we are bidding on that optimist, and i'm proud to announce that we're about to take bold new steps to follow through on my pledge to buy american and hire american. i can't think of a better place to make this announcement than right here at snap-on. just toured the company. good place, by the way, doing well, too. standing among the workers who make the tools that will rebuild our nation. your craftsmanship is incredible. it's a pleasure to see my good friend, governor scott walker, he's been such a big help. he's been so incredible. stand up, scott. governor walker. as well as senator ron johnson. we worked hard together.

[ applause ] thank you, ron. [ applause ] and although he could not be here today, my thanks goes tore the city for nearly two decades in congress. where is he? with nato. he has a good excuse. i said, ron, make sure these countries start paying their bills a little bit more. they are way, way behind. we have -- i'm going to talk to you about that, ron. but, paul, you're over with nato. get them to pay the bills, and, ron, you have to work on that, too, and, scott you're here in wisconsin, you don't have to bother. we'll keep you here for a little while at least. also with us is a famous local resident, the pride of kenosha, reince, my chief of staff. where is he? what a good man. there he is.

in fact, we flew over the house on the way up, and he got all excited, taking pictures of it. reince went to school right here just about a mile away where he took his wife, sally, to the prom, and that was a match made in heaven. very nice. i also want to thank treasury secretary steve mnuchin for being with us today. he's working to put together a tax reform plan to make our industry more competitive and also to provide a level playing field for the workers. we don't have a level playing field, believe me. we'll have one soon. tax reform and tax plan is coming along very well. it's going to be out soon, working on health care. we need to get it done too. our education secretary betsy

devos. where is she? she's around here somewhere. thank you, betsy. secretary devos is working and training for skills. i'm excited to be joined today by students from college. thank you, great job, thank you, thank you, brian. your partnership with snap-on is a great example why vocational education is the way of the future. when i was growing up in queens, we had vocational schools that were great. we don't have schools like that so much anymore, but we're bringing them back. vocational schools. these are very talented people that love that type of work, and

it's great work. it really is great work. so vocational schools are going to be a big factor in the trump administration. together, we're going to do everything in our power to make sure that more products are stamped with those wonderful words, "made in the usa." in the old days, we used to use it, not so much anymore, but we are begin. made in the usa. for so long we watched as our factories have been closed and our jobs have been sent to other far away lands. we've lost 70,000 factories since china joined the world trade organization, and you've seen that, heard about it, and 70,000, the world trade organization, another one of our

disasters. this election, the american people voted to end the theft of american prosperity. voted to bring back their jobs and bring back their dreams into our country. in a few moments i'll sign buy american hire american executive order. you have not heard about that in a long time in this country. with this action, we send a powerful signal to the world. we're going to defend our workers, protect our jobs, and finally put america first. [ cheers and applause ] i see all the make america great again hats. those are good hats. through the years, snap-on tools have been at the senter of our industrial life. your tools have fixed the cars

our families depend on. they've sailed with the fleets that patrol the oceans. they fixed the planes that cross the skies, and snap-on tools have reached the heights of space, used by astronauts in orbit to carry out their very, very important work. i don't know if you noticed recently, i signed a big article, spend on massive space program, and that's something we need, and we need it psychological psychologically, but it's going to be very exciting. for decades, this company has served the needs of american workers. it's time we had a federal government that does the same. the buy and hire american order, will help protect workers and students like those of you in the audience today.

this historic action declares that the policy of our government is to aggressively promote and use american made goods and to ensure that american labor is hired to do the job. america first. you better believe it. it's thyme. right? it's time. first we will fully monitor, uphold, and enforce our buy american laws we have not done. these laws require when the federal government buys, bills, or funds a project, domestic goods and products should be used. over the years, these buy american standards have been gutted by excessive waivers and wreckless exemptions. the result has been countless jobs and countless congratulates that have been lost to cheap,

subsidized and low quality foreign goods. with this order, i direct every single agency in our government to strictly uphold our buy american laws, minimize the use of waivers, and to maximize made in america content in all federal projects. [ applause ] it's timement for the first time ever, reare going to crack down on foreign bidders that used dumped steel and other subsidized goods to take contracts from workers like you. they have done it for a long time. it's not going to happen anymore. [ applause ] in short, this order declares

american projects should be made with american goods. no longer are we going to allow foreign countries to cheat our producer and our workers out of federal contracts. everyone in my administration will be expected to enforce every last buy american provision on behalf of the american worker. we are going to investigate every single trade deal that undermines these provisions. secondly, we're going to enforce the hire american rules that are designed to protect jobs and wages of workers in the united states. we believe in workers first, does that make sense? right now, widespread abuse in the system allows american workers of all backgrounds to be

replaced by workers brought in from other countries to fill the same job for sometimes less pay. this will stop. american workers who has long call to end business visas, and today their callings answered for the first time including taking first steps to set in motion a long overdue reform of h1b visas. right now, h1b visas are awarded in a totally random lottery, and that's wrong. instead, they should be given to the most skilled and highest paid apply cants, and they should never, ever be used to replace americans. no one can compete with american workers when they are given a fair and level playing field, which has not happened for decades. we're using every tool at our disposal to restore the american dream. in fact, when it comes to

wasteful destructive job killing regulations, we are going to use a tool you all know very well. it's called the sledge hammer. that's what we're going to use. we're going to stand up for our dairy farmers in wisconsin. [ cheers and applause ] i've been talking about it for a long time. that demands really immediately fair trade with all of our trading partners and that includes canada. [ applause ] because in canada, some very unfair things have happened to our dairy farmers and others, and we're going to start working with that with ron and scott and with paul and representatives.

what happened to you is very, very unfair. it's another typical one-sided deal against the united states, and it's not going to be happening for long, so, scott, you, ron, myself, and paul and everybody else, we're going to get together call canada, and say, what happened? they might give an answer, but we're going to get a solution. we know what the solution is, all right? [ applause ] if they can't do it, we'll bring reince, are you ready? we'll work on it hard, immediately, today. it's a terrible thing that happened to the farmers of wisconsin. the fact is nafta has been a disaster for the united states. a complete and total disaster.

we're going to do some things, and we have all sorts of rules and regulations that are horrendous, like one that started to negotiate with mexico immediately and we have these provisions where you have to wait long period of times, notify congress, and after that, you have to get certified, then you can't speak to them for 100 days, the whole thing is ridiculous. nafta's been very, very bad our country, very, very bad for our companies and for our workers, and we're going to make some very big changes or we'll get rid of nafta once and for all. it cannot continue like this, believe me. [ applause ] big things will be happening on trade with other countries over the coming months, and i mean, very big. we're also working with congress on tax reform and simplification

and we're on time if we get health care approval. press every one of your congressmen, press everybody. we want to get that approval. it makes tax reform easier and makes it better. it's going to make it steeper, bigger, and that's what we want to do. we're in very good shape on tax reform. we have the concept of the plan. we're going to be announcing it very soon. health care, we have to get the health care taken care of. as soon as healthcare is taken care of, we'll march quickly. watch. we'll surprise you, right steve? right? secretary of treasury? [ applause ] i see sean. stand up, sean. i had no idea. i was told a year ago, so great, i was told he's a world champion climber, climbs the trees. after that, i look, every time i look at him, i look at him

differently. very impressed with that. he's good on television. very helpful, thank you, thank you. we'll rebuild our military and repairing our badly depleted infrastructure. that'll happen soon also. big infrastructure bill, used with something else to get approved in order to get that approved, but infrastructure is coming fast. this will be instructed with american hands, american steel, and, yes, american tools. as we work to restore the american dream at home, we're working to restore america's standing abroad. that strengthening partnership and ensuring friends and allies

pay their fair share and that very much includes as i said in my little statement to paul, it also includes the nato companies and countries. they are really sort of letting us down in that one respect, and we don't want people taking advantage of the united states, and that's not going to happen for very much longer. i'm going over there soon and we'll have it, and everybody's going to be paying, and they are going to be a much happier country and much happier world. no matter the circumstances, everyone will know we act from a core conviction that america's strength must be unmatched, and it's first priority, unquestioned, the safety and security of our citizens. this is the surest path to a peaceful and prosperous world for us all. together, we can build a better future in the spirit of this

company's earliest days. great company. great history. i recently learned that decades ago in the 1920s, when your salesman entered a dusty repair shop or a beautiful stained garage floor, he would find a spot to lay out a beautiful green felt mat, the people of the company know what that means, and on that green felt mat, he carefully placed a agreementing set of new snap-on tools. the founder the of the company wanted customers to know that the tools of the mechanic were just as important as the tools of the doctor, the dentist, the politici politician, or the business leader. that his craft was a noble craft, as noble as any. this is a wonderful story about your company and its wisconsin

heritage. wisconsin has a great heritage led by incredible people, but it's a story that tells us a lot about the american spirit. we honor work, grit, craftsmanship, we honor the men and women who turn dreams into reality with their own two hands. in america, we honor all of you. we are a nation of builders, the country that dug out the panama canal, that put a man on the face of the moon, and that lenged our cities with majestic railroads and curving highways. we are the country on the cusp of the next invention. we can only get there with all of you and restore this nation we love so much by working and

building with all of you. we can only get there together we are the one people sharing one destiny saluting one great beautiful american flag. i'm thrilled to be here today to celebrate our great american heritage and proudly embrace a great american future. i want to thank the people of wisconsin for doing so much for me. that's why i came back here, not just for the company, frankly, but for the people of wisconsin, you are so incredible to me and my administration, and we'll never, ever let you down. god bless you. god bless the american worker. god bless the american dream. god bless the united states of america. thank you, all, very much. [ cheers and applause ] tremendous honor. thank you. [ applause ] thank you very much.

[ applause ] >> president trump in kenosha with a wide ranging speech preparing to sign the executive order that will call for some reforms and how it pertains to government agencies and how they buy goods and services for the country, buy american, hire american, and a review of the h1b visa program as well. >> watching the markets off lows, dowdown 100 points, mentioned they are working on tax reform and expected something to be ready soon, but steve, himself, basically told the financial times that the august timetable is not realistic. don't know if that had anything to do with a lift here. the russell has turned green. small caps. everybody else, though, having a down day. >> he got out early to speak, told he'd sign the executive order at 3:50, but he wants to do that now. hang in there, guys. watch this? all right. let's listen in.

there's the president signing this executive order. okay, a tremendous honor for me. [ applause ] ♪ >> there you have it. in the next half hour, you have the ceo of snap-oncoming on. >> we do. speaking with him in a first on cnbc interview.

president speaking highly of the company there, tools behind him, and snap-on exposed to the auto industry, back to the softness there. >> they have many offices around the world. i wonder how their business would be affected by some of the immigration policies, and by visa issues as well. >> moving out, this is candidates in the past, and numbers today dipped or i should say this year dipped for the first time in many years. the actual number of people applying. all filled in a five-day peer. there's a scramble if the talent. >> the will be leaving soon headed to washington on air force 1 while we watch the market come back just a little bit. we were down 174 at the lows of the session for the dow, down 108 point the now at 15 minutes left. >> despite recent controversies, facebook stock seems to be unstoppable. not everyone is quite so bullish on the social giant's prospects those. that debate coming up. think again.

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facebook's developing conference kicking off, using the time on stage to address issues with facebook live. listen. >> we have a lot more to do here. reminded of this this week by the frank di in cleveland, and our hearts go out to the family and friends of robert godwin, sr., and we have a lot of work, and we'll keep doing all we can to prevent tragedies like this from happening. >> for more on how the concerns over content could impact facebook's future, let's bring in rob who is bullish on the stock, and james with a neutral with us at post nine. welcome to you both. you have taken all this in stride. you think there's going to be

longer term impacts of the business here? >> oh, no. i mean, this is just a problem that is a product of the cell phone revolution of live video whatever the platform. there's no way to stop it, really. that's the challenge that facebook has, but ironically, this stuff actually helps them to get facebook live out in the media, and -- >> oh, god, don't say that. >> any press is worth something, you know, i don't know, but, you know, it's a horrible problem. they have to deal with it. there's not an easy solution because live is live. >> what do you think? >> i mean, look, at the end of the day, advertisers still continue to come to it because 30% of the population is on there, but this begs to question about, you know, how do you police the content, the fake news on top of that and dealing with advertisers, you know, the metrics and quality of met rigs they are reporting, and the instandpoint articles, the publishers coming on there, and i think the biggest take away from f8 today, the fact it was a

completely defensive move. you know, it was how do we combat snapchat. that was the number one take away, and it's funny they positioned themselves as a camera company on top of that. >> you're neutral, because of valuations? >> it plays into it. i can make the case if you go out to 20, it is a cheap stock, but at the same time, it's just a lot of things the company needs to focus on, and at the same time as all the balls in the air, and the fact that this is the one company i would say where you have the greatest mismatch between expectations versus what the conceptions are. you need to -- you have a high bar. >> i have to ask this. if facebook decides longer term it's not worth the risk, rids live, and decides to buy cont t content, would that hurt the stock's performance. >> >> no. i don't think it's likely. facebook i don't thinkments to be in the content business. i think they want the platform business. i don't think they will be giving up video or live video

any time soon. i think they are all in here, and there's a ton of money to be making, taking money from youtube by getting more eyeballs watching video on facebook's platform. all the moves they do at f8 with messenger and ar and live and all the things that are doing makes the platform deeper, richer, engrossing, and, really, they are killing any competition that might come and eat their lunch. we love the position they are in. >> all right. this deserves more time, but we don't have it right now, guys, but thank you for your thoughts of the challenge. good to see you, thank you. >> markets down 108 points, closing countdown in a moment. >> after the bell, earnings, more of them headed our way including ibm's. breaking down. you're watching cnbc first in business worldwide.

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and a team of experienced traders ready to help you if you need it. ♪ ♪ it's like having the power of a trading floor, wherever you are. it's your trade. ♪ ♪ e*trade. ♪ ♪ start trading today at etrade.com let's quickly review a coco markets. the dollar index a three week low, highlighted that. the dollar itself two-week low against the euro. the other thing lower is yields on the treasury curve there. the ten-year hit 216, 217 now, 2

of the lowest since the day after the election. >> we hit 2.2 at 11:30, and part of the european close and bund. >> once below 2.25, the most recent low, anything's possible here, and you can see 187, which would be the next major low that was hitting. we're getting ahead of ourselves. dow is down 103, was down 174 at the lows of the session, but i have to highlight, bob, the russell, it is positive now. that's come back in a big way. secretary stocks doing better than blue chips. goldman sachs the loser today because of the earnings. >> i want to point out and contrary as i do i like regional banks, look at regions financial, good numbers overall, but guidance for loan growth was weak. these are big, big regional

banks. pay attention to that. a lot of heavy volume, the etf today, people were following europe, be in bond yields, the story now. >> they are. waiting for ibm's earnings and chief financial officer and ceo of snap-oncoming up on the second hour of "closing bell" with kelly evans. see you tomorrow, kelly. >> thank you, bill. welcome to "the closing bell", everybody, i'm kelly evans. another story on wall street, a huge rally, the dow giving that back. dropping 113 points on to 523. that's more than a half percent decline, and as you can see, the dow is by far the worst perfo performer today. goldman down 4% after the bell on earnings this morning. jj, johnson and johnson a similar story there. the s&p 500, meanwhile, down

less than a third percent, a drop of less than seven points today. the nasdaq down a tenth percent, and russell, that turned positive after the president was speaking in wisconsin is positive on the close by less than a point. 1361 for the small caps there. now, we've got names set to report earnings after hours today, and they are headed our way. we'll cover ibm's results, and yahoo!'s, and we are surprised they are reporting at this point. feels like that period passed. in any case, thank you, both, see you shortly. hear from ibm's cfo before speaking to analyst to talk about the quarter. on the panel today, we welcome michael santoli, survived spring break? >> i did. good to be back, great to be back, but better to be back. >> daytona? >> not quite. spring breakish nonetheless. >> reuters as well, and welcome to you. >> hi.

>> mike, what do you think of the market just putting its -- it's been a weak stock, but put it in context. >> on the whole, looking back ten days ago, two months ago when they got up to the level, right this minute, it's been leaning heavily on the defense. put it that way. treasury coming in, quick response, widening out just slightly, feeling general, defensive tone, basically megacap growth stocks and utilities and telecoms. how long is it a dynamic or gathering energy for the upside move or see a panic downside flush days or two, a fad pick to buy. >> stunned how the yield fell so much, below 2.2% now, i think, but i was remind the it was below 1.9% when the president was elected in november. maybe it's the last place to

unwind. >> yeah. i mean, it is not a ton of reasons out there to this to think it's growing beyond where it was in november. it's not like anyone's going it start to expect this. there's a lot of things out there that's a safety trade going on as well, right? i mean, if you look at european assets at the moment, it's not a great time to fill your boots up with french treasuries and french stocks and stuff like that, so there's a drift to safety, i imagine, going on out there. >> that's for sure. going back from the earnings we've had, a lot of investors waiting on the period to be a cataly catalyst. not politics, decent earnings growth, and to some extent it's become okay. i mean, somewhat reashuring looking at the stock reactions there too. some of the regional bank earnings are good, but, you know, a big miss like goldman is parent to the dau, changing sentiment? >> it is. it's going to be catalyst on a

company by company basis, of course, looking at 5% annualized growth in terms of the consensus forecast outside of financials and energy. what do you pay for that? well. the s&p's up 13% in 12 months. a lot of that is in there. i think it will be okay. it'll keep the story in tact for earnings rebound for 2017, but it's all about every earnings season is a referendum on what's priced in. >> two main -- if we look at 10% earnings growth in aggregate, half is financials and energy and the benchmark moving lower and oil price, then what's that -- >> that's why the market has been so hungry for other potential catalysts that could get nominal gdp up, meaning inflation plus real growth. they want it -- that was the rate, the trump trade. now argue people gave up on it. >> maybe bank of america needs more too. the response to the earnings report was, like, pretty impressive by some of the analysts there saying, look, increasing revenues, even

interest market looks better, you know, even finally through the rising rates, the equation, looking well poised. when dick bove says it's jpmorgan and more so bank of america and citi where you want to be, not goldman, you feel it changed. >> it's changed, but i think you can go to a bank of america and say, they are doing absolutely everything within their control to maximize what they can do, but what they a yield curve is doing what it's doing, not necessarily flying, and loan volumes are not impressed either. it's like, you know, again, what have you priced in? they are well above where they were before, even goldman is basically still above where it was two days after election. >> and bank of america is up 16% in the past year, rob. by the way -- >> that's a good one. yeah. >> also, telling us he's going to press on those expenses like you wouldn't believe, exactly what contributed to today. it was there, but more about the bottom line too. >> remember, it's about valuations too.

the stock is -- i think it's the biggest beneficiary in the trump trade in the big financials, right? trade iing 9 had 4% of book val. that means investors are expecting to make something like a 9.5%, return, you know, on equities, but it's not looking at that, it's 7.3%. just another example of getting ahead of the fundamentals, and so you're going to need to st p sustain valuations. hope there's something there's not key evidence of arriving, like income tax cut and things like that. >> yeah. meantime, yahoo! earnings we mentioned are in. straight to josh with the results, josh? >> yahoo! reporting eps's 18 cents, beat expectations of 14 cents. revenue of 1.33 billion, street was expecting 2.3 billion. fundamentals took a back seattle to the sale of yahoo!. sale of yahoo! to verizon.

saying it anticipates the closing to occur in june of 2017,zon reduced price of transactions to 4.5 billion after closing of the big tax. quick business metrics, growth revenue 799 million down 3%, revenue mobile video native and social, 529 million, and there was no conference call today for ya hoon. kelly, back to you. >> thank you, josh. mike, shares not moving much. >> not too much. by the way, the stock hit a 52-week high today. it's cracking alibaba, as it should as the certainty of the deal becomes closer. >> ibm's earnings hit the tape. how did they do? >> beat on the bottom line. we're seeing etf $2.38 versus

$2.35 as expected. however, coming in light on the revenue side, 18.2 billion, versus 18.4 billion. this is the 20th consecutive quarter of year over year declining revenue, up 20. the numbers to them, we have to watch strategic units including cloud and artificial intelligence watson unit. this was up 13%, 7.8 billion. i want to note it now makes up 42% of total revenue over the last 12 months, last quarter, that was 41%. it's increasing, although, slowly and not fast enough to make up for ibm's declining legacy software and services business. also, just want to tell you, guidance they reaffirmed guidance, big blue, etf up $13.80 for the year. back with more highlights, kelly? >> thank you. shares down 3.5% after hours.

ibm cfo breaks it down in a couple minutes. we know the story for ibm, of course, shares up 40% off their recent lows over the last year. that's a high bar for this report. >> and they are working off, i think, some of the optimism at the highs, which was like about 183 a share, so in the last couple months, they backed off a lot. second, it's because, you know, maybe the story about the faster growing pieces of the business finally getting traction. very well absorbed. i think they have to sort of deal with the fact, look, there's still a lot of legacy business to tear through, and it's not really translating into top line growth. >> rob, i can't walk down the street without seeing watson everywhere. at hr block, subway, he's everywhere. >> fantastic marketing initiative. this is still dead tech walking. i mean, big dead tech walking. it's -- what is it now, five years of declining revenue. it's, look, watson is an

interesting concept. you're not seeing the benefits pull through. again, it's gone up 40% from the lows. >> yeah. >> look at the five-year chart on this company. there are other better places to put your money in the sort of tech space. >> yeah. morgan stanley went bullish on them not long ago. there was a time they had a couple annists on the whom street in the last three, four years with a buy rating. >> able to make valuations and say, look, there's a big chunk of ibm that looks like a center in terms of the services business, and that created a much higher multiple, putting that multiple on the pooes of ibm. you can make a bullish piece good on some parts, but the problem is the whole thing is not in gear all at once in any given quarter. >> back to yahoo! for a moment not because the stock is doing all that much, but it's the most exciting sector right now all the sudden because you get past

auctions, there's major deal making taking place, parent companies launching a wireless company, charter is going to do the same next year, it is everybody talking about who is going to swallow who here? how does it shake out? what's it mean for the consumer who is used to the triple play and having, you know, wireless phone, and now it's all going to change quickly. >> yeah. the story's been convergence forever, for 25 years, but it's converging in different ways, and you had that deal today that we talked about earlier, about veriz verizon, corning, and fiber at every doorstep. that raises the possibility of broadband just am bee yent broadband, stream on your own. you don't necessarily need the in-home. that's why everybody is desperate to figure out contactually their placement. >> that's the thing. is it in the sense that you have your phone, that's all you need, or, you know, so it's like who is going to win here. the person streaming in the l m

living room, how quickly does the overlap happen and battle lines drawn. >> it is exciting. when you first said that, like, oh, really, kelly, phone companies? once you think about that it's a free-for-all, and that there will be competition potentially for all of those bits and pieces outs there, i mean, that, to me, is exciting. just consolidation and monopolization and a government that allows all of that to ham and the department not yet tested, i would be worried. the idea that basically everybody's getting in everybody else's business, we win. shareholders, though, that's tough. all the cap x in some of the businesses, cable, whatever it is, that could be wasted. >> we have to go, but the ultimate content is as important as it was in the last round of consolidation. >> absolutely. >> makes sense why there's telecom companies buying media companies and what have you. it's not crazy much it's all happening. >> that's right.

you have to distinguish yourself. none of the companies want to be the proverbial dumb pipe, and content is how you get around that as well having broader, you know, services, and in terms of, you know, always connecting. i think that's just going -- by the way, you say they are boring, but look at telecom valuation versus eutility, telecom is cheap. >> great point. >> thanks, kelly. >> robert from reuters breaking news. goldman sach slumping to a four and a half month low after missing earnings estimates and brapging down the market as a result. full details next for you, and the ibm cfo is next to break down the numbers. don't miss it. president trump signing a buy american hire american executive order today. the ceo of that company tells us how it impacts his business. still to come on "closing bell," you're watching cnbc first in business worldwide. (fans cheering)

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welcome back. >> hi, kelly, medical device maker with a b on top and bottom

line. first watching the bottom line results, earnings 5.09, above the consensus of 4.97. revenue a beat. the number we watch for when it comes to the company is the sale, and worldwide procedures grew nearly 18% compared with the first quarter of 2015, growth primarily in the united states market. back to you. >> leo would be proud. goldman under a lot of pressure today, though, after a rare earnings miss this morning. that set the dow lower. we are back with the banks. will? >> yes, indeed. no sugar coating of this mix. mainly due to training. currencies up 1% year on year compared to fixed gains. down 6% year on year. here is recently p lly promotedn

the first ever earnings call. >> within here, foreign exchange volatility approached the lowest level in two years with the dollar euro. this was a head wind for client volume. reduced volatility negatively asktsed client activity within another macro tick market, commodities. >> explaining further the miss was due to lower volumes rather than positions, but weak modties was a big factor, and the different business mix that they have with less lending compared to other banks. rejecting inquiries over the long term quality of their trading franchise, it's worth noting that this is meant to be seasonally their best quarter. comps easy year own year, and the fact is that they are trading on every decade. this was a big surprise.

all eyes tomorrow to morgan stanley guiding down their trading numbers in march to flat quarter on quarter which equates to up around 17% year on year, which would be in line with the other banks and make goldman sachs the outlier if they deliver the numbers to market. >> they closed lower today. interesting, mike, back to whether we're supposed to be reading through the results about the entire environment, or, you know, just interpreting differences across each business. >> with trading being the swing factor, i don't think you can say there's consistency bank to bank. in a given quarter, it's not a zero sum game, not trading directly against one another, but there are ditches in terms of the mix of what they trade. as will said, as goldman sachs, it's currency and commodities versus pure bonds. just the general flow of the client base. morgan stanley is a wealth management story, obviously, and, therefore, they should have benefits of higher numbers. >> people asked, does this mean it's the end of the trump

related bank trade, bank optimism. i don't think that's true at all, but two main reasons, bank of america, despite suffering, they actually performed in this number, and they are the biggest beater in terms of the trump-related trade, and, you know, yes, everyone has been down today, and, yes, they were down friday doing the beat to the like of wells fargo and jpmorgan, but at the same time creeds move. that's the big time to say trump factor is not over, trading this quarter, which, at the moment, we'll get confirmation of that by morgan stanley tomorrow. >> good stuff. see you then. thank you. ibm down 4% after hours, continuing this streak all the sudden with dow components. don't miss the interview with the ibm coming up next. later, discussing whether facebook should shut down its live broadcasting service in the wake of that murder being shared on its website. stay tuned. more closing bell.

cl

clvp. welcome back the stock down 3.5%, focusing in after hours, joining us now in an exclusive interview the company's senior vice president and chief financial officer, hello, martin. >> hi, kelly, thanks for having us. >> absolutely. let's talk a little bit about what happened in the quarter. what was the biggest headline, probably, you guys don't like,

but it's 20 straight revenues decline, making for five years. what is the goal for returning to growth there, and how quickly? >> yeah. it's an interesting framing of the question, kelly. so, first, within the quarter, you know, we saw good growth again in the strategic imperatives, played out as expected. we've been talking about continued double digit growths in the strategic imperatives in the first, driven by clouds, analyti analytics, by the mobile and security businesses, and so those continue on the track that we've set a number of years ago to get to 40 billion. in fact, we're ahead of that track when we just do pure math, so the growth in the strategic imperatives, where we invested and focusing on our clients into moving them into the new world, that continues pretty well. also in the quarter on an earnings perspective, you know,

we finished at about where we said we would be. we said we'd get 17% of the year done. translates roughly to 235 and finish finished pennies ahead. right on track what we said we'd get down in the quarter in terms of the year. in terps of transformation, you know we have not been solely focused on just that top headline number of when we print growth. had he wanted to bring growth, we would have divests businesses, rescued our investment overseas, where, obviously, there's a currently, so that's not been our focus, and so that 20 quarter headline is probably not the framing we're thinking about. we're thinking about -- >> yeah. >> how do we continue to move the business and our clients to get the growth? now, the portfolio, that will grow. confident the ibm company grows again. we take time to make sure we invest in the right places and get the kind of margin high

value profile we look for. >> as mentioned, our shares, went up quite a bit. going more into this year, they flat lined a little bit. so i'm mentioned comparatives, and if i have this right, it's now 42% of the trailing revenue for the year which is quite a bit of a big number. obviously, that's where you focus people, so explain to us a little bit does that include the cloud business? is that just part of it? you know, where does watson live? what's the house look like? how much is a growing? >> sure. the strategic comparisons in total encompass our cloud business which is both cloud in a private cloud met trick as well as our ad for service businesses, including analytics business, which had good growth again in the quarter, and analytics contain our watson businesses, if you will, and then they also have in it our mobile and security businesses. watson is a technology is a silver thread that runs through

much of the businesses, so, for instance, our security business now has watson technology embedded into the offerings. i wouldn't call that a watson business, but it's certainly using the watson technologies. we'd expect to use watson technologies broadly. it's in the way we run ourselves, our global technology services business, and how we run a cognitive delivery platform. watson as a silver thread runs through these, but in total, where we see the enterprises moving, they are moving to cloud. they are moving to more analytics and clogging up solutions and moving to mobile and secure applications. >> yeah. just a couple quick questions. i may have to speak with the analysts as well, but buybacks, ok, you guys have done a ton of, but it's floated a little bit lately. is that because of the stock price's move, what's the plan going forward now? >> well, we have a financial

model to return about 70 to 80% of our free cash flow to the investors. it's the model i think they accept and understand. now, part of that is through the dividend, only, continuing to return through the dif den, and, in fact, our financial model allows us to continue to grow our dividends with the profit growth, that's part of the return. the rest of the return comes through share repurchase, and while we're down relative to maybe 4, 5, six years ago, we are at a pace now consistent with what our investors are thinking, which is kind of a consistent 2%, 2.5%, 3% share reduction every year. we have enough financial flexibility to ensure we can continue to pay the dividend, grow it, as well as reduce share counts over time, and, of course, that leads us with a enough financial flexibility to continue to acquire and invest as well. >> yeah. price not a factor there. let me ask about the staffing issues that came up in the president's executive order

today. reigning in the visa program, which a lot of companies use to recruit talent, you guys, in particular. does that mean you have to change your strategy for the visa program going forward and use it less? >> yeah, no. we would encourage some changes to that h1b visa program to reign it in and use as we do. which was the intent. intent was for short term high skilled kinds of visas which is exactly how we use them. there are, clearly, some companies that have built an entire business model around that visa program, which was not the intent. we would encourage some changes to the program. they don't have a material impact on us. if they changed it because we use it in the right way, again, short term, high skilled. >> so, martins to be clear, what's an example of not using it the right way this is going to get at here? >> when you brichk ng in massiv percentage of the work force, opposed to what we do, invest in training, use local skills, or

when you do not invest over the long term like we do for the vtech program, creating a pool of graduates and six year high schools coming out with the associate degree, you rely too heavily on bringing in a large percentage of the work force. that's not the intent of the program. the intent of the program was to fill high skilled short term needs when you have a skills gap. >> yeah. i know some of the big outsources or some competitors do do that. did you bring it up and explain it to president trump? did you have the opportunity to meet with him? >> we have been pretty vocal on the use of h1bs, and been vocal on the need to invest in your work force, which we do heavily. we spend or will spend over over a given period of time billions to ensure our work force has the right set of skills, and been quite active in the discussions

on our vtech program, all about getting our americans ready for the jobs of the future and what we've called new collar jobs. she's been verydealing with the we're dealing with in the country. >> the president mentioning vocational training. martin, thank you for joining us today. >> thank you, kelly. >> the cfo of ibm. it's time now for a cnbc news update with sue. hi, sue. >> hi, kelly. this is what's happening at this hour, everybody. a developing story, fresno's police chief said three were killed in a shooting in downtown central california. that's where that city is located. a suspect is in custody. the shooting happened a couple hours ago. it occurred near a catholic charities building. attorney general jeff sessions speaking in washington says the justice department is ready to crackdown on violent street gangs. he singled out the ms13 gang with 10,000 members in 40

states. >> let me state this clearly. under president trump, the justice department has zero tolerance for gang violence. transnational criminal organizations like ms13 represent the gravest threat to our american safety. >> on a lighter note, we all know that the coffee business is competiti competitive, so starbucks got in on the unicorn craze. with that, limited edition unicorn frappichino drink is available tomorrow through 23rd at participating stores. that is so right up my kids' alley. it's not up mine, give me the espresso or latte. >> there's a unicorn craze? >> i didn't think there was. >> it's a meme, i think. >> really? >> yes, absolutely. the industry is out there.

i don't know where it came from. it's been happening for a thousand years. >> yeah, well -- >> yeah. >> but -- >> i -- >> social media thing with the kids. >> that's true. sue, black cap -- everybody go to blackcap.nyc.com, and i wonder if the over the top milk shake this new york city bar makes does it justice. >> i read about that. yeah. cool idea. >> exactly. thank you, sue. >> sure, you got it, kelly. >> filling us in on the unicorn craze. buy american, hire americanment that is the theme of president trump's executive order which he signed in wisconsin. the ceo of snap-on tells us how the new policy impacts his business and hiring next.

later live to atlanta where a special election is held, an early referendum on trump's presidency. stay with us.

dow closed down, and we are down 185 at the lows in the

session in the middle of the day. the s&p 500 closed down 7, nasdaq 7.5, russell lifted a little bit in the time few minutes of the trading. i don't know if it goes back to what president trump said pointing to the secretary saying there's movement there on tax reform, but in any case, there you have it. shares of ibm lower after hours after reporting quarterly revenue miss, 20th year on year revenue decline, shares down 3.5%. president trump signed a new executive order continuing america first push and calling on to revise the h1b visa program. ylan has the details. >> reporter: you know, he signed these orders after a wide ranging speech that attempted to reaffirm the economic message he ran on during the election, even though the president's agenda has hit roadblocks here in washington. on tax reform, the president said that they are close to a proposal, and he has confidence,

but he once again brought up that health care is a prerequisite to tax reform. >> we have the concept. plan. we're going to be announcing is very soon. healthcare, we have to get the health care taken care of. as soon as healthcare is taken care of, we are going to march quickly. just watch. >> reporter: trump warned he's willing to get rid of nafta although the plan is not quite that dramatic, and the president said an infrastructure bill is coming fast. the president signed that executive order on trade and immigration targeting loopholes in rules that require government agencies to buy american products. the other reviews the lottery system used to determine h1b visas. the u.s. chamber of commerce criticized the move saying restricting high skilled workers would be, quote, a mistake, and warning that expanding buy american rules could wind up closing off foreign markets to businesses here at home. kelly? >> all right, thank you, ylan.

for more about the visit, we are joined in a first cnbc interview by the snap-on ceo. welcome. thank you for joining us. >> glad to be here. >> what's it been like the last couple hours with the president in your factory, right? what did he say? >> well, not a factory, the design center and inno vags work where we turn out new tools, turning out thousands of new tools every year, but had is the first president in our 97 year history visit, so we are pumped bout it. >> we wonder was there a connection there? there's a lot of kenosha in the administration, right? >> there is. reince went to high school a mile from here, paul ryan, this is his district. we know them both well. we like the idea of buy american. making a statement that american

forev manufacturing is essential to the future. snap-on, american steel, by our skilled workers and right into the hands of professionals, enabling them to do tasks most critical. we're a great example of american manufacturing. >> interesting, on that basis, the fact you already are u.s. centric manufacturer, your work force domestic. what do you expect to come from this besides just a statement from the president he would like to put more emphasis on other companies doing the same thing? >> well, look, we said for a long time that one of the things about manufacturing and, in fact, any technical career is that they are viewed as the constellation prize of our society in america. we' we've, in a way, found respect for the dignity of work is in the clips now. people view those jobs as a consolation prize, and the

president coming here saying we honor grit. we hop nor making things, saying that american manufacturing is important to the future and we're going to focus on it is important. and that -- >> yeah. >> creates an ora that i think restarts the animal spirit around investing american manufactures and emboldens american businesses. >> the journal had a story the other day talking about the challenges of relocating supply chains to this country. do you think in order for people to jump on the band wagon and because now maybe there's some status from coming to say "made in america," that's -- do you see this playing out at all there's a little of a revival of the parts and assemblies and factories that need to be here in order for all this to actually work? >> that's right. i mean, the national manufacturers did a survey saying that 93% of manufacturers are now optimistic about the future. that was 56% just a few months ago. the thing about it, the

president also mentioned in his speech speech, not only the importance of the restoration of the dig any ty of work, but matching eye dentification to the jobs in the workplace. one of the seminal issues of restarting manufacturing in the united states is upscaling the american work force. matching that curriculum to what is needed in the workplace now, and attracting good people by saying, these jobs are not a consolation prize, but an american calling. as he said. >> yeah. >> we honor grit. we honor building things. >> last question, just about the awe though business because you guys have a lend into it. what is happening there? is it softening? are the -- can you tell us what you see playing out? there's a lot of concern. >> well, we're about to make earnings release in two days. it's not right to comment on something like that, you know, but i think the auto repair business overtime is a great business. >> all right. well, maybe we'll talk to you after the earnings. thank you for joining us today. >> okay. >> appreciate it. very special day for you guys. >> sure. all right, thank you.

>> the ceo of snap-on. now, earlier today, the suspect in that easter sunday facebook live murder shot himself in a confrontation with police. the latest chapter has professionals questioning whether or not facebook live should be shut down. we'll have more next. special election for georgia's sixth district, but it's shaping up as a referendum on the president. we are live in atlanta coming up. so what else is new? how's your mother? umm..she's doing good. she needs more care though. she wants to stay in her house. i don't know even where to start with that. first, let's take a look at your financial plan and see what we can do. ok, so we've got... we'll listen. we'll talk. we'll plan. baird.

>> welcome back. facebook live streaming service against some controversy this week after a murder was broadcast on the platform. it was addressed at the f8 conference this afternoon. >> we have a lot more to do here, and we're reminded of this this week by the tragedy in cleveland. and our hearts go out to the family and friends of robert godwin, sr., and we have a lot of work, and we'll keep doing all we can to prevent tragedies like this from happening. >> at this point, one question is whether facebook should shut down live streaming all together. joins us now is allen murray, great to have you here. >> great to be here. >> dan, you're the streaming expert here. i want to ask you, you know, facebook going to keep this

going going because it feels to me like this is more of the beginning of the content that could be seen on the platform. >> thanks for having me. it is the content we are seeing, even if facebook shut it down, there's other avenues where it can go on with youtube or other sites. i don't think the problem is the end game of shutting it down, but the problem is we need the technology to tell what content is uploaded, hard to do, because of the volume of video uploaded every single day. >> right. allen, fascinating, this is what traditional media dealt with for hundreds of years now, but there's been people in the middle making decisions, and, you know, institutions that have a practice about it. what do you do with this new kind of technology? >> oh, i think there's a lot you can do. you know, facebook likes to say we're not a media company. it's not our responsibility. well, they are a media company. we know that more than half the population gets news over the facebook platform, cnbc can't

say that. only because we put it autoover the facebook plas form. it's a huge media provider. they really to have step up and take responsibility. glad to see what mark said at the f8 conferences. they are slow to take responsibility for this. >> this is what's been argued. provider the same as publisher? if that's true, it's back to the point of the interpret. if they are responsible for the content on their pages, there's more implied by that. >> i think that it's a pucks of size. when you become that large, you have associate responsibilities that you don't have when you're a startup. i don't think there's any way they can avoid it. i mean, the good news is they are a very clever technology company, and there are a lot of ways you can use technology to deal with things like this, revenge porn, dpfake news, a ho of issues to address more aggressively than they are now using their technology. >> you know, and, dan, just to that point, obviously,

facebook's own self-interest to figure out a way to try to have some protocols to prevent or get on top of the issues when they come up. you mentioned how hard it might be in realtime with a live product like this. i recall, you know, just a couple weeks ago, youtube had some kind of threshold of 10,000 views before they would pay people who upload content. algorithms need the sample size to figure out exactly if it's objectionable or not. >> it's a hard problem. the other thing to look at with facebook is, remember, one tenth of the videos played back every day on facebook or live. live or google, they make money. they put advertising around the contempt. i think they have a responsibility to not only to all of us, but to the advertisers. look what happened with google and youtube with ads around content advertisers were not comfortable with. to the point, though, we have technology, artificial intelligence, other algorithms coming out to make it easier, but it's hard to do when the contempt is uploaded.

>> that's a good point. i think they will listen more quickly to the advertisers who provide them what, $30 billion in revenue, than those for us in the media complaining about their practices. >> well, sour grapes. >> yeah. >> look what happened with >> it was the same thing. advertisers pulled out one by one for appearing for whatever content. we had a guest the last hour, we made the point, look, this just reenforces how ubiquitous facebook is, how irrevokable a part of our lives, is that going to chase facebook away? >> facebook is ubiquitous. this is how people are retrieving over the facebook platform. if you listen to the whole zuckerberg speech, you can tell his main concern is not people uploading videos. his main concern is somebody else like snapchat will come and take his market away. so they're really concerned with

when gauging consumers. they have to spend more time addressing these problems. >> that's an excellent. point alan murray, dan rayburn, thank you, sir. a good discussion on facebook t. race is on, it's shaping up versus donald trump. georgia's sixth congressional district. how is president trump tweeting against the 30-year-old democrat. how the president is so invested in that local race. while president trump says his tweets haven't changed him. his business has, oneco founder will be on to explain why it will be better for companies, that's tonight on ""fast money."" ♪ whether you're after supreme performance... ...advanced intelligence...

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>> welcome back. one man may not be a household name in georgia. his name is well known in atlanta following the special election that has caused the attention of frankly the nation. >> because this is a republican district where they have a chance to win. >> that could have the effect of slowing down president trump's agenda, money is pouring here into the northern suburb, especially to jon ossoff's campaign, in 2016, they raised a million dollars, jon ossoff raised $8.3 million. he is using that money to skew the turnout in the democrat's direction so he can get more than 50% of the vote and win outright. republicans are using their resources to get the normal

republican turnout, including with a tweet from donald trump just a few minutes ago. and the conversations that we've had with voters here indicates that both sides are having some success. >> our leadership is the worst we've ever had. we were all scared. they're cutting all the vital things that we need in this country, like meals on wheels. we're scared we're going to war. he's unpredictable. you never know what's going to happen. >> i like trump and hudson hails is who i will vote for. he's got good principals. >> if you look at the pre-election polls. jon ossoff, if he doesn't, he faces a runoff against his chances going down on june the 20th. the one thing we can say so far before the votes are counted,

very heavy turnout here at this high school in de kalb county, you got almost as many people have voted so far today as voted last november in a general election. >> that is very unusual, kelly. >> yeah, it feels like he will do it today or the republican would be able to consolidate all of that and maybe be more traditional. we all be watching. thank you for being down there and bringing it to us. our john harwood in atlanta. three up, three down, major baseball players hoping to add that addage, we'll have those details next.

welcome back to major league baseball players association is launching a new app call infield chatter. it's designed to be a social community with fans and professional baseball players with things like two-way video chats. is this these times of specialized things are the real threat to facebook? >> i don't know a threat directly to facebook. i see an appeal across a lot of different interest areas, where you don't want the intermingleing of every single thing they're interested in, in one spot like a facebook or twitter or instagram. maybe you want a little more of a specialized look at that

world. >> the big question is mr. baseball going to sign up? >> well, i downloaded it for research purposes. it's very bad bones right now. i think my concern, look the 16-year-old, me knew smartphones existed back then, i probably would have done. so i think the big question, will it be a hyper sanitized session at the game? >> for research purposes. >> i'll come back. >> that does it for requests closing bell." fast money begins right now. >> "fast money" starts right now, overlooking new york city's time requests square. our panel, tonight on "fast," check our shares of ibm sink after its earnings report. >> that call is under way. we will hear about the quarter in just a few moments. plus, president trump wishing his "america first" agenda with the new buy american, hire executive order, jim vandehei