>> that's true. >> how is that for transition? don't miss our interview tomorrow paul ryan, speaker of the house, around 1:30 p.m. eastern time giving a major tax reform speech you will not want to miss that. >> that's what the markets want. thanks for watching "power lunch." >> ""closing bell" starts right now. >> hi, everybody welcome to "closing bell." kelly evans at the new york stock exchange, and you're back. >> i am back and i see my name so this is what i say here i'm bill griffith. tech comeback. technology leading the s&p higher today both the s&p and the dow are on track for record closes, again we'll see whether we can hold on to these games in the final few minutes of trading >> no major transformative deals in the tech and grocery space. nothing with general electric that was happening, a big boxing -- do we call it boxing match in all of this. >> you heard about the avocados. >> i did.

>> out in deadwood we heard about the avocado pelting story. >> really injured. in a world where amazon is buying whole foods what happens to costco, and what about those costco retisry chickens. you guys talking about it. is that enough to keep the big box customers coming we'll tell you what the wall street is saying with costco down 2%. >> two words on costco, fresh fish friday. >> very enthusiast. >> that's what i live for. activist investor going after the parent of saks saying hudson bay should stop trying to get the deal won with neiman marcus and macy's there's a better way to inlock the value. and we'll discuss stragt in a first cnbc interview with jonathan litt. >> we begin with word out of the white house. kayla touch covering the tech sim mitt and ooemon javers with

more on russia threatening to target the u.s. over warplanes in syria. ceos of the largest tech companies in the world, alphabet, microsoft, ibm, adobe are meeting today at the white house to modernize the government's infrastructure or to at least begin a conversation about how to do that it's being spearheaded by the office of american innovation which itself is led by jared kushner's, the president is only we heard from him in his first official capacity in that role listen >> before i came to washington, many warned me that the bureaucracy would resist any change that we tried to implement. so far i have found exactly the opposite >> it is a popular issue though to get the ceos to the table, many of whose companies have been critical of the administration's policies. the reason being the government represents a very large customer for a lot of these companies,

especially if they are thinking about investing in new contracts and new technology none of these ceos wants to be left out of those conversations because that could mean lost revenue. we talked about this earlier with vm ceo pat gelsinge. >> the government is the a huge user of vm products already and some things we can do in cyber security, improving authentication and applications and accelerating a move to the cloud. >> reporter: one issue that will be championed here at the white house specifically by apple ceo tim cook and others is that of immigration reform that is scene of one of the sort of extraneous topics that the ceos are going to be discussing today. of course, it is an issue that's near and dear to these companies that employ many people who are on these so-called h1b visas when sean spicer was asked off camera this afternoon, whether the president was considering changing what had been a hardline approach to hb1 visa.

the president is approaching the issue to listen. kelly and bill. >> so what am i missing here they bring together all these ceos of big technology companies to ask them how to better automate the federal government. it would seem to me the answer from each of them would be buy my product, wouldn't it? >> well, certainly, and that's been one issue that has raised talk of potential conflicts before, bill, notably in a december meeting after the president had just been elected. the ceo of a major government contractor was in that room and everyone wants to be talking on their own book and saying you should be buying my products as well so that is certainly going to be something that will be talked about following this meeting, especially if there are any follow-on c. i'm told but the administration by one official that you shouldn't expect to see any deals inked or announced this week, that they are just soliciting input, but that's going to be one of the key questions. >> kayla, thank you. you're kayla tausche over at the

white house. now on russia's threat to target u.s. coalition aircrafts in syria. how much of an escalation is this >> reporter: well, certainly an escalation of rhetoric it was a u.s. f-18 super or net aircraft that conduct the the shoot-down of the syrian airplane over the weekend. in response the russians suggested that they might treat american aircraft and coalition aircraft in the air west of the euphrates as targets they might lock them on and treat them as targets in the combat area there. sean spicer, the white house press secretary, was asked about that today here's what he said the u.s. response was he said obviously we're going to do what we can to protect our interests, and, you know, this is something that we're going to continue to work with. keep the lines of communication open he was also asked if the united states would change any of its flight patterns in the region. he referred that question to the department of justice, so clearly an effort here at the white house to sort of downplay the tensions and de-escalate this moment. a very dangerous situation in

syria and spicer says he doesn't think that any escalation of all of that does anybody any good. kelly? >> eamon, to what degree have they thought through the response here? the u.s. has shot down another aircraft for the first time in almost 20 years. now if a u.s. aircraft becomes targeted or something like that, what kind of response will there be i mean, they are not going to let this go unanswered and what happens if we start trading fire now over in syria. >> sean spicer was asked exactly that question in the briefing which was off camera, and we're not allowed to use the audio of it and i can tell what you he said though. he said the syrian regime and others in the region said they will retain the right of self-defense and the white house says they will retain the right of self-defense, what they mean is they remain the right to fire back if somebody shoots at us or locks on to our aircraft presumably that moans they would

have the ability to take out the surface-to-air missile sites in order to protect the aircraft flying in that area. that's what you're looking at and that could mean a conflict with the russians which would obviously be very dangerous indeed, kelly. >> eamon, thanks very much eamon jafrs there at the white house. let's get to our "closing bell" exchange the dow and s&p are in record territory. we've got still about 100 points to go for the nasdaq to get to that again joe duran from united capital is with us, kenny polcari at post 9 and rick santelli checks in from chicago with us today. kenny, i said this earlier today. the stock market will never go down again discuss. >> uh-oh. >> it certainly feels like that, right? though if you were here last week if you were on vacation and tech came under pressure it would be a very different kind of tone and sense earlier in the week, but today i think this is all a direct result of what's happening in d.c., all the tech companies, all looking at big

contracts. technology now is leading the way higher today the total overall volume today is not explosive so i think that's much more of a bounceback not only in the tech sector and i also think over the weekend there were no surprises out of france, no political upheaval and i think it's almost more of a relief with the majority, but then rates going up, that should give you the sense that the markets should come under a little bit of pressure but we're not seeing that. >> and the other thing that happened we had a rate hoik. >> we heard about that in "deadwood," too. >> rick santelli, to what extent is that in the fed speech that kenny mentioned? a lot more to come this week the financials are up okay, participating, goldman even leading the dow here is this having a knock-on impact on the markets today? >> well, consider this last once fed day when we raised rates we traded a yield and

closed at 212. here we are up to 118, only three basis points away from the low close yield and two out of three of the markets and equities are at all-time highs and the third is up almost 16% on the year. listen, the fed could get as hawkish as they want with regard to verbalization i think that after all these years where there's been a semi contentious relationship between the markets and fed policy that as they do the right thing, and i do air quotes on that, i personally think removing accommodation is a good thing, the markets aren't really buying into it wholeheartedly, so ultimately there's going to be an intersection in front of both the markets and the fed. is the fed going to do something the market doesn't have priceded in now, i don't know the answer to that, but i can tell you just by looking at the market that these yields aren't high considering what equities are doing today and what they have done and a big chunk of the reason beyond the reach of our federal reserve. >> we don't know what we don't

know >> hey, joe duran, i mean, yes, i missed the tech wreck last week, but now today here we are, technology leading the market higher was that just another buying opportunity, or was there a chink in the armor of the fab five, the f.a.n.g. stocks? what do you think? >> i think what you're seeing it's a very concentrated trade and a lot of market gains being treated by the biggest mega cap companies and the technology firms are leading them and what you're seeing them with amazon's move to whole foods, the tech companies are assessing the strategic direction they are going, to so i would say it's going to continue, but it's going to be more volatile. as valuation is higher, you'll get more likely to see a stronger reaction and the very sharp pullback last week, you should expect more of that as valuations continue to be very concentrated with a mega caps and predominantly with the technology funds. >> joe, i see here you said think about going to an

equal-weighted etf because that might mitigate the size, you know, that some of the big tech names have on the index. do you think that's a good smart move for people in the longer term >> i do, you know. the thing is as long as you do that with the s&p 500 i wouldn't suggest you do it with anything else and here's the thing you've got to realize a lot of growth is lapping outside of the united states we have very soft data as rick has pointed out. there doesn't appear to be doing as well and the interest rates reflect that as well as the fed's noodling with things, but i would concentrate on large global companies because they are doing really well, and that includes technology. equal weighting will reduce the noise of the really large mega caps, and even it it up, but you don't want to go too small because really the growth is outside of the u.s. right now. >> all right, guys gooding to at this point thank you all. >> see you later >> we have about 45 minutes in the session to go. the dow up 116 points and

basically popped open with higher kind of sat there throughout the day. s&p up 16 by the way, the dow is 281,500. halfway to 22,000. the nasdaq is up 73 to 6225 and the russell up 8. >> shares of saks fifth avenue parent hudson bay popping today. we'll talk to the activist investor behind that move in a first on cnbc interview coming up in had a minute. >> and later is amazon killing the minivan? we'll discuss how the world's largest online retailer may be contributing to the decline of the auto industry. >> hmm. >> you're watching cnbc, first in business worldwide. we created the ripple: the doughnut in a doughnut in a doughnut. right away, it was a success. i mean, it really took off. what people don't know is that it all started with points from my chase ink card. i bought the ingredients, utensils,

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welcome back strong day here on wall street, the dow opening higher it's now up 120 points more than half a percent and it's the lagard today. the s&p is up nearly .75 of 1% the russell lagging for the last several weeks it feels like catching up there with two-thirds of 1% gain and the nasdaq up 2% right now. >> still a way to go before we get back to an a all-time high on that one so we're getting

there. >> let's check a couple of movers clovis oncology sturridging and a late-stage trial of its already approved ovarian cancer drug shows four times as many patients could benefit from that treatment. clovis plans to submit an application to the fda over the next four months to expand the level. the stock, as you can see, up 45% on that news today. >> valiant pharmaceuticals is getting a boost in news that billionaire hedge fund manager john paulson has joined the company's board. they owned a 5.7% stake in valiant. the stock up 5.6%. landon building is taking a 3% stake in hudson bay parent company and they are suggesting strategic alternatives, specifically a real estate deal to boston red sox mize value. >> hudson's bay is reviewing the letter and will respond in due

course the stock which trades on the toronto stock exchange has been up about 15% today and joining us in a first on cnbc interview is the man in the center of all of this. founder and cio of land and buildings, jonathan litt good to see you. thanks for joining us today. >> good to sigh, bill. thanks for having me on. >> your premise is that the real estate that these stores are sitting on is worth what, five times what the stock might reflect right now. is that the idea >> right, so the company is valued its real estate at almost four times where the stock is trading. what's remarkable and what's different about this company than any other department store company is they own the location at fifth avenue across from rock center probably one of the most valuable locations in the country and that location alone is estimated to be worth $16 a share, trading at $10 a shar which is an extraordinary opportunity to own a phenomenal location >> jonathan, why is this so mispriced. you know, why are investors not

accurately reflecting this in the share price? i imagine you're not the only one who knows this. >> well, i think what's happened it's treated like every other department store company which has traded off substantially as people are wright off the department store business. what they don't realize is about hudson bay because it's listed in canada is that they own their real estate and the real estate has been valued by third parties at almost four times where we're trading and one location is worth $16 a share. i just don't think they have done the work. they short the whole group together or sell the whole group together and they miss this -- this -- this aspect of the real estate value. >> but what about these -- they have two joint ventures where they have packaged real estate in the past. i mean, aren't they doing something about it. >> so in order to establish with the value of the real estate is, they did a joint venture with david simon at simon property group and a canadian reit and we

now have a, mooin a those. we know what saks is worth on saks fifth avenue but investors come in and short the real estate -- they short the department store company what we really need to see the company do is aggressively redevelop the real estate or take it private. >> yeah. >> and when you think what's the highest and best use of that location across from rock center, it may not be a department store company it's been here forever and it's iconic and there may be a higher and better use for that location than skz fifth avenue department store. >> that's what makes this so interesting, jonathan. if you look at hudson's bay which has a long an storied history in canada as a retailer, you're effectively going to them and say stop being a retailer an start just being a landlord and anyone can lease the real estate it's a tough sell to make to a retail company is there a way for hudson's bay to keep its retail presence and do something like spinning out the real estate and saying to

people in that business, hey, if you want it, you can manage it and still somehow capturing value for their shareholders. >> i think it's a great question, and i think what i like about hudson bay is that it's stacked with real estate professionals. you've got the bakers who are chairman and ceo you have bill mack and lee nybart, all real estate pros what's happening to the stock is happening in a short period time they won't stand around forever rate waiting for it to be realized they will come in and try to figure out how to unlock it. and whether that means shutting the stores down and redeveloping we've seen vornado shut down the alexander department store chain and we have the great bloomberg building nine blocks away and there's lots of opportunities and we have really smart real estate guys in this company who we look forward to working with when we figure out how to unlock the value. >> here's the thing that i thought about when we read about what you're doing. hudson bay can't be the only real estate company that's undervaluing its real estate

sears and kmart have thought about this as well as they continue to flounder as retailers. are there other retailers that you can identify, that you feel are in much the same situation at hudson's bay? >> we've been looking at retailers for about 20 years to find discounted real estate embedded in their public companies. saks fifth avenue when it was brought by hudson bay was always on our mind and screens because of the fifth avenue location and it wasn't until recently when the stock got as cheap as it did that it really became compelling from a real estate perspective the other department store companies and the other retailers by and large don't own enough real estate where you can monetize it and make double, triple or quadruple your investment by monetizing the real estate. >> do you view yourselves, jonathan, as being friendly activists? what are the conversations with management or indications that they might be open to what you're suggesting here. >> i think that this has happened pretty quick and they are trying to figure it out.

i think that the next step really needs to be monetizing the real estate by redeveloping it, or if they want to stay as a retailer, take it private. i was on bill mack's board he's a brilliant real estate guy, and he's going to figure out how to do the right thing, and so we look to be collaborative with them and try to unlock the real estate value with them. >> all right we'll see what happens keep us informed jonathan litt, thanks. >> founder of landon holdings, and hudson bay is up 15%. >> i feel like an expert because i was just in toronto. i saw the store and the main one. >> has had a huge presence there. >> and if saks is worth $3.5 billion and the market cap of hudson's bay, i don't think it's even that. at least they have the option. a lot of other retailers don't. >> exactly. >> it is a special situation in that regard. >> yeah. >> 38 minutes to go here dow up 24 and nasdaq up 76 and the russell is up 9 today.

>> up next, new statistics on the impact of a cnbc appearance, but we'll find out whether or not i agree with her or not. >> also ahead, will there be less rubber hitting the road in light of slowing auto sales? micheline, north arin'mecas ceo weighs in on that coming up. this is where i trade andrs. manage my portfolio. since i added futures, i have access to the oil markets and gold markets. okay. i'm plugged into equities- trade confirmed- and i have global access 24/7. meaning i can do what i need to do, then i can focus on what i want to do. visit learnfuturestoday.com to see what adding futures can do for you.

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welcome back a pretty broad rally led by the nasdaq which is up 1.25% the dow is up 125 points, and rice energy and eqt are trading in opposite directions today eqt buying rice for $6.7 billion in cash and stock. that deal combines two of western pennsylvania's biggest natural gas drilling firms rice shares are up 25% and eqt is down 8.5% the boards of both companies have approved the deal which faces a shareholder view and review by government regulators and by the way, bill, natural gas prices down around 4%, 5%. >> okay. so listen to this. if our a ceo looking for a raise, a new study says that you may want to schedule a tv appearance stay with us on this according to "the wall street journal" researchers found that executives publicly traded companies who appear here on cnbc earn around $210,000 more on average the following year than similar executives who do not appear on tv the study looked at data between the years 1997 and 2009 for more

than 4,000 shows and more than 6,500 cnbc appearances first of all -- >> to my knowledge, we did not fund the study >> who did this. it was researched by i forget what university. >> look, i don't buy this. i think they are looking for a cause and effect for a relationship that doesn't exist. >> they said they went into it with the hypothesis that this was the case and what do you know, that's also what they found? >> trying to think of a parallel with that. the best i can do but it's not perfect the nba draft is coming up you know, you're likely to be taller than the average person if you're drafted in the nba draft. well, of course, right i don't buy this. >> they did find an effect that the snow squaller the company the greater this effect was, so if you were to say, okay, maybe, you know, top level it's hard to telper say you know, could you see why for a smaller company there would

actually be one. they are much more likely to benefit from the publicity, shares around a lot more. >> so you're going to tell me that the ceo goes to the board i was on cnbc last year. >> of course not. >> and i deserve a raise. >> the board might think we've got a rock star ceo here we better -- >> as much. >> how could we not mention this >> having said this. any ceo give us a camp always happy to have you on show and if it gets you a ray, good for you. >> we hope we don't mark the inflexion point until it was true until it wasn't. >> yes by the way, for the second time we are supporting what we believe to be a fantastic cause. it is the lulu and leo fund which helps children and families foster creativity through art and creative endeavors. it was put together by a former colleague but still very good friend of ours, and we are so pleased to offer this.

you can place a bid and watch us as we do "closing bell" and join kelly and me after the show. the bidding ends on tuesday, june the 27th. >> which is a week from tuesday. we want this to be higher than last year. the market is up no excuses >> exactly you know how we work there will be sweeteners in this at some point, and we can't discuss those right now, but seriously, it's a wonderful charity. very deserving and whatever we can do to help i saw what the current bid is there. come on. you can -- >> probably my dad. >> you can do much better than that. >> we see you already. time now for a cnbc news update and let's get over to our contessa brewer. contessa >> winners like the cnbc hat which you can wear back to your meeting with the board to prove you were at a cnbc event it would help your salary, right? here's what's happening this hour the supreme court has ruled the government cannot refuse to register most trademarks even if they are considered offensive. it's a victory for the slants, an asian-american rock band.

they were denied a trademark in 2011 but the court says names deemed hateful in nature can actually be banned the high court will also hear a case involved voting district lines in wisconsin challengers say they were drawn to benefit republicans the case could have a major impact on gerrymandering, on how district lines are drawn across the country. a new cdc report shows at least 19 children are killed or injured by bullets each day. the data is billed as the most comprehensive now on this topic. and nasa has discovered ten new earth-sized planets that may have the potential to host life. they were discovered by the keppler spacecraft another 209 plants likely to be uninhabitable was also found the good news all of this, maybe there's a savior planet here in the future, bill. >> boy, i sure hope so thank you very much, contessa. we'll see you next year -- next

year see you next hour. gordon cholaphansa narula from rosenblatt security is joining me on the floor of the new york stock exchange with the dow up 125 points in record territory and the s&p also in record territory two traders before the show today said to me why is the market up this much today? what's your answer >> well, bill, i appreciate that you didn't, you know, just explode moy head when i told you last week that we might be vulnerable if they start attacking any of the big nails which is exactly what happened want to get that out of the way, bill. >> okay. >> and having said that, we did retrace a lot of the -- >> technology is leading the way today, to the upside. >> we were oversold so you can see on a technical basis and also some of the fundamentals were strong today. but really, what are we seeing this week that's exciteing and that is it's the russel. we have a kwudw -- a quadwich,

really powerful move and the thing that's interesting is the less action that you have, the less volatility that you have, the lower the vix is, it's almost as if that's what makes the coil that much tighter, so that means that we're going to get to friday, and as we get into that last half hour, last 15 minutes, you'll see an explosion of activity that's going to be quite impressive we're already gearing up for it. and i know that you'll be here for that. >> i will. >> starting to see some numbers going into it here a late day imbalance is already indicating that there's some -- more interest, but, you know, we are gearing up we're going to start to see this thing carry through this week. it's going to be a great week down here. >> i've been staring at that tie for 20 years it still impresses me. that's impressive that you're still wearing it. >> thank you so much. >> appreciate that >> very kind of you. >> kell? >> thank you guys. >> 30 minutes to go until the close. the dow is down 127 points right now and we continue to add a few as we go along the s&p is up 18 and the transports are up 151 and the

dollar is higher by half a point. nasdaq up 77 and russell up 10 up next, new polling data on president trump's plan to privatize the nation's infrastructure and the federal aviation administration. some of the results of that may surprise you. and can $5 rotisserie chicken save a big box retailer from an emboldened amazon? this story is making me hungry we'll be right back. [pony neighing] what? hey gary. oh. what's with the dog-sized horse? i'm crazy stressed trying to figure out this complex trade so i brought in my comfort pony, warren, to help me deal. isn't that right warren? well, you could get support from thinkorswim's in-app chat. it lets you chat and share your screen directly with a live person right from the app, so you don't need a comfort pony. oh, so what about my motivational meerkat?

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we have more on this developing story of commerce secretary ross' comments about the nafta renegotiation. ylan mui is here. >> reporter: ross is indicating the nafta renegotiation may not get done this year if the talks spill over into 2018 they could run into trouble because mexico is having presidential elections next year, and the u.s.' own authority to negotiate this deal will expire in 2018 so ross acknowledged that this timetable is short

>> in an ideal world we try to get it done by the end of this calendar year. that would be a record speed for any big trade negotiation so i don't know whether we'll be able to do that, but we are certainly mindful of the calendar and that the calendar is fundamentally not our friend. >> reporter: his comments came at the conference sponsored by the commerce department and is designed to generate investment from foreign businesses and investors as well. secretary ross says that the delegations from japan and even china are particularly large this year. back over to you. >> all right ylan, thank you. we'll continue to follow that story. cnbc's all america economic survey is out and steve liesman is back at global headquarters with some. data on that steve? >> yeah.

kelly, some really interesting stuff where we get to bear down on some of the issues. let's talk about the key issue about privatizing infrastructure we asked about highways and airports, and look at the support the president has on this 53% favoring it, and 33% opposing it. the rest are don't know or are unsure, but what happens when we ask specifically about the idea of privatizing the faa take a look, we get to the faa and they oppose it there it is right there, 33-53 it flips on the other side america is saying hands off the faa, but go ahead and privatize the roads and the airports another critical issue about companies and the issue of climate change with president trump said he was withdrawing from take a look you have 24% strongly supporting it and 10% somewhat it's about 34, but big opposition to withdrawing, and a lot of intensity around the issue. the support is strongly opposition is very high right in here, strong opposition. what about companies and what they did when it came to climate

change remember when they said we're going to stick with it 79% of the public, 800 americans polled, by the way, 79% of the public say it is indeed firms' responsibility to stick with the climate change accords out there, and 72% said it's effect i have to do so without the government, and this is my favorite statistic of the whole poll 78% say it's correct or appropriate for companies to stick to the paris accords even though the federal government is withdrawing. now kelly and bill, do you remember after president trump withdrew what many of the big companies said they stuck with it what this data shows is that the american public is with the companies until them sticking to paris accords even after president trump said the u.s. is withdrawing. >> clearly we didn't need to agree to it afterall because everyone in the country and the companies are going to go ahead and follow it anyway. >> you can say that. if we didn't have the paris accords they wouldn't have anything to stick to. >> right. >> you got to come up with a document first got to the have a plan too, and

i was, by the way, absolutely stunned by this data showing that 78% say, you know what, even though thing in the withdrew the companies should stick with t.80% of the public agreeing there. >> very interesting. >> i think there's going to be a real power revolution with solar. soon some day we'll start to see the utilities maybe having to deal with it thank you, steve good stuff our steve liesman. 20 minutes to go the dow is up 130 now and s&p up 81 and the russell up 10 and a the stay-at-home food wars, blue apron, costco and future amazon company whole foods are all vying for the consumer dollar. a playbook for investors and consumers next i'm only in my 60's. i've got a nice long life ahead.

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welcome back on the heels of that proposed amazon/whole foods keel comes another development in eating fresh at home. blue apron launching its ipo road show today. here's more. >> reporter: blue apron will have two weeks filled with investor meetings asking them to fork over half a billion dollars worth of stock and value the startup at $3 billion in the ipo. now, we dug through the 200-page

prospectus to find the pros and cons of this deal, and on the positive side blue apron has doubled its revenue to $800 million between 2015 and 2016. that's largely thanks to consumers wanting more of that healthy, fresh food, and if a customer bought a meal kit there's a 92% likelihood that they bought another one as well. but the risks here are very important, kelly for one, blue apron's net losses are widening as marketing expenses increased 930% from 2014 to 2016, and shareholders won't have much of a say since blue apron has multiple classes of stock, but what everyone is focused on today is the competitive threat posed by amazon's combination with whole foods and blue apron even added this line to its prospective just today they say business combinations and consolidation in and across the industries in which we compete to further increase the

competition we face and result in competitors with significantly greater resources and customer bases than us blue apron will have to prove to investors that it has enough barriers to prevent amazon and whole foods from biting into its share, kel. >> we've talked about this i don't think either one of us will be lining up for shares of that. >> i'm not here to endorse one way or the other, but i think there is a future for this industry i'm not sure who the winner is going to be. let's just put it that way. >> i actually think -- i was talking about this the other day. there will be a time i get you when apartments -- some will have kitchens and some won't there's just no need can you take that square footage, especially in a place like manhattan and redeploy it so much better when you just have people dropping off meal kits for you all the time and i guarantee you that that share is going to grow over time. >> now you sound like jonathan litt doing the real estate.

>> the trend is here and it's wonderful. you can get fresh food, pretty inexpensive. probably saves you from throwing a bunch of all stuff out and one time i plate it had and a bunch of stuff hi to throw out but it doesn't necessarily mean one company represents that whole trend. >> leslie, thanks. jump in any time we'll see you later. >> thank you, guys. meanwhile, blue apron may have its work cut out in the wake of the planned amazon/whole foods marriage longtime wall street favorite costco has already been hit with downgrades as the amazon deal could put cost co-at a competitive disadvantage courtney reagan is stepping in with that part of the story for us. >> hi there, bill. consumers love amazon and also love costco. studies suggest there's a pretty high overlap in those shoppers so if they co-exist now, what changes now that amazon is buying whole foods goldman saks and deutsche bank says this combo is bad for

costco costco's shares were downgraded and deutsche bank's paul tyreese russell moves it from buy to hold both analysts cite similar reasoning. costco had an edge on certain food categories previously that amazon didn't offer and that change with its new whole foods acquisition and they both stepped up a stepped-up walmart offering and a fall-off in costco's previous catalyst like the credit card switch and dividend increases deutsche bank and goldman sachs caveat the call saying costco is still a relative winner and they don't anticipate meaningful erosion in business trends now the outperform for costco is being reiterated saying costco's moat stays in check. it will be tough to replicate the farms and plants that costco owns as it pertains to food as well as the partnerships in order to source food in a low-cost manner for a

amazon/whole foods costco calling out the $499 rotisserie chicken and the number one cash yew buyer and two top fine wine importers in the u.s. as advantages for costco. competitively costco does sell more than food, it has gas, travel discounts and more so that's also part of the calls for why there's some of this that is not going to be hurt by what happens with this amazon/whole food. >> i'm a member of both. i ordered a patio set from costco and a file cabinet. >> i don't think there's that much overlap between whole foods and costco i don't buy that whole foods, you know, i think it's apples and oranges because of the price consciousness of the shoppers at costco you don't have the same price consciousness at whole foods >> exactly. >> yeah. >> i think you can both be right. i think, bill, you're right, because we are -- if you're a costco shopper you are sensitive to price you like buying in bulk and the lower per unit costs however, we know the demographic studies show it's a higher

income shop their shops at costco which means that shopper could afford the prices that whole foods is currently listing, so i think this all becomes is it a winner take all? can there be multiple winners and multiple categories? does costco stay competitive in everything but certain food court categories the rotisserie chicken still remain their number one? we to wait and see. >> and fresh fish friday that's my favorite there. >> that's true. >> thanks, court. >> thank you. up next, it's the u.s. versus europe. no, we're not talking ryder cup. we're talking about whether it's best to invest which place across the pond. up next, two bulls "shark tank's" kevin oea'lry and he's not th -- and the other guy, he's not. that was a good tease. >> very. ♪ it's a champagne and models potpourri

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welcome back the rally you're seeing here kicked off in europe with markets seeing gains of nearly 1% after a french president emmanuel macron's party won a big majority in parliamentary elections over the weekend is this a weekend to be buying european stocks further and should investors stick to the u.s. >> let's bring in charlie from

erroll investments and kevin o'leary likes european stocks. thanks for joining us. >> thanks for having us. >> kevin, i had our staff -- i was looking at charts of the three big averages in europe, the ftse, the daxx and cat "k"on and when you compare them to how the s&p and dow perform it's a wash, they are all doing pretty well these days so what's the advantage that you see in europe over the united states. >> well, if you look over history, the last 50 years, in any cycle europe outpaces our indices 50% of the time so the argument sergeant if you're a long-term investor you want someone to exposure to the european market. doesn't have to be 100% of your portfolio. i like 20% and the truth is the it does outperform half the time and currently pes are lower in europe and it's 11% in europe and the political risk that everybody assumed was there just hasn't materialized. things are quite stable and they still have all kinds of

incentive programs to support equities in government spending right now. >> yeah. >> so i like europe a lot. i think it's going to outpace the s&p this year and i think you should be invested there. >> you know, charlie, what's good for europe is also good for the s&p because it's so exposed to how well the continent does, so if you're saying that you like the u.s., do you mean exclusively and if so do you want only u.s. exposure. >> well, i think people should invest in what they know it's one of the most important rules of investing and a lot of americans overestimate what they know about european stocks, and what we've found over the last 20 years is there are lots of land mines there and you're probably not going to find the greek banking crisis before it explodes underneath your feet, so, first, invest in what you know, unless there are big differences in values. i would have said four months ago that europe was a lot cheaper, lower multiples than the u.s., but the u.s. -- earnings have been growing faster the multiples have come down so right now there's not much of a gap. would i go with the higher quality u.s. earning.

>> before we go, kevin, you're the etf guy. do you buy just a broad european etf or where do you concentrate those investments that you like there? >> i use the ftse russell index oeur which gives me large-cap stocks in switzerland, germany, france and england and, you know, names like nestle and roche and anheuser-busch, those are names that we know very well stateside because we buy their products, and they have had a huge advantage now they have a lower currency and the wind is behind their backs, anti-and a lot of people thought nestle was an american company. no, it's swiss and that has had a huge market share in the u.s europe is here to stay and i like to buy them through an etf like oeur. >> all right gentlemen, thank you >> thanks, guys. >> up next, we have the closing countdown for this monday. >> after the bell, the end of the minivan is come, and amazon could can be to blame. u.'ll have those details for yo you're watching snibz, first in business worldwide think again.

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(baby crying) ♪ fly ♪ me to the moon (elegant music) ♪ and let me play (bell rings) welcome back to "closing bell." i'm eamon javers where there's reports that the white house is considering a new spokesperson to replace sean spicer i spoke to a senior white house official in the west wing who did not deny that statement.

the statement that the white house official is giving us on where this all stands right now in terms of the communications team saying we've south input from many people as we look to expand our communications operation. as he did in the beginning, sean spicer is managing both the communications and the press office, so the implication here, kell, from this statement is that sean spicer is doing two jobs right now, replacing mike dubke who left as the communications director a short while ago here at the white house. it's possible that sean spicer might be moved into that role, a more senior management role, and we might see other faces here in the white house press briefing room, including that of sarah huckabee sanders kell, back over to you. >> eamon, thanks investment i'll take it here just headed to the close with records for the dow and the s&p today, and if we've got a moment to show you in europe this morning, and i'll highlight the cat caron. it was the best performer in europe this morning. >> macron says he wants to mak

france more entrepreneurial, make labor costs lower and good look on that one and the market was up because we've got texts, industrials and banks all moving on the same day. >> something that they will be talking about coming up on the second hour of "closing bell" with kelly evans and company see you tomorrow, kell thank you, bill. we have a record close on wall street and big valleys across the board. the numbers here the dow with a gain of 140 points on the bell, 21,524 it's more than halfway to 22,000 about a two-thirds gain for the blue chip index there. the s&p 500 up .8 of a percent today to 2453. that's a 20-point gain for the s&p today. the broad market index the russell 2000 small caps up about the same percentage to

1418 they are still at their all-time high and so is the nasdaq and the nasdaq today up 1.4%, 6239, so meg a.m. moves here that we'll get to shortly also have chief executives and tech companies including ibm, apple and amazon heading to the white house today to meet with the president. they are talking about modernizing america's digital infrastructure ahead, former yahoo interim ceo josh levenson will join us and talk about what he think needs to be done and more importantly now to implement that. joining me on the panel is michael santolli, dani hughes and neal hennessey is here, portfolio management and chief executive officer at hennessey funds. welcome, everybody i mean, mike, this is a strong kind of sharp rally today. some fresh records what's behind in >> pretty reinclusive. i would call it a walkaway rally as opposed to a runaway rallry not as if you had huge rushes of volume even in the nasdaq 100 etf, the qqq, basically just average

volume, but you did have a lot of things working together a lot of times this market has had offsetting good and bad. this time you had, as bad said, banks, technologies and industrials all leading. defensive groups down and treasury fields kind of finally loosening up to get some lift behind it it it's all working it's very hard to find obvious weak spots in this uptrend right now and all you can really say is volume is not being great and we're entering a tough period of the calendar late june into early july and sometimes gets more choppy. >> it's a mixed bag. other people participating some of the s&p top gainers, nikes like mike ron, amd up there and so is mallencrot. >> we can talk about the french election. >> on the spot, that's pretty good. >> that was good. >> thinking about it when bill was talking. >> anyway, just to reiterate that for a second. the parliamentary election, the

fact that macron does have a mass popularity behind him, what do you think that does to kind of factor in here at all today >> it factors in new reat all times everywhere i mean, we're seeing it politically. we're seeing it in the stock market, and i think that it's been kind of a groundswell really of popular idealism however, i, too, am a little concerned about the volume in this rally, and the fact that we are right on the precipice of august also, you saw the market actually jump up pretty dramatically right at the close there, kelly, which i thought, too, momentum saying that we have to participate in this rally. so, you know, i'm looking really for ideas with long tails here in this kind of a market. >> long tails meaning? >> long ideas, long term, long theme. >> okay. >> so, in other words, not just hopping on the bus right now looking at a really long-term perspective. >> i'm looking at the nasdaq and had a lot of companies doing well there j.d., by the way, nvidia up about 4%, but biggest decliner was costco, down nearly 2% you know, i just imagine that's

reverberations we saw some downgrades after amazon bought whole foods. from where you sit, you know, do you just kind of stay broad in this environment do you start to look at a name like costco or alta beauty being lower today. is that a chance to pick up some of the best performers here, or do you have to wait to see how all of retail shakes out. >> i don't really know the costco story inside ant out and generally speaking what you're seeing is amazon is moving into where everybody is moving out which is brick and mortar. now, they do have a different plan of how they are going to move the merchandise from whole foods out to the people, maybe within five minutes, but it's a reversal of what's actually happening out there on the brick and mortar story but as -- when i look at the overall market, there's no you've yafrmt you were just talking about the dow jones being up 140 points for today, but that's only a little over

one-half of 1%, the number looks large bull really only one-half of 1% >> you continue to like stocks here, right, is that right, neal >> some like to come out and say they have run up too far and the economy data lately hasn't been that great it's all the top ten performers. you know, so what -- what's your case for owning stocks at these levels here? >> we're nine years into this bull market and everybody is giving us a reason or no reasons actually to get out of this market except that it's been up for nine years the dow jones sells at 19 times earnings that's not way out of line the price and sales ratio is 2-1. you get more yield on the dow jones 30 industrials than you do on a ten-year u.s. government, but all in all, if you pick the right companies and stocks, you're going to be fine. if you look back at the beginning of 2,000 -- beginningch 2000, there was euphoria all over the street

everybody remembers the dotcom bubble we don't have that in this marketplace. you can buy some of the retailers where you're not in a brick or mortar store like a pbh. it's calvin klein. it's speedo. it's whatever. you can do that online you can go and buy -- you would want to go and see an air stream if you're going to look at tho industries so there's plenty of good companies out there that have not gotten caught up in this bull market. >> and danny, you're looking at the financials jpmorgan and goldman both up 2% so that would certainly help. >> financials, we've been overweight in financials and we actually did take some money off the financials i would agree the market feels a little high. i've been through the ups and downs of the last 25 years and learned my lessons, and that's just to say that this market can continue forward for a long time and make very new highs and i'm not afraid of participating and

i do like to take some money off the table when that's due, but one of the companies said i want to talk about is first data corp which is actually a transaction pros sessioning company. stocks actually up pretty considerably this year about 29% year to date it the doesn't pay a yield which is unusual for me, but i like this because they are just everywhere and they just recently bought card connect for $750 million in cash company has a lot of debt. however, they are operating cash flow positive and i think, you know, for the long haul this company will be around and it's not a bad way to play the financial space. >> dani and neal with some ideas how to play the markets. glad to have you here. vice media securing half a billion investment from private investment firm tpg capital. julia boorstin is out in cannes, france where she spoke to the ceo. julia? >> reporter: i'm here at the cannes line advertising festival and just yesterday vice

announced $had 50 million investment from media firm tpg we spoke to the ceo shane smith about how this investment is a key stepping stone as he prepares for a potential ipo >> it's what we would do if we were going public. it's get a third-party peg and start building our book, and, you know, bringing in revenue, you know, on sort of a hockey stick basis so that that theoretical ipo would look very sexy >> smith explained where there are going to be investing this new infusion of cash saying they are going to try to build out their individual brands, especially ones focused on food as well as music he also said that they are working on building a direct to consumer subscription content business >> i'm not going after netflix that would be suicide. i think what's going to happen is you're going to have in tv skinny bundles, and so we have to sort of, you know, do that,

and then also in dtc there will be skinny bundles, six, seven, eight of those that will get there and work what we have to do is do the largest millenial library for video content out there, bar none, and if we have that ip library, you know, at&t is buying time warner for a reason are. you know, all of these companies will buy up all the ips, and then when it's actually millenial ip that everyone realizes they need they come to me >> reporter: nearly a year and a half after launching the cable channel viceland in the united states shane smith acknowledges there's been headwinds to that cable tv business, but he says they have succeeded in having double-digit percentage quarter over quarter growth for that cable channel and they are successfully bring over their millenial audience to that tv platform kelly, back over to you. >> i wonder if he's being a little overly broad. i'm a millenial, and i'm not really into vice media. >> reporter: vice is

particularly focused on men, and it's not purely millenials, sort of a male audience that goes a little bit older, but it's really interesting like a lot of people would say why launch a tv channel if you're going after millenials? why not just focus on that digital platform so perhaps that's why he has that subscription business in mind. >> yeah. they are doing all right, vice s.julia thank you. our julia boorstin by the way, adobe launching an advertising cloud. the interesting thing is the fight digital is waging for the advertising dollar relative to traditional tv and i don't think they have to fight that hard sometimes. >> doesn't seem as if they do. obviously the market itself wants a solution to this area, and it's a very messy one. it's obviously been a lot of money thrown at various types of add exchanges and auctions and solutions. none of them, you know, are plug-in centralized thing that was sort of platforming a noveltyic and all the rest of it. >> the internet drives you so crazy now when you're on it. the programmatic stuff, it's all the same and all so -- >> sure. >> are they going to be able to

dramatically improve that content or drive people off all together >> i think the opportunity is in that -- all of the buyers of advertising know how much waste there is, and just sort of know how much slip there is in the whole system but i think it was always the advertisers and now it's a little more evident to you in numbers. >> all right more out of cannes the grocery industry with the acquisition of whole foods up next we'll talk about whether amazon is as big as the rest of the auto industry as more people get more items delivered straight to that door and dropping auto sales could impact micheline's business the tires and the company's bottom line and you can contact us for the show on twitter, facebook or send us an e-mail.

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morning that it was buying whole foods sent other grocery shares tumbling globally, by the way, but an editorial board member at "the journal" suggests its automakers that should be really worried because people mostly use their cards to go grocery shopping thank you both for joining us. david, you know, it's a cheeky way of drawing our attention to an important thing cars aroused for. i've heard people suggesting the drop in gasoline this year might already be attributable to amazon what do you think? >> david >> i don't think if i'm a minivan owner this is not quite the excuse you're going to need to be able to get rid of your van. u.s. consumers are inherently irrational you buy based on your perceived need, not on your actual need so just because suddenly amazon will be delivering a $30 block

of cheese, you know, and some fancy crackers, doesn't suddenly mean that the minivan market is going to shrink, so i wouldn't be too concerned. >> okay. rob re, what about you >> look, i think that customers are looking for the most flexible and cost-effective solution to get goods home, so if that means staying home and getting free shipping on a basket of goods, that's great. if that means stopping in a store on the way home from work when your bag of goods is already ready for you to pick up in a quick checkout aisle that's great, too, so i think customers want options and i think they want it cheap and that's what amazon is trying to do here. >> yeah, david, i guess there's a lot of things going on that may be working against the minivan. one is just fashion. crossover suvs have kind of taken off in that regard might we be able to track total miles driven and not just in terms of market share and different types of vehicles that's maybe showing that people

are using their cars less day-to-day or even owning fewer cars. >> i think it's a little early to show that i think what will really impact that is the rise and the proliferation of autonomous vehicles, and that's really going to be where you see a real change in consumer habits. suddenly instead of being a two-car household perhaps you would have one car that you own and subscribing to another car service, you know, and on weekends you're asking for a pickup truck because you're going to hauling peat moss and on weekdays if you're just commuter it's a smaller cass it will be some time before we see real changes and once we do and see that rise of autonomous vehicles it's going to be a pretty dramatic and very quick shift. >> and robe, it's interesting to think about what kind of shift it will be what do you see in your sector in terms of the impact of self-driving trucks which may come to market well before self-driving cars. >> yeah, sure. we're very bullish in the trucking space because we think the impact of of autonomous cars

are coming sooner than people think. the first fully autonomous trucks that run in a platoon could hit public roads as early as 2020. this will have a game-changing effect on not just all operating costs but also industry consolidation as well as truck utilization. keep in mind that we have some fairly serious issues with a driver shortage right now so if the trucking companies have a way to have autonomous trucks on road as quickly as possible and from an e-commerce perspective, we're looking at drones and sidewalk robots, a number of transportation modalities that it can get goods from the store to the consumer as quickly but also as cheaply as possible, so i think that's a combination of the two. >> and michael, there's a lot of different things going on here, and i guess the fundamental, you know, question is how much is all this contributing to less driving and certainly people driving less to do those kinds of errands, so, you know, there's a daily trip log kept by

atlanta residents in 2011 that showed, you know, over a two-day period 44% of their trips for food were to a store or to some kind of eatery you know, if all of a sudden you take that out of the equation, at least the store piece of it, you know, that is going to make a difference at the margin. >> it will make a difference at the margin maybe it lengthens replacement cycles which are getting longer in terms of buying a new car and just an idea of what you need a vehicle for and what kind of vehicle. >> right. >> i do think that's going to evolve over time, although as a lot of people would point out and david would, too, a lot more people have pickup truck that need to hauls things in the back so, again, i come back to the idea of perception and fashion when it comes to these things. >> david, i know you made that point off the top. we own cars for different reasons than, you know, than pure utility, but at the end of the day, if people are going to make the choice that saves them the most money, if you don't have to have access to that car and shopping trips take out a big reason for that, you know,

it can look pretty economical to forgo it like you said and just use other options. >> exactly. >> it becomes a component of your decision whether or not to buy in a second vehicle and what shape that vehicle would be. yeah, absolutely this will be relevant. i think it's a little soon to start shorting minivan sales >> all right it lives to see another day. thank you both david and robbie. >> thank you. >> some of the biggest names in silicon valley at the white house today for a tech summit l.president trump be able to mend some fences with an industry he's had contentious relationships with at that time. coming up former ceo josh levenson weighs in a duel in fantasy sports coming up next. [vo] when it comes to investing,

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and wanted make sure that i was okay. that was really great. we're the rivera family, and we will be with usaa for life. usaa. we know what it means to serve. call today to talk about your insurance needs. welcome back it is time for today's fast take we begin with what i think is an overdue move the choice act would raise the tlish hold for shareholder proxy proposals to those who own at least 1% of the company, up from just $2,000 worth of stock at present, michael, which is a very low threshold for billion, billion, billion dollar companies. >> you inject a one-share, one-vote principle here. >> it's not one share, one proposal. >> yes. >> the ability to bring something to the table, yeah. >> and they are from all sorts -- especially in this era of sort of pet, you know, project type things that come up and disrupt the shareholder

meetings and have enough real issues. >> i do think you should be able to muster support from other people who together own at least 1% because otherwise you would have no hope of actually persuading anybody to vote for it. >> i agree you can easily say some of the big cap companies are too high, but not if you're getting other people on board. >> $8 billion for apple. >> that's a left he chunk. >> up next, a big win in a closely watched trademark case it will let asian rock band the slants register their name instead of being hate speech justice alito said the active registration of a trademark should not be considered government speech, michael and one of the next sort of topics is the redskins name which seems is safer. >> some of the names attached to those trademarks were in yep did i. if this supreme court is unanimous in a decision as a

principle of law probably means it's a sensible call. >> 8-0. >> tough to skew it as government speech and, therefore, you know, something that -- that would violate somebody's rights. >> with the slants it was a self-reverential way to turn it on its head. >> to own it, yes. >> the ftc is seeking to stop the merger of draftkings and fan duel which would come more than 80% of the daily fantasy sports market, michael, but they created it. >> they did. >> i mean, by definite if you start an industry you're going to own it. >> this would be a merger. one started before the other one started it i think that there's a pretty persuasive case to be made about market power in this particular product, just because the payouts are the only thing you really compete on, right it's just random statistical numbers you're betting on. >> do you think the two of them - >> they compete on how much they pay out to winers? >> fer they are combined and can pay out a high threshold. >> you can pay less out, and so,

in other words, if you can take more from the customer and you have a -- arguably a different product. >> you don't think new entrants can come in? >> and these guys can argue, look, we're competing, you know, and and everything else. >> speaking of market share, uber is losing ads uber's share of the u.s. market is down to 77% at the end of may, from 84% just in january and rival lyft says its own share is still undercounted. >> potentially so, is and as other competitors out thereto locally in different markets so what it mostly does to me is underscore the fact that uber didn't really have a distinctive advantage except for first mover and brute force in getting out there first and universal adoption. >> any way that you would ever think they would let uber buy lyft >> i think it probably wouldn't happen soon but over time as the market matures for it and you have more players.

>> got to give them some credit. >> on the other hand, it's not clear that pure scale will get you where you need to go in that market because all you're really doing is subs diegues rides and buying drivers' allegiance and most of the drivers drive for both. >> the mapping thing is a whole otherish ump the once red hot oughtors sect . also, it's been 14 years since is the concorde stopped flying, but could supersonic jets be making a comeback? llat's sti tco o"csi llo men long be."

treasury secretary steve

welcome back we set some new records on wall street the dow is up 144 points to 21,528 the nasdaq with an 87-point gain, nearly 1.5%. still a little bit shy of its high mark at 6239 today and the russell up 11 to 118 time for our cnbc news update with contessa brewer hi there, contessa here's what's happening right now. the driver of the van that plowed into pedestrians near a moscow is identified at 47-year-old darren osborne reportedly from wales and is now

in custody one man died and ten others were wounded in the attack. the supreme court has decided to hear a case involving district voting lines in wisconsin. challengers say those lines were drawn to favor republicans this case could have a major impact on gerrymandering across country. ups is taking on new fees for holidays ranging from 27 to 92 cents per package depending on the delivery option being applied to both individual and commercial customers. and this is the video of the day, right at poor kitten falls into the river in tampa a quick-thinking woman on a water bike jumps right in and saves that itty bitty kitty and manages to get it being bapup on to her bike. what a rescue. and then back in goes the cat so back in goes the woman the frisky feline finally found itself fortunately on terra firma. you know what they say fool me once, shame hon you.

fool me twice, find your own way out of the water. >> cats can swim, right? >> well, watch. >> can cats swim >> i'm thinking yes, because otherwise she would have been diving under the water to get that cat the cat is doing the dog paddle. >> that's a good point we're going to have to rename it a little happy end willing story there, contessa. thanks very much our contessa brewer. u.s. commerce secretary wilbur ross hosting the annual select usa investment summit today in maryland that aims to connect global economies and economic development corporations in the united states secretary ross was on "squawk box" earlier and was asked why companies should be investing right now. >> we're lowering taxes. we're cutting regulations and we're stimulating the work force and helping to develop the work force of the future, unleashing our energy resources and redoing our trade agreements

that's the whole package that president trump was elected on and it's the whole package that's driven the stock market to $1 trillion of gains since the election >> joining us now in a cnbc exclusive is pete sellek, chairman and president of micheline north america who is at the select usa summit today welcome to you i see that you guys have a bunch of employees in this country a bunch of manufacturing plants. what was the message to you. >> well, micheline arrived in north america in the united states back in the mid-1970s, and as you said we have 18,000 employees working in the united states now in 20 different manufacturing plants, research headquarters and sales offerses. the primary people though are working in manufacturing we have found that the united states is in an incredibly good place to manufacture, and we actually export a lot of what we make we export about 80% of the mining tires, for example, that

we make in the state of south carolina they go out through the port of charleston and of savannah to markets all over the world so free trade is extremely important to us being successful. >> so is this meeting about the white house asking you to invest more, asking you how other companies might invest more, or were you there to make your case to them about why they should keep the borders open? >> well, it's predominantly to bring companies that have succeeded through foreign investment to basically come together and talk about our success and talk about how we can go further and talk about the issues that are important to us as we move forward, but also to recruit other companies that come into the country. the united states is a very flexible adoptable place to manufacture. there's certainly some interesting challenges such as the tax rate that obviously people are talking about today, but in general companies like micheline have been extremely successful coming here setting up major manufacturing operations and investing billions of dollars, and we certainly want to encourage

other companies to do the same thing. >> well, you mentioned or alluded to some challenges and if it's already pretty satisfactory or an attractive place to invest for a global company, what specifically do you think has to happen to persuade those other companies to -- to try and do so. >> well, i think one of the biggest challenges that we face in this country is with work force issues despite the fact that, you know, manufacturing provides very, very good jobs in many cases manufacturers struggle to find people that are adapted to the types of skills that we need in manufacturing. one of the things that we've done at micheline very successfully is we've partnered with local technical colleges primarily in the development of what we call the reliability technicians, people that maintain and are set up and run equipment inside our plants. to train those folks requires a two-year technical degree and we work very closely with technical schools to make sure that the curricula is constantly adapting

itself to the changing needs of the technology. >> pete, you mentioned that you do a business with the mining industry how expokesed are you to the u.s. auto market >> we're very close to the auto market and make a lot of passenger car tires and that market this year is going okay it's certainly hit a peak, and we're being very successful is the fact that we have technology that helps the car manufacturers meet their fuel efficiency requirements tires consume about 20% of the gas that a car uses, and we have technology that helps them meet the epa requirements in that area >> i did not realize that. i was going to ask a slightly different question you mentioned the car industry has peak are we if we move towards more of a ride-sharing network, how would that affect your industry, do you think >> that along with autonomous

vehicles connected with that will create changes in how vehicles actually operate. the more you take the human being owl of the equation, the less demanding the car is on tires. vehicles do not accelerate hard or brake hard. they tend to be much more aware of what's going on around them so that will change a lot of design parameters, but at the same time people are going to be mobile this future is very important to help people that are handicapped and older people to retain their mobility as they get into older age and we're very excited about the potential. >> very exciting to look at it from a tire point view. >> appreciate it. >> thank you very much. >> pete sellek of micheline. >> how would you like to get anywhere in the world in two hours? that's what boeing is looking to do as it builds a supersonic jet. details from the paris auto air show are next and president trump sitting down with tech ceos to discuss how the government can deliver better digital services

josh levenson will join us with a preview and how would you like to set the tour the "closing bell" and have a set of drinks with me and bill griffiths all for a good cause to the website to bid for that chance. do it right now. "closing bell" will be right back

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any planned surgery, and all medicines you take. if you recently had a heart attack, ask your doctor about brilinta. my heart is worth brilinta. if you can't afford your medication, astrazeneca... ...may be able to help. (large boat honking) ♪ i'm living that yacht life life life life ♪ top speed fifty knots life ♪ on the caribbean seas ♪ it's a champagne and models potpourri ♪ on my yacht made of cuban mahogany ♪ gany, gany, gany ♪ watch this the supersonic jet may being making a comeback. phil lebeau has a look at the paris air show. >> reporter: there's now renewed

interest in supersonic jets 15 years after the concorde starting flying. this is from boom technology, a colorado-based company it's raised $33 million and is working on a prototype that it will start testing perhaps sometime next year the ceo believes momentum is building for a return of supersonic air travel. >> this is not something that's science fiction or decades off something that will happen fairly quickly >> the flight that takes 11 today shrinks to less than five and a half. >> reporter: boom is developing a supersonic jets 15 years after the cone cord stopped flying it was in existence from 1969 to 2003 and while it got a lot of attention as being the elsewhere sign of being in the jet set the fact of the matter is it was never profitable still, different airplane-makers at building hypersonic planes. boeing says it's investigating building a hypersonic gest that could fly anywhere in the world

within two hours. >> we'll get the business case to close so that really adds value for customers so the marketplace can expand and i think in the next decade or two you're going to see it that become a reality. >> despite the optimism about supersonic and hypersonic jets the fact of the matter is those who lease out airplanes to commercial airlines all say the same thing we're a long ways from proving that making money on a hypersonic or supersonic plane is something that could happen >> i mean, i -- i think i'll just be honest i didn't even realize there was a supersonic jet in the past, that it had gone away, that this was even possible and we'd have to be more capable of producing it today. >> that's the thing. imagine in four decades, whatever it's been, you should have the technology advance to a point where it's more comfortable and efficient. phil said it was not the most profitable or the best experience. >> wasn't the concern the noise as well? it was a huge issue. >> when it was taking off and

landing and everything else. who knows if there will be a broad market for t.fuel costs are lower certainly on an an inflation-adjusted basis back in that period as well. >> it seems like an obvious fit if they can figure it out and get it right, and i hope -- >> first of all, even regular airliners fly a lot more slowly than they are capable of flying, so there's a lot of ways you might be able to improve that. >> careful, cautious, but it would be fascinating. >> and use less fuel. >> that, too. breaking news on the american student who had been detained in north korea. eamon javers has the details. >> reporter: we're getting the sad news from otto warmbier's family he's 22 years old and they are saying he died today at about 2:20 in the afternoon. they say it was the result of the treatment that he received as the detainee in north korea where he was held for more than 17 months. the young american recently attended the university of virginia and we have a statement here from his family who say, unfortunately, the awful

torturous mistreatment our son received at the hands of the north koreans ensured that no other outcome was possible beyond the sad one that we experienced today. that's the news from here. we're awaiting a statement on all of this from the white house. we'll bring that tyou eno wh we have it. more "closing bell" when we come back we want unlimited entertainment. so we can stream unlimited action. watch unlimited robots. watch unlimited romance. if you are into that. but we also want more like... unlimited hbo. can i stop dying now mark? no can't do mi amigo. it's unlimited. besides you are really good at it james. don't settle for any unlimited data plan. only the at&t unlimited plus plan comes with hbo included at no extra charge.

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welcome back tech ceos are gathering at the white house today to kick off technology week and will be meeting with president trump in a few minutes. jeff bezos and tim cook and others in working session with adviser jared kushner this afternoon. >> together, we will unleash the creativity of the private sector to provide citizen services in a way that has never happened before we will foster a new set of

startups focused on gov tech and be the global leader in the field making government more transparent and responsive to citizens' needs. >> joining us to talk more about what's on the agenda when the president joins them top of next hour is cnbc contributor and former interim ceo at yahoo ross levenson thanks for being here. >> great to be here. hi, kelly. >> first time i've heard the term gov tech. you know, is this all a lot of, you know, happy talk and no action, or do you think substantive changes are going to come out of this >> hard to imagine substantive changes will come. i was surprised by the term transparency from jared kushner, not something we've seen a lot of in this white house there's real issues. most powerful people in tech sitting down at the white house. they have to be there, though it strikes me that this could be little more than a publicity

stunt. the real issues are around jobs and obviously immigration for silicon valley companies and other companies around the country. the crumbling technology infrastructure that really powers all the government today. it needs to get rebuilt, so havingpeople like ibm and oracle, et cetera, there, is a good thing, but clearly immigration is on the mind jobs is on the mind and infrastructure and, of course, cyber security, and this is -- this is a pretty tough room right now. >> yeah, ross, it's interesting, because when you hear these examples of the way the government does business and maybe some of the antiquated methods and technologies that they are using, seems like low-hanging fruit but, on the other hand, how do you bridge from that to what these big companies would probably want to do which is really disrupt the whole thing as opposed to on a proboner, basis say let us help you with that. hard to see necessarily what the broader strategy is and how would you as a ceo try to go in there and approach give and take

of all of this >> look, these ceos are a little bit conflicted because on the one hand, first of all, there is no pro bono, they will give them their time, but what they are really hoping for is that they get government contracts that are worth billions of dollars to rebuild the infrastructure this was started under megan smith in the obama white house megan, i think, is much more altruistic than perhaps this white house which is clearly said it's more capitalistic, and you've got peter thiele and chris liddell from microsoft and, of course, jared kushner pushing that agenda. first and foremost these companies are looking for business at the white house. on the other hand, you know, i happen to think trump is looking for a villain. he needs somebody to -- to go after, and what's a better target than -- than billionaire tech ceos from silicon valley. you talk with hatfields and mccoys this is more like rockefellers and mccoys >> this meeting is going to kick off shortly, ross. you think the president is the actually going to be antagonistic towards this group. >> well, look, pure and simple

what he stated around jobs and immigration are directly opposed to what these companies do think about these ceos have to go back to their companies and their rank and file employees who are not happy about what's going on with immigration, and workers rr around the globe, so i think it's tough on the ceos on the other hand, it's important for the ceos to be working hand in hand with the government, get these krcontrac, hopefully work to a better end and at least talk to the president about their concerns, hopefully trump will listen and jared kushner and team will listen and my hope is that something good comes of this, but boy, it's been a rocky start for these two sides. >> that's for sure ross, let me ask you something, if we take this at face value, look, there's a ton of efficiency that could be wrung out of the government if it was able to use modern technologies but there's security issues, of course, that come up, there's accessibility issues i'm thinking about this kushner line from earlier, he says "many government operations can go

from paper to cloud. if that happened, we know the size and scope of government, how much of a boom could that be for amazon web services or google or some other player? >> well, you know, on one hand, you've dwot tgot the hardware ad software that needs to evolve. on the other hand, you have to then train lots of workers to go from doing things the old-fashioned way to doing things in a new world. and that is not something that happens overnight. so on one hand, you'll have to rebuild that infrastructure from the ground up. and it's massive and you're talking about billions and billions of pieces of data that need to get converted. and on the other hand, you have to go train hundreds of thousands of workers so in theory, it's a good thing, but in practice, this will take many administrations but, look, this is somethings that that's been worked on a long time it's important that's why the ceos are there. in addition, frankly, they are on probably trump's side in and around taxes. >> yeah. >> it's a pretty tough thing

that they're going to go back n and forth on. >> you know, ross, you mentioned you think the president might be looking for a villain. what about the public, is the public looking for a villain with huge companies and all their power and, you know, their harnessing of all their data, things like that it might not be today's business but seems as if this very small clustering of enormous companies might get wrapped into a lot of what is just kind of a dissatisfied public outlook on things >> yeah, i think that's a little bit inside baseball. i think trump has used technology, frankly, as well as anybody, to win the election it's interesting to me that he used twitter as well as anybody has ever used twitter to become president. and, yet, amongst the ceos who are attending today, i really don't see one consumer-facing service ceo aside from amazon. you don't have anybody from facebook there, you don't have anybody from twitter there, no one from snapchat or aol or yahoo! these are the big consumer services that talk to consumers,

and none of them are there they're all in cannes right now talking advertisers. so -- >> yeah, i done know if i want snapchat at the government you know -- >> your question is, is could they be the villain, and, you know, there is certainly a need in trump's eyes clearly he's been looking for somebody to attack, and this seems to be a pretty easy target for him but they provide incredible services and, frankly, the go government and the united states could use much more technology to make things more efficient. >> well, we'll find out very soon how this goes down. ross, thank you again for joining us. >> my pleasure >> ross levinsohn. "mad money's" jim cramer sitting down with goldman sachs' ceo lloyd blankfein who weighs in on president trump's progress so far we can play that for you next. n, we're helping today's leading life sciences companies

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welcome back our own jim cramer sitting down with goldman sachs' ceo lloyd blan blan blan blankein tonight the new administration and whether trump was fulfilling the things blankfein thought he would. >> i know there are some people who belief as we do all that

sensible regulation is good, but there was some redundancies and a wax buildup as layers and layers have gotten on it, no doubt impeded the economy. he represented trying to deal with it. now, the devil, of course, in the detail the way you -- how you look at it depends on what you wanted, but in any case, it seems to have gotten bogged down in the issue. i'd say the market now is not what he wants to do, but whether he'll be effective in accomplishing it >> yeah, whether he can pull it off. you can catch jim's entire v interview with mr. blankfein at 6:00 p.m. and jim's big gusts this week, ibm's rometty and shantau narayen on wednesday goldman is the best performing stock, today, they have a big couple weeks coming up with the stress test results and all that. >> you do. yields are up. i don't think that's the whole story. we have a little deal, flavor in the air. that might not be hurting sentiment over there also a lagger group. this is a market that wants to

pick up what's been left behind. >> we know trading wise, the second quarter was horrendous. volatility is so low it's pretty much out there so amazon buys whole foods now the idea is maybe there needs to be a raft of more dealmaking to reshape how the industry is reshaping. >> everyone is going to rethink where they fit does it mean everyone's going to be a net winner or have a place in a reality i do think that at least it's building up to a level where we expected it to be, actually. been a little bit behind what you might have thought >> this morning, said payments, music and health care are the categories that would be next in terms of where amazon might go on the payments front, ernston young had a conversation, he says they expect amount don azot tend into payments amazon told us last year they did $1 billion in small business loans. >> if they really did attack payments in a way, to do more than just facilitate things in their own mat forplatform, it w

disruptive payments has been the hottest area in the stock market any company, payments, heard dan talk about first data, paypal, the whole spectrum, people think it's a play on the leb tr electronification down the road. >> i don't get it. >> it doesn't seem there's enough vig to go around. >> what's vig? >> the spread, you're going to take a spread of transaction a gambling term. >> a gambling term when it comes to payments, it feels like paypal's there, the banks are -- they probably already have officially ruled out the zel thing. >> doesn't chase, by way, have a very generous rewards card with amazon there's frenemies all over the place. >> there's also the msci decision on china tomorrow i don't like this whole speck haitian about what's going to h happen. >> yeah. >> it is a big deal if it happens. >> if they include the "a" shares in there or not obviously it will matter -- especially matters more now because in this world, we all inve invest so essentially it's an automatic buy for those companies that would qualify if

they make that call. >> i was looking at something earlier, all this stuff is going to get more and more important people trying to game out when you should get in front of it, figure out what they're going to pick. >> a lot of dogs being wagged by tails. >> i like contessa's doggy paddle joke from earlier >> we'll see you tomorrow. thank withdryou very much, michl that does it for "closing bell." "fast money" begins now. >> sure does "fast money" starts now with breaks news. you're looking at a live shot of the white house where the ceos of some of the biggest companies in the world are meeting with president trump, everyone from apple's ceo tim cook, to the man with the biggest news in the last week, amazon's jeff bezos microsoft's also in attendance combined, these ceos represent an astonishing $3.5 trillion in market cap these tech lead erst have been participating in breakout sessions at the white house throughout the day it all comes as technology surged today tech posting its best day of the year the dow