these rights, it could be a game changer in terms of defining how apple plays in the movie business. julia, thanks very much. leading us through it all. i like that. well, thank you so much for watching "power lunch.." >> "closing bell" starts right now. he's on his way to north dakota. >> say that three more times trump made a deal -- >> with the democrats. >> pelosi and schumer. yeah -- >> on a deal that paul ryan, the house speaker said was ridiculous, the proposal to tie the harvey relief -- or for fema

to the debt ceiling, and paul ryan said it's a no-go, and president trump made the deal with the democrats. >> we're going to follow that story. also another opening over the fed. stanley fisher, the number two fed official is stepping down befo before. >> they're good at pr sizzle you know who else will be dealing. amazon, and we'll have more on that full coverage of hurricane irma, as it threatens florida and the caribbean.

is jacky, we begin with you. good afternoon, kelly. we have seen a lot of traffic home depot starting from when it opened through until now things like plywood, generators, and a sandbag shipment coming in they want to barricade up their homes, their businesses. if they're going to hunker down and stay, or potentially if they're going to heed the advice and take off and get out of town for this storm it's interesting we have talked to a variety of people who have gift feelings about this

. they put the people property second appeared put their lives first. this is a safety first order, and people cements to be taking that order to heart as well. you know, saying that their plans are changing, they may leave a bit sooner than expected those supplies are quickly rolling out. and i meanted to you, kelly. some of the sand that people have been taken. we saw a similar kind of phenomenon, and these supplies really becames kruch it's sort of piling on with that effect we've been dealing with texas kind of getting out of the trouble they were in, and now ear dealing with florida, dealing with the preparation, guys back to you. >> yeah. governor rick scott has been

encouraging people to have three days' supply. >> jackie, thank you wmaq meteorologist has the latest on the storm path, it looks pretty scary, doesn't it >> you can see multiple adviser 'tises inside the eyewall of this storm. it's crazy here. and it's going to be continuing to make its way to the west-northwest we'll get an update on that track, within the last half hour, was barreling down on st. thomas it's going to continue to make its way just to the north of puerto rico, and hammering for the last really several hours, with heavy rainfall and strong winds. it's going to continue to make

its way to the north and west. the real question is, when does it turn to the north and which side of florida is it going to go up we're going to continue to watch that it's still several days out, looks to be a potential landfall situation for south florida, as we go into really early sunday a lot of changes each model run it changes, so don't focus on that focus on the fact this storm as broken a record in regards to being 180-mile-per-hour winds for more than 24 hours, the previous record was in 1980s with alan, and that was for 18 hours, so huge, and we actually have video right now from the storm that moved over st. thomas, the eyewall. the strongest part of the eyewall moved right over st. thomas, you can see the rain sideways, you can see the wind there. it was right as it was starting to ramp up

>> at the same time you hope he and everybody else has battened down the hatches there >> we'll check in with you shortly. irma is now setting its sights on island, we already known that it's been separating -- and more on how they might cope leslie >> puerto rico is bankrupt, more than a tenth of its -- and almost half of the island is below the poverty line hurricane irma is hitting puerto rico, a very vulnerable time in its economy. governor has said that the cash-strapped island has reserved about $15 million for emergencies and it will receive help from the government as well the question, though, will that be enough? they have been grappling with crumbling infrastructure

early this week the director of preppa warmed that some areas may be without power for more than four months after this storm passes through the government has focused on boosting tourism to get the economy growing again, but most of puerto rico's -- meaning that hotels and beaches will be susceptible to not just wind and flooding, but storm surge. puerto rico hasn't faced a -- but more recently there was hurricane georges which caused losses that could equate to 2.9 billion, today adjusting for inflation, and before that hurricane hiko caused upwards of $4 billion in damages. so there's no telling what type of damage today's hurricane will do, kelly. >> thank you, leslie

meanwhile, and very different news, an important voice of the federal reserve -- fed vice chairman stanley -- abruptly announcing his resignation, that compounds a growing vacancy problem. fisher said he was leaving the post he's held since 2014, as soon as october, fisher's department could leave four of the seven seats -- but president trump has offered a single nomination, randall quarles. that nomination to be voted on by senatebanking tomorrow. don't know when the full senate will vote. he could come in and take one of those four vacancies janet yellen's term expires in january. stanford nicks professor john taylor and gary cohn, and here's

what goldman sachs said lloyd blankfein said today about his former employees gary is very, very compared, but there's no one that has a better sense of market. 23 gary got the job, he would do -- the vice chair, he was the vice chairman at citigroup, top jobs in the imf and at the world bank, but most -- he talked the central bankers of the world, including ben bernanke and mario draghi, counted among hess students the list goes on and on of those that sam fisher taught to. >> he was due to leave next june, anyway, so leaving almost a year early

thank you, steve leading the up side today. fort folio manager at eaten vance, steve grasso from post 9, and rick santelli checks in from the cme as well. so, steve, i should point out the yields have come back as well a little bit. so how do we put this in perspective? yesterday we were concerned about north korea. expectations for irma, what do we say about today >> i they all those are the major concerns that the market is still battling with, but it was the top story and it was d.c. and trump, president trump

making a deal with the democrats, which was seen as quite unlikely the republicans can't seem to figure it out among their own parties. and i do believe that the path of least resistance is still higher people are buying dips north korea, and every dip has been viable. >> yana, you agree with that >> i certainly do. i think i agree with the fact there's some level of skepticism that has crept in, which we think is healthy when you think about the sentiment there's few fracturors we follow. one is basically a survey of investors and the markets are six months owl right now 775% of all that responded said they're either neutral or bearish

put/call ratios are attractish i see what they say and do, and it also suggests we're not overvalued, because of myomore than exceeds that that's coming into equities. so we think it's -- selecting with select companies within the market. >> and you missed it yesterday, but the safety trade was very evident. we hi -- on the price of gold. both of those have come back a bit today. what do you make of the what the markets are saying right now >> i think when you like at all the interest rates around the globe, you look at the ten-year in spain and the uk and france, you look at what's going on. it looks like the big central banks, what mario draghi is doing, i think generally the direction is because of the many of the reasons that central

banks have mitted the ranks down you throw innoic, debt ceiling issues, timelines, calendars for legislation, and of course in the world of ag-rhythmic trading, all of these things will have a catalyst in the moves of rates but i really do this i that all the debt ceiling issues are not going to amount to much. north korea is a big attorney from a foreign policy standpoint from a political standpoint, but even that i think has always had a small half-life in the marketplace, with respect to trump agreeing with schumer and pelo pelosi, it gives you great insight into what donald trump is about, how legislation in the future may get done. it isn't about party lines it's pushing the ball over the finish line. i do think that 2% is possible, but i still content that if you look for the biggest move we'll have in rates, that's a

proactive, now the defensive type of trade, but rates moving higher all right. >> very good thank you, folks appreciate your thoughts on today ace market action. see you later. we are heading to the close of what's been a pretty interesting today, the dow now up 80 points and the s&p up about ten. hurricane irma slamming the aisles in the caribbean, as you have seen and setting inside squarely when we come back, we'll look at how costly this storm could be, and the potential impact it could have on the insurance industry. later afl-cio richard trumka gives us his take a trump's tax reform proposals, and the decision to phase out daca. you can reach out to the show here on twitter, on facebook, on send us's e-mail.

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let's check some of the movers in today's market action.

energy the leader again. exxon mobil one of the best performing dow components after ubs upgraded the oil giant from neutral to sell, citing valuation and improving outlook for oil prices exxon shares are down more than 12% this year, making it the third worst dow component behind ge and ibm, but today up 2.3%. don't miss the exclusive interview with exxon's ceo, becky quick talking with darren woods. gap is the best performer in the s&p 500 after the retailer a nounceding it shut 200 stores while opening 270 old navy and athleta stores over the next three years. sales of those two brands have been surging while falling at gap and banana republic. a very cyclical industry there

>> some surprising news, kayla tausche working with democrats on the . >> -- and a suspension for that period of time of the debt ceiling. in exchange democrats will vote to pass a bit with aid for heron harvey the deal came up to the shah grin of leadership here. mitch mcconnell, though, said he believed the president did what he did, because he wanted to avoid the appearance of divisiveness during what her called a genuine national crisis he said now that the president has voiced his support for the deal, mcconnell will support it as well and add it as an amendment to the harvey aid just passed by the house today. listen >> the president agreed with senator schumer and

congresswoman pelosi to do a three-month cr and a debt ceiling into december. that's what i will be offering based on the president's decision >> reporter: senate minority leader chuck schumer taking a victory lap of sorts just a few hours after that deal was floated, then accepted he said the president just listened to the better argument and also argued that the three-month extension provides actually more certainty than a longer-term deal that republicans had floated. here's what he told reporters today. >> the fact that we're renewing the debt ceiling and do it with a date, not an amount, means there's ample room to dao el with future storms, god forbid we need a lot of money for irma or other issues, but the bottom line is we have a lot of issues to come together on. >> reporter: it does buy congress some time, kelly and bill, to come together on some of these issues, but come

december, they will have to find quite a few areas of compromise, and quite a lot of ground to cover in the meantime. while it did buy some time, there is a question from republicans of whether it bought democrats undue influence over some of these negotiating processes that republicans would have led, but we'll see how that plays out december 15th. back to you. i don't know if you've heard, but there's a report just out that senators nelson and rubio in florida are accounting there be fema money put into the relief fund for harvey now rather than later for irma i wonder if it's too late to be asking for that right now. >> as the first priority, especially giving the recovery and the aid that is needed at this time. there's going to be a lot of back and forth about what that takes, and how the government gets funded.

the question i'm hear a lot of, is whether this is a political move to sort of detach the association with recovery efforts for what the white house eventually wands in terms of funding for the border wall. that could come into play several months down the line if there's vittrivitriol, perha more political pal at able. local insurance stocks were down huge yet, with a bit of a comeback today. >> joining us is shawn it seems like we immediate you guys at the worst time. >> it's what the industry is there for. >> harvey is seen as a flood disaster, irma i guess is ants pailed to be more of a

winter-related disaster. >> of course anything can change, but it potential works like more of a wind-related event. once harvey hit the coastline, it became an inland flooding event. broadly speaking, for some on the commercial vie, for irma, if we're talking about a major wind event, it not only can hit those sort of regional insurers, it hits the reinsurers, and we saw big moves in those yesterday, too. >> i think there has to be a better awareness of how the industry is well poised to withstand this type of thing if you look at the most expensive history, 2005, you saw about 77 billion in losses the current has about 70 billion in surpalace ready to pay

claims it's ready to withstand in crisis it with dodd stood the financial crisis quite well. i think it's well poised to do what it's supposed to do -- recover. >> at times we hear about stories who are underinsured, especially when it comes to flood insurance. >> right. >> which typically is very expensive. but on the other hand, they will often argue they can look to fema to make up the difference have people become conditioned not to buy the insurance, anticipating the federal government can bail them out in many cases >> bill, i think that's the unfortunate truth. people just aren't aware as they need to be, that the government doesn't have that backstop they do need to take their own anybody tiff to sign up for the national flood insurance program. even the insurance provided through the government in real simple terms isn't always what it probably should be on the personal side of things it would cover about $250,000 for property and $100,000 for

structure, and then personal property is $100 small business is about $a 00 for structure, 500,000 for personal property. you don't have large amounts of coverage it's not probe going to go from the distance >> so what about the idea of having an all-perils policy for homeowners, so you boo i have beenly require everyone in the country to cover flood, earthquake, for example, and it could be more expensive, but everyone is paying for it anyway. >> i think the key hurdle that gets into the flood insurance, is usually unfortunately politics, right? people want and need to live in these areas, they want to live in these areas, but they don't want to pay what it costs to live in the areas, so the government will come in to try to underwrite it, we're on the verge of a reauthorization for the flood insurance program. we should think about modernizing it we did a bit, and it pulled

back, because again constituents -- >> when you say modernize, the numbers having out there, some have pushed for these changes 30,000 homes responsible for a large bulk of these claims, because it's on a repeat basis, so what modernization are you talking about. >> over the last two decades, the statistic is 6% increase in two-time flood insurance claims paid, so you are seeing people who need to rebuild and be more resilient. i think a resilient element to be factored in how do they get them more prepared so they can be more resilient. maybe in place, bud put in mower protections? >> leave them in place when it makes sense. we all know moving is difficult, but if you're getting claims paid two, three, four, five times, we need to think of a way to modernize and be more resilient.

thank you. from the triple-i. >> there's the triple-i, the bi i. s&p is up 11, led by the retail sector with gap, kohl's and others, and financials still the worth performing sector during the third quarter so far. also, t mobile firing the latest shot in the wireless wars, now offer its customers free netflix indefinitely. we're going to hear from the company's chief operating officer on this partnership, when we come back. another day of work. another round of all of this. why do you do it? why do you put up with it?

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welcome back t mobile announcing a new partnership with netflix today, where the carrier will include the streaming service for free with its t mobile one family plans. the operating officer spoke about the partnership a little while ago. >> family plans of the vast majority of our business what we are doing is given every family netflix for free indefinitely this is fantastic. what it does is that it illustrates all unlimited is not the same we got a small discounts, but not that much. they don't have to give a big discount we were able to buy it in bulk,

but this is about us paying the tab, for sure. >> they're paying the tab -- >> who came up with that -- it's a great idea. >> you say what is the most popular thing for our demographic we want? oh, netflix. >> they just keep pounding away, don't they >> successfully as well. the interesting think about t-mobile has it fick the acquiree to the other wa around they're coming from a more position of strength. >> i wonder what reed hastings was thinking about. >> clearly he was on board like i said, they barely got a discount it works for him. >> yeah. we've got a cnbc news update sue herera >> all right heavy rain lashing with the virgin islands, as this heads to

a possibly direct hit. the national hurricane centers would likely remain at a category 4 or 5 for the next day or two is now headed to the senate after passing overwhelmably in the house but texass will rebuild. craig cardin was alested on fried charge, and the scheme raised over $5 million to partly repay millions of gambling debts. he's hosted a sports-themed radio show on wfan in the new

york area since 2007, with former nfl quarterback beamer esiason. kelly, back to you. thank you very much. and i'm here at the telestrator with mark newton with about a half hour to go in the trading session. we have hurricane irma bearing down, what are you focused on today? >> the move has constructive for center we've seen just minimal pullback really after a harvey hit, and now it's turned right back up. here's a chart of oih, the oil services etf, versus the s&p, so for the first time all year, we've seen a breakout in this oil services etf versus the broader market. >> this is a breakout? >> this right here. >> oh, this little -- got it.

>> that means basically it's not just a head fake we've seen breakouts in brent and now the entire space start to turn up i think a lot of people are skeptical about what exactly can happen >> right i was a little surprised how quickly we saw crews rebound does that mean the market has priced in the full effect? >> the rotation has been happening all year long. as of today, in has become a top sector >> look for these sectors. seasonally bearish times but yet just starting to make headway. >> and skittish is a good word for this market. mark newton, thank you 26 minutes left in the

trading session, the dow losing some altitude. hurricane irma is still days away, but already having a huge impact on the airline and other industries. if you want to know how bad a storm is, look at the waffle house index. if the restaurant chain closes or offers a limited menu, that's a very bad sign. we'll hear from the ceo of waffle house later on "closing bell."

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is. airline stocks and looming threat phil lebeau has a closer look how it's impacting that sectors's well as the rental car market flight awares we're primarily talking about crib yian flights. that will start to increase. american says it will wind down its operation and then cancel

all flights out of miami, and a few other airports through the weekend. we're getting ready. and two other airlines we want to highlight remember jetblue has a large presence and then united united disabilities have a huge presence down in florida, but it also took a heck of a hit from hivy as you see shares of united under pressure finally the rent car companies are it's a positive one for investors, why because of the demand for these vehicles thom did they see increased

demand for houston, but more cars from san antonio, just a lot of demand there, because of the flooding we'll likely see something similar in florida, as well, as you take a look at shares of hertz and avis these are a couple stocks that were beaten down earlier in the year or last week they needed one to get out of the houston the rental car companies are benefiting because of everything that's been happens. >> indeed. phil, thanks very much we have 20 minutes left in the trading session here with the do you up just 71 points. shares of travel booking site trivago sinking today. and ahead richard trumka he quit one of the president trump's advisory councils. we'll get more on that po

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one market we don't often talk about, orange juice futures. they are spikes in anticipation

of hurricanes irma according to the usda, florida is the world's second largest orange juice producer after brazil it producing more than half the oranges for the united states and accounts for about $9 billion in business for the state of florida alone you can understand why they are looking nervous ly to see what path irma is eventually going to take, and we know the demand has actually been down >> this is not what you want that would put more -- from cruise lines to booking sites, travel stocks are also bracing for impact

two of the bus yi ports in the world. currently six ships are sailing on modified i continue rather. royal caribbean has canceled at least, and modifying current ships at sea they have high exposure to the caribbean region, one of the most popular destinations for cruiser. suntrust says earnings could be impacted also being discussed are the hotels and vacation rentals. florida is considered a timeshare capital of the world some of the names to keep an eye on interval, hilton grand vacations, marriott vacations worldwide. on the topic of travel, trivago plunging after cutting the 2017

outlook. also foreign exchange effects and a strong euro. especially as more traveling offer home rentals, and home away kelly and bill >> that's a -- i know in -- as she mentioned it's affecting the whole industry the other travel sites as well a lot of things they are dealing with, competition. airbnb has been such a distributor. the nasdaq is up 24. >> we mentioned the financials were the big loser yesterday they were come back today, recovering after that big dive when we come back. a bull will bear debate on whether now is the time to bet

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700 million to the buy side, that's a pretty good number for

this kind of market day. a new alert on president trump >> the white house has a list of charities that the president trump and the first lady intend to make personal donations in response to damages done by hurricane harvey there are 12 organizations in all form the biggest will go to the salvation army and red cross. each will receive $300,000 and donating $100,000 to reach out americas, the aspca is on there as well. all together, the president and the first lady intend to donate $1 million, saying in their statement they had witnessed the work of some of those groups firsthand and proud to if you are assist the recovery efforts in texas. >> thank you ylan

with the financial seconder up 4 it is prell lone ly why do you remain stead fast? they're much better than people thought they would be i think the opportunity to restructure, become more stable, more predictable, and i think the stocks have reasonably.

>> i do agree that today's environment, if you look at it right today, it's very tough optically. that's why the stocks are down so if you're not growing loans, it's hard to grow earnings of interest rates. we should be seeing accelerating loan grow, and that's one of the biggest things to keep us on the sidelines. >> david said something that caught my ear. when individual investors are trying to decided to put something, i often will say, where do you think that industry will be in three to five years >> what about you?

18 to 24-month time frame. there are some positives you know, tax reform i think from where i sit, though, a lot of that is already priced in. you know, trading 13 times forward earnings, that's about a fair multiple. one of the pitches i hear on which is the banks are still relatively cheap on the market about a four multiple discount we're about there now. we've singh some loan growth, and interest rates are -- the economy is then growing. >> the only thing people ask me about is bitcoin just kind of on that note, are the big banks going to adapt

>> let me respond first to jack's comment about loan growth my responsible to that would be that i think the fact we're not growing -- banks are being conservative about how their lending, which i think credit will be good rather than deteriorate, which is the real killer of financial stocks we saw that in 2008. when it comes to the crypt occurrence sit and all the technological advances, that is all the opportunities, they'll be able to take a very sort of old branch-based business and put it on your cell phone. there's cost advantages there. there's billing of an infrastructure around that that is the three to five to ten year i think they have the products to do it that's the opportunity here.

>> we'll see what happens. thank you, gentlemen thank you for joining us we'll come back with the closing countdown, with the do you losing some of the gains. >> afl-cio rich and trumka on x reform, and the president cutting a deal with democrats earlier today. we'll have more. ♪ they cling there for you and for me ♪ ♪ flowers in spring ♪ the robins that sing ♪ the sunbeams that shine ♪ they're yours and their mine ♪ love can come to everyone ♪ the best things in life they're free ♪ ♪

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all right. we've got about two -- coming up on the last two minutes of trade here this is wednesday, but it feels like a turnaround tuesday. the dow, of course, down two, 100 appointed yet, came back up this morning, but we slowly have been moving south here, but finishes with a game of about 65 points here. now we're back to 2:10, and then goff is being pointed out. high for the year you know, none of these are market. oil, though, that does continue

higher not only, and seema mody in, and not only on the impact irma may have, but now we're watching also a tropical storm katia, and we don't know where that's going to go and what impact that might have. >> and just another lesson as to how important houston, texas and the broader gulf area is not just to refineries, but also -- the price we're seeing in oil. all up around two to -- we've only seen four days this year, bill, where the do you has declined 1% or more. every day the market has come back if you have a buy the deep strategy, that's perhaps working on you. >> just because of macro --

fundamental story. >> getting a little better that stock up 2% today thank you, seema see you later. silver going well off the highs of the day, but still a 50-plus point gain president trump will be speaking in north dakota coming up in a few machines we'll see that in a few minutes. see you tomorrow, kell >> here's how we're finishing up a rebound session, the dow up 59 points that's significantly lower than about the 88 points we saw in the last hour or the 0 minutes not doing too much to make up for the -- coming back >> along the main averages the relative best performer,

that's nearly an eight-point gain the dow closed at 21,811 the russell 200 on 00 up a couple points, the 1402. now we have -- delivering remarks in north dakota, and in just a few minutes we'll take that live as soon as that starts later richard trumka will join us to react to those remarks now joining me we have michael san tolli and dennis berman, financial editor at "wall street journal. welcome to you both. throw some aid in there as well,

and robust gop leadership. >> i think there was a measure of relief it unclenched a bit. and if you looked at, for example, the volatility, but if you want to talk about volatility three months down the road, it actually increased. market stabilized. that's a decent story some of them are coming out saying we want action on immigration if we don't see that, maybe we don't even and then maybe wade into another issue right at the middle of the holiday season >> my visceral reaction, and

it's as a political amateur. i have a very positive outlook on this. i'm not sure if it's the greatest strategy tactically from a political point of view, but i think itunder scores one of the reason he got elected, in my opinion, is there seems to be a political class that seems to be completely disconnected from the problems of ordinary people. i think to a certainly extent he's going through his own -- going to the beat of his own drum i think that's a positive thing personally. >> why do you think that's posit from an investment point of view i understand your point about the appeal and the maverick approach here, but if we're talking about deferring everything until december, have we resolved everything no. >> you haven't

>> i think more of the problems come from his own parties than from the democrats personally, and of course no one expects any quarter from the democrats people do expect a bit more loyalty from your own party. i thinkists probably not a bad strategy to say, listen, you know, i can go it alone here i didn't get much help here during meyer campaign and i can go my own here just getting the debt ceiling out of the way for at least the next three months gives people a sigh of relief and perhaps gets people back to the negotiating table to get something meaningful done on taxes. >> dennis, i also want to hit some of the retail moving, but what would you add about what we've seen today. >> i think it's an interesting move probably a bit of a different perspective. it doesn't -- i reckon these three sides will be biggers in

all sorts of perm tagss, so i don't read that much into it are we willing -- or is the congress willing to strike some sort of deal on the tax r plan they've been talking so much about? to me that's what the stock market will be most keyed upon if the taxes look lie a positive momentum situation, i think the market will respond in kind. >> if you look at the s&p, some of the best names as of kind of an hour into the close, names like gap up 6%, macy's and kohl's up about 5% they've been hard-hit, but a couple things have been going on >> closing stores is not exactly a great sign. >> amazon mini-stores, i guess i don't know about you like the

red grapes, dennis. >> the amazon guys are just killers. they put the products within hours of the deal closing. and kohl's opening up a few shops is not in my mind going to change the outleer we're going to have to go through a secular long-term change in how retailing is approached. five, ten years from now these companies might have a way to approach a many zone >> well, this is, by the way, a real battleground stock, too they bought back an enormous chunk of the stock now is convinced they have kind of the goods so interesting to see the

report i do think, though, on the consumer seed, some of retail changes and autorelated, so still on that consumer front, it seems like, you know, people are mover is that because of the hurricanes, there's a replacement effect, and it would -- and you have the fed saying contacts president downturn or slow down? >> a little backward looking getting this jolt to the refresh cycle. i do think that's what the market is trying to -- also an manies there >> the china deal? >> potentially.

>> they want jeep, they have to take the whole thing own to ylan with the foye toby story. >> facebook saying it suspects that russia has conducted an influence campaign using its website, saying it found approximately $100,000 in ad spending from june 2015 to may 2017 that appears to have included divisive messages, that ad spending likely affiliated with an organization based in russia, facebook also say that these messages did not specifically reference the u.s. presidential election, but instead were focused on controversial topics such as lgbt issues, race, immigration, gun rights facebook saying it's thence deactivated those accounts back over to you, kelly. >> thank you, ylan i wondered why we were getting a

facebook story out of the washington >> mike and i discussed this before one of the places where i'm swan concerning is in f.a.n.g i do think that there are regulatory issues brewing around these companies. the total ad market, amazon obviously is a some. has a lot of power. much are kindly -- will be much more scrutiny. very, very different >> what's a monopsony. >> it's a single buyer like debeers, has a very, very

strong market power, and i think as others mentioned with regard to whole foods, it's remarkable how quickly the price of avocados fell. we'll come back to that. dom? >> we're talking some octane right now. you're talking about shares up 25% for rh, the shares last trading $6 a shares on 239,000 shares worth of boeing rh coming out with earns of $65 bucs 615 million, that was the average analyst, comparable store sales coming in up 7%, analysts looking for up 5.5%

the bottom and upper end of the full-year retch guidance do 23942 to $2.46 billion, so that's a little. in that range there. that's also help to move the stock. this is a stock that's been very volatile as of just this year, from the beginning of the year to about mid july, it was up about 160% it's lost nearly half its value through the end of august. this is the stock over the last eight quarters is up on average 16 1/2% up or done >> i didn't hear them saying in ig about amazon. oirchlts i say it's a battleground stock more than half the -- people think the fundamentals are not there, but on the other hand, if you can put up a quarter like

this and the stock has done, cut in half, it's going to hurt the shorts. >> dennis, what about you? >> kelly, that number half as short, that's incredible the shorts are getting squeezed. but to me from a retail perspective, this one is interesting. restoration hardware controls everything in its sort of university someone like kohl as, where you -- to thrive right now they have at least that going for it. >> you're right, a lot of people are able to make a go of it whether through stores, it's the brand that seem to be winning for the time being gentlemen, thank you we'll let you go jason and dennis joining us this afternoon. we're going to try to neek a quick break before the president gets set to talk tax reform we'll bring it live as soon as

it starts, and florida is bracing for hurricane irma waffle house's eateries boosted by gas generators will attempt to stay open during the hurricane, as they have in the past we'll speak with the ceo about the changes planned, and the history with hurricanes. prompt is addressing tax reform. we'll get reaction from richard trumka, less than a month after he quit serving on one of the d cnclet's advisoryouils, anwell to hear from you. you're watching cnbc, first in business worldwide not reacting to market downturns. focused on what you love, not how your money will last through retirement. let us help you with those decisions, and get on with your life. we make it easier to plan for retirement

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where irma is headed next, kaylee dion joins us with the latest >> we have seen in devastating images currently it is now north and west of st. thomas where they saw really strong wind gusts if you look here, there's still hurricane warnings in effect for the dominican republic over to

turks and caicos, as far north and west of the bahamas. we'll continue to watch that this is several different model, what we call the spa gete plots, they're shifting a bit to the east, where it hugs the florida east coast you can see the latest update, 185-mile-per-hour winds still. now irma is making its way to the west-northwest, but it's not just moving on its own it's being steered in a direction. if you look here, you can see what it's being steered by huge high pressure over the atlantic it's clockwise winds that's helping to steer this as well as high pressure off to the west of it, and then also that jet stream that will dip. how far that dips will determine how far north that turn is with irma, as we go into the next few days, we will watch this, but prepare now. here's some information that you need to know now as we move

forward into the next couple daze wits as well as storm surge will be a problem up to 20 feet same thing for the southeastern bahamas, up to 20 inches of rainfall mandatory evacuation, and we'll see more of this coming from much of south florida, as we go into the next few days, kelly. >> 20-foot storm surge yikes kalee, that i am you the waffle house index is what a fema beck tiff invented a waffle house switching to a limit menu, and if it closes, conditions are dire. it gives a general sense of how the recovery will be as well, as florida braces, where waffle house has 170 electric, let's bring in the ceo walt ammers walt, thank you so much for joining us, for everything you do i've taken advantage of your 24/7 hours in plenty of

locations. so you know, how are people getting ready for irma >> we're doing a lot of planning, a lot of getting prepared mostly getting our associates prepared a lot of them get nervous this time we have to make sure that everybody is out of harm's way, but there's a whole orchestra of things that have to happen food planning and everything down to even getting the trash picked up ahead of time. it's a lot of positioning of cedes and resources. it's tough, because you don't really know what's going to happen we certainly are paying close attention to the spaghetti models as well and hoping it pushes off to the east it's a whole lot of planning right now. we're just coming off of hurricane harvey, too, so we're a little tired, but we're ready to go. >> walt, as i understand it, one of the reasons that the fema folks felt like it was a good idea to kind of use you as a bit of a local test of conditions is

you do have standardized franchise agreements in terms of having to have a generator and all these other guidelines in terms of trying to stay open how does an individual location owner or manager make those judgments? how do you help them make those judgments, when it's october to open up and make sure everybody is able to staff the place. >> great question. we're known for being very consistent across the country. whether you're in arizona, maryland, florida, you have the same experience. we are very heavily company operated, so often testimonies or franchisees -- walt, i'm sorry to jump in the president is about to take the stage. we appreciate you joining us the president is speak about tack reform in north dakota. this is truly a tremendous state, and we appreciate it very much we appreciate you being here thank you.

i'm committed to working with both parties. we had a great meeting with chuck humaners, nancy pelosi and the whole republican leadership group. i tell you what, we walked out there, mitch, paul, everybody, kevin, and we walked out and everybody was happy. not too happy, because you can never be too happy, but they were happy enough. it was nice to see that happen for a change that hasn't happened for a long time in this country for a very long time

i want to take a moment to send our thoughts and prayers to the people of texas and louisiana, who have truly suffered through a catastrophic hurricane [ applause ] >> one of worst hurricanes in our country's history, and guess what we have another one coming you see that but our hearts are heavy with sadness for those who have lost everything they have also filled us with hope, because you watched and you witnessed the unyielding strength and resilience of the american spirit. you looked at that in texas, you looked at louisiana, you saw the spirit you saw the spirit of so many other people coming from all over it was a great thing i was there twice, and i will tell you that the people were absolutely incredible, what they have gone through. i know you have a bit of a drought. they had the opposite, believe me, you're better off. you are better off they had the absolute opposite

the compassion of our citizens, and the courage of our first responders pea erer erers makes proud to be an american. i can tell you i was deeply inspired by the faith and perseverance of those who i met and by all of the people that were there, so many people, and unfortunately now we're getting ready to respond to hurricane irma and these incredible people that we have at fema and the other groups, they thought they would get a night of sleep one night, just one night. they're not getting anything right now they're going to florida, puerto rico and the virgin islands they are already there, being hit with some very, very strong and powerful winds the winds coming now, irma they're saying is the largest in recorded history coming out of

the atlantic, which has had some big ones i just want to thank everybody, and all of the people. really now again are in arm's way. we'll work together to help save lives, protect families, and support those in need. together we will recover and we will rebuild i also want to tell the people of north dakota and the western states who are feeling the pain of the devastating drought, that we are with you 100% 100%

that i can tell you 100% we're here today to talk about a play of new age of american prosperity the highest taxed nation in the world, we're going to turn that around very quickly. >> this is in a once in a generation opportunity i mean that. i think this is the one time you're going to get. i'm honored to be joined by some of the fantastic leaders who share this goal with us. senator hogan, where is senator -- senator, stand up, senator. doing a fantastic job.

come on up, senator. come on up get up here. fantastic job. thank you, senator governor birk many. >> beautiful job c'mon lieutenant governor sanford. the governor told me he's the best lieutenant governor in the country. i don't know, we'll check it out. congressman cramer >> senator height camp, come on up >> i have to say, you are all in favor of tax cuts, right >> absolutely. >> these are great people.

they're for you 100%, and we just want their support. we need support. you see that with what's happening. nobody can get anything through congress we need your support, so thank you. senator everyone is wonder what she's doing up here, but she's a good woman i hope we'll have your support snoring, thank you, thank you. >> they're all in good company together but working together we're going to restore america's competitive edge, but pacing tax cuts and reform that will make america the best place in the world to hire, invest and grow. we love our country and love our

people we want to create more jobs in america for americans. i want to welcome a great friend and true american visionnary who has created thousands of jobs in north dakota, and all around the country, and he's been a friend of mine. he said i should do this absolutely you have to do it a great, great american story, harold hamm. where is harold? thousands and thousands of jobs. barry switzer was much in my office haired was a bit laid and barry was talking to me. barry is a great guy, great football coach, i think he won a super bowl and college number one, right hard said, you know that guy, mr. trump, that was before i was

president, he said that guy, he his company spent billion, and harold hamm, he puts a straw on the ground and oil flies out that's why he's rich, i guess. anyway, harold, thank you very much want to say something? >> you find oil in north dakota in the bakken. yeah. >> thank you, harold north dakota is an inspiring example of the amazing things that are possible when we unleash the genius of american innovators unite the red tape and all of that becomes beautiful when you get rid of it. are we getting rid of a lot of red tape, by the way we unlock the extraordinary potential of our great salesmen

workers. north dakota chose to embrace american industry and even when many wanted to tax and regulate your industries totally out of existence. you knee that. you have seen what's happened over the last number of eight months big difference today families have new jobs, new hope because of the vast energy wealth that you brought to life right here you understand the vital truth washington has no right to shut down energy production, because america's energy wealth doesn't belong to the government it belongs to the people >> it belongs to hard-working patriots like you because of the north dakota energy miracle, and i call it a miracle. today this state has the lowest unemployment ram nearly half the

national average i want all of america to be inspired by what's happened in north dakota piano this is an inspiration and, by the way. ivanka trump, everybody loves ivanka come up, honey should i bring ivanka up c'mon. sometimes they'll say, you know, he can't be that bad a guy, look at ivanka. nah, come on up, hypo. she wanted to make the trip.

she said, dad, can i go? she said, daddy, can i go with you? i like that i said, yes, you can. >> as much as i love a father/daughter relationship that's the president speaking about tax reform for some reaction to these remarks. i thought it was interesting, first of all the way he framed the morning meeks with congressional leaders saying that everyone was happy, quote/unquote, referring to this reaction that perhaps the gop leadership is not happy with the deal he struck, and then bringing heidi heitkamp up >> he said everybody was happy, but not too happy. it seems like today is the day he's working with democrats, first onle deal to raise the debt ceiling, fund the -- and shakes her hand, saying she

hopes he'll support the tax plan in the past she said he had an open mind and willing to work across the aisle on this particular issue we'll see if his approach will actually work. >> what do you think about how the leadership will be regrouping >> in some way the debt limit is a unique set of circumstances. some lawmakers have been unwilling to do, and democrats who are less hostile to government and less concerned about the federal debt, are willing to go along and do that chore. that gives them increased leverage that's why president trump ended up making that deal with chuck schumer and nancy plodsi today but it is true, and ylan just said, president trump historically is not a republican he grafted himself onto the

party. he is peeved at ryan and mcconnell for not delivering obamacare repeal and replacement as he asked for, and so he has a way of reacting to people he thinking have shortchanged him, and so that fuels his desire to work with democrats. as for hidy heitkamp, i would not expect her to go along at the end, but would expect her to include that line from president trump that she's a good woman next year in the adding. >> the approval rating was 8%, among republicans it's 80% do you think today changes that, has more of a long-lasting impact on how future deals, including tax reform are made? >> i don't i think it's mostly an inside story. the dead limit is not something that a lot of people are

familiar with and follow, but it is absolutely vital to keeping the creditworthiness of the united states. if you're a president of the united states, you take those votes where you can get them >> thank you both for now. up next we'll get reaction from anchard trumka, also coming less th a month when he quit serving on the president's advisory council

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welcome back president trump is continuing to deliver remarks on tack reforms and jobs joining us with early reaction a richard trumka thanks for being with us again thanks for having me on. we'll get to the tax reform. first, what do you make of the president striking this deal with democrats leadership today. >> i was glad to see he doesn't want to shut the government down to pay for a wall. i'm glad to see he's trying to reach across the aisle and try to get something done that would be good for everybody out there, good for our standing in the world. i think that's a good thing today. >> still, you're not pleased

with the president is this a decision you would revisit? >> look, the council itself was sort of wasted and useless it had never head when it was at the formed they were using it as a subterfuge to say that's what was necessary, so the council itself wasn't a very good tool for creating policy. but it was a chance for us to be able to talk to the president about things, but the symbolism of that art his spirit of defense of neonazis and white supremacists in charlottesville, and after conferring with a number of colleagues, we decided best to get off the council and talk to the administration in other ways >> the president today decided to continue to fund the government for three months,

raise the debt limit for three months and provide aid for harvey by quote/unquote, siding with nancy pelosi and chuck schumer. that's not a headline i was expecting to read any time soon. >> nor was i, but i can say getting funding for the victims, harvey is a good thing, because the people down there were suffering, we're on the ground, we have people on the ground every day trying to help with recoveries and doing everybody we can to help them. that's a good thing, extending the debt limit so that we can continue to talk and not have to worry about a shutdown of the government and look foolish once again in the eyes of the world a good thing. >> obviously a shutdown of the government or going past the debt limit, but i wonder your thoughts on the rest of the economic agenda, most particularly the push for corporate tax cuts, which are

being used as a guide to say that will trance late into better worker pay. that's our mechanism do you think that that is a legitimate point, one that can be made to the public? >> it's just pure nonsense we have seen corporations in america pay their lowest share of taxes paid in this country in decades. it hand translated out to any wages. what you are seeing is corporations paying too little and workers having to pay more he keep them offshore and workers in general pick up the tack, baud corporate america pays too much. we have giant corporations who

pay ge while a worker -- paid taxes. that doesn't seem quite fair and equity away to me. >> are you saying you would rather have it with a significant income tax cut if you left the corporate rate alone? >> look, they have to pay their fair share they use it to outsource jobs, that has to be eliminated so that they pay their fair share >> for the workers, though, that you're talking about, when you say they're taking the burden, if we said, okay, fine, are you talking about workers needing relief on their income taxes or saying forget anything of that nature. >> i don't think you can talk to anybody out there that wouldn't say this he needed relief from their tax burden all i'm saying is we no that corporations don't pay their fair share, and to workers have to pay a greater share so that

we can provide the country with the resources it needs to be able to rebuild the infrastructure, make us more competitive and create jobs, cutting taxes for corporation is not going to put money in the pockets of workers if you want the economy to grow, putting money in the pockets of workers is the best way to do it, they get money, they spend money, they create demand, that demands creates jobs, and the economy grows. we'll see if there can be another meeting of the minds here thank you for joining us today, mr. trumka >> thanks for having me on exxon's ceo speaking excludely to cnbc's becky quick. she joined, with a sou bndite from the future. the full thing is on "squawk box" in the morning. we'll be right back.

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♪ ♪ ♪ welcome back to breaking news gary cohn. sue herera as the news. >> this according to dow jones citing sources, saying president trump is unlikely to nominate gary cohn to become the next fed chairman parent according to source talking to dow jones, mr. joan's chances dropped after his criticized the president's response to the protests in

charlottesville. you may recall in the summer mr. trump had said in july in a "wall street journal" interview he was indeed considering mr. cohn, but at this point dow jones citing sources citing that president trump is unlikely to nominate gary cohn this comes at a time when we heard about stanley fisher planning to step down. there will be a number of vacancies on the fed to be filled, but according to dow jones sources, president trump is unlikely to nominate mr. cohn guys, back downtown to you >> okay. let's take a step back for a moment we learned coming up, the president will have the potential to appoint the fed hair, and gary cohn will not be any of those people?

>> who knows it probably nets out to janet yellen getting reappointed seems somewhat more likely, even with stanley fisher's earlier departure announced, although once the comments were made and the perceptions maybe it hurt his chances, you did see some of the betting markets increase the chance that a kevin worsh might be more likely. >> i can't easily kevin being a vice chair, to me indicates some sort of counter-balance to the fed chair's leanings in other words if she's considered a dove, kevin worsch is not and i placate some. >> and pretty neat fit after stanley fisher, who did play that role. >> exactly. >> stanleyly fisher had also given an interview and talked

about his displeasure with the trump administration, who knows whether this has anything to do with it, but i wonder about the fed chair remains as janet yellen, if that gives the message this will remain an independent fed. fisher spoke about this, she's done a very good job of steering opinion a. in a quiet way. >> managing the debate that goes on every meeting has definitely been a strength. i don't think that people are out there from the administration or elsewhere saying things should have been done radically did i from this year, who didn't already thing that two years ago. >> finally if we take it all at face value, what does this mean for the future of gary cohn, apparently not that close anymore to the president, who really wants the tax reform done, but that's a big question mark >> it doesn't seem like there's a very large window of time when it either happens or doesn't happen with gary cohn's

leadership all right. and there, again is the news from dow jones that they believe president trump is unlikely to tepid appoint gary cohn. exxo quick. she'll join us with that when we come back. [car tires screech] [bell rings] hey, i'm the internet! ♪ i know a bunch of people who would love that. the internet loves what you're doing... ...so build a better website in under an hour with... ...gocentral from godaddy. the internet is waiting. start for free today at godaddy.

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the ceo of xen speaking to deck becky quick in an exclusive. she joins us with a preview. >> thanks. we spoke with darren wood, the chairman and ceo of exxon mobil. he came to us from the refinery in bay town, texas, that was so hard hit by harvey this is the nation's second ees

largest refinery this is refinery that had been shut down because of those flood waters that had made their way in he talked about the 7,000 employees there that had been working so hard to get things back up and running. they are slowly getting things back up and running, making tremendous amount of progress on what's been happening, but as they're doing this, they are still face doung irma and what might happen there been something they've been monitoring closely and have a pran to prepare for. >> we had a team set up that was working on the response to hurricane harvey when irma started to form, we saw that moving in. that team formed a group that started working on making sure our supply operations going into florida were robust. we've been working at it for several days the strategy is to make sure our

distribution system is -- and we're getting fuel drigted so if that hurricane hits, we've got inventories that are high enough to aid in the recovery once the storm passes through >> we also talk about the markets and what's been happen wg the crack spread that has widened. our gasoline prices skyrocketed as harvey shut down about 23% of the nation's refining capabilities you saw gasoline hard to come by those prices dropped because you s saw a glut of crude sitting around he thinks things have been improving. saw prices picking up today and he expect iing that trend the t continue >> as supply and demand balances get tight, xhcommodity prices start to open up that brings in supply from other places makes the economic to transport the product from overseas and europe and those products start to move in once they come in and start to rebalance, that supply demand

equation, we see the prices reflect that tends to be how it works >> we have much more of the interview tomorrow on sidewalk box tomorrow at 6:00 a.m. eastern time he talked about what the market is missing with these situations >> i'm going to set my alarm great stuff. thank you very much. >> one analyst has a warning for companies on facebook. we'll have the details when we come right back. kevin kevin kevin kevin kevin kevin kevin kevin kevin kevin trusted advice for life. kevin, how's your mom? life well planned. see what a raymond james financial advisor can do for you. not rebalancing your portfolio. pursuing your passion, not reacting to market downturns.

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welcome back facebook's ad manager claims it can reach up to a total of 101 millennials, but one analyst is saying not so. jewulia has more. >> hey, kelly. brian weezer warns that facebook estimates age of 18 to 34-year-olds is 25 more e people than is census estimated in that age demographic last year. weezer writing while facebook's measurement issues won't deter advertiser, they'll help traditional tv sellers justify existing budget shares and could restrain facebook's growth in video ad sea sales facebook countering these don't

impact how much advertisers are charged, saying quote, reach estimates are based on a number of factors they're designed to estimate how many people are eligible to see an ad a business might run they are not designed to match population or earn census estimates. bloomberg's reporting that facebook's offering record labels and music publishers hurricane us of millions of dollars, so users can legally upload songs, so facebook doesn't have to pull down videos that include unlicensed music. facebook won't comment, but it has been work wg the music industry and had tools in place with this big push for video and the lawn f of tch of the new wa tab. >> michael, what do you think is most significant

>> i think they're representations of the trouble with amazingly fast growth i don't think the it's a fatal flaw thank you, see you tomorrow. that does it for "closing bell." "fast money" begins now. >> "fast money" starts now i'm melissa lee, your traders are pete, tim, brian and guy tonight on fast, hurricane irma barrelling through the kai rcara and toward puerto rico we'll bring you the latest and the stocks moving on the back. plus, doept look now, but energy stocks are making a comeback one top technician says the it's a trap and later, it's the showdown of the century. the man who wrot