the street". things have shifted. check out financials still in the green, fraction swral fractionally higher let's sends it downtown for the start of "squawk alley". good morning it's 11:00 a.m. ge headquarters in boston. 11:00 a.m. on wall street. "squawk alley" is live

♪ good monday morning. welcome to "squawk alley". obviously watching the markets this morning some of the big tech stocks taking out their loss from friday as they are under pressure for a second day in a row. analysts issued a rare downgrade for apple saying the stock has limited upside potential fang is under pressure we thought friday was a one day dynamic, some of these names are proving otherwise. >> a bit of a rebound, though, in tech. i watch a grouch tech stocks and i was looking at one points in the 10:00 hour there were about 39 of them that were down 3% or more

i'm looking now and it's six are only down that much. so quite a rebound i think apple is a prime example at the heart of this i take the point, bob pisani was saying earlier he doesn't understand why people say apple is overvalued. there's this valley of doubt on apple that usually happens right around late august to late january people start saying oh, this iphone, this next one isn't going good enough. there's never been an iphone as good enough as far as investors are concerned. this time they are expecting a big cycle. >> the point is more the consensus doesn't have a lot of upside, right? people are excited about this phone. >> that hardly ever happens. when people are excited now they are almost sure to feel let down when they get the news sometime in mid-september what happened to the stock because investors feel let down doesn't mean the phone will be let down

we won't get the numbers until january. >> when you talk about the sell off in tech which is now going on you have to talk about the outperformance of this group so far this year and the fact people thought it was right. the market up until friday was up 9%. facebook and amazon were up more than 30% yes it's correcting here but i think that's why mike santoli said it's too early to see if anything a little bit more violent is happening it's aligning quickly. you're seeing a rotation into groups like the banks which came off their best weeks since early march and kept the market from falling deeper as a result of this big tech slide. >> even blackberry superbetter than -- is up better than 50%. amazon up better than 35%. >> one stock that's helping to offset the losses is general

electric ge bouncing after announcing jeff immelt is stepping down as ceo. john flanery will be taking over the position we're join by the former ceo, cnbc contributor and business full professor bill george bill, welcome. >> thank you, sara >> this is a perfect conversation for you in all your years of studying corporate leadership this market and whole tenure of jeff immelt worse performing dow component since back in 2001 when he took over. how would you grade aside from the market jeff immelt's tenure and leadership at ge >> sara, i would say it's mixed. certainly by the stock market it's not measured up he had a tremendous mountain to climb after jeff stepped aside and he's had 16 years but he's engineered a tremendous

strategic change in this company to move away from being a bank which it was moving towards when the reins were turned over in 2001 and emphasizing hi-tech and innovation and that takes time 16 years is a long time. if i were critical he moved too slowly, had to navigate two major crises in 2001 and 2008 when they almost went under and had to look for loans. but i would say he's got them on the right track now but it's up to john flanery to prove these strategies will work, the eco imagination the strategies in health care, infrastructure, transportation where he's trying to move a much more hi-tech. closing the headquarters in connecticut moving up here to cambridge. these are major changes and i would say jeff was too much in jack's shadow the first decade the last five, six years he's been his own person and moved much more aggressively kudos to his credit.

i'm surprised this was not choreographed the way it's normally been. it came as a surprise to most of us >> right is jeff immelt getting the steve balmer treatment he took over in the early part of 2000s when the stock was at a high took over from this iconic ceo when balmer was taking over from gates. stock price suffers through these big drops, but at the same time as you mentioned the company gets reorganized in a way that sort of has to happen might we be overly focused on thestock price as jeff immelt' legacy as some could argue, we're overly focused on steve ba balmer's legacy. >> the big difference i would point out balmer melt or stayed with office and windows and didn't do strategic moves.

jeff has moved them squarely in the new world but in a ge way of doing things on a global basis, big scale, things that he can take on big projects it's taken a long time to get that to happen and like i say, if i'm critical he didn't move fast enough to jettison and move away from some of the ge capitals on the short term side and now moving ahead it's a long term transformation. the jury is still out. these strategic things we won't know for another five years. i don't know, most ceos don't get 16 years to prove it it will be a wait and see whether the strategy will pay off in terms of genuine shareholder value. >> you know boards pretty well ge is arguing that the board four years ago that decided summer of '17 would be the time for succession does that make stones to you be that specific, that far in advance? >> well, yes

but why didn't they choreograph it why didn't they give us some signals. why is it coming such as a surprise early on a monday morning? wilks choreographed the whole thing. he moved immelt up to ceo for a year everything was laid out. the three candidates widely publicized story. here we had no signals we don't month john flanery other than he's a very good operator he's done a great job at ge capital. he's done a great job in health care he hasn't had any exposure beyond businesses. so he's now got to be in addition mr. inside mr. outside. jeff has carried that role with three presidents and done an incredible job even up to last week when he took a different tack than president trump saying climate change is real going against trump saying if government won't lead business has to take the lead that's to his credit will flanery do those things or

keep his head down and be more of an operating office center we'll have to wait and see as we get to know him better that's the kind of role that jack welch played and has always played for decades throughout its history being the leader in public opinion of the business community. i hope they continue in that role and i hope they start delivering more value in the next five to ten years i don't think long tenure serves them well. jack did well 30 years a shorter tenure makes more sense and then give some signals about it >> bill we want to get to the stock reaction we do have more leadership for more to expect for ge stock price let's bring in jpmorgan analyst. steven how much of a game changer is this leadership change for the stock >> yeah, sure. thanks for having me first of all, i think at a high level a lot like the ge capital

breakup felt a couple of years ago though significantly less transformative that one was basically waking up people who hadn't really looked at the stock because of the finance business, allowing them to, you know, get involved a lot of guys who were underweight the stock covered significantly thinking there was a major, major fundamental change the stock went up to 29 bucks. and that is the fundamental realities kind of set in on what was left of the industrial portfolio. faded pretty quickly over the next couple of months. interesting change here, definitely sooner than we would have expected. but from our point of view doesn't really change on the ground fundamental reality that the stock is still overvalued based on, you know, the cash generating power of these assets >> i did want to also get to the presence of the activist investors. no comment from trion today on

this move. clearly this gives them some breathing room to focus on p and g which is a bigger important, a company that has a sales problem. it's been struggling, underperforming. both at the sales level and at the stock price. should david taylor and p and g be nervous that in the short run ge has some relief and looks to be fixed >> every ceo has got to be nervous about activists in their stock and we saw that with dupont, what's happened with kraft and kind of the woes of that every ceo needs to worry about activists today. discuss that with ceos every time they come to harvard business school. we have a large group coming in today. david taylor should be very nervous. you saw what happened with unilever although they are not an activist 3 g operates like an

activist i think so i don't know jeff welcomed kneel vonn peltz into the company i thought that was a bit odd whether it was as friendly as i seemed to me, i don't know but maybe he gave him some good ideas. i encourage them to listen to those activists and sees if you can parse those out from short term monetary gains. we got get moving in ge and p and g. >> we'll leave it. bill george thank you as always for the insight. steven, tusa thank you as well busy morning for uber. the company's board of directors as you know voting unanimously to adopt all of the recommendation of former ag eric holder following an investigation into allegations of sexual harassment to the company. kara swisher is the executive editor and breaking details on

the story all weekend. kara, good morning to you. been watching your twitter feed as we work this morning and sounds like there's some debate about whether or not travis takes a leave. sounds like you know something >> i do. early this morning someone had tweeted he was not taking a leave. it's not been decided. it's up to him apparently. he can take a leave if he wants but not a requirement of the holder recommendations some people have been reporting it was in the holder recommendations and it's not they definitely have some issues of mismanagement and fixing those kinds of things and reading that memo i posted last week there's some issues how he conducts himself as an ceo we're looking at an attempt to overhaul a ceo rather than to put him to the side. that could change. it's uber so you never know. >> does that include michael >> no, he's gone he's negotiating his exit.

i would be shocked if that changed in some way. there was a lot of pressure. i do think the holder recommendations do discuss the departure of a number of different people so i think that's going through and still in process obviously very complex he's one of the most important executives at the company, a key lynch pin around fundraising and deal making and obviously he's a close confidant of the ceo that will be resolving itself if not today by tomorrow. >> kara, if travis kalanick does not take a leave can he remain ceo at the company and have these big change recommendations actually credibility or does have to step back and take less of a hands on operational role >> i think he has to do that, absolutely i think it's very difficult to get rid of a founder and he really is even though he was founded in a lot of ways a lot of founders in this

company. but in silicon valley the sanctity of a founder they try to keep them in those positions. a lot of learning for him. a lot of ceo education they are trying to hire a ceo candidate that has been slow going. been slowed down by these dramas around the company they need to get a coo in position get board members that speak back to him. they need to get executives that speak back to him. they don't have hardly any executives left. they are missing a cmo, cfo, head of engineering. i think the idea is to put around a strong leadership group around him to enable him to do what he does best and to stop the things he doesn't do very well which there are many, obviously. >> so, at this point, kara, would you say uber is better or worse off if travis steps aside. >> i don't know. you never know there's a lot of people who feel

he's redeemable. i know that's the case of huffington who is one of the independent board members. there's a lot of missteps. i don't know we've written about some pretty unusual things he's done and, obviously, i think the top is where everything starts in this culture which i think the holder report will talk about, you know, a hostile workplace, it comes from the top this is silicon valley and you can be forgiven for a lot of sins in silicon valley if you deliver. we'll see if they get people in place. we'll see if it has credibility. we'll see how the employees react. there's a lot of forgiveness to be had, i suspect, among people as long as they get serious executives in place. i feel badly for all of the employees to hear this news via our site or elsewhere. this has been a very bungled situation on the part of the companybecause they got to be thinking of their employees and keeping employees and making employees happy and also keeping

that valuation and attracting more employees to the company. they got a lot of competitors to deal with. >> as cramer said this morning if it was a public stock we would be shorting it kara, either to run it in the short term to be a strong number two is there one you're focused on >> no. i was just checking that this morning. there was a name i'm looking into but not close yet i think they could do it quicker, but i suspect they are not going -- they are going to try not to screw thunder and have a situation that they had before where the ceo leaves and then say something rude on the way out. not actually rude it was accurate they got to be careful the person whoever sirkts a man or a woman is to be very careful going in there understanding what the power dynamics are. it will definitely be changed without michael there. very strong confidant of

travis'. and then, again, there's so many empty spaces in the executive lineup, this ceo could probably do a lot to impact the way he gets, he or she -- i don't know if it's a woman or a man -- gets to run things. we'll see. >> kara, appreciate your intelligence on this we'll see you soon kara swisher joining us from out west when we come back fang falling out of favor we'll discuss that when "squawk alley" comes back. dow is down 32 .95. we cut the price of trades to give investors even more value. and at $4.95, you can trade with a clear advantage. fidelity, where smarter investors will always be.

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tech selloff earlier today xlk fell through 50 day moving average for the first time since april now rebounding pretty strongly this morning high flying names also we've been watching taking a turn lower. for more we're joined by dave mcclure as well as dan morgan. good morning to you both dan, i'll start with you kind of odd this morning seeing the tech's take such a beating compared to the broader s&p and dow and now they are rebounding. what do you make of it >> we swruft had a little bit of profit taking off sell off on friday kind of related to everything going on politically

it wasn't related to fundamentals if you look at the technology sector as a whole, trades at about 24 times earnings and we're expecting growth at around 27%. we had a big alibaba came out last week and said they expect 40% to 45% growth in revenues. there's been no change in the fundamentals more of a jittery profit taking session than any change in the core so to speak >> dave, rare investor who will say valuations look really rough. i'm completely staying away. what's your view on this market and effect on the broader innovation eco system. looking to be netflix and apple. >> well, when we're investing we invest into series a and b valuations aren't as crazy then. but attrition rates are high we see a small percentage of our companies make it to the unicorn

or ipo status, maybe only 1% or 2% actually. we get such a big return when those companies do exit, a company we invested in seven years ago just went public last year those returns were offset. we're not too concerned about the day-to-day fluctuation we're looking at long term appreciation of those companies. >> at times when the market is high it seems that people who have been at successful larger companies or more likely to leave and start their own thing how do you see today's market, say for the whole of the year up to this point affecting the eco system of innovation >> well, i think previously you used to see a lot of fluctuations in the ipomarkets have an impact on how venture capitalist invest and subsequently on founders and employees of companies but these days i think you're seeing as much money dmomg to the market from private source, really, really large hundred

million even billion dollar investments. ipo markets aren't the only source of capital and aren't the only impact or effect that will happen on investor and founder psyche >> it's interesting that a lot of the tech rally of 2017 has been underpinned on the rally of the chip stocks, semiconductor stocks where money is coming out. philly semiconductor index down as much as 6%. what does that tell us about the rally being shaped by these innovations that dave is talking about like ai and what's happening in gaming and some major changes in technology. >> if we look at the stocks and semiconductors, they are the building blocks for the rest of the industry you mentioned artificial intelligence and iphone 8. you're right that sector has pulled back a little bit there was a lot of enthusiasm about l.e.d. and that migration. but, again, i don't see any major changes in that sector

i mean i'm sure you guys talk a lot about broad come and nvidia had great estimates. it's more jitters than fundamentals and the stock is likely information technology benchmark in the nasdaq 100 or just kind of pulling back because of profit taking, not any change up in the fundamentals okay of course we'll be continuing to watch this both public and priecht sides. dave mcclure and dan morgan thanks for joining us. >> thank you when we come back it's not just the u.s., europe also feeling pain from this morning's massive tech selloff names investors should be watching when quk le tus."sawaly" at fidelity, trades are now just $4.95.

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goldman sachs tweeting a few minutes ago from jeff immelts departure from general electric.

it says congratulations to jeff immelt for leading ge through 9/11, financial crisis, slow global economy >> business statesman is a point we heard from bill george the fact that immelt was so vocal on issues like pulling out of the paris climate accord going against president trump. fifth ceo in president trump's manufacturing counsel to no longer be in the job since january. >> the others being -- >> fields at ford. >> always the fifth one. >> u.s. steel in a jeff immelt of ge. whether that says something about america's manufacturing sector in general, tough to engineer renaissance none of those ceos still at the helm >> 30 seconds to the european close. >> foelg the lead of wall street

where we're seeing a sell off in the european tech sector stock 600 tech index experiencing its worse one day decline since the brexit down almost 4% some of the big losers let's high light them. sd my cross asm, infineon and nokia. stock 600 tech index still up 13% so far this year if we switch focus to currency that's getting a lot of attention. uk pound continuing to fall amid uncertainty surrounding the future of prime minister theresa may after thursday's snap election cost her conservative party an outright majority 126 against the greenback. prime minister set to meet with conservative lawmakers a number whom are furious about her election outcome especially with brexit talks looming may is in discussions with northern ireland unionist party.

but it's a very different story in france where yesterday's first-round of parliament engineer election put president emmanuel macron's party on trend for a big win. final round of voting tax place on sunday. back to you. still seen as a big victory for him and for europe at large. thank you. let's send it back to hq with a news update with sue herrera. >> good morning. here's what's happening for you at this hour the defense in the bill cosby trial resting its case after a single brief witness this after cosby told the judge woe not testify. cosby arrived with his wife this morning. it is the first day a family member has accompanied him to court. syrian forces have intensified their bombardment of the contested city of dara the britain based syria observatory for human rights says the government has been intensifying its bombing attacks since saturday a massive fire destroying an

apartment complex under construction near los angeles. the heat of the fire flew out windows of a neighboring apartment bulling. information president george h.w. bush celebrating his 93rd birthday he's planning a low keyed celebration with his wife who turned 92 last week. other family members will be there. president bush is the nation's oldesting living ex-president. happy birthday, mr. president. that's news up where date at this hour. back downtown to "squawk alley". thank you. straight ahead the former tivo ceo tom rogers on the big business of esports and the console wars continue. negative interest rates nintendo switch and microsoft is out with its latest x-box we'll have the latest for you. "squawk alley" will be right back

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exciting news. both a bond auction happening in the mid. sidewalk alley rick santelli has the grade. >> it's only first of two. another auction at 1:00 eastern. this particular auction 24 billion three year notes the yield at the dump auction 1.50 which was lower than the offer side of the one issued market that's always a good thing. let's look and internals 3.00 good to cover for every

dollar worth of securities available $3 of bid. three times over subscribed to that's the best since december 15 65.6 on indirect best since thanksgiving of '09 6.2 a little light with an 8% ten auction average. dealers take a bid over 28%. this is a b plus, plus auction 20 million tens in about 84 minutes. so you want to make sure you see that carl, back to you. rick, big week setting up. it's the biggest week of the year for video game documents. e3 and microsoft have unveiled its long awaited new console julie boorstin is at the briefing just talked to its gaming chief about the console. >> reporter: that's right. this is the new microsoft console. called the x-box 1x. goes on sale november 7th and cost $499. that is $100 more than the

comparable console from sony the playstation 4 pro. the new x-box will have the advantage of working with the last two generation of x-box games and has better graphics. microsoft brought in this. this is the world's largest 4ktv to showcase that 4k clarity. games chief talked to us about it and i says that the higher price tag is worth it. >> our vision really isto kind of jump to that next generation of 4k gaming with x-box we have the best ohio state for you as a gamer if you want the ultimate, the best in gaming, most powerful console, you want the 4k gaming. only place to play that is the x-box 1 this holiday >> reporter: ps4 consistently out sells the x-box 1 and sold more than 1 million of its vr head sets.

but the x-box would being a great for the x-box live sub description service. he tells us microsoft is working to benefit and profit from the booming business of esports. >> esports is phenomenon more people watch legal legends fiejs than nba finals. it's mind-boggling we acquired a company that allows you to do interactive video streaming. that with esports is the future of entertainment >> reporter: another game giant trying to get in the big business of esports is ea. we'll be talking to ea ceo coming up on "power lunch" back over to you >> thank you very much for more on the business opportunities in sports technology we're joined by the information ceo of tivo now the executive chairman of wind view.

it let's users play games and win money. anticipated mlb to the platform. cramer said this morning that if analysts were 16 they would have a better sense of just how big this world is getting and already has been in europe, right? >> you're absolutely right as the world turns its attention to geopolitical leadership out of europe we've turned our attention to europe when it comes to these sports television viewing experience they have people playing along on mobile devices synced to live television as they watch sports on tv, $160 billion of revenue that is involved in the experience of people playing along live sports television predicting what's going to happen next. amazingly has never come to the united states. we think this could be huge here >> i want to ask about a trend i'll call screen blending. microsoft just announced you can play mind craft and interactive across all platforms you're doing this with the tv

through the phone. is that the future >> undoubtedly the future is higher participation in sports television to get people to enjoy the experience more. essentially do what they are doing already crosstalking about what's going to happen next in a game but doing it in a game itself so you have more action for the viewer now where the sports, gaming world you just talked about is going to meet our world is when it comes to esports. esports is just enormous for the game companies the amazing thing is people watching the esports games who are gamers don't have a game themselves to play to participate in >> let's send to it quickly to the president. >> as we continue to deliver on our promises, due to a record long delay in confirmation and confirmation process by the senate democrats which i call the obstructionists, maybe they will change, i doubt it.

but they are truly obstructionists. this is our first cabinet meeting with the entire cabinet presents the confirmation process has been record setting long, i mean record setting long with some of the finest people in our country being delayed and delayed and delayed. but that's much of that is over and now we're going through as you know the regular process with people at other levels of government and that's a very long process also, including ethics committee which has become very difficult to deal with all of that being said we now have our cabinet finally approved and i want to welcome secretary of agriculture sony purdue, secretary of labor alex costa, director of national intelligence daniel coates, and u.s. trade representative robert

lighthe church r.. incredible talented group in this room, generals, congressmen, nurses, business leaders and many others. i choose each person at this table in a chose them not only because of their remarkable experience and success, but because they've all united one shared goal what they want to do, one very simple but very beautiful goal, serving and defending our beloved nation together we're working every day and we've been working very hard together for our country to protect their safety, bringing back jobs into our country, and putting always america first and when i ran we're making america great and we're doing it and doing it as a much faster pace than anyone thought

never has there been a president with few exception, case of fdr, he had a major depression to handle who passed more legislation, who has done more things than what we've done between executive orders and job killing regulations that have been terminated, many bills, i guess over 34 bills in congress signed, the supreme court justice, it's going great one, great supreme court justice and many other things we've achieved tremendous success and i think we've been about as active as you can possibly be and at just about record setting pace. we're achieving these goals by eliminating these job killing regulations. unlocking american energy. rebuilding our military. pursuing fair and reciprocal trade deals. achieving massive reductions in illegal immigration, transforming the department of veterans affairs and building a new partnership among nations to

defeat terrorism in just a very short time we're seeing amazing results, and, in fact, there are a couple of major stories today in the newspapers about mines that are opening and miners going back to work pretty big stories people are surprised kicking in very fast more small businesses are planning to hire than at any point in over a decade and last month unemployment fell to its lowest point in 16 years i recently returned from a trip overseas that included deals for more than $350 billion worth of military and economic investment in the united states these deals will bring many thousands of jobs to our country and in fact will bring millions of jobs ultimately and help saudi arabia take a greater role protein provide stag buivieprov security in that region. one of the big things we did and you see with it qatar and all

the things that are actually going on in a very positive fashion, we're stopping the funding of terrorism they are going to stop the funding of terrorism it's not an easy fight you have to starve the beast and we'll starve the beast secretary price has been working very hard to repeal and replace obamacare. house passed a bill, the senate has it right now, mitch mcconnell is working very, very hard as are the republican senators we'll have szczerbizero backingh democrats although they should get in and do something. we expect zero if we had the greatest bill in the history of the world on haerm we wouldn't get one vote from democrats because they are obstruction jichts that's what they want to do. that's their best political game they are looking to '18. so far we've had two races and won both of those race

they spent millions and millions of dollars congressional race. we have another one coming up and we've been doing very well but they are obstructionists and that's sad but we are coming up with something that i believe will be very good with zero support from the obstructionist democrats sad. secretary mnuchin is helping us put together the biggest tax cut in american history. also includes a great deal of tax reform, simplification and other things director mulvaney has led efforts to introduce a new project that cuts wasteful washington spending and protects the taxpayer, and that will come out and believe me we'll take care of people that have to be taken care of. that's a first step. we'll be taking care of people that have to be taken care of on

a human basis that's very, very important. today we're going to hear from secretary tillerson and secretary mattis on the ways we're combatting isis and defeating terrorism. we've had tremendous success against isis in our fight in the middle east where we're doing very, very well. we'll have a news conference in two weeks on that fight and you'll see numbers that you would not have believed and frankly if you look back to even six months ago you wouldn't have believed it was possible there will be an update on the tremendous work to make sure our veterans are given the care they deserve. one of the most important things to me on the campaign trail. we've been strongly pushing for the passage of the va accountability act to ensure employees of the va can be held accountable if they fail our great veterans it's passed the senate and the house is voting tomorrow

tomorrow we have a big vote coming up david and i think we'll be in great shape. that's something that will being a great for our veterans we're also going to hear from secretary costa about a major announcement that i'll be making later this week, expanding apprenticeships and getting our people back to work. while we have the lowest number in terms of unemployment in many, many years, at the same time i've always argued with that number because it doesn't take into account millions and millions of people that have given up looking for jobs and we're going to be doing something about that and we're going to get those people back to work and it's already starting in ohio and starting in pennsylvania and north carolina and south carolina and florida you see the numbers. they are starting. i call them the forgotten men and women but they won't be forgotten for much longer. there are millions of good jobs that lead to great careers, jobs

that do not require a four year degree or massive debt that often come with those four year degrees and even two year degrees. these jobs require advance still and technical training and we'll start that apprenticeships is a very good word apprentice apprenticeships are going to be a big, big factor in our country. people with tremendous talent, maybe mechanical talent, a talent for fixing a motor or engine a lot of people that graduated high in their class, at the best colleges in the world have no clue and would never be good at them different kind of ability but a great ability nerve the less we'll help get our young people the technical training they need pursue really exciting careers and careers that they can make good money, really can earn a great, great salary and maybe even open small businesses if everyone in this room

continues to do their jobs then we can restore american prosperity and make millions and millions of dollars and we can make for these people and make the american dream come true make the american dream come true for a lot o make the american dream come true for a lot of people who will not have had that experience without the election results we had on november 8th so, we're here to change washington, return power to the people we're here to give people a great shot at a great, great job. and even open a small businesses i look forward to hearing all of the reports from the different people in the room today we have done as i said, about as much as anybody ever in a short period of time in a presidency that's despite tremendous opposition from the other side

we have done something that's very special the economic numbers are increde bable. numbers came out almost $4 trillion and work has been create nd the stock markets of our co our country. 700,000 jobs have been created in a short period of time since the election 700 thousand jobs. if we would have said that on november 8th, nobody would have believed the number. if we would have said $4 trillion has been created, they would have laughed that's ridiculous. but that's what it is. so we're very proud of it. we have a phenomenal team of people a great group of talent. and we are really know seeing the early fruits of their labor. some of them won't be able to kick in because stat chorly, you

have to wait we'll be having major legislation very soon on the dumping of steel in our country. which is kill our workers an steel company. we're going to be having major legislation on the dump ofg alum numb and other things in our country, which is killing our workers. we'll be announcing that soon. most of you know most of the people around the room, but i'm going to start with our vice president. where is our vice president? there he is. then start with mike and just go around we're going to discuss our various reports. >> it's the privilege of my life keeping the team that's bring

ing in real change real prosperity and real strength >> glad to be here and celebrate this group we are receiving as you know, not sure the rest of you fully understand the support at large what's been all over america they have been very frustrated they are so thrilled that we have a new idea that wee going to support them and work together to properly lawfully fight the rising crime that we're seeing it's an honor to be able to save you in that regard and that's the right message and the it's being, response is fabulous around the country >> great success, include iing s 13 they're being thrown out in record numbers >> if you're just joining us, this is attorney general sessions, whose testimony tomorrow will be public at the president works to push a new chapter on policy.

whether that's infrastructure, workforce expansion, a news conference in a couple of weeks regarding a fight versus the islamic state. k kayla? >> it is the very first full meeting of the entire cabinet for president trump meeting today, a sort of meet and greet they are going through today in their first meeting each of these departments has made so far. taking several moments to focus on the economy, the trillions of stock market value that the president says has been created since the election and the jobs coming back to the united states two matters of news that were made in those comments first, a news conference he says he will be holding on isis and the fight against is nis two weeks. then legislation on dumping of steel and aluminum that he says will come soon that's an issue he previously

tackled by executive order at the commerce department, so news being made at the very first cabinet meeting. >> we'll continue to watch and bring you any headlines ch we want tho show you what's happening with the market because the tech sell off continues. which is dragging the nasdaq down the it's off the low, but we're still looking at declines of ree quarters of 1% we'll be right back. 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,

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back with the former ceo of tevo tom rogers before we took that meeting, talking about e sports what does baseball bring to this chamter? >> there's nothing like a live cabinet meeting that made you want to watch live sports. >> fair enough >> the great thing about win view in terms of engaging viewers is that you have the ability to play along, as requests are being asked instead of a cabinet team, you've got a team of players tabd question might be, hey, lebron and his teammates, are they going to go on an 8-0 run? 25 questions over the course of a quarter and skill wins out and you get to win money and that's a great draw here >> ge's ceo jeff immelt stepping down august 11th you worked for him, i believe. what's the legacy? >> i left ge before he took over had the good fortune of being able to sell my stock has at a

much higher stock. in fr an nbc perspective, when you look at the time warner deal with at&t relative to the comcast deal for nbc, it looks like comcast got the better end of that deal relative to ge. over three times i think the price. time warner doesn't have a theme park time warner doesn't have a broadcast network. that's clearly something that you have to look at in terms of a legacy here. at the same time though, obviously, an enormous amount of restructuring took place may not have been captured in stock price, but overall, i think most felt ge made some good moves in the last decade. >> was it at the right time? >> the nbc deal? >> the time going into oil and gas an some of the others, coming out of finance. >> you know, you can argue that, you're playing ge, played for the long-term and short-term

anybody could manage long-term you got to manage p for both n. the end of the day though looking from an nbc perspective, come cast got one hell of a deal >> thanks so much. back to the half >> welcome to the halftime report tech drama, why this year's best performing sector is suddenly under pressure and how long the sell off might last. with us today, josh brown, steve weiss, pete, krim cramer is is here, too. he's the host of "mad money. we continue with the continued tech wreck pressure across the board with many other technology stocks jim, nearly one-third of the s&p tech components are down 10% plus from their 52-week highs. i know