i am. >> tesla, i really do like after this significant correction, people shooting against them, i like it. >> pete, what have you got >> semantic. i've got to like what i'm seeing. >> dow hit 22,000 for the first time ever. it's fallen back a little bit. will it regain it? "power lunch" starts now. the dow power hits the 22,000 mark for the first time ever how long will this rally last? netflix and kill amc getting bludgeoned our couch potatoes to blame? and the folks behind the well-known tumbler company are joining me "power lunch" starts right now

melissa, thank you very much welcome to "power lunch" i'm tyler mathisen clearly not a scary day on wall street the dow topping 22,000 for the first time ever. a little below it right now. about 19 points. apple, of course, a key driver here, up close to 5% right now on the back of the big earnings beat last evening. the dow component walmart helping as well trading at levels not seen since april of 2015 oppenheimer initiating change. saying that the company is well-positioned for sales growth and profit recovery. snap shares hitting an all-time low at 4%. brian? >> here's what else is happening at this hour qatar airways not proceeding with investments in american airlines saying that it does not meet their objectives. and there have been

subpoenas issued after the bank said it sold auto insurance to hundreds of thousands of customers who didn't need it if you are both a fan of coffee and beef jerky, listen up. this one is for you and it's real starbucks new pepper night trtrh a jerky twist. it is topped off with real beef jerky. the drink is only available at the starbucks reserve roastery in seattle for a limited time. all right. 1,000-point milestones are dropping like flies in the dow let's begin with the market and your money and the dow's march from 21 to 22,000. dom is going to show us how we got here dom, give us the long, hard road from 21 to 22k. >> it wasn't that long or hard it was back on march 1st when we

first crossed over that 21,000 mark not that long. all of us retail investors out there are feeling richer because of it. here's the march the biggest point contributors, no secret here, we've been saying it for a couple of days now, boeing shares marching from 21,000 to 22,000 mcdonald's a stellar performer up 175 points. united health and apple rounds out the mix. a total of six companies have made up the 1,000-point gain so far. as for the biggest losers, ibm, big blue dragon dragging 255 points and general electric down those stocks weighing the most we'll see if they can turn that around guys back over to you.

>> let's check in with bob pisani hi, bob. >> technology will continue to be the leader. weaker sectors will head to the forefront. energy and financials, the trick here for energy, oil stocks get them over -- get oil over $50 for oil stocks to move forward after being stuck in that 42 to 45 range for several months, oil is trading at a 45 to $55 channel and energy stocks have begun to respond look here, names like chevron and eog, it's still very tentative. the key to get financials going is to get a modest breakout and get the trump administration talking about deregulation expansion. expectations for a modest rise in rates has begun to move the big regional groups like

citigroup and fifth third bank and pnc financial. bank stocks are up this year and there's not a lot of confidence in the trump agenda, at least at the moment several sectors have been badly beaten up this year. look at this, new leadership in august at&t and verizon have been great. retailers like target and gap are finally getting over their amazon funk. the momentum right now remains on the side of the bulls who have been right all year the great earnings picture, that's what is moving stocks i anticipate it to move to the third quarter. guys, back to you. joining me now is paul and scott. gentlemen, great to have you with us. paul, we'll kick it off with you. we're staring at this record of 22,000 and we have the transports which have been showing signs of weakening many people are pointing out

that they have reached the moving average are you concerned about that at all, the old dow theory signal >> you know, it's scary to say this time is different any time. >> what? >> so i don't want to say that but i think higher energy prices have been blocking the transports as bob was saying in the intro, tech has done well but it's not just tech. we've seen record highs for this bull market as recently as last week so with all of the talk, it's the biggest leading sector other sectors are doing well as well and that's what we're seeing right now. it's supportive of the rally the only thing that hasn't confirmed -- >> on a scale of one to ten,

where do you put yourself? >> definitely in the seven to eight range. when we see markets falter, that's the time to get worried earnings have come in good that was expected. the economic data, while it's been coming in weaker than expected in the u.s., our consumer pulse data of consumer sentiment is hitting the highest levels we've seen in three years. >> scott, i don't know where you fall on this scale you're modestly bullish, perhaps, is the way i would characterize it? where are you now? >> we're still in the pullback, melissa. as we've moved through -- every time we move up 1,000 times through this entire rally, we've been telling our clients, hey, 21,000 is just a number. this time, though, i'm looking at this a little differently where 22,000, it may be just a number but you should look at

this number and say, hey, stock valuations are stretched the economy isn't going to accelerate that much we're looking for a 5 to 8% pullback between now and the end of the year. do you think the market will end higher than we are right now yes, we do we're in the pullback camp for the second half of the year. >> paul, the intelligent gentleman that i referenced at the top of the show that they were dropping like flies was you and your teammate. 18,000 to 22,000 in, what, 16 months it's not the gains it's not the valuation is it perhaps the exuberance that we should be nervous about? >> again, we're in august and august is historically a weak month of the year but the argument about valuation, you could have said that at 20,000, 21,000, 22,000 >> you could not have. >> i think valuations have been excessive. i think since the beginning of 2016 people have been raising

questions about valuations in the market the bottom line is, valuations alone don't end the bull market. you need to see another catalyst going on and a catalyst could come up. until we see a weakening of the internals of the market, that's something that you have to -- you can't just give up because we're due for a pullback >> scott, i want to give you the last word to respond to what paul is saying one of the things that you point out, american investors, as is usually the case, are overallocated to u.s. equities and underallocated internationally. >> besides the valuation situation, you're in a fed hike cycle, which basically every time is a headwind for multiples and you have, you know, really lack of fiscal progress in washington, which i don't think is going to change any time soon and then, finally, if you look at gross margins, they are

starting to roll over. i think in late 2017, 2018, the market is going to start to sweat higher compensation, no pricing power, squeezed margins and that's going to take a little bit of wind out of the sail and somewhere in that range is where we're going to be on december 31st. >> scott, thank you. >> appreciate it. new. inning o numbers out. equity allocations are close to 68% in individual accounts cash holdings now at the lowest level since 2000 so are those stats worrisome, especially to the wealthiest investors among us this is the founder of tiger 21 which we should point out is an investment club for people with the high net worth >> high net worth individuals.

they like equity but they don't like public equity. >> right >> they can afford to get into private equity or take stakes in private equity. >> it's not so much that they can afford, it's where they have an edge. people have built their wealth building private companies have an edge in private companies and when our members get together, they say where do we have an edge it's real estate, 32%. private equity, 22%. and the number you just said there, it's 68 we're at 73%. >> equity? >> if you consider real estate an equity form. >> so the aii study talking about stocks and bonds, basically the level of cash is the lowest it's been since january 2000 in other words, nobody seems nervous. if you were nervous, you hold cash everybody is basically all in, fully invested >> that's not our case our numbers are carrying about

an 11% cash, which is historically a safety margin when you live on 2%, that's five years. you can survive for five years without having to liquidate anything so we have more of a barbell approach we have a huge equity but also a margin of safety so if the market tumbles -- >> how have those numbers changed the equity versus cash versus real estate >> the big story is real estate and private equity has gone up real estate was mid-20s and now 32 public equities have come down from 26 to 20%. >> what kind of companies are they investing in? apart from real estate companies which they may own outright themselves >> on the public side, this year for the first time, indexes and etfs are two of the top five holdings 60% of the market is held by etfs

we can talk about whether that's a pricing problem but two of the five and the rest are mostly the f.a.n.g.s. berkshire hathaway is a favorite. >> in terms of the etfs, but in terms of -- how do you evaluate this allocation overall? is it bullish or are people going direct investment into companies because it's not buffeted by the whims of washington, the impact on the stock market, the fluctuations that we have seen and may have seen >> most of our members created their wealth and sold a business and now they're looking to invest over the long testimorm they're not looking at daily fluctuations they are holding a lot of cash they have low fixed income because they are concerned about the fed unwinding, very low hedge funds and 73% in real

estate and these are the things that can make a difference they hear all of this ban for back and forth you want to preserve wealth. >> i'd be optimistic, too, if 2% of my cash holdings for five years -- all right. a quick news alert former fbi director james comey assigned a deal with flat iron books to write a book and it will explore what good, ethical leadership looks like and how it drives decisions he will share unheard anecdotes from his long and distinguished career the book will come out next year and some have reported it as, quote, a multimillion dollar book deal. no surprise there. all right. still ahead, it's primetime for

hiring amazon holding the nationwide jobs day today look at that line. they are looking to hire 50,000 workers and offering jobs on the spot we'll take you to that center in new jersey for all of the action first, apple shares booming on strong earnings that's good news for your next guest who picked apple in the "power lunch" draft. he is always humble and contrite kevin o'leary will join us next. flexshares etfs are built around the way investors think. with objectives like building capital for the future, managing portfolio risk and liquidity and generating income. that's real etf innovation. flexshares. built by investors, for investors. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. upeace of mind.s we had a power outage for five days total. we lost a lot of food.

we actually filed a claim with usaa to replace that spoiled food. and we really appreciated that. we're the webber family and we are usaa members for life. at the lexus golden opportunity sales event before it ends. choose from the is turbo, es 350 or nx turbo for $299 a month for 36 months if you lease now. experience amazing at your lexus dealer.

if apple gains a 21%, the first ever $1 trillion company co-host of shark tank, he selected apple with the first pick in the "power lunch" trap and currently in first place but fading fast. kevin o'leary, i know you don't like to be on television this is the first time that you said i told you so to all of the haters. >> it's not over yet this has to go until the end of the year i'm looking for team wonderful it's the power of boeing together driving this. we still got a good five, six months here. i think that is a very, very,

very risky stock mired in debt, i can't say enough bad stuff about it and i want it to go down so team wonderful will clean up here. >> are you in a shower in your home on cape cod where are you? >> i'm in an office inside of a cape cod beautiful facility here outside, there's a bunch of lobsters wearing sandwich boards saying stop the senseless slaughter. as soon as i finish, i'm going to lunch and i'm going to see lobsters being armed no question about it. >> what is your reelection as the dow crosses 22,000 what do milestones like this mean, if anything, to you? >> i look at it on a relative basis. it's a number, obviously i'm looking at it versus every other asset class that i can invest in. i don't find anything cheap. i don't find real estate cap rates cheap or alternate asset cheap. i would rather have the

liquidity providing large cap dow stocks like boeing and apple. if i decide i want to get nervous about valuation, i can sell them. so far, like everyone else, watching in amazement as the p.e.s continue to expand and i think apple and boeing are cheap, compared to what i see, for example, on netflix or amazon i'd rather be in these names and i'm getting relatively similar returns. >> kevin, you know this well when you take a look at a stock, you don't just compare it to other stocks but you have to compare them against their peers or themselves on a historical basis. when you look at boeing, do you think it's cheap when it's trading at a current multiple of 21 or so, higher than the s&p 500, a forward p.e. of 24? would you sell right now if you had your druthers, would you sell boeing?

>> no. number one, our currency is starting to lower itself vis-a-vis the euro and british pound are big customers. boeing is the large tech supporter in america what i really love about this last quarter was the avionic software for the next three or four years, this manufacturer is getting into the software service business and i love it so when you buy an airplane from them and want to use this advanced avionics, you're going to buy it on a recurring basis. >> and software is something that you know something about having sold a company for billions of dollars in the past. kevin, you're not even prepared for this but i know you're quick on your feet what is the last thing, if you can remember, that you have sold. >> that i have sold? >> that you have sold.

something that you used to love that you don't love anymore? >> that's a great question ge. >> when did you sell it? >> it finally broke my heart it's where money went to die it's a dow stock i've been watching it for 15 years do nothing i was a believer in the management. >> you gave up is that why you're in cape cod now that they're headquartered in boston? >> no. it's been a disappointment but i was with my guys this morning looking at the balance sheet of this thing i think it's interesting, the theory is that activists are going to get into it like wood worms get into rotten wood there may be value there because the conglomerate has not worked. maybe it's time to tear it to pieces that's their investment thesis

it's a very difficult balance sheet to understand and that may be keeping investors away from it stay tuned if you want value or a stock that hasn't participated in the rally, if you want cash flow, it's ge. so maybe i don't hate it as much as i used to. >> kevin o'leary, the shark is coming. >> i swear to you, there's a bottle of chardonnay on ice waiting for me and many lobsters luring there >> this is the first time i've seen kevin o'leary backed into a corner, but there he is. >> all right thanks, kevin. on tap, tap. drdeita poher spe rert iving them higher, next.

shares of kocoors getting a nice lift today. landon dowdy giving us the details. >> some booze news shares are up 3% even though the company missed on revenues so why the bounce? international sales are up worldwide brand popping 3% and primarily driven by miller, coors and coors light. europe also posted double digit volume growth year over year up 11%. while the rest of the world is all abuzz, the world continues to be a weak spot for the

world's largest brewer as more consumers opt for craft beer investing heavily especially in its own blue moon brand aimed at the draft drinkers guys, the u.s. is all about that >> appreciate that, landon it's not even 2:00 >> it's happy hour somewhere >> somewhere >> thank you, landon. >> thanks, guys. shares of amc entertainment getting whacked like "good fellas." so is netflix online gaming to blame for that at movie theaters and can anything be done to stop it maybe adding beer at movie theaters would help. stick around we'll talk about it.

hello, everybody i'm sue herera here's your cnbc update at this hour following a white house announcement, concerning legislation to overhaul the immigration system, president trump touted this morning's record high in the dow

>> the stock market hit an all-time record high today over 22,000. we've picked up substantially now more than $4 trillion in net worth in terms of our country stocks we have a growth rate, a gdp, that's been much higher than anybody anticipated except maybe us >> james comey has a book deal as we've been telling you, flat iron book says the book will be about leadership and comey's career in government it's believed to be a contract worth more than $2 million the book is due out next spring. and off the coast of massachusetts, a go pro camera got up and close with a great white shark. you could see the shark swim by and then later as it approached, the shark, that is, the camera

tried to eat it. the camera was able to capture the shot inside of the shark's mouth, which is about the only time or the only way i want to see the inside of a great white shark. >> na wthat's a cautionary tale about melissa. you better be careful. >> we're going to frisk her. >> let's get a market check, shall we the dow at 22,000 but now hovering near the flat line. apple is up by 26 points the s&p 500 down by 5. nasdaq down by 25. biggest losers, pioneer natural

resources and nasdaq, just 20 stocks in the nasdaq 100 are higher. time for our disaster dujour stock. amc shares down 25%. it's losing a quarter of its value today. this is after the company previewed a dramatic quarterly loss or maybe a loss report. julia boorstin is live in l.a. with more. julia? >> amc entertainment plummeted after a swing to a big loss which dragged down regal shares as well. the largest theater chain said it expects to lose about $1.35 a share in the second quarter. wall street analysts expected only a 2% loss projected q2 revenue is short of expectations and the company warned that the next quarter will be a very challenging third quarter. this comes as amc which owns

legendary entertainment which is being examined by chinese regulators amc saying last month that wanda has never been the source of acquisition funding for amc. the chairman of wanda which brought amc the prior year explained that in light of the concerns >> translator: we do not expect large investment return in this region however, our investment or acquisition of amc is more like a strategic acquisition of amc the european market, the australian and east asia markets for acquisition of cinema lines. >> he mentioned looking for opportunities in those european markets and amc's focus on europe since then is paying off though it didn't offset

declines, amc saw a double-digit decline year over year in the second quarter we'll hear the second quarter results and the conference call when the company reports on monday back over to you, melissa. >> stay with us. we want to bring in the managing director of media entertainment analyst. take a look at the space and amc is down a lot. plus or minus a few tenths of percentage points. how much of this is a problem where you point out that there are higher fixed costs >> well, i think what we saw here is you've got to look at two different categories first, the second quarter issues, they actually beat my revenue numbers so i took my revenue numbers up for the second quarter however, increased spending levels is what caused the ebitda to come in 11 million below what i was looking for so not a massive or concerning issue long term i do think that they have to cut

into those services and we're not sure why the expense level was so high. the q2 issue was company specific when you look at the back half of the guidance, i think they are trying to get ahead of the curve and content is always very difficult to judge on how a film was going to perform at the start of the quarter we expected a loss by 6% and a decline of 6% in the box office. we're down double digits and i think they are trying to get ahead of the curve we get to a minus 15% for the box office in the third quarter and that will probably have an impact on cinemark and regal as well >> the stock is down 25% today you have a buy rating on it and a $28 price target how are you feeling?

>> i like the industry people love to say that the industry is dying if they have one or two bad quarters in a row. the year is still tracking flat and when you look at the last two years, we've had record years in each of the last two years and we'll see another record year of 2018. the industry on a whole is healthy. there are some concerns about video on demand and concerns about secular concerns and netflix. there's been entertainment options for 20 years and we continue to reach new highs. i still like the industry and still feel good about the prospects for growth over the next year and a half >> when you look at the pipeline from hollywood, are there things in q3 that should give these guys some hope >> i think it's worth saying, even before we look at q3, that big movies still perform we saw wonder woman, exceed expectations, guardian of the

galaxy 2 beauty of the beast is the biggest movie of the year. there's been massive hits in the year so far and the total box office year to date is down 1% if you look at the crucial summer season, that summer box office is down 8% year to date so i think there will be more movies coming out over the course of the year including more marvel movies and some potential oscar fodder movies that could turn things around. there's a lot of focus on this dead of summer july movie going period and concerns that the franchises are moving forward. >> i referenced half jokingly, do we know people going to amc, the places that serve food and drink has changed? >> amc does serve --

>> no, i mean where you can get beer and -- >> well, you have in many theaters they are now serving wine and beer. it's not just -- amc has liquor licenses throughout a good portion of the country i think what you're seeing is avid moviegoers still want to go to the movies. they want escapism and they want to get out of the house and it's improved tremendously with the leather reclining seats, you can order your tickets. >> very much so. >> we've got to leave it there erica handler and julia boorstin. we're not done with this topic yet. the second hour of "power lunch". and now to a story we've been following on "power lunch" and that's where tax reform

could impact your retirement it's a tax reform event that has wrapped up what are they talking about? >> republicans are trying to build that reform and what the white house wants to do is simplify the tax code by eliminating deductions they've been clear that they want to keep two of them, however. that's the mortgage interest deduction. when it comes to the 401(k) deduction, they have waffled several times on whether or not that would actually stay in. this has been floating around capitol hill for quite some time and there are few proposals for how to change it one of the proposals came from dave camp from the house ways and means committee. he said that 401(k) should be taxed upfront as opposed to being taxed at the back end. he also said that one other idea

could be the universal savings account. this was an idea that was in the house blueprint for tax reform and you'd be able to withdraw the money at any time for any reason tax-free down the road. one final idea that keeps coming up is limiting the cap on 401(k) contributions. households can contribute $18,000 a year and be able to deduct that from their taxes maybe that amount would be lowered in the future. now, why does this all keep coming up? the reason is because the 401(k) contribution deduction is worth $584 billion in revenue just through the year 2020. so as lawmakers look at ways to pay for lowering your tax rate, this is the piggy bank that's really hard for them to resist back over to you guys. >> ylan, thank you very much the roth does the same thing you do not get to deduct the

amount of the deposit but you get to withdraw the total earnings and total amount tax-free that's generally thought to be the better deal. you end up with more money that way because you're able to take the money out. i snknow it would mean that peoe would put in less upfront. >> so you hear that sound, tyler? >> what's that >> asset managers are screaming right now. the idea that if you even had a headline that suggests tax deduction removed, it doesn't matter if it's logically correct or hurts or helps you in the long run, people are likely to pull back and all of these firms that we've talked about, they make a ton of money by you, me, melissa, everybody else here throwing that money in every month without thinking about it. if that gets pulled back, that will hurt the asset. >> it depends on who is the

actual executor. so it could be a whole other business. >> they might have another income stream there. but i can actually start to withdraw my money from a 401(k) or ira without paying a 10% penalty being i'm happy to say but then you're paying 40, 48% in tax on that withdrawal. it's taxed as regular income oh, well >> got to follow my retirement plan and take every dime you have and buy lottery tickets. you would never think this could be made in the united states if you carried about making money but they are making it we're going to find out how turbis survived 50 years as we head to a break, a look at the bond report.

santelli getting a well-deserved day off and we're seeing scant moves. 2.26% with the five-year and 1.81 with our made in america special series that rolls on right after this

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america since 1946 they are the inventors of this, the insulated tumbler. they did this with a logo of virginia tech. >> you got harvard >> and i've got the university of virginia. >> it's amazing. >> i've used these tumblers. they are great. >> they are. >> it keeps your beer cold bring back landon dowdy with the cold beer. >> rogan donald is joining us from florida if you make a $10,000 oven like our monday guest did, i can get that you're selling to a select market i would look at this and say it should be made in china or mexico because it's cheap and nobody wants to pay up for it. how do you survive making these? >> we've been around 7 is years and focus on quality every aspect of the quality that we do, we can control here in the states

we have a premium brand and we have a high price. do you care about quality? of course i do then you look at the price tag and they migrate towards the cheaper product. how do they sell the quality story? >> so every one of our products comes with a lifetime guarantee. they are at our 45 retail outlets. that's how we back up the quality. we make sure that we can return it for any reason that you see fit. you can get it -- make sure that we harp on the quality. >> in terms of the manufacturing process, is everything that we see manufactured in the united states or are components brought in from other parts of the world? help us understand what it is like if we went to a tervis factory. >> it's located right here in venice, florida. we have 700 employees. the supply chain from the molding material and plastics,

that's all right here in the states we're able to control our supply chain and make sure that we harp on that quality, the functionality of our product >> how do you protect your intellectual property and is that a threat to you this does not look like a difficult thing to copy at a much lower price i don't know what that price point is on this particular mug that i'm holding but how do you protect against people who rip you off? >> we're able to keep the insulated property, cold drinks cold, hot drinks hot that can be duplicated elsewhere but, again, after 71 years of doing it, we've really mastered that and we can kind of keep the competition away with that level of quality. >> i guess -- by the way, rogan, i have a couple of people who are written in you're a family operation. i'm sure you do just fine.

but have you ever sat down and said, you know what guys, we're making good money but we can make a lot more money if we move our manufacturing to some other country where it's cheaper and we can buy a boat, but we have had that conversation, and to us we will always be in america with our classic line again it's bist lifetime garpt teeth. we don't feel comfortable that we could have a smaller ship time, nor to meet the consumer's demand. >> do you acknowledge -- you're also an mba student as well, so studying bottom line, that you could make more profit by leaving the united states? >> again, i'm not sure about that i know the consumer demands the high-level quality that you will only get here in the states. >> how many turn their mugs in and say i want to cash in on the lifetime guarantee >> quite a few we made it easy. like i said, the 45 stores or

tervis.com, you can return it. >> what percentage of your merchandise is sold at retail, in other words, outlets of yours, as opposed to special order which i assume things are logoed this way, how does it break down in terms of sales >> we have roughly about a third -- ddc, means storms on or dot-com and promotional as we referred to it. >> another third rogan, thank you. >> who's your favorite university in who has the best and smartest, and most talented tv alumnae >> it's either virginia tech or uva. >> what? >> harvard -- >> hey, all right. >> good-bye, rogan [ laughter ] >> thank you very much and good luck >> oh, rogan >> just kidding. summer put some shout on that

apple hitting a downgrade, and later hyper loop living up to hype in new video out toy.da we'll tell you all about it, when "power lunch" returns ink? hate to play devil's advocate but... i kind of feel like it's a game changer. i wouldn't go that far. are you there? he's probably on mute. yeah... gary won't like it. why? because he's gary. (phone ringing) what? keep going! yeah... (laughs) (voice on phone) it's not millennial enough. there are a lot of ways to say no. thank you so much. thank you! so we're doing it. yes! start saying yes to your company's best ideas. let us help with money and know-how, so you can get business done. american express open.

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. time for "street talk. we kick it off with apple. of course the stock hitting a new high today it's getting a downgrade, too. raising the price target, september guidance likely that the new iphone will be launched on time. it could result in multiple expansion. not too much detail, about a perhaps, and it's a downgrade with a jump up in the price target. >> and estimates also came up, too. >> next up, pfizer bmo upgrades with a $4 bump of the target quote -- now appears to have a number of potential growth opportunities, half of which could be approved by the year 2020 it means the company could grow steadily >> this is the good stock for

patient value investor ear not going to make a ton of money quickly. you can get up to 37 bucks >> a real lag guard to pharma in general. a blowout quarter, the price target is getting hiked by ten bucks to 110 is the analyst also says he wouldn't be surprised if the company accelerated the buy-back program. just approved a new $2 billion buy-back program, so wow, hitting on all lenders >> you know this i drive a long way there's wrecks every day because of texting i see three or four every single day on the way to and from work.

this maker from wisconsin boosting the target 10 from 6. the analyst says last night on terr ex's orders at terex jumped the analyst does note they may be early on the call, but that crane units breach their prior trough, and he notes how much worse can it get all right. still ahead, we are barreling toward a trade war with china. apparently the aggressive action the white house reportedly planning to take if you're looking for a new job, nasa has an opening, but it's a catch you ha tbe wliveo ilng to fight aliens details, when we return. whoooo.

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hi, everybody. welcome to the second hour of "power lunch." just like amazon's soaring stock

price, the number of people coming out for amazon's job day are off the chart. we have a live report from a a distribution center coming up. is president trump ready to go after china on trade? what impact could it have on american business? we will head to d.c. for perspectives there if it's "power lunch", you need a catch of the day a play in beantown that people are buzzing about all day. you want me on that wall, you need me on that wall the second hour of power starts right now. ♪ living on the wall all right. let's check the markets rye now, some throwback music there the dow crossing 22,000 for the first time ever. you might have heard about it.

22,005, apple a part of that more dow stocks are down than up, but apple is so big and it's a price-weighted index the nasdaq and s&p 500, in which apple does not have quite as much of an impact are both lower right now. let's get a market flash with seema mody. the u.s. dollar hitting its lowest level against the euro in more than 2 1/2 years. it's another fed rate hike happening, also the expectations of the european central bank scaling back, following better than expected growth data. melissa, we're looking at the euro seema, thank you >> a slightly read steve liesman joins us with the details. >> at 188,0078,000, that's stila

strong reading june payrolls revised upward by gdp, so that's 191,000 for june. the good sector in july up a bit, but services doing stronger at 174,000 there's the non-farm payroll estimates which we get on friday wall street is looking for a decline from the strong june report of 220 so any number over 100,000 that could be enough to bring down the unemployment rate here's where the jobs were pretty broad-based here. manufacturing having a bad month, according to adp. we'll see if that's right on friday warehouse versus retail jobs, it looks more and more jobs that helped consumers in brick and mortars have become order-filling jobs in

warehouses that leads us to our next story about massive hiring by amazon. >> that's right, the lines have been long all day amazon have been accused, of course of selling jobs, but today trying to put thousands of people to work they are holding 12 job fares across the country, where dana rebossa is standing by it's a hot day out there. >> reporter: it's about 9 on degrees. we are here when the doors open about 8:00 a.m., and the lineup extended all the way down and around the building. the waiting applicants are awaiting an interview, background check and drug test some of these are walking out with a job offer in hand what it's calling the nation's largest job fair now, talking to applicantsants throughout the day, they have

similar reasons as to why they want not just a job, but a job with amazon, have a listen i'm interested in the benefits, the advancement opportunities, 401, health benefits right on the spot i've never ahead of a company that offers that its based on the last couple days with the stock prices, things like that, they look like they're going up, and they have a good business model for going ahead. >> reporter: and, guys, i thought this was interesting some of them have even been watching amazon stock prices, saying that is a reason, because you do get stock options if you get at job even in the warehouse. amazon is automating more and more of its warehouse jobs, so it leads to the questions, will a lot of these jobs be he a fewer years from now we asked an amazon expert that say robots and humans work side by side, but we know amazon is developing technology like for

the amazon go grocery store that eliminates the cashier, that could eventually eliminate some of these warehouse jobs. back over to you deirdre, thank you very much job growth is continuing is the economy strong enough to sustain the market rally let's bring in mike ryan, chief investment strategist, cnbc's ron, and steve liesman is sticking around. a genius question -- is the economy strong enough to continue the market rally? >> i think it is in fact, what you are seeing, while this expansion has been a subpar one by historical standards, what you are starting to see is more of the drivers of the economy are synchronizing. so i actually think this expansion can continue and may pick up traction as we go through the course of this year. >> what's the greatest risk, ron? you've been carb, a bit nervous, but man we're addings

1,000-point gains to the dow like it's going out of style >> you know, that notwithstanding, earnings are up 11% in the first two quarters. nasdaq is up 18%, technology earnings up 14%, so earnings are clearly the driver i think all the same risks exist, and i've been wrong now for several months, create something more than a 2% correction that we have seen peak to trough but you have earnings growth, global growth accelerating, the fed may be taking a bit of a breather and some deregulation and some animals spirits that might have been on ignited by hope-for that have yet to materialize. >> how important is it relatively speaking that items on the so-called trumped agenda get ticked off i've been thinking while those

things are important, it's the change in sort of business climbed, the idea that business feels like they have a friend in the white house and business-friendly congress that will not stand in their way with lots of regulation that in and of itself is more important. >> i think you make a good point. first of all, i don't think the expand is dependent on any particular win that said, i do think that the tone is important that's been set. what you see now is what's possible in washington, what's possible from the regulatory landscape has changed. the view is they're opening for its changing, restrictions have been put in place but i do think if you think about follow-up in terms of how the economy could move, i would say there are a couple things still on the list that are important

we have a tack code that most would say is fundamentally broken if we see some incremental plot on infrastructure that could be helpful as well. >> the baton for the foundation, it's been a disaster here's the thing i think that the market has shifted from what is underneath they higher stock prices i think it began with strong optimism about the president, but when i look at the trade, and maybe ron has a better idea, i do not see the market reacting negatively to negative things that happen to the trump administration i did not see the market sell off, for example, with the failure of -- >> that's kind of my point. >> what i have seen is that the market got up to this level, and it could have been wile e. coyote, and uh-oh there's nothing underneath, but this economy has been going along it he 2%, 2.5% annual growth rate

and earnings have come up to this level, with the idea, i guess stott mcneily talked about this, the waterboarding is over. at least no more new regulations, if not a real serious so far repeal of existing regulation. >> that's kind of my point the underlying climate, the atmosphere has changed, and that in and of itself it as important in many ways than any prediction. >> solely on the legislative front, you have not seen any victories. >> i don't think donald trump has a presidents has anything to do with the stock market i don't mean that insultingly. congress writes the law. to your point we haven't had any legislative wins, but the current environment is not so

bad. if things just stayed the same, is that the worst outcome? >> no, it's not. i feel like washington is sort of like it's been such a distraction, if you stare into a bright light and look away, all you see is dots in front of you. what we are seeing, as already pointed out the make roe environment is certainly not stellar, but it's gotten incrementally better, and employees are not just deliver bottom line anymore, we're seeing top-line growth as well. >> you watch this stuff closely -- i know we have to go, but you do this show every day, where you are hyper sensitive to every trade. is there a negative correlation can negative nosh in the trump administration >> no. >> so you can't trade only on the up side if it's not trading to the down side.

>> it's back they have essentially extracted any of the sort of positive thinking, the tax reforms will happen. it's only moving on the fundamentaling >> but the fed is benign because the fiscal policies outlook is not -- >> i'm getting ready to stare he eclipse. ron, steve, thank you as well. there was an article in "the boston globe," about the eclipse will outside the trump administration and i wrote mega, get it people took that politically >> what? >> exactly nasa is seeking a full-time planetary protection officer to protect us, mother earth, and all of its inhabitants from alien contamination, making sure humans don't contaminate other plan either and objects in space. the job would require a

commitment of three years, and get this, it pays up to $187,000 annually tyler, i ask you a question -- if aliens landed tomorrow, would we be a bigger threat to them or they be a bigger threat, because clearly they are superior beings if they arrive. >> they're able to get here. >> i think this is fighting waste from outer space, alien contamination, not actual, like, aliens. >> what if it's picking up alien waste? >> they may be here already. >> things that fall to the earth, satellites, pieces of satellites that have been orbiting and fall to the earth. >> you're stealing all the joy from the story. >> i'm just trying to tell the full story. >> why don't you tell people how i spilled water on myself. >> ron is sticking around. he's having so much fun. a new test of a big hyper loop and where the new air force one is coming from three stories from mr. lebeau. phil, let's start with tesla.

>> it's all about the conference call this asp. between tesla reports earnings after the bell, the real interest will come when eli musk talks about an hour later. a couple things people will be looking for, first of all, what's happening with model 3 production where are they as far as increasing that production that will lead into guidance for 2018 production, and do they give us any commentary on potential new plants, as well as new gigafactories. the numbers do matter with tesla, but just for good measures, the company is expected to report a wider loss than a year ago. revenue will be increases, they're expected to top $2.5 billion. hyper loop in a new test >> that's the video of the day this is the video of the day remember one day we had the hyper loop executives on the "power lunch" set about two,

three weeks ago, they talked about building a pod, here's the video to show they did it. about a week and a half ago, they got up to 192 miles per hour in the development loop out in the nevada deserts. the target for them? 250 miles per hour, and of course, guys, they they think can go much faster than that if they eventually build one of these somewhere in the world. >> the tube would all be underground, is that the idea? >> no, this one is above ground. that's the control center you're looking at it depends on who signs off on this. >> let's talk about air force one. the president wanted a cheaper one. what is boeing doing to try to meet that request? as i understood it, the 747 is going out of production as a passenger plane. >> it's not officially out of production yet, but they don't make many of them. they have production basically to a crawl what we reported yesterday afternoon is boeing and the air

force are close to a deal where they will have two new air force ones remember, back in december president trump said this is an outrageous deal, $4 billion, cancel the contract. well, they're close to an agreement. basically they would take two 747-8 planes that were already built, but never shipped off to the customer they're parked out in the desert in california. guess who was the original customer transareao, a russian airline. it could be two planes originally scheduled for russia tacked eventually be part of the presidential air fleet >> that is rich. that is rich phil lebeau, thanks. coming up on "power lunch", is president trump losing patience with china? is a trade war on the horizon? and is the stay-at-home economy killing the theaters . and soercc's $260 million

man. all of that and more coming up on "power lunch. when a critical patient is far from the hospital, the hospital must come to the patient. stay with me, mr. parker. the at&t network is helping first responders connect with medical teams in near real time... stay with me, mr. parker. ...saving time when it matters most. stay with me, mrs. parker. that's the power of and.

kayla tausche has the latest. >> reporter: it's given the trump administration more urgency on trade with china. the administration has been studying this for several months i'm told there's no firm date for the release of any proposed actions currently being studied. i'm told those will be fairly narrowly focused, likely to

including a crackdown on sglektual property theft, with action on steel dumps that the administration has been telegraphing for months. the wto could dispute it, china could freeze the licenses and trademark application of u.s. companies, or even worse, according to nick lardy at the peterson institute for instance, china could impose new restrictions on soybeans, which would hit the farm belt very hard, or on boeing aircraft for which there are already several commit cents outstanding to purchase chuck schumer was asked about this, and he said he expects more bark than bite. >> they're studying the issue. we'll have a study for six months and nothing will happen we need acts now. >> reporter: schumer suggested that the u.s. freeze china's pending mergers and investments while waiting for the company to ramp up pressure

there are 36 of those deals worth about $13 billion, but until we actually see what the administration plans to propose, it's unclear how big a risk retaliation would be guys, back to you. >> thank you very much kayla. if the administration does move on its own, china, of course could push back, tipping off potential a trade war between two of the world's economic powers patrick is a chief strategist and silver crest management. there are a variety of items that kayla ticked off. tariffs and steel, the question of action against intellectual property theft there's the question of action that could delay block chinese purchases of u.s. assets and companies. if the united states goes down any of those paths, and we're at the signaling phase, i think if they do gown any of those

paths, what is china likely to do do they normal sit on their hands? or do they react >> we're all aware of the politics that informs president trump's actions, but china has its own politics xi jinping is facing a big party congress this fall in which he is expected to consolidate his power even more. he just had a big military parade over the past couple of days, talking very tough about defending china's interests. so in the mast -- certainly right now china is rhetorically pushing back, but in the past, when the u.s. has acted alone, when it's got to wto china has generally complied if the wto ruled against them, but if the u.s. acted alone, it usually responded in a tit for tat way, aiming at something that would be painful you mentioned a few, the farm

sector, boeing, something that could impact pain. both sides seem to be at a rhetorical phase, right? >> that's right. when we talk about the economic or market impacts of these things, you know right now it's talk, and it's specifically talk, they're studying the issue. it is very hard to say what the economic or market impact would be until we talk specific actions, and there are a whole host of different actions. many of these are areas that have been concerned for a long time, whether it's inbound chinese investment, whether it is intellectual property protection, our overcapacity in china's steel industry, and the big question in my mind is what is the goal here for the u.s.? is it actually the prioritize these things, get movement on that, or is it about north korea? >> that's where i want to go this -- you and your note -- or a note that was giving to me

said that many of these things have been long-standing gripes and that is sitting there for a long time. is the use by economic pressure in terms of chinese deals -- is that likely to change anyway what china might do to be helpful on north korea. >> china is insistic it is not, but what's interesting is the linkage here, that president trump has made over the past couple months, where he actually suggested, you know, he argued that during the campaign that he is going to get tough on china for economic reasons, to shrink

the trade balance, but in the past couple months, he said if we get cooperation from china on north korea, which is the real priority on national security, we won't go so hard on china then we expressed that he was dissatisfied and now we're here. the key question is, is this really about moving the needle, or are they just bargaining chips to move the needle. >> or a bit of both, i suppose. >> if we're asking that question, i'm sure the chinese are, too. patrick, i expect we'll hear from you again thank you so much. pictures, chips and a big biotech bounce coming up, the good, the bad and the ugly and a huge shake-up in international soccer and big money behind it. you will flip that the baseball play that everybody is talking about today, what may be

one of greatest catches of all time stick around

hi, everybody, i'm sue herera, here's your cnbc news update president trump has signed a bill imposing new financial

sanctions on russia. the bill overwhelmingly passed congress last week the president signed the legislation behind closed doors with no press coverage in a white house statement, he called the bill flawed three people we are rescued from the roof, another person initially believed missing was found unhurt no word yet on the cause a north carolina company is recalling ground beef, because it may contain shredded pieces of styrofoam it involves nearly 5 houses pounds of beef the beef has a production date of july 15th of 2017 rapper kanye west has filed a $10 million lawsuits gets the insurance firm lloyds of london alleging the company is withholding payments in the wack

of a tour he canceled. the suit claims that kanye's use of marijuana is a factor in the delay. glee jackie, how are we looking on crude oil >> it's been an interesting day. a grahn gas lee of 2.5 million prices moved lower, because those figures actually missed expectations those are relatively small draws for this time of year, but plat saying inventories are almost 25% above the five-years average, but that they're shr k shrinking, then you saw crude move over 49 that was on two major factor, saying that gasoline demand was the dollar index dropping to a 15-point low

no doubt impacting the crude trade here consensus right now we should see strength for the next month or so. that should taper come the fall. i'll take it, jake jackie,k you. s. that's moving the stock up 1 19.3%. you only take the treatment once shutterstock, this is an online picture gallery company, well short of the estimate, down 15%, and an ugly day to m/a-com blaming weakness in china. s. starling marte of the

pirates going high up to rob him of a -- that is athleticism. on any other day that would have been the best catch of the day, but austin jackson made an even better play, over the short floor to rob hanley ramirez of a home run boom, he held on neymar is shaking up the soccer world the new team will pay around -- i'm trying to stomach this, $260 million. >> that's the release fee. >> that's just to get him on your team. that's not even a salary expected to be in the neighborhood of $35 million per season >> wow, that is a lot of cash. coming up, we will talk to a

venture capitalist, trying to shake up u.s. housing policy, starting with california. plus, is this big fella a big reason why the box office is dying? or is it just a hollywood slate full of sequels, retres, our otrwe d vi we will head to the critic's corner, when "power lunch" returns. or even trouble with recall., thankfully, the breakthrough in prevagen helps your brain and actually improves memory. the secret is an ingredient originally discovered... in jellyfish. in clinical trials, prevagen has been shown to improve short-term memory. prevagen. the name to remember. and the wolf huffed like you do sometimes, grandpa? well, when you have copd, it can be hard to breathe. it can be hard to get air out, which can make it hard to get air in.

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aditi roy is joined by sam altman. >> president of why com, great to have you with us. >> thanks for having me. you launched this, it is a platform of progressive policy initiatives revolving issues like housing and health care >> i love this job i think i have the greatest job in all of silicon valley, i think there are other people who had broadband much more qualified. we went all around the states to talk about their problems, the number one issue by far is the housing crisis in california so we're certainly looking for candidates who are really ready

to address that head-on infrastructure is another. >> the reportedly are going to spend big on this one. >> i'm not sure. i'm quoting here -- if you elect a reality tv star as president, you can't be surprised when you get a reality tv show. what do you think the trump administration is doing right? >> i always hope for the best. he's my president, i want him to succeed on behalf of all americans. i do think hopefully they will make progress toward a more pro-growth environment, and economic growth is important for the success of everybody, but i'm concerned about a lot of stuff, and i stand by that tweet. i don't think we get what we deserve. >> you think it's a broken system >> i do think it's a broken

system, not just the entire president i think we have parties that have failed the american people for decades, and i don't think we have a system that's reflecting the will of the people it's no one's top choice. >> hey, sam, it's brian sullivan back in new jersey this is not really directed at you, but at silicon valley, which is this -- you guys are very good at criticizing policies in america, you guys are very good talking about things like equality, gender equality, yet silicon valley does a terrible job at hiring minorities and women san francisco has probably the highest housing inequality in the world. how does silicon -- or should silicon valley sort so focus on -- doctor, fix thyself before -- >> certainly the united slate is terms focus odd fixings california

a lot of people said why not the world or at the country? this is my home here if we don't solve this housing crisis we will perpetuate the worst crisis i have ever seen. this is why i hope these policies will get adopted and this ballot initiative we're going to try to put out -- if we don't make a dent, le will not fix inequality here. in terms of gender and race inequality, i think a lot of the world is broken there. i think we need -- and we're certainly, in y combinator trying to fund a diverse group of founders. i think i can affect what our firm does a lot. >> sam, if we could pivot a touch, i want to ask about a couple recent high-profile ipos, blue apron as weapon as snap, both trading below their debut

prices has that put a chill on the new companies that you fund that are looking to go public themselves? i keep waiting for a bit of a chill at that because i think that would be healthy, but that doesn't happen i think it would be healthy for the ecosystem if it did a bit. >> sal altman, president of y com binator, thank you for joining us. >> and sam, aditi, thank you very much. with all euphoria of dow over 22,000, is there a warning that stocks are ignoring, and has finding a nice home that people are just giving up? 'ln'gi uonpor nc wel be right back.

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is it get so hard to find an affordable home that some would-be owners are giving up? there's a lot expensive homes down there. >> reporter: there sure are. the number of available listings continue toss drop, even now in summer when the housing market

is supposed to slow down not the case, redfin showed the same numbers of buyers requesting tours as in june, but the number of offers dropped applications for a loan to perform a home dropped last week and have been down three out of past four years. this as mortgage interest rates hovering, so it's not the rate, but the lack of anything affordable to buy. it's not just in the hottest markets, either. the national supply of existing homes per capita is now at the lower level since 1982, which is as far back as that data goes. that's because homebuilder dropped off the map during the recession and have not returned to even normal levels of home production again, it is not the demand but the supply. the worse this situation gets, the higher the prices will go,

which will sideline more home buyers back to you all. >> diana, we'll see you soon thanks. it's time for trading nation today. let's look at the transports, because the dow climbs to it 2,000, the transports have stalled out, fall in ten of the past 12 sessions, is this a warning sign craig, you know, the transport theory, melissa researched it last hour. do you believe that? if you do, then maybe the path of least resistance is down. >> the two charts i brought up is there's a bit of a lead and lag. for instance, last year we saw the breakout in the new highs everyone and about july we did get a breakout, but you look at the lines, you can see on that,

you have a nice series of still herer highs and higher lows, so just because we've been weaking in the last several sessions, i would define this as a worry sign it takes a bit of time, bright and i would state to the long side of the market stay long and strong >> no, i think we're closer to the top than we think. the transport chart looks ugly it's about to fill that gap from may, and it doesn't have any sport until about 8800 what's interesting is just the viciouses in of the decline, than that would be the telling point. i think fundamentally it's basically telling us that the growth in large-ticket items, all those things, has really slowed materially, which means the second-half growth, well,

that's why we do it. boris, a little more nervous craig says the path of least resistance is still up losing a car of their value, are the entertainment options at home just too good and too convenient to pass up? is it is couch potato killing the theater? that's next on "power lunch. at fidelity, trades are now just $4.95.

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and coming in with dismal earnings analysts are pointing at netflix and other services keeping

theater-goers at home. couch potatoes killing the movies or the films just not that great let's bring in the co-editor and chief at variety andrew, i'm sure these two factors play a role, what do you think is behind the big drop at amc? >> i think amc has issues in regards to acquisitions and the cost-cutting going on, that's one thing. you're look at the macro stuff i don't see anything going on on the streaming side that would suggest that we are in some sort of new phase where the netflix's and amazon's of the world are cannibalizing the box office it may be a small factor, and it may become a bigger factor in time but right now, i think it's more about the movies that are at the box offices. >> can we unpack that? in terms what have you would need to see in terms of netflix and hulu, what would that be >> well, let's start with a big hit. we've seen in previous years or

summers shows like stranger things that got big buzz, making a murderer, is there anything really going on on the streaming side right now that is popping in the biggest cultural sense? i do think that's one indication that we're not necessarily seeing streaming cannibalized box offices. >> game of thrones >> well, game of thrones is a big show, but it's also just one show it's a show that you don't necessarily just have to watch on a sunday night. i really think this has more to do with the fact that when you look at the movies that are currently at the box office, it's a very tough second quarter. it's just not the kind of titles that we saw last year. >> in terms -- i totally appreciate your take on that, andrew, but at the same time, you don't necessarily need a hit for a hit or a big hit on streaming in order to take away some people. i mean, there's so many options, you might be willing to settle for, eh, series you may not have seen, because you're already

paying ten bucks and pay $20 for a ticket i mean, it's not just there are no big hits on streaming and so therefore there is no cannibalization. >> i wasn't suggesting that was the one and only factor. what i would point to is look at the box office right now dunnkirk, doing great, with the kind of spectacle, the kind of production values you cannot recreate with hbo or netflix and i think that's always going to be a significant part of american's entertainment diet, and i don't think we've seen that shrink in some super significant factor that would suggest that streaming is destroying everything. >> you know, movies are like any other industry, andrew, if your restaurant isn't serving customers, you're going to change your menu or shut down. the movie industry is going to have to change the menu. some cartoon part eight is not

working, they're smart enough to switch it up and figure out what people want, are they not? are you optimistic they're going to say, maybe we have to make good movies again. >> well, i am optimistic and i would even point to this year, fourth quarter, i think we'll actually do well, we have another edition of the star wars franchise. i think you look out to 2018, i think you could actually even see year over year growth because disney has an incredible slate. now again, i'm not saying movies are going to be as robust as they were 5, 10, 15 years ago, no, there will be decline, i think it'll be just as glacial as we're seeing in the business, nothing that significantly decline happening right away >> i was going to does you what you just sort of referenced there. what's on the horizon coming out either in this third quarter or the fourth quarter or next year that is going to be a big needle mover? and are any of these things, you said star wars, are any of these things going to be new ideas as

opposed to extensions of existing franchises? which i know hollywood's in love with, they love a franchise because it's money in the bank. >> that's a real issue because we have seen tremendous, what we'll call franchise fatigue, titles that are sequels that don't perform as well, but i think there will be notable exceptions to the rule looking at the end of this year, star wars the last jedi is going to do great, usually disney, avenge jers is another good example i think still have a lot of gas in the tank and we'll keep the box office, at least domestically from falling off a cliff and internationally, there's reason for more optimism >> andrew, does the star wars suck the life out of everything else though? that's the problem right? i wonder >> it does >> movie theater, and five star wars and seven other movies nobody cares about >> you're right, it does suck the oxygen out of the room

i think what the movie industry has been struggling with for a long time now is spacing out filming, scheduling them so that you're not having one massive movie cannibalize another. it's a real art form to get that scheduling right >> andrew, thanks for your time, appreciate it. nyim te. check please is next hi. i'm the one clocking in... when you're clocking out. sensing your every move and automatically adjusting to help you stay effortlessly comfortable. there. i can also help with this. does your bed do that? oh. i don't actually talk. though i'm smart enough to. i'm the new sleep number 360 smart bed.

let's meet at a sleep number store.

check please >> all right clearly we are going to watch fast money

tonight at 5:00, tesla reporting earnings at 5:30, phil laid out beautifully, also though, we'll be listening to free cash flow and how much cash they have. they've already said that they will probably burn at least $2 billion by the time the model three is in production we are at that point now $2 billion left in the balance sheet as of the last quarter will they need to do a capital raise? that's always the question with tesla, especially as elon musk said, it's going to be production hell. >> you just convince me to watch. >> i'm tuning in for the first half before i do my other story president trump of course known for his extemporaneous comments and apparently in the story in sports illustrated and golf magazine, in which he was asked why he spends so much time at his golf resorts, mar-a-lago, or the one in bed minister, he said that the white house to him, was a dump. the white house is a national jewel. it is a national treasure. maybe there's just not enough

guilt. >> white house spokesperson had to deny that this comment ever happened tomorrow, tune in, make it in america what's the hardest industry to make and sell in the united states probably coats, right? you can get them anywhere. making clothes right here in america, it's not american apparel, they don't exist anymore. >> going to be a good one. thanks for watching power. >> closing bell starts right now. we've got some ideas >> what? >> about how we might fix up the white house. >> well, the kennedy's did that. >> and great effect. maybe this one needs more structural -- don't change it -- >> you don't need to add on wings, there's already an east and a west wing. welcome to the "closing bell," i'm kelly evans. >> and i'm bill griffin. you've missed nothing. us speaking of the white